Graduate Studies. Financial Aid

Transcription

1 Graduate Studies Financial Aid

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3 GRADUATE STUDIES FINANCIAL AID 1 From the Office of Financial Aid Dear Students, Perhaps the best advice any college can give to a prospective student is: Make your educational choice first, and then take the steps necessary to pay for it. Once your goals are matched with the college that s right for you, there are several ways to seek assistance in meeting expenses. For many years we have worked closely with students to help them find the resources to pay for a Sarah Lawrence education. In fact, almost 75% of our current graduate students are receiving some type of assistance. So the good news is that it can be done, and this little book can help you do it. In these pages you ll find an explanation of the world of financial aid: what kinds of grants, scholarships, and loans you may be eligible for; what forms you need to fill out and when; and tips on sources of financing you may not have considered. We hope you catch our spirit of optimism, which is a big part of how we approach our task. We urge you to review this brochure and then make your application for aid, even if you are not sure whether you are eligible. The Office of Financial Aid is here to help you, so please contact us with any questions or concerns you may have. We look forward to working with you and bringing you that much closer to joining us at Sarah Lawrence College. Sincerely, Heather McDonnell Associate Dean of Financial Aid and Admission Roberta Daskin Senior Associate Director of Financial Aid Phone: (914) , 9 a.m. 4:30 p.m. (EST) Fax: (914) rdaskin@sarahlawrence.edu Web: Mail: Sarah Lawrence College Office of Financial Aid 1 Mead Way Bronxville, New York P.S. The Office of Graduate Studies is also available to answer any questions you have. Call (914) from 9:00 to 5:00 p.m. (EST).

4 2 SARAH LAWRENCE The Cost of a Graduate Education at Sarah Lawrence Below are estimated costs for a full-time graduate student. For more details, see the Student Accounts section of Tuition, Year One Art of Teaching $29,850 $20,298 Art of Teaching, Dual $34,626 $22,686 Child Development* $25,248 $25,248 Dance $25,104 $25,104 Dance/Movement Therapy $27,753 $22,707 Health Advocacy $24,552 $24,552 Human Genetics $31,600 $21,488 Theatre $25,104 $25,104 Women s History* $25,104 $25,104 Writing $25,110 $25,110 Tuition, Year Two** * Students in the dual Child Development/MSW, and the Women s History/Law program, please call the office of Graduate Studies for additional details at (914) ** Tuition, Year Two is an estimate based on the rate. Please note: The Health Advocacy Program requires an additional administrative fee for each of three required fieldwork placements. Please contact the program for more information. The Writing Program requires a colloquial fee each semester. Please Pat Dunn, Director of Student Support Services, for more information. For All Programs Year One Fees $550 $530 Year Two Health Insurance $3,168 $3,168 Personal Expenses (estimated) Year One Year Two Housing/Food $17,260 $17,260 Books/Supplies $1,000 $1,000 Personal $800 $800 The above budget uses average costs and includes allowances for books, supplies, and personal expenses. When we develop our financial aid packages, we also consider the cost of travel between the College and the student s home which, of course, varies with the distance and is not reflected here.

5 GRADUATE STUDIES FINANCIAL AID 3 Financial need is determined by subtracting the student s expected contribution from the total cost of education. After amounts for any outside scholarships are estimated, the Office of Financial Aid prepares a financial aid package to meet any remaining need. Students who apply by completing the FAFSA or PROFILE forms by the deadline are automatically considered for all aid resources administered by Sarah Lawrence College. How Financial Aid Is Packaged Scholarships and student loans comprise the two elements of a Sarah Lawrence financial aid package. Eligible students are not required to accept the student loan in order to receive scholarships. Grants College Programs Sarah Lawrence Scholarships. Any student applying for financial aid in a timely manner is automatically considered for a Sarah Lawrence Graduate Scholarship. Named scholarships are awarded in consultation with the dean and faculty of Graduate Studies. Awards are funded by contributions from alumni, parents, students, and friends of the College. Loans A student loan is an obligation that must be repaid after you complete your degree or cease to be enrolled at least half-time. Federal Perkins Loans Perkins Loans are awarded on a funds-available basis to students who demonstrate the greatest need. The amount of the loan is credited to your account, half each semester. The loan has a 5-percent interest rate which accrues nine months after graduation or when you drop below half-time status. Repayment begins at that time and usually is extended over a 10-year repayment period. There are deferments and forbearances available should you experience difficulty in repaying your debt. This loan is fully administered by the College. Federal Direct Loans Federal Direct Unsubsidized Stafford Loans are available through the federal government. The interest rate for is 6.21%. The interest rate is set annually, on July 1, and is capped at 9.5%. The interest on a Direct unsubsidized loan begins to accrue when the funds are disbursed. You may make interest payments on an unsubsidized loan while you are in school, or you may elect to make term payments or to capitalize the interest. Maximum: $20,500 per academic year. Repayment for Direct unsubsidized loans begins six months after graduation or when enrollment drops below half-time. Repayment can be paid over 10 years or longer.

