Financial Aid For Graduate Students

Financial Aid for Graduate School

Much of the aid received by graduate students is in the form of loans. Many federal and state aid programs available to undergraduate students are not available to graduate students (Pell and FSEOG Grants as well as many State programs.)

To apply for a Federal Stafford Loan, you must complete the Free Application for Federal Student Aid (FAFSA) or Renewal FAFSA on a yearly basis. In addition, a Federal Stafford Loan Master Promissory Note (MPN) must be submitted. MPN's may be obtained from your local lending institution or the college lender list at www.elmselect.com

Students wishing to receive Federal Stafford Loan monies to finance their graduate education must be enrolled in a degree program and are required to comply with all federal regulations regarding the verification of their FAFSA, satisfactory academic progress, and withdrawal policies/procedures.

Graduate School Loans
There are both private and government loans available to graduate students. Examples include:

• Federal Stafford Loan - low interest rate federal loans available to most students, even at half-time status. These loans can be either subsidized (interest paid by government while you are in school) or unsubsidized (you pay the interest while you are in school).

How Much Can I Borrow in Student Loans?
Begin
Maximum subsidized eligibility per year: $ 8,500
Maximum unsubsidized eligibility per year: $12,000
Yearly Maximum: $20,500

The total debt you can have outstanding from all Federal Stafford Loan combined is $138,500 as a graduate student. Only $65,000 of this amount may be in subsidized loans. The graduate debt limit includes any Federal Stafford Loans received for undergraduate study.

Enrollment Classification

Full-time graduate student: 9 or more credits per semester
Half-time graduate student: 5-8 credits per semester
Less than half-time graduate student: less than 5 credits per semester