Bachelor of Science in Fashion Merchandising

Private Scholarships

As an online college that accepts financial aid, this includes scholarships and grants that are offered by private sources — such as fraternal and religious organizations, labor unions, professional associations, social groups, and ethnic associations. Because they are private and therefore not administered by Stevenson, you will need to research and apply for them on your own. The best place to start your research is your local church or synagogue, or a local club such as the Lions or Kiwanis. In addition, various publications contain private resource information; they can be found in your local library or bookstore.

Report Your Private Funding

When applying for financial aid for your online degree, any outside funding you receive must be taken into account when your eligibility is determined for need-based financial aid, such as the Direct Student Loan program. If you have been offered funding from a source outside the University, you should notify the Financial Aid Office of the amount and of the donor.

Federal Loans

A part of your financial aid award may be a loan from the Federal Direct Student Loan Program. A loan must be repaid. Therefore, when deciding whether to borrow, you should examine your need for assistance and your future ability to repay. Generally, you will have from 10 to 25 years to repay your loan, depending on the repayment plan you choose. Your monthly payment amount will be based on how much you borrowed and how long you take to repay. Direct Loans have a fixed interest rate that differs depending on the loan type. The terms and conditions of all loans are explained in the Master Promissory Note which all borrowers must complete and sign.

Alternative/Private Education Loan

Alternative Student Loans, also commonly referred to as Private Education Loans, are consumer loans offered by banks, credit unions, and other private lenders to cover the cost of college not covered by financial aid for online degrees.

Before applying for an Alternative Student Loan, the student and parent of a dependent student should compare the terms of the loan with loan assistance available through the Federal Direct Student Loan and Federal Direct Parent PLUS Loan Programs. Most Alternative Student Loan Programs are not competitive with the Federal Loan Programs and are only intended to provide supplemental education financing after all federal options are exhausted.