Financial Assistance

Education Line of Credit

To be eligible for Mountain America Credit Union's Education Line of Credit, individuals must be a member of the credit union. Students of Piccolo International University are eligible to become members of Piccolo International University's Select Employee Group. To apply for membership, go to www.macu.com, choose the Select Employee Group for Piccolo International University, and follow the instructions.

Once a member of the credit union, a student can apply for the credit union's Education Line of Credit. The application can be found on the credit union's Web site at https://www.macuweb.org/loanapp/signon.aspx

Once the student has applied for a line of credit, he or she will receive an email from the Student Loan Department of the credit union with a credit decision and a request for any other information needed to complete the loan. Once the credit union has received all necessary information to complete the loan, the loan application will be mailed to the student for signature. The student will also need to complete the required "Credit Matters and Money Management" course online through the credit union's partner, Balance, at www.balancetrack.org/creditmatters/index.html

Once Approved

After the credit union receives the completed loan application, it will email a loan certification request to Piccolo International University's Financial Aid Office. The Financial Aid Office will complete the certification request based on the number of credits in which a student is enrolled for an academic year. An academic year is based on four 8-weeks terms. The amount for which a student will be eligible is based on tuition, fees, and the average cost of books.

When the credit union receives the certification from Piccolo International University, it will disburse the funds to the University. Funds will be disbursed equally for each term a student is enrolled. If a student withdraws or does not begin a future term, Piccolo International University will notify the credit union of the change. Six months after a student ceases attendance at Piccolo International University, the loan goes into repayment and the student must begin repaying the loan.

Funds received through the Education Line of Credit are for educationally related expenses only. Please see Mountain America Credit Union's Web site to see which expenses are considered educationally related.

Repayment

The maximum aggregate lifetime amount a student may borrow from Mountain America Credit Union is $25,000. While in school, the student must make interest-only payments. Six months after graduating or withdrawing from school, the loan goes into repayment, and the student will be responsible for making interest and principal payments. The term on repayment is 12 months per $1,000 borrowed with a maximum term of 10 years.

Important Information for Students

The loan is in the student's name.
A cosigner is often required.
Funds are dispersed to Piccolo International University and not to the student.
Variable interest rates are based on the prime rate.
Interest only payments must be made while the student is in school.
Students must maintain at least a 2.0 grade point average.
Students must submit grade reports to Mountain America Credit Union every four (4) months. It is the student's responsibility to provide grade reports. Failure to do so within six (6) months will result in the loan going into repayment.

Private student loans are not subsidized and not guaranteed by the federal government. Private student loans are to be used for education related expenses and are based on creditworthiness. Private student loans may cost more than other types of loans. Eligibility is determined by the lender and amounts are limited to the cost of education minus other aid. Contact the particular lender for specific terms and conditions.

Please note the student may choose any eligible lender and the University will process the student's request. The lender reserves the right to modify, extend, or discontinue these benefits at any time without notice. Borrower benefits may be terminated in the event of a default or failure to meet qualification criteria.

Arizona Workforce Investment Act

https://egov.azdes.gov/CMSInternet/main.aspx?menu=148&id=1990

Student must apply through the Dept. of Economic Security
Based on being economically disadvantaged
Laid-off workers may be eligible too
If approved for WIA funds, Arizona pays the university for tuition

Lending Club

http://www.lendingclub.com/home.action

Student creates profile on Lending Club web site
Interest rate is based on credit score
“Investors” loan various amounts to students until amount requested is reached
One month after receiving funds, student payments will be withdrawn from bank account where funds were deposited

Cost Reduction

A Number of avenues exist to help you reduce the cost of your college tuition. Options include transfer credit, prior learning assessment, and proficiency testing opportunities. See related pages of this Web site and our Catalog for more information about these programs.

Transfer Credit

Piccolo International University recognizes that learning takes place in a variety of contexts. Many students come to PIU with a firm grounding in a discipline and years of learning from professional experience. Thus, PIU students may be able to take advantage of different opportunities to earn transfer credit.

Prior Learning Assessment (PLA)

Piccolo International University offers students the opportunity to earn college credit by documenting discipline-specific knowledge that has been obtained in a variety of contexts. Credit for prior learning is not awarded based on work experience. Credit may be awarded, however, based upon the student’s ability to demonstrate competency in learning outcomes that align with one or more courses in PIU’s current curriculum.