Graduate Financial Aid at UNH

Presented by Elizabeth Desi, Senior Associate Director of Financial Aid

Linda Kessler, Assistant Director of Graduate Admissions & Recruitment

Most Common Questions…

“Can I afford Grad School at UNH?”

“Will I qualify for financial aid?”

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

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)

How to Apply for Financial Aid

• File the Free Application for Federal Student Aid – FAFSA

• Go to www.fafsa.gov• “Priority deadline” for Fall 2012 enrollment is

March 1, 2012. • Can apply after date – we determine your eligibility

as we receive your application

The Process

• FAFSA is reviewed by the Financial Aid Office

• Our Office may request documentation– You can review your Student Aid Report

(SAR) at www.fafsa.gov for information• Citizenship issue• Social Security Number mismatch• Selective Service issue

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)

Financial Aid Process

Student applies for financial aid

(FAFSA)

FA office reviews FAFSA and provides

award

Student accepts/declines

awards

Student may need to complete MPN and

Entrance Counseling for student loans

FA Office certifies Loans the student

accepts

FA Office verifies enrolllment before start

of term

Aid disburses to student’s account

(charges) in Bursar’s Office (EPAY)

If account reflects overpayment from aid,

Bursar’s Office will process refund (direct

deposit: e refund)

Student receives refund to assist with

living expenses

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

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)

Loans vs. Basic Tuition Costs

For 2012/2013 … traditional 3 credit Graduate course is $775/ per credit or $ 2,325 per course.*

Full-time Students3 classes per trimester X 3 trimesters

$20,500 Direct loan- $20,925 Tuition Charge

---------------------------

$ 425.00 approx balance

Half-time Students2 classes per trimester X 3 trimesters

$20,500 Direct loan- $ 13,950 Tuition Charge

--------------------------

$6,550 approx credit

* Cohort programs and EMBA per credit cost differs

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

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)

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

Graduate Student Cost of Attendance 2011-2012

Full-time Student

Tuition $20,925

Books (estimate) $900

Student Allowance $20,728

Fees $135

----------

$42,688

Half-time Student

Tuition $13,950

Books (estimate) $600

Student Allowance $20,728

Fees $135

----------

$35,413

Graduate Work Program

Open 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

Graduate Work Program

Three types of positions:

• Teaching Assistantships• Research Assistantships• Administrative Awards

Same application process and same benefits!

Graduate Work Program is Competitive!!

• Student completes a common application at www.newhaven.edu/graduateworkprogram

• 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.

Why Graduate Assistantships are the most affordable alternative….

Based on full academic year ….Graduate Work Program Grant $10,462.50

Gross total of loan funds $20,500

------------

Total Resources $30,962.50

Full time tuition $20,925

Estimate of available “excess funds” $10,037.50

PLUS Work Stipend (earnings) $4,950

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

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

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:

financialaid@newhaven.edu • Website- www.newhaven.edu

– Select Financial Aid - Quick Links Menu

– Select “Graduate”