Federal Aid

The Application Process: Federal aid, 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 priority deadline for federal aid (April 30th) are considered for Federal Work-Study positions and/or Federal Perkins Loans if they check yes to the question on the FAFSA. Students who wish to apply for Federal Direct Loans must submit, in addition to the FAFSA, a Direct Loan Request Form to the Office of Financial Aid. 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. 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 priority deadline (April 30th) are initially considered for awards. Federal Work-Study positions are 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 $8,000 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 priority deadline (April 30th) are initially 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 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 annually prior to loan disbursement. (See Perkins Loan Entrance Letter [pdf].) An exit interview is required when the student no longer registers at least half-time, withdraws, or graduates.

Federal Direct Student Loan
There are three 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 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.

The Federal Direct Plus Loan is a credit-based loan. Graduate and professional students are eligible to borrow under the PLUS Loan Program up to their cost of attendance minus financial aid. Students must first apply for a federal subsidized and/or unsubsidized loan before they can be considered for a Grad Plus Loan. To apply for any of the three loans, a Direct Loan Request Form must be completed and returned to the Financial Aid Office. Graduate Plus borrowers must also complete a Grad Plus (sub/unsub/plus) entrance www.dl.ed.gov interview before loan proceeds will be disbursed. There is no grace period on Direct Plus Loans and repayment begins within 60 days of your anticipated final disbursement. You are eligible for an In School Deferment if you are enrolled at least half-time in school and your loan has been fully disbursed.

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.