Financial Aid for Graduate Students Office of Financial Aid & Scholarships

Kaili Benham kaili.benham@uni.edu Financial Aid Counselor Office of Financial Aid & Scholarships

Financing Grad School Funding sources Deferment Federal financial aid Scholarships Assistantships, fellowships Work Deferment

Free Application for Federal Student Aid (FAFSA) Determines how much federal aid will be awarded Available October 1st each year - fafsa.gov The earlier the FAFSA is completed, the better chance of receiving college/university specific grants

FAFSA Fact or Myth Parents’ personal and financial information must be reported on the FAFSA. (For graduate students)

FAFSA Fact or Myth In almost all cases, graduate students are considered independent students and are not required to supply parent information on the FAFSA.

FAFSA Fact or Myth It takes hours to complete the FAFSA and it’s expensive.

FAFSA Fact or Myth Completing the FAFSA online is easy and free. Recent statistics show that it takes an average of 17 minutes for independent students to complete it.

FAFSA Fact or Myth Private loans from my bank or credit union are as desirable as federal student loans.

FAFSA Fact or Myth There are key differences between federal loans and private loans. Federal student loans offer several repayment plans, including an option to tie your monthly payment to your income.

Federal Financial Aid Direct Unsubsidized Loan Grad PLUS Loan Can borrow up to $20,500 annually Origination Fee: 1.069% Interest Rate: 6% Grad PLUS Loan Origination Fee: 4.264% Interest Rate: 7% Borrower is subject to a credit check TEACH Grant Up to $4,000 annually for eligible students

Other Funding Sources Scholarships Check with your school’s financial aid office Online searches Assistantships or Fellowships Check with your graduate school/department On-or-off Campus Job Private Education Loans Offered through private banks and lenders This is a last-resort option

What to Consider When Taking Out Loans Finance your education with free money first, then earned money, and, finally, borrowed money. What is the source of the loan? Is it a federal loan or a private student loan? What are the terms and conditions of the loan? How will the amount you borrow in student loans affect your future finances, and how much can you afford to repay? Repayment Estimator: https://studentloans.gov/myDirectLoan/repaymentEstimator.action

Loan Deferment Grad students can have their loans deferred while enrolled at least ½ time This process is done automatically based on enrollment information collected by your school

Resources National Student Loan Database (NSLDS) www.nslds.ed.gov Financial Awareness Counseling www.studentloans.gov Repayment Calculator Scholarship Search https://www.careeronestop.org/toolkit/training/find-scholarships.aspx

Questions?