Report Funds From Other Sources

Federal regulations prohibit you from receiving more financial aid than your cost of attendance.  Aid received from outside sources will affect your aid eligibility.  Additional aid sources may include:

• Tuition WaiversFellowshipsScholarshipsStipends
• Veterans Education Benefits, etc.

If you are expecting funds from these or other sources, let us know immediately using the Additional Resources Form to avoid an unpleasant surprise if we have to recover funds already disbursed to you.  Your awards will be revised to reflect any changes.

Loans for Graduate Students

You must determine how much to borrow based on your personal resources, the length of your program, and your ultimate career plans. Keep in mind that the Office of Financial Aid cannot certify more than the total cost of the your program; which includes tuition, housing, meals, books & supplies, and personal expenses.Students should consider their loan debt and examine their budgets to minimize expenses in an effort to avoid the temptation to borrow too much. Consult the loan payment calculator on www.finaid.org to see what monthly payments will be after graduation to help determine how much loan money to borrow.

Federal Stafford Loans
Stafford loans are awarded as either subsidized or unsubsidized.

Subsidized Stafford loans are need-based loans made directly to you with a low interest rate and lenient repayment terms. Payments are deferred as long as the student is enrolled at least half-time. Repayment of interest and principal does not begin until six months after graduation. No interest accrues until the loan is in repayment.Unsubsidized Stafford loans are also made directly to you at a low interest rate. However, they are not based on need and interest begins to accrue from the date of disbursement. Repayment of accrued interest and principal does not begin until six months after graduation, but the student may choose to pay the interest as it accrues.

Federal Stafford Loan Limits

Link to Federal Stafford Recommended Lenders

Federal PLUS Loans for Graduate Students

Effective July 2006, graduate students are eligible to borrow through the Federal PLUS loan program to pay for their own education.  Graduate students may borrow up to the cost of attendance for the period of enrollment, minus other estimated financial aid.     The Grad PLUS Loan:

• has a fixed interest rate of 8.5% requires that you complete the FAFSA requires that you first apply for and have your eligibility determined for the Federal Stafford Loan
• requires that you not have an adverse credit history

The repayment period for a Grad PLUS begins on the date the loan is fully disbursed.  However, a student borrower may receive a repayment deferment while enrolled at least half-time.  There is no grace period. Link to Federal Grad PLUS Recommended Lenders

Federal Loan Repayment

• Federal Stafford Loan Exit Interview Consolidation Information Defaulted Loans (Department of Education)
• Student Loan Ombudsman

Private Loans
A private loan is a privately financed education loan, which is offered by banks and other organizations. A creditworthy co-applicant may be required as these are credit-based loans. Individual eligibility will vary according to cost, need, and any other aid being received by the student.

Link to Private Loan Recommended Lenders

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