Financial Aid & Fellowships:
Student Loans

With University funding, fellowship funding and/or work as an assistant at the School, many students are able to succeed in meeting their tuition needs. However, other students may need to take out loans to cover the balance.

To apply for loans, applicants must fill out the Free Application For Student Aid, or FAFSA form. It can be filled out and submitted online at www.fafsa.ed.gov Because the financial aid process is often fluid, with opportunities for direct funding from the University often uncertain (or inadequate to fully cover tuition), we urge all applicants to tap into as many resources for aid as possible. Filling out the FAFSA is one way to do so.

All loan programs assume that the primary responsibility for financing graduate education rests with the student and his or her family. Therefore, 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 loan aid is limited to the difference between the cost of attendance and the sum of all non-loan aid. All loan applicants must be regular degree candidates who demonstrate satisfactory academic progress and financial need. Because federal aid applications often take six to eight weeks to process, applicants must submit all required application forms and documents by June 1 prior to entering the program. Students are advised that many states maintain scholarship programs for their residents. Prudence dictates that such scholarship programs should be investigated before decisions are made concerning borrowing. Additionally, loan applicants must be enrolled at least half time during the period of the loan.

Federal Subsidized Stafford Loan Program (Formerly GSL)
The Federal Subsidized Stafford Loan is a guaranteed, federally insured loan obtained through a bank, savings and loan association, credit union or other participating lender, and is usually administered by a state guarantee agency. Repayment of interest and principal begins six months after the student ceases at least half-time registration. Eligibility for a Federal Subsidized Stafford Loan is limited to U.S. citizens and permanent residents and is based on an analysis of financial need, for which purpose submission of a Free Application for Federal Student Aid (FAFSA) is required. The federal processor will return a Student Aid Report (SAR) to the applicant. In order for the school to determine eligibility, the applicant must forward the SAR to the financial aid office. Federal regulations require that certain information concerning the student’s financial status be verified by the financial aid office. Therefore, each applicant is also required to submit a copy of his or her most recent federal income tax return.

Federal Unsubsidized Stafford Loan Program (Formerly SLS)
Unsubsidized Stafford Loans are available to graduate students who are U.S. citizens or permanent residents through a participating lender (bank, savings and loan, credit union).They are federally insured loans available for those who cannot demonstrate financial need according to Subsidized Stafford criteria or who need to borrow funds in addition to a Subsidized Stafford. Repayment of principal is deferred while the student is enrolled full time. Students may choose to make interest payments or request that the interest accrue and capitalize. When combined with other resources, the Unsubsidized Stafford may not exceed the cost of attendance minus all other aid. Complete current information concerning eligibility requirements, borrowing limits, and conditions of repayment may be obtained from the Office of Student Affairs, 107 Low Memorial Library.

Federal Perkins Loan Program
The Federal Perkins Loan Program, institutionally administered federal funds, is available to U.S. citizens and permanent residents who demonstrate need that exceeds the Stafford. Graduate School policy restricts Perkins Loans to full-time students who are registered for Residence Units. Federal regulations mandate that priority for Perkins Loans be assigned to students who show exceptional need, as determined by a federally approved need analysis. For this purpose, the SAR, and copies of income tax returns (see Stafford above) must be submitted to the financial aid office. Repayment of interest and principal is deferred while the student is registered at least half-time. Complete current information concerning eligibility requirements, borrowing limits, and conditions of repayment may be obtained from the Office of Student Affairs, 107 Low Memorial Library.

For further information relating specifically to loans or filling out the FAFSA form, please consult the Financial Aid office at the School of Social Work. They may be reached at (212) 851-2293.