Experiential GRADUATE ASSISTANTSHIP PROGRAM (EGAP)
This is a non-need based work program that offers three types of work opportunities for new graduate students. More information about this program is available on the EGAP web page.
Federal Work-Study is awarded to students who demonstrate financial need as determined by the FAFSA. Students can work a maximum of twenty hours per week. Federal Work-Study students are paid on a weekly basis.
Institutional Student Employment (Bursary) is offered by individual offices and departments to students. Bursary students are paid on a weekly basis and may work up to twenty hours per week. Students with multiple jobs are still held to the twenty hour a week maximum
Federal Direct Student Loans
Federal Direct Student Loans are low interest rate federal loans made to graduate students attending accredited colleges and universities. There are two types of Federal Direct Student Loans: Subsidized and Unsubsidized.
Unsubsidized Student Loans do not require a student to have financial need. The U.S. Department of Education does not pay interest on the loan. The interest rate is fixed at 5.31% as of July 1, 2016 and the interest will start accruing on the date of your first disbursement. The student has the option to pay the interest while in school. There is a 1.068% fee that is deducted from the loan before it is disbursed to the university. A FAFSA must be have your eligibility determined to qualify for a Federal Student Loan.
Federal Direct Graduate PLUS Loan is a financing option available to graduate students enrolled in school at least half time and who are making satisfactory academic progress. The interest rate on a PLUS Loan is fixed at 6.31%. Graduate students who do not have adverse credit histories may borrow up to the annual total cost of education less other financial aid received. A FAFSA form must be completed if you are applying for a PLUS loan.
Federal Perkins Loan Program
The Perkins Loan Program for graduate students is set to end on September 30, 2016. Perkins is a low interest (fixed 5%) federal loan program awarded to needy students. Graduate studies, can be awarded up to a maximum of $8,000 per year (the total you can borrow as a graduate is $60,000 which includes amounts borrowed as an undergraduate). Repayment on Perkins Loans begins nine months after a recipient leaves school.