Education You Can Afford

At University of the Potomac, it is one of our primary missions to make a post-secondary degree accessible to everyone. With that in mind, we offer numerous options for financing your education.  The best way to find out what is right for you is to contact one of our Financial Aid Advisors.

Our financial aid staff can be reached by calling 888-635-1121 or by emailing us at financialaid@potomac.edu.

Federal Student Aid Options

After students have successfully completed the admission process, if desired, an appointment to meet with a Financial Aid Officer will be arranged. During the financial aid appointment, appropriate documents are completed to determine eligibility. Once eligibility has been determined students will receive an Estimated Award Letter and at this time will be given the opportunity to either accept or decline the award letter.

Learn More about How to Access Federal Student Aid

Subsidized Stafford Loans

A student may borrow money for educational expenses from the Federal Government with the Direct Loan Program. Subsidized loans are awarded based on financial need. The interest is paid by the Federal Government until repayment begins and during approved deferment periods. Repayment of principal plus interest begins six months after graduation, withdrawal from school, or dropping below half-time status, whichever comes first. Funds are transmitted electronically and credited to the student’s tuition account.

Unsubsidized Student Loans

Federal Direct Unsubsidized Stafford Loans are available to all qualified undergraduate students as a supplement to the Subsidized Stafford Student Loan programs. Repayment of principal plus interest begins six months after graduation, withdrawal from school, or dropping below half-time status, whichever comes first. Funds are transmitted electronically and credited to the student’s tuition account.

Federal Parent Loans for Undergraduate Students (PLUS)

Federal PLUS Loans are available to qualified parents with good credit histories of dependent students to help pay for their children’s education. PLUS Loans can be obtained through the Direct Loan Program. Borrowers must begin repayment of the principal and interest 60 days after the loan is fully disbursed.

Federal Work Study Program

The FWS program provides jobs for undergraduate students with a financial need, allowing them to earn money to help pay educational expenses. Some FWS students are required to participate in community service and in the America Reads program.

Federal Pell Grants

A Federal Pell Grant, unlike a loan, usually does not have to be repaid as long as the student remains in school for their estimated enrollment status and continues to make satisfactory progress. Pell Grants are awarded to eligible undergraduate students with an established need who have not earned a bachelor’s or professional degree.

Federal Supplemental Educational Opportunity Grants (FSEOG)

Available on a limited basis, FSEOG is awarded to students with an exceptional financial need. Awards amounts are determined not to exceed the program maximum and students must meet other criteria as determined by the institution.

Private Student Aid Options

Private Student Loans

Private student loans are generally more costly than federal loans and may be available to both students and parents who need assistance beyond their federal and state financial aid eligibility. The university does not endorse a particular lender and encourages that a private loan only is considered after all federal and state financial aid options have been exhausted. Private loans are made by private lenders and are subject to higher fees, interest rate, credit review, and other individual terms and conditions. These loans are not subsidized or guaranteed by the federal government. Click here for more information on the difference between federal and private loans.

Private Loan Resources

Sallie Mae

Get a Smart Option Student Loan® for Undergraduate and Graduate Students to help pay for college. Choose an interest rate type and student loan repayment option that works for you. For more information, contact the University of the Potomac financial aid staff at 888-635-1121 or email us at financialaid@potomac.edu. You may also learn more by visiting the SallieMae website.

MPOWER

MPOWER can provide students enrolled in the University of the Potomac programs a financing service allowing domestic and international Participants residing in the US to borrow –without a co-signer– between $1,800 and $25,000 to be applied towards tuition and fees. For more information, contact the University of the Potomac financial aid staff at 888-635-1121 or email us at financialaid@potomac.edu. You may also learn more by visiting the MPOWER website.

Scholarships

Scholarships may be available to qualified students throughout the year from outside organizations. It is the responsibility of the student to seek and complete any required information for obtaining a scholarship. The Financial Aid Office at your campus will assist students in gathering required information or completing forms necessary to submit an application. It is also the student’s responsibility to notify the Financial Aid Office if a scholarship is awarded. See your Financial Aid Officer for more details.

Note: Students are eligible for only one Potomac institutional scholarship at a time. The University reserves the right to discontinue any or all scholarships without prior notice.

The Walter H. Person Distinguished Alumni Scholarship

This program is designed to provide financial assistance to help University of the Potomac alumni complete their graduate education at University of the Potomac. The amount of the scholarship range from $4,000 to $14,000 and can be used by alumni to complete their Master’s degrees in business, information technology or healthcare administration. For some scholarship recipients, this award may cover up to half of the cost of the degree. In addition, the University does offer financial aid to assist alumni in covering the remaining cost of their graduate programs. Students should visit the Admissions Department for applications, requirements, and additional information.

International Students Tuition Scholarship Program

The International Students Tuition Scholarship is open to new international student planning on full time enrollment at the University of the Potomac. The scholarship can cover up to 35% of the normal international student tuition cost. The scholarship is available to first time undergraduate and graduate students, and can be renewed provided the student maintains an acceptable academic record. This scholarship only covers tuition charges. The student is required to pay all entry and semester fees. The scholarship can be renewed on an annual basis, based on the student meeting the University’s academic criteria. The scholarship can also be used for year round study.

Multiple Family Member University of the Potomac Scholarship

University of the Potomac offers families with more than one member attending the University concurrently a scholarship equal to a 20% reduction in the credit hour tuition rate in effect at that time. To be eligible for the Multiple Family Member University of the Potomac Scholarship, candidates must:

Have two or more immediate family members enrolled in University of the Potomac during the same semester. For purposes of this scholarship family members are defined as spouses, children, siblings or grandchildren;
Both family members must complete the entire semester and maintain a 2.0 GPA;
No other University of the Potomac scholarships may be applied concurrently.
Students are encouraged to speak with the Admissions and/or Financial Aid Departments for more details.

Good Hope Scholarship

The University of the Potomac believes in the value of education and that life goals should be accessible to anyone with the desire and will to achieve. We are pleased to announce the Good Hope Scholarship to support the educational aspiration of disadvantaged youth within the Washington Metropolitan Area.

This newly formed endeavor advocates affordable excellence and strives to bridge the educational achievement gap and eliminate disparities in the District’s Ward 7 and 8. This effort works to support and foster hope within low-income communities through financial aid and quality higher education programs.

Scholarship recipients will receive $1,000 per year for their studies at the University of the Potomac toward costs not covered by other financial aid and the expected family contribution, as determined by the Free Application for Federal Student Aid (FAFSA). Contact admissions for application requirements.