Federal Aid

The Application Process: Federal aid, which is awarded directly through the Office of Financial Aid in accordance with requirements established by federal law, requires applicants to file the Free Application for Federal Student Aid (FAFSA), utilizing the federal school code for the Graduate Center - 004765. To complete the form online, applicants should go to www.fafsa.ed.gov. Students who apply by the deadline for federal aid (April 30th) are considered for Federal Work-Study positions and/or Federal Perkins Loans for the upcoming academic year. Students who wish to apply for Federal Direct Loans must submit, in addition to the FAFSA, a Direct Loan Application to the Office of Financial Aid. Federal Work-Study and Federal Perkins Loans are packaged for students who have indicated interest in these programs on the FAFSA application. Federal Direct Loans are not packaged and are processed only upon a student's request.

Verification: Students who submit a FAFSA may be required to verify the data that they included on the application. In such cases, students will have to submit the appropriate signed federal tax return, complete with all supporting schedules as well as a Verification Worksheet. Students who are selected for verification will be notified by the Office of Financial Aid. This process must be completed before your federal financial aid application can be reviewed.

Federal Work-Study Program
Federal Work-Study awards are based solely on financial need as defined by federal law. The amount of the award will vary depending on the student's need and the availability of funds. Federal Work-Study awards are packaged each spring for the following academic year. Because Federal Work-Study funds are limited, only students who have their FAFSA on file by the deadline (April 30th) are considered for awards. Federal Work-Study assignments usually involve research in the student's program as assigned by the Executive Officer.

Federal Perkins Loan
Federal Perkins Loan awards are based solely on financial need as defined by federal law. The amount of the award will vary depending on the student's need and the availability of funds to a maximum of $6,000 for the academic year. Federal Perkins Loans are packaged each spring for the following academic year. Because Federal Perkins Loan funds are limited, only students who have their FAFSA on file by the deadline (April 30th) are considered for awards. The Federal Perkins Loan carries a 5 percent interest rate. No interest accrues while the student is enrolled at least half-time. Repayment begins nine months after the student no longer registers at least half-time, withdraws, or graduates. The program offers liberal deferment privileges and some cancellation benefits for borrowers who enter certain public service careers and the teaching profession. The Graduate Center acts as lender of the Perkins Loan on behalf of the federal government, and the student repays the loan to the Graduate Center upon leaving. A pre-loan interview is required prior to loan disbursement. An exit interview is required when the student no longer registers at least half-time, withdraws, or graduates.

Federal Direct Student Loan
There are two types of Federal Direct Student Loan: the Subsidized Federal Direct Loan and the Unsubsidized Federal Direct Loan.

Subsidized Federal Direct Loans are based solely on need as defined by federal law. Loan amounts will vary depending on the student's need to a maximum of $8,500 for the academic year. The interest rate is variable with a maximum of 8.25 percent. No interest accrues while the student is enrolled at least half-time. Repayment begins six months after the student no longer registers at least half-time, withdraws, or graduates. The program offers liberal deferment privileges. The federal government is the lender, and the student repays the federal government upon leaving school.

Unsubsidized Federal Direct Loans are not based on need. Loan amounts vary depending on the cost of the student's attendance less other financial aid and Subsidized Federal Direct Loan eligibility. The combined maximum for the Subsidized Federal Direct Loan plus the Unsubsidized Federal Direct Loan is $20,500 for the academic year. Repayment of interest begins immediately on the Unsubsidized Federal Direct Loan or can be capitalized (i.e., added to the loan principal) at the student's option. Repayment of loan principal begins six months after the student no longer registers at least half-time, withdraws, or graduates.

A pre-loan interview is required for first-time borrowers of Federal Direct Student Loans. An exit interview is required when the student no longer registers at least half-time, withdraws, or graduates. Students must have the FAFSA on file before they can be considered for this loan.