6 4 SARAH LAWRENCE All federal loans may be subject to origination fees which are withheld by the federal government. These fees cannot exceed 3% and will be deducted from your loan proceeds prior to disbursement. For First-Time Borrowers. Go to to electronically sign your Promissory Note (MPN). Also complete the Entrance Counseling. These two items may be completed in the spring or summer. Graduate Plus Loans Graduate Plus Loans are available through the federal government. The interest rate for is 7.21%. The interest rate is set annually, on July 1, and is capped at 10.5%. This is a credit-based loan. Students who are found to have insufficient credit may apply with a co-signer. Interest does accrue during enrollment, but payments may be deferred until after graduation. Students may borrow up to the cost of attendance minus other aid. There are origination fees which are withheld by the federal government. This fee is currently about 4.2%. Other Sources of Financial Assistance Private Funding The Graduate School actively encourages students to apply for funding from private resources. Programs are held during the year to assist current students in their search for private funding. Incoming students should begin their search for funds at the same time as they apply for government and college-based aid. Non-Teaching Assistantships Sarah Lawrence has several non-teaching assistantships available to graduate students. These positions are in offices which need clerical, computer, writing, and analysis skills. Interviews for these positions are held during the first two weeks of school. Please contact Student Employment in the Office of Financial Aid for additional information. Internships, Employment, and Scholarship Opportunities The Office of Career Services is available to assist graduate students in finding internships and part-time and full-time employment opportunities. Students may also research the many scholarships offered by foundations, civic and religious organizations, and affinity groups. Payment Plans and Billing Procedures Sarah Lawrence offers a payment plan administered by Tuition Management Systems. Information about this plan will be sent to you by the Office of Student Accounts.

7 GRADUATE STUDIES FINANCIAL AID 5 Applying for and Accepting Graduate Financial Aid Applying for financial aid requires your attention to the completion of the necessary forms in a accurate and timely manner. Financial Aid at Sarah Lawrence College is based on financial need, therefore the application requires information about the student and/ or spouse s income, assets and expenses. SLC does not require financial information from parents of graduate students. To be considered for financial assistance at Sarah Lawrence, U.S. citizens and permanent residents are required to complete the Free Application for Federal Student Aid (FAFSA). International students should see the specific instructions on page 6 of this booklet. Please remember to keep copies of all financial aid documentation. Use the checklist on the inside back cover to keep a record of when you have filed specific documents. As a graduate student, you do not need to provide any information about your parents or their finances. FAFSA The FAFSA determines your eligibility for federal and college-based resources. Fill it out carefully, keeping the following things in mind: The Federal Application for Federal Student Aid (FAFSA) must be completed online at after January 1, 2015, and before March 1, First-time filers need to get a U.S. Department of Education PIN. The PIN serves as your identifier to let you access your personal information in Department of Education systems. To get a number visit FAFSA is necessary to determine the Title IV aid. A United States citizen or an eligible non-citizen may complete this form. It is in your best interest to file this form as soon as possible. The Sarah Lawrence FAFSA code is If you are a beginning graduate student at SLC, make sure to mark your year as a 1st year graduate student. If you are a returning graduate student, make sure to mark your year as a continuing graduate student. Shortly after you have submitted your application, you should receive a summary report (the Student Aid Report, or SAR) confirming your answers and requesting corrections should any inconsistencies exist. Please read all of the instructions and review every entry carefully; if you need to make corrections, do so immediately on the FAFSA Web site.

