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Financial Aid Answers for Graduate Students.
Financial aid for graduate students enrolled in eligible programs at Slippery Rock University (graduate, unconditional admission) can take the form of Federal Stafford Subsidized and Unsubsidized Loans, graduate assistantships, on-campus employment, scholarships offered by departments on campus. Some students also access funding through private scholarship and loan programs.
Please read below for information regarding
- Applying for Federal Stafford Loans
- Graduate Federal PLUS Loan
- Applying for Graduate Assistantships
- Academic Scholarships
- On-campus Student Employment
- Other Important Information
| APPLYING FOR FEDERAL STAFFORD LOANS |
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Submit a FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA) |
The FAFSA should be submitted in the spring each year for the upcoming academic year. The results from the FAFSA are used to determine your eligibility for the Federal Stafford subsidized and unsubsidized loans. You can obtain a paper FAFSA from the Financial Aid Office or you can apply over the Internet with FAFSA on the Web . Be sure to mark "YES" to the question that asks "are you interested in student loans." NOTE: SRU’s FEDERAL SCHOOL CODE IS: 003327
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FEDERAL STAFFORD LOAN MASTER PROMISSORY NOTE (MPN) |
Once your FAFSA is processed, the school can certify your Stafford Loan eligibility.
STUDENTS MUST BE ENROLLED FOR 6 GRADUATE CREDITS AT SRU TO BE CONSIDERED FOR STAFFORD LOAN ELIGIBILITY.
If you will be borrowing through a Pennsylvania lender and have never submitted a Stafford Loan Master Promissory Note (MPN), one will be sent to you to complete and return to AES/PHEAA . If you previously borrowed through a PA lender, the school will be notified to process your Stafford Loan and a new MPN will not be required. Students who borrowed through a non-Pennsylvania lender should contact that lender for a Stafford Loan MPN, complete the MPN and submit it to the Financial Aid Office at SRU. The maximum you can borrow for any academic year is $20,500, not to exceed the "cost of education" as determined by your FAFSA results. (The "academic year" is defined as fall/spring/summer, except for continuously-enrolled DPT students for whom the academic year is defined as two semesters).
Subsidized Stafford Loans: Interest on this loan is paid by the federal government while you attend school at least half-time. Loan repayment (principal and interest) begins 6 months after you cease to be enrolled at least half-time.
Unsubsidized Stafford Loans: You are responsible for either making quarterly interest payments on your loan while in school, or capitalizing these interest payments (making no interest payments now, but the interest accrues and increases the amount you repay after you cease half-time enrollment). Loan repayment of principal and interest begins 6 months after you cease to be enrolled on at least a half-time basis.
SUMMER STAFFORD LOAN: In April each year, you will need to complete an "in-house" summer Stafford Loan request form. You can obtain a form from the Financial Aid Office, the financial aid summer term web page , or the summer school class schedule.
STUDENTS MUST BE ENROLLED FOR 6 GRADUATE CREDITS AT SRU TO BE CONSIDERED FOR STAFFORD LOAN ELIGIBILITY.
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| Graduate Federal PLUS Loan |
Eligible graduate students also have the opportunity to borrow through the Federal Graduate PLUS Loan program. We encourage you to apply for the Federal Stafford Loan first because the interest rate is lower on the Stafford. If you have not reached your cost attendance with the Federal Stafford and you are looking for other options to finance your educational costs, you may want to consider the Federal PLUS Loan for graduate students. Be sure to complete the FAFSA (see above) if you plan to apply for the Federal Graduate PLUS Loan.
The federal interest rate is a fixed 8.5% for the Federal PLUS; however, some lending institutions may offer discounts to the federal rate. For additional information and a list of recommended lenders, simply click here.
STUDENTS MUST BE ENROLLED FOR 6 GRADUATE CREDITS AT SRU TO BE CONSIDERED FOR GRADUATE PLUS LOAN ELIGIBILITY.
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| APPLYING FOR A GRADUATE ASSISTANTSHIP |
| Graduate Assistantships are awarded by a particular department in conjunction with the Office of Graduate Admissions, North Hall Welcome Center (Phone: 724-738-2051). Approximately 100 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 Admissions Office. 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. |
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| ON-CAMPUS STUDENT EMPLOYMENT |
| On-campus job openings are posted both at the Career Services Office, 103 Maltby Center (Phone: 724-738-2028) and on the Career Services webpage at www.sru.edu/career. Students must submit job applications to each department in which he/she would like to work. Students may be paid out of state funds ("no need") or federal work-study funds (demonstrate "need") as determined by the results of the FAFSA. |
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| OTHER IMPORTANT INFORMATION: |
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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.
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. As an example, for the 2008-09 academic year (fall/spring), "cost of education" for first-year graduate students is as follows:
In-state graduate students: $20,500
Out-of state graduate students: $25,300
In-state Doctor of Physical Therapy majors: $23,200
Out-of-state Physical Therapy majors: $29,100
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 monthly 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 may be picked up in 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 (Stafford Loan, Federal work-study) requires that the student maintain satisfactory academic progress, as defined by the Financial Aid Office. A summary of a few of the requirements includes:
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Graduate students must maintain a 3.0 cumulative grade point average. |
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Full-time graduate students must complete 9 new credits per semester; half-time students must complete 6 new credits; less than half-time students must complete the number of credits for which they registered. |
Copies of the complete Financial Aid Academic Progress Policy are available in the Financial Aid Office or by clicking here .
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For additional information about Financial Aid Office hours, staff and general information, simply go to the Financial Aid Office homepage.
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