New for 2012-2013
New for 2012-13 and beyond, Graduate students seeking loan assistance through the Federal Direct Loan Program, will only qualify for Unsubsidized Stafford Loans. Recent federal legislation eliminates graduate students from receiving loans through the Subsidized Stafford Loan program.
To recieve Financial Aid students must complete the FAFSA www.fafsa.gov and must be admitted into their Graduate level degree program/certificate to qualify.
Summer Financial Aid
Students needing summer Financial Aid will need to complete:
- 2012-2013 FAFSA
- 2013-2014 FAFSA and
- Notice of Summer Enrollment Form (once registered form is due May1st)
Enrollment Status
- Students registered in at least 5 graduate credits per term will receive graduate annual loans levels. All others will be funded as undergradautes at the senior level.
- Importantly, only those students registered in at least 5 graduate credits per term will enjoy graduate level annual loans levels. All others will be funded as undergradautes at the senior level.
- To qualify for full time status in a graduate program, students must take a minimum of 9 graduate level credits.
- If students take undergraduate and graduate courses the students may be funded as fifth year undergraduates.
Types of Aid
In general, the primary source of financial aid available to graduate students are student loans. Graduate students qualify for Unsubsidized Stafford Loans. Remember, Financial Aid will only cover classes within a student's program of study.
Students may also qualify for GradPLUS loans. For more information regarding the GradPLUS loan click here.
Students may be eligible for the TEACH Grant. For more information and the eligibilty requirements please click here.
Apply for scholarships
Stafford Annual Loan Limits
| Academic Level | Dependent | Independent | Subsidized |
|
Freshman 0-29 Credits |
$5,500 | $9,500 | $3,500 |
|
Sophomore 30-59 Credits |
$6,500 | $10,500 | $4,500 |
|
Junior 60-89 Credits |
$7,500 | $12,500 | $5,500 |
|
Senior 90+Credits |
$7,500 | $12,500 | $5,500 |
|
Graduate |
$20,500 | N/A |
Interest Rates for Federal Student Loans
|
School Year Loan Taken Out |
Interest Rates Unsubsidized |
Interest Rates Parent & GradPLUS |
| 2009-2010 | 6.8% | 7.9% |
| 2010-2011 | 6.8% | 7.9% |
| 2011-2012 | 6.8% | 7.9% |
| 2012-2013 | 6.8% | 7.9% |
Lifetime Loan Limits
| Academic Level | Maximum Subsidized and Unsubsidized | Maximum Subsidized |
| Dependent | $31,000 | $23,000 |
| Independent | $57,500 | $23,000 |
| Graduate | $138,500 | $65,500 |
Loan Disbursements
- Stafford loan disbursement is usually made in two installments. For loan periods over the entire academic year, half of the loan will be disbursed no more than 10 days before the first day of the fall semester, and the remaining half will be disbursed no more than 10 days before the first day of the spring semester. Refund checks will not be made available to students until at least the first day of the term.
- Borrowers have 14 days from the date of disbursement or the first day of the term, whichever is later, to decline all or part of the loan amount. The Financial Aid Office will return funds on behalf of the student if this notification is received within the time period; students have the option of repaying loan funds themselves after that period.