8 6 SARAH LAWRENCE Tax Returns To finalize an award, the Office of Financial Aid reviews your and/or your spouse s 2014 federal tax return. Send the first two pages of your 1040, and any lettered schedules that you filed, to Sarah Lawrence s Office of Finacial Aid. Be sure to sign this copy on the signature line. (If you filed form 1040EZ, it is only one page.) If you are married and filed separately, send your spouse s tax return, too. If you are not filing a tax return for 2014, complete our non-filer statement. This form is found at aid/downloads.html. International Students International students may apply for Sarah Lawrence gift aid by filing the CSS Profile, which is found at Please note that CSS will request parents financial information from international students, but SLC does not use parent data. If you are completing the Profile only for SLC, you may answer zero to all parent financial questions. College Scholarship Service Profile The Profile form determines your eligibility to receive Sarah Lawrence resources. The Profile must be completed online at Fill out the Profile application carefully, keeping these items in mind: The deadline for Profile is March 1, It is in your best interest to file this form as soon as possible. The Sarah Lawrence Profile code is If you are a beginning graduate student, make sure to mark your year as a 1st year graduate student. If you are a returning graduate student, make sure to mark your year as a 2nd year graduate student. Shortly after you have submitted your application to CSS, you should receive a summary report confirming your answers. Read all of the instructions and look at every entry carefully. If you need to make corrections, send this information to the Office of Financial Aid. International students must send documentation of income for 2014 directly to the Office of Financial Aid at Sarah Lawrence. If you had no income in 2014, write a statement explaining how you supported yourself. International students are also advised to investigate other financing opportunities offered by their governments or private institutions. U.S. government financial aid is not available to students who are not citizens or permanent residents of the United States.

9 GRADUATE STUDIES FINANCIAL AID 7 Notification of Your Financial Aid Award If you are an incoming applicant and you file the necessary forms by the deadline, you will receive notification of your award with or shortly after your admission decision. Returning applicants will be notified by June if the required financial aid forms and tax returns are received by the deadlines. Late applicants for financial aid will be notified upon completion of all required documents, and awards will be subject to the funds available at the time of completion. Since financial aid funds are limited, institutional funds may not be available to late financial aid applicants. Accepting Your Financial Aid Award To accept your award and have the aid credited to your student account, you must submit all documents requested by the Office of Financial Aid no later than the stated deadlines. Renewal of financial aid is not automatic you must apply each year of attendance. Recipients must continue to demonstrate financial need and maintain satisfactory academic progress. Graduate Financial Aid Policies The Office of Financial Aid awards financial aid to graduate students primarily on the basis of need. The College subscribes to the practices and procedures of federal and institutional methodology as published by the U.S. Department of Education and the College Scholarship Service. These procedures provide a standard for consistent analysis of a student s ability to afford a Sarah Lawrence education over a period of time.

10 Verification All financial aid recipients must provide all requested documentation by the proper deadlines. Any conflicting information on the original FAFSA will be reconciled to the supporting documentation provided. The College reserves the right to recalculate financial need and adjust awards accordingly. Circumstances That May Change Your Financial Aid Award If you completed your financial aid application by using estimates of income and taxes paid, a final financial aid offer will be based on the actual tax returns. Usually such changes do not affect scholarships. However, the initial offer is only as good as the estimates given. Each year you must reapply for financial aid. Renewal of financial assistance after the first year will be based upon changes in your income and assets. Applications filed after March 1 are subject to the funds we have available at the time we receive the results of your applications and supporting documentation.

11 Graduate Financial Aid Checklist Use this form to keep track of deadlines and documents. FAFSA Due after January 1, 2015 and before March 1, The FAFSA is found at Completed on International Students: College Scholarship Service Profile Due before March 1, File sooner if you can. The Profile is found at Completed on 2014 Tax Information Due to the Office of Financial Aid as soon as you have completed your 2014 tax return, but no later than April 15, Completed on Direct Loan Application You must complete a Master Promissory Note and Entrance Counseling at Do this upon receiving your award letter. Completed on You may be required to return a few other forms throughout the process these forms will be sent to you by the Office of Financial Aid. To be considered for college-based financial aid, it is highly recommended that students submit the FAFSA or the CSS Profile before their admission decision is made. The above dates are guidelines for students applying to programs with spring notification dates. Students who apply to programs with rolling admission should submit their documents at the same time as their admission application to be considered for collegebased funds.

12 The Office of Financial Aid is here to help you. Please contact us with any questions or concerns you may have. Office Hours: 9 a.m. 4:30 p.m. EST Phone: (914) Fax: (914) finaid@sarahlawrence.edu Office of Financial Aid 1 Mead Way Bronxville, NY SLC /14