Graduate Financial Aid at UNH

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1 Graduate Financial Aid at UNH Presented by Amanda King, Associate Director of Financial Aid Leila Phillips, Assistant Director of Graduate Enrollment and Technical Operations

2 Most Common Questions Can I afford Grad School at UNH? Will I qualify for financial aid?

3 What is Financial Aid Money to assist students with paying their expenses for school The primary financial aid source: Federal Loans Have to repay loans Repayment begins 6 months after you graduate or cease half-time enrollment

4 How to Apply for Financial Aid File the Free Application for Federal Student Aid FAFSA Go to Priority deadline for Fall 2014 enrollment was March 1, Can apply after date we determine your eligibility as we receive your application

5 Filing the FAFSA Graduate students are independent only need your financial information (not parents) Have 2013 federal tax return information handy to complete FAFSA Now have IRS Data Retrieval Tool available UNH school code is

6 Filing the FAFSA Take time to complete the FAFSA carefully Fields left blank or incorrect data will result in discrepancies that need resolution and/or correction causing delays

7 The Process FAFSA is reviewed by the Financial Aid Office Our Office may request documentation You can review your Student Aid Report (SAR) at for information Citizenship issue Social Security Number mismatch Selective Service issue

8 The Process A financial aid award notification is sent You Accept/Decline the awards and complete any necessary paperwork. Financial Aid Office processes the aid Aid disburses to your Bursar s bill Must be enrolled for the # of credits for which you were awarded AND must be enrolled at least half-time

9 Federal Direct Student Loans $20,500 maximum per academic year Unsubsidized Direct Loan interest accrues from the time the loan disburses Interest billed quarterly Principal is deferred until after you graduate or cease to enroll at least half time

10 Federal Direct Student Loans Fixed Interest rate 6.21% ( rate) Is NOT a credit based loan Is a FEDERALLY funded loan - Cannot be in default or owe a refund on another student loan Does not go into repayment until 6 months after you graduate (or cease half-time enrollment)

11 Loans vs. Basic Tuition Costs For 2014/2015 traditional 3 credit Graduate course is $824/ per credit or $2,472 per course.* 3 classes per term X 2 terms $20,500 Direct loan - $14,832 Tuition Charge $5,668 approx credit 2 classes per term X 2 terms $20,500 Direct loan - $ 9,888 Tuition Charge $10,612 approx credit * Cohort programs and EMBA per credit cost differs

12 What if I need more than the $20,500 Federal Student Loan? You can borrow additional funds through the Federal Direct Graduate PLUS Loan program. May want to consider if you are enrolling fulltime Review Bursar s bill costs Determine if you need additional assistance for living expenses

13 Federal Graduate PLUS Loan Graduate PLUS is a Federal student loan program provided for graduate students Fixed interest rate of 7.21% Can be deferred while in school Credit -based loan Credit history is checked for Adverse credit May need a Endorser (co-signer)

14 Federal Graduate PLUS Loan Financial Aid Office determines Cost of Attendance (COA) - Includes tuition, estimated book costs & independent living allowance based on this area Can have financial aid up to the COA COA minus Aid (including student loans) = Amount of Federal Graduate PLUS Loan you may borrow for the year

15 Example Graduate Student Cost of Attendance courses for 2 terms 2 courses for 2 terms Tuition $14,832 Books (estimate) $600 Student Allowance $13,553 Fees $ $29,075 Tuition $9,888 Books (estimate) $400 Student Allowance $13,553 Fees $ $23,931

16 Graduate Work Program (thru June 30, 2015) Open to full-time graduate students: Can work up to 20 hours per week-15 hours per week are required. Will receive a grant for 50% off of tuition and weekly stipend for hours worked per week. Maximum earning potential is $1,830 each trimester based on working 200 hours

17 Graduate Work Program (thru June 30, 2015) Three types of positions: Teaching Assistantships Research Assistantships Administrative Awards Same application process and same benefits!

18 Graduate Work Program is Competitive!! (thru June 30, 2015) Student completes a common application at Can review types of positions open at same site. Applications posted for supervisors to review. Must be accepted into graduate program before they can apply for GWP position. Recommend applying to graduate program early because of competitive nature of positions.

19 New Graduate Work Program (after July 1, 2015) Students are selected to participate in a competitive process for positions Students will be selected to participate based on their Admission s application Apply early! Make a great first impression!

20 Financial Aid Office Office location: Maxcy Hall Rm 118B OFFICE HOURS: M-F 8:30-4:30 (close 1:30pm on Friday in Summer) Phone (203) or (800) DIAL-UNH ext Fax (203) address: Website- Select Financial Aid - Quick Links Menu Select Graduate