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 Graduate Financial Aid Answers 

 

SPOTLIGHT

Graduate students must be seeking a Master's Degree, Doctoral Degree, or Teacher Certification to be eligible for Federal Direct Loans.  Financial aid for graduate students enrolled in eligible programs at Slippery Rock University can take the form of:  

Please read below for information regarding

  • Direct Unsubsidized Loans
  • Graduate Assistantships 
  • On campus employment 
  • Scholarships
  • Private Scholarships 
  • Alternative Private Education Loans

Students in Endorsement and Certificate Programs are not eligible for federal aid but may be eligible for Alternative Private Education Loans. 

Applying for Graduate Assistantships

Graduate Assistantships are awarded by a particular department in conjunction with the Office of Graduate Admissions, North Hall Welcome Center (Phone: 724-738-2051). 

  • There are approximately 90 graduate assistantship positions are available at the University.
  • Full-time Graduate Assistantships typically include a stipend of $4,000 per academic year along with a full tuition waiver.
  • Assistantships may be granted for up to two years, with full-time recipients working approximately 17.5 hours each week and maintaining full-time enrollment status.

Assistantship brochures and GA employment applications may be obtained from the Graduate Assistantships webpage.  Completed application forms should be submitted directly to the office in which employment is being sought. It is recommended that applicants also place a general GA employment application on file in the Office of Graduate Admissions. If you are awarded a graduate assistantship after your Stafford Loan has been processed, your loan eligibility may be reduced.

Applying For Federal Stafford Unsubsidized Loan

Submit a Free Application for Federal Student Aid (FAFSA)

  • The FAFSA should be submitted in the spring each year for the upcoming academic year.
  • SRU’s Federal School Code is: 003327.

Direct Unsubsidized Stafford Loan

  • Graduate students are eligible for a maximum of $20,500 per academic year. An academic year is defined as fall/spring/summer, except for continuously-enrolled DPT students for whom the academic year is defined as two semesters.
  • Graduate Students must be enrolled for six graduate crdits to be eligible for Direct Unsubsidized Loan.
  • Current Interest rate is 5.41% but is subject to change July 1 each year.
  • Origination fee is 1.072% and is subject to change.
  • Students are responsible for making the quarterly interest payments on their loan while they are in school, or capitalizing these interest payments (making no interest payments now, but the interest accrues and increases the amount you repay)
  • Repayment of the principal begins six months after you cease to be enrolled on at least a half time basis which is six credits.
  • Students must be enrolled on a half time basis, six credits, for deferment of previously borrowed federal loans.
  • To be considered for Direct Unsubsidized Loan for the summer, you will need to complete a Summer Aid Application which is available on the Summer Aid webpage from April to the end of the second summer session.

Direct Loan Master Promissory Note (MPN)

  • All students who are new Direct Loan borrowers or who have not borrowed a Direct Loan in the past three years are required to complete a Direct Loan Master Promissory Note (MPN) and Direct Loan Entrance Counseling Both can be completed on line at www.studentloans.gov. Instructions are available on how to complete the MPN and Entrance Counseling on our Loan Guidance Web page.
  • Students can confirm the MPN is required and completed on their SRU student portal.

Graduate Federal PLUS Loan

 

Direct Graduate PLUS loans are federal loans that graduate or professional degree students can use to help pay education expenses not covered by the Direct Unsubsidized Loan. The U.S. Department of Education makes Direct PLUS Loans to eligible borrowers. Click here for further information.

Academic Scholarships

A list of Academic Scholarships is available on the SRU scholarship web page. Scholarships are awarded by particular departments and may be based on academic performance and other criteria.

On-Campus Student Employment

On-campus job openings are posted both at the Office of Career Education and Development, Bailey Library (Phone: 724-738-2028) and on the Career Services webpage. Students must submit job applications to each department in which he/she would like to work. Students may be paid out of institutional funds ("no need") or federal work-study funds (demonstrate "need") as determined by the results of the FAFSA.

OTHER IMPORTANT INFORMATION:

CHANGES IN INCOME OR UNUSUAL EXPENSES:

If you anticipate a reduction or loss of income, or incur unusual expenses not taken into consideration on the FAFSA form, contact the SRU Financial Aid Office for guidance.

MAXIMUM FINANCIAL AID ELIGIBILITY:

Total financial aid eligibility cannot exceed the "cost of education". Cost of education includes expenses such as tuition, fees, living expenses, books and personal expenses for an academic year (two semester period) and is determined by the Financial Aid Office.

For actual costs of tuition and fees, go the the Office of Student Accounts webpage.

BILLING:

Students are billed for the fall semester in JULY (first payment due in August); and for the spring semester in DECEMBER (first payment due in January). Students will be billed for one semester at a time. Payment in full is due by the end of the semester. Any financial aid or loans that have been approved at the time of billing will be deducted from the bill. The balance due may be paid in full or for a $25/semester fee, you may select the installment payment plan.

Please note: financial aid awards listed on the Billing Statement may be adjusted due to changes in credit hours, failure to meet academic progress requirements, the verification process, or the awarding of a graduate assistantship. Billing questions should be directed to the Office of Student Accounts.

REFUNDS:

Refunds of excess aid will be processed through the office of Student Accounts, 104 Old Main (Phone: 724-738-2088), on or after the first day of classes.

ACADEMIC PROGRESS REQUIREMENTS & FINANCIAL AID ELIGIBILITY:

Eligibility for Title IV financial aid (Direct Loan, Graduate PLUS Loan, Federal work-study) requires that the student maintain satisfactory academic progress (SAP), as defined by the Financial Aid Office. Students are encouraged to read the complete SAP policy. A summary of a few of the requirements includes:

  • Graduate students must maintain a 3.0 cumulative grade point average.
  • Students must successfully complete 67% of the total cumulative attempted credits.
  • Graduate students may receive aid for all credits attempted up to 150% of the specified number of credits required by their specific degree program.
 

Contact Information

1 Morrow Way
Slippery Rock PA 16057

107 Maltby Center

724.738.2044
724.738.2922 (fax)

Financial.aid@sru.edu

M-F: 8:00-4:30
Summer: 8:00-4:00

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