Federal Aid Eligibility Requirement
1. You must be a citizen of the United States or an eligible non-citizen (see FAFSA for details on non-citizen eligibility).
2. You cannot be in default on any Title IV loan or owe a refund to any grant from a Title IV program unless acceptable terms are reached with the state agency and/or lender.
3. You must be enrolled at least half-time in a program which leads to a degree. All students in the Ph.D. in Leadership & Change Program are enrolled full-time.
4. You must maintain satisfactory academic progress in the program in accordance with the standards and practices of the institution. Refer to the Ph.D. Program Handbook for the appropriate policy.
Determination of Eligibility for Need-Based Aid
Determination of eligibility for need based aid is calculated annually for all applicants for Federal Stafford Loans and Federal Perkins Loans. Financial need is determined as follows:
Your Total Educational Budget
* Tuition
* Fees
* Books (based on averages)
* Travel & lodging for 4 residencies a year
* Student's living budget based on statistics from the Labor Bureau
* Allowance to cover the origination fees of a Stafford Loan
Your financial need is your total educational budget less your EFC [Expected family contribution, derived from the federal formula which takes into account a portion of your income and assets.]
Deferment of Previous Loans
Previous student loans may be deferred once you are registered in the Ph.D. program. The Ph.D. Program Office completes deferment forms. Call your previous lender for deferment forms.
Federal Stafford Loans
The Stafford Loan Program is a federally guaranteed student loan program. All graduate students are eligible to borrow up to $20,500 per academic year. Up to $8,500 of this amount may be subsidized depending on your level of need.
Subsidized Federal Stafford Loan
Interest rate: Fixed, with a maximum of 6.8 percent. The government pays the interest while you are in school.
Maximum Loans: $8,500 per academic year; lifetime of $65,500 including undergraduate loans.
Fees: A 0-4% origination fee is deducted from each loan disbursement depending on the lender and guaranty agency chosen.
Disbursement: Loans are disbursed in up to three equal portions, depending on the number of terms in your loan period. In the Ph.D. Program, there is one annual term, and loans will be disbursed in two portions.
Unsubsidized Federal Stafford Loan
Interest Rate: Same as Subsidized Federal Stafford Loan except that interest begins to accrue upon the first disbursement.
Maximum Loans: $20,500 per academic year less any Subsidized Stafford Loan; lifetime of $138,500 including undergraduate loans.
Fees: A 0-4% origination fee is deducted from each loan disbursement depending on the lender and guaranty agency chosen.
Disbursement: Loans are disbursed in up to four equal portions, depending on the number of terms in your loan period. In the Ph.D. Program, there is one annual term, and loans will be disbursed in two or four portions depending on registration.
Federal Perkins Loans
These loans are awarded annually on a first-come, first-serve basis. To be considered for a Perkins Loan, please submit a written request to the Financial Aid Office.
Interest Rate: Five percent; the government pays the interest while you are in school.
Maximum Loans: $6,000 per year for doctoral students; lifetime of $30,000.
Disbursement:Funds are applied after your signed promissory notes are returned to the Financial Aid office, generally around the 6th week of the term.
Fellowships & Grants
A number of fellowships and grants are available to graduate students through outside sources. Visit www.finaid.org or www.fastweb.com for information on scholarships, fellowships, grants and loans.
We also encourage students to contact state education foundations, civic groups, employers, or other organizations with which they or their family are affiliated. Local and university libraries may be a good resource for more information on resources.
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