GRADUATE ASSISTANTSHIP PROGRAM
A Graduate Assistantship is a non need based program. There are two basic types of assistantships: research/teaching assistants and administrative assistants. In addition, the resident director live-in positions have special requirements (see those positions for details).
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.
The Subsidized Student Loan is a federally subsidized loan program available on the basis of financial need to students enrolled at least half-time. For students who are eligible for a subsidized loan, the U.S. Department of Education pays the interest while you're enrolled at least half time, for the first six months after you leave school (your grace period), and during periods of deferment (a postponement of loan payments). The interest rate is fixed at 6.8% as of July 1, 2006. A FAFSA must be completed to qualify for a Federal Student Loan. This program will no longer be available beginning with the 2012-13 academic year.
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 6.8% as of July 1, 2006 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% fee that is deducted from the loan before it si disbursed to the university. A FAFSA must be have your eligibility determined to qualify for a Federal Student Loan.
Federal Direct 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 7.9%. Graduate students who do not have adverse credit histories may borrow up to the annual total cost of education less other financial aid received.
Federal Perkins Loan Program
The Perkins Loan Program 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). New borrowers are required to complete a Perkins Loan entrance counseling session and a Perkins Master Promissory Note (MPN) prior to receiving their first disbursement. Repayment on Perkins Loans begins nine months after a recipient leaves school. Students are selected by the university to receive Perkins Loans. The university determines your eligibility for the Perkins loan depending on when you apply, your financial need, and the amount of funding available.