University of New Haven Graduate School Accepted Students Day Financial Aid Overview June 11, 2012


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University of New Haven Graduate School Accepted Students Day Financial Aid Overview June 11, 2012

  1. 1. Graduate Financial Aid at UNH Presented by Elizabeth Desi, Senior Associate Director of Financial AidLinda Kessler, Assistant Director of Graduate Admissions & Recruitment
  2. 2. Most Common Questions…“Can I afford Grad School at UNH?”“Will I qualify for financial aid?”
  3. 3. Financial Aid Award Information• Some of you may have already received your financial aid award information• Will talk about: – Information on the award – General financial aid information – Application process
  4. 4. What is Financial Aid• Money to assist students with paying their expenses for school• The primary financial aid source: – Federal Loans • Have to repay loans • Repayment begins 6 months after you graduate or cease half-time enrollment (less than 5 credits)
  5. 5. How to Apply for Financial Aid• File the Free Application for Federal Student Aid – FAFSA• Go to• “Priority deadline” for Fall 2012 enrollment is March 1, 2012.• Can apply after date – we determine your eligibility as we receive your application
  6. 6. The Process• FAFSA is reviewed by the Financial Aid Office• Our Office may request documentation – You can review your Student Aid Report (SAR) at for information • Citizenship issue • Social Security Number mismatch • Selective Service issue
  7. 7. The Process• A financial aid award notification is sent• You decide what part of the Award you want to Accept/Decline.• Financial Aid Office processes the aid and requests the disbursement• Aid disburses to your Bursar’s bill – Must be enrolled for the # of credits for which you were awarded AND must be enrolled at least half-time (5 credits per trimester)
  8. 8. Financial Aid Process Student Student applies for FA office reviews accepts/declines financial aid FAFSA and provides awards (FAFSA) award FA Office certifies Student may need to FA Office verifies Loans the student complete MPN andenrolllment before start accepts Entrance Counseling of term for student loans If account reflects Aid disburses to overpayment from aid, Student receives student’s account Bursar’s Office will refund to assist with(charges) in Bursar’s process refund (direct living expenses Office (EPAY) deposit: e refund)
  9. 9. Federal Direct Student Loans• $20,500 maximum per academic year• New federal regulation: Loan will be Unsubsidized Direct Loan – interest accrues from the time the loan disburses – Interest billed quarterly – Principal is deferred until after you graduate or cease to enroll at least half time
  10. 10. Federal Direct Student Loans• Fixed Interest rate - 6.8%• Is NOT a credit based loan• Is a FEDERALLY funded loan - Cannot be in default or owe a refund on another student loan• Does not go into repayment until 6 months after you graduate (or cease half-time enrollment less than 5 credits)
  11. 11. Loans vs. Basic Tuition Costs For 2012/2013 … traditional 3 credit Graduate course is $775/ per credit or $ 2,325 per course.* Full-time Students Half-time Students3 classes per trimester X 3 trimesters 2 classes per trimester X 3 trimesters $20,500 Direct loan $20,500 Direct loan- $20,925 Tuition Charge - $ 13,950 Tuition Charge --------------------------- -------------------------- $ 425.00 approx balance $6,550 approx credit * Cohort programs and EMBA per credit cost differs
  12. 12. What if I need more than the$20,500 Federal Student Loan?– You can borrow additional funds through the Federal Direct Graduate PLUS Loan program. May want to consider if you are enrolling full- time • Review Bursar’s bill – costs • Determine if you need additional assistance for living expenses
  13. 13. Federal Graduate PLUS Loan• Graduate PLUS is a Federal student loan program provided for graduate students• Fixed interest rate of 7.90%• Can be deferred while in school• Credit -based loan – Credit history is checked for Adverse credit• May need a Endorser (co-signer)
  14. 14. Federal Graduate PLUS Loan• Financial Aid Office determines Cost of Attendance (COA) - Includes tuition, estimated book costs & independent living allowance based on this area• Can have financial aid up to the COA• COA minus Aid (including student loans) = Amount of Federal Graduate PLUS Loan you may borrow for the year
  15. 15. Graduate Student Cost of Attendance 2011-2012 Full-time Student Half-time StudentTuition $20,925 Tuition $13,950Books (estimate) $900 Books (estimate) $600Student Allowance $20,728 Student Allowance $20,728Fees $135 Fees $135 ---------- ---------- $42,688 $35,413
  16. 16. Graduate Work ProgramOpen to full-time graduate students(9 or more credits per trimester):• Can work up to 20 hours per week-15 hours per week are required.• Will receive a grant for 50% off of tuition and weekly stipend for hours worked per week.• Maximum earning potential is $1650 each trimester based on working 200 hours
  17. 17. Graduate Work Program Three types of positions:• Teaching Assistantships• Research Assistantships• Administrative Awards Same application process and same benefits!
  18. 18. Graduate Work Program is Competitive!!• Student completes a common application at• Can review types of positions open at same site.• Applications posted for supervisors to review.• Must be accepted into graduate program before they can apply for GWP position.• Recommend applying to graduate program early because of competitive nature of positions.
  19. 19. Why Graduate Assistantships arethe most affordable alternative…. Based on full academic year ….Graduate Work Program Grant $10,462.50Gross total of loan funds $20,500 ------------ Total Resources $30,962.50 Full time tuition $20,925Estimate of available “excess funds” $10,037.50PLUS Work Stipend (earnings) $4,950
  20. 20. Filing the FAFSA• Graduate students are “independent” – only need your financial information (not parents)• Have 2011 federal tax return information handy to complete 2012-13 FAFSA – Now have IRS Data Retrieval Tool available• UNH school code is 001397
  21. 21. Filing the FAFSA• Take time to complete the FAFSA carefully• Fields left blank or incorrect data will result in discrepancies that need resolution and/or correction causing delays
  22. 22. Financial Aid Office• Office location: Maxcy Hall Room 118B• OFFICE HOURS: M-F 8:30-4:30• Phone (203) 932-7315 or (800) DIAL-UNH ext. 7315• Fax (203) 931-6050• Email address:• Website- – Select Financial Aid - Quick Links Menu – Select “Graduate”