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Graduate students can apply for both federal and private educational loans. The following criteria must be met to qualify for federal student aid:
· U.S. citizenship or eligible non-citizen status
· At least half-time enrollment (see Section VI in GSAS Rules and Regulations)
· Enrollment in a program leading to a degree
· Students may not be in default on any education loan or owe a refund on an education grant
· Registration with Selective Service (if required)
· Maintenance of satisfactory academic progress (see Section VII in GSAS Rules and Regulations)
International students may be eligible to apply for private loans with a co-signer who is a U.S. citizen. All loan applicants must be regular degree candidates who demonstrate satisfactory academic progress and financial need.
All loan programs assume that the primary responsibility for financing graduate education rests with the student and his or her family. Therefore, federal and alternative loan programs and the Federal College Work-Study program should be regarded as supplements to family resources rather than the principal means of support. Students who must borrow to finance their education are advised to keep loan amounts as low as possible to avoid unreasonably large repayments after graduation.
All federal aid is limited to the difference between the cost of attendance and the sum of all financial aid plus a derived family contribution. Students who wish to be considered for the Federal Perkins Loan Program must submit all financial aid information by June 1 prior to the academic year in which the award is desired. Students are advised to submit financial aid applications as soon as possible, since the process for loans and work study may take from six to eight weeks. Students are advised that many states maintain scholarship programs for their residents. For example, New York State sponsors several fellowships for students who will attend graduate school in New York. Prudence dictates that such scholarship programs be investigated before decisions are made concerning borrowing. For further information, consult the appropriate state department of education or the GSAS Financial Aid Office, 107 Low Memorial Library. Loan checks for Federal Stafford and private loans are sent to the Cashier's window in 210 Kent Hall. They come in two equal disbursements and may need to be endorsed. Some banks transfer the funds electronically. Electronic funds disburse to the student account directly once registration has been verified, and do not require student signature. Electronic funds also come in two equal disbursements, typically at the beginning of each term. For more information on loan disbursement, please contact the GSAS Financial Aid Office.
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