- What expenses are eligible for loan coverage?
ARPA funding is limited to educational expenses, including tuition, fees, and books/supplies.
- What happens if I am unable to meet the interest-free requirements after graduation?
If you can’t meet the interest-free requirements, you will be subject to a 6.5% interest rate when you enter the repayment phase.
- Can I defer my loan if I decide to pursue a second degree?
Yes, you can defer your loan, but you must notify the Academy about your decision.
- Is there a loan fee associated with this program?
No, we do not charge a loan fee.
- When do I need to start repaying my loan?
Repayment begins six months after your graduation or three months after an interruption (leave of absence)
- What is the repayment period for the loan?
The length of your repayment period depends on your degree program. Please consult our repayment plan chart on our website for specific details.
- Can I start making loan payments before I graduate?
Yes, you can start making payments before graduating, and there is no penalty for early payments.
- How strict are the credit requirements for loan approval?
We consider various factors, but we primarily focus on whether the student has delinquent accounts or not.
- How long does it take to process a loan application and receive a decision?
We ask applicants to allow up to two weeks for processing and a decision on their application.