by katiemstone

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Funding Graduate School

Published Oct 4, 2013 in Business & Management
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Presentation Slides & Transcript

Presentation Slides & Transcript

FundingforGraduate SchoolBoise State UniversityOctober 3, 2013

AgendaCost of Graduate SchoolTypes of Funding AvailableCost of Attendance (financial aid budget)Loan RepaymentQuestions?

Fees for Graduate School2013-2014Per credit rate (1 – 8 cr) $324Flat rate (9 – 17 cr) $3,716Non-resident tuition (per credit rate 1 – 8 cr) $112 (flat rate 9+ cr) $6,300SHIP (required for 9+ cr) $1,044

Types of Funding AvailableGraduate AssistantshipGEM ScholarshipDepartmental/College ScholarshipsPerkins Loan Federal Unsubsidized LoanGraduate PLUS LoanAlternative Loan

Graduate AssistantshipTeaching or Research Assistantship Fulltime enrollment required (9 – 12 cr)20 hours of work per week (in most cases)Tuition/Fee/SHIP WaiverStipend ($8,952 minimum for fulltime)Application requiredFunded and awarded by Department

GEM ScholarshipWaives full-time nonresident tuition and feesRequirements3.0 GPA as undergraduateEligible graduate programAwarded first-come, first-served basisGraduate Assistantship, if awarded, replaces GEM

Departmental/College ScholarshipsEach academic department/college is responsible for separate awards.

Federal Perkins LoanFAFSAMeet priority application deadline (3/15)Exceptional financial need (0 EFC)Full-time enrollment required (9 cr)Interest rate: 5%Limited funding

Unsubsidized and Graduate PLUS LoansMust be enrolled in a degree program eligible for financial aidMust be enrolled at least half-time (5 graduate credits) Non need-basedPayments are deferred while enrolled at least half-timeGrace period of six months after graduation (or when no longer enrolled at least half-time)

Federal Unsubsidized LoanFAFSAAnnual limit: $20,500Lifetime limit (including all undergraduate and graduate federal loans): $138,500Interest rate (2013-2014): 5.41%Loan fee: 1.051%

Graduate PLUS LoanFAFSAInterest rate (2013-2014): 6.41%Loan origination fee: 4.204%Borrower must have acceptable credit history

Alternative LoanPrivate education loanCredit-based (may require co-signer)May be used if ineligible for federal financial aid (SAP, non-degree seeking, direct loan lifetime limit)Consolidation generally not offeredInterest rates usually variable

Cost of Attendance (COA)(Financial Aid Budget)Financial aid is limited to the amount of a student’s COACOA is based on level of enrollment, residency, living situationBudget increases may be approved in certain cases (e.g. daycare expenses, SHIP, extraordinary medical expenses, excessive transportation expenses, computer purchase)

Cost of AttendanceComponents included in Graduate Budgets:FeesBooks & SuppliesRoom & BoardTransportationPersonal/MiscLoan Fees

Cost of Attendance Examples(2013-2014)Full-time resident graduate student living off campus (not with parents): $21,594Half-time resident graduate student living with parents: $9,786Full-time non-resident graduate student living off campus: $34,648Half-time non-resident graduate student living off campus: $19,214

Cost of Attendance ExampleMary is a full-time graduate student whose residency is Washington state. She is living off campus.COA $34,648Financial Aid Awards:GEM Scholarship 12,600Unsubsidized loan 20,500Graduate PLUS loan 1,548

Cost of Attendance ExampleJosh is a full-time graduate student whose residency is California. He is living in on-campus housing.COA $32,002Financial Aid AwardsGraduate Assistantship 20,032Unsubsidized loan 11,970

Cost of Attendance ExampleSean is a full-time graduate student who is an Idaho resident. He lives with his parents.COA $13,964Financial Aid AwardsGraduate Assistantship 7,432Unsubsidized loan 6,532

Cost of Attendance ExampleJana is a full-time graduate student who is a resident of Idaho. She is living in off-campus housing.COA $21,594Financial Aid Awards Unsubsidized loan 20,500Graduate PLUS loan 1,094

Direct Loan Repayment PlansDefault

Direct Loan RepaymentGrace: 6 mo for unsubsidized loans; 9 mo for PerkinsDeferment: payments not required if enrolled at least half-time in degree program.Forbearance: payments discontinued/reduced up to 12 months if financial hardship/illness.Consolidation:Replaces multiple loans with a single loan.Results: Little savings, but more convenient.Some benefits, such as subsidized interest, are lost

Repayment PlansStandard (fixed payments; max 10 year term)Graduated (lower payments at first; max 10 year term)Extended (max 25 year term)Income-Based (payments = discretionary income x 15%; max 25 year term)Pay As You Earn (payments = discretionary income x 10%; max 20 year term)Income-Contingent (payments based on AGI, family size, amount of loans; max 25 year term)Income-Sensitive (payments based on annual income; max 10 year term)

Avoid DefaultConsequences of DefaultLoans turned over to collection agencyWages garnishedFederal and state income tax refunds interceptedSocial security benefits withheldSued for the entire amount of your loanIneligible for future federal financial aid Ineligible for defermentsSubsidized interest benefits denied May interfere with renewal of professional licensesPossibly prohibited from enlisting in Armed Forces

Student Loan ResourcesStudent loan repayment/consolidation information: loan servicers: estimator: loan dispute resolution: www.ombudsman.ed.govFederal student aid information center: 1-800-4-FED-AID (1-800-433-3243) or 1-319-337-5665. 1-800-730-8913 TTY

Hours:Mon – Fri8am – 5pmRoom 113

STUDENT FINANCIAL SERVICESAdministration Building Room 101PHONE: (208) 426-1212EMAIL: sfinfo@boisestate.eduFINANCIAL AID & SCHOLARSHIPSAdministration Building Room 113 (208) 426-1664EMAIL: