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© 2012 Boise State University 1
Fundingfor
Graduate School
Boise State UniversityOctober 3, 2013
© 2012 Boise State University 2
Agenda
• Cost of Graduate School• Types of Funding Available• Cost of Attendance (financial aid budget)• Loan Repayment• Questions?
© 2012 Boise State University 3
Fees for Graduate School2013-2014
• Per credit rate (1 – 8 cr) $324• Flat rate (9 – 17 cr) $3,716• Non-resident tuition
(per credit rate 1 – 8 cr) $112(flat rate 9+ cr) $6,300
• SHIP (required for 9+ cr) $1,044
© 2012 Boise State University 4
Types of Funding Available
• Graduate Assistantship• GEM Scholarship• Departmental/College Scholarships• Perkins Loan • Federal Unsubsidized Loan• Graduate PLUS Loan• Alternative Loan
© 2012 Boise State University 5
Graduate Assistantship
• Teaching or Research Assistantship • Fulltime enrollment required (9 – 12 cr)
• 20 hours of work per week (in most cases)
• Tuition/Fee/SHIP Waiver• Stipend ($8,952 minimum for fulltime)
• Application required• Funded and awarded by Department
© 2012 Boise State University 6
GEM Scholarship• Waives full-time nonresident tuition and fees• Requirements• 3.0 GPA as undergraduate• Eligible graduate program
• Awarded first-come, first-served basis• Graduate Assistantship, if awarded, replaces
GEM
© 2012 Boise State University 7
Departmental/College Scholarships
• Each academic department/college is responsible for separate awards.
• https://financialaid.boisestate.edu/scholarships/departmentalcollege-scholarships
© 2012 Boise State University 8
Federal Perkins Loan
• FAFSA• Meet priority application deadline (3/15)• Exceptional financial need (0 EFC)• Full-time enrollment required (9 cr)• Interest rate: 5%• Limited funding
© 2012 Boise State University 9
Unsubsidized and Graduate PLUS Loans
• Must be enrolled in a degree program eligible for financial aid
• Must be enrolled at least half-time (5 graduate credits)
• Non need-based• Payments are deferred while enrolled at least
half-time• Grace period of six months after graduation (or
when no longer enrolled at least half-time)
© 2012 Boise State University 10
Federal Unsubsidized Loan
• FAFSA• Annual limit: $20,500• Lifetime limit (including all undergraduate and graduate
federal loans): $138,500• Interest rate (2013-2014): 5.41%• Loan fee: 1.051%
© 2012 Boise State University 11
Graduate PLUS Loan
• FAFSA• Interest rate (2013-2014): 6.41%• Loan origination fee: 4.204%• Borrower must have acceptable credit history
© 2012 Boise State University 12
Alternative Loan
• Private education loan• Credit-based (may require co-signer)
• May be used if ineligible for federal financial aid (SAP, non-degree seeking, direct loan lifetime limit)
• Consolidation generally not offered• Interest rates usually variable
© 2012 Boise State University 13
Cost of Attendance (COA)(Financial Aid Budget)
• Financial aid is limited to the amount of a student’s COA
• COA is based on level of enrollment, residency, living situation
• Budget increases may be approved in certain cases (e.g. daycare expenses, SHIP, extraordinary medical expenses, excessive transportation expenses, computer purchase)
© 2012 Boise State University 14
Cost of Attendance
Components included in Graduate Budgets:• Fees• Books & Supplies• Room & Board• Transportation• Personal/Misc• Loan Fees
© 2012 Boise State University 15
Cost of Attendance Examples(2013-2014)
• Full-time resident graduate student living off campus (not with parents): $21,594
• Half-time resident graduate student living with parents: $9,786
• Full-time non-resident graduate student living off campus: $34,648
• Half-time non-resident graduate student living off campus: $19,214
© 2012 Boise State University 16
Cost of Attendance Example
Mary is a full-time graduate student whose residency is Washington state. She is living off campus.
• COA $34,648• Financial Aid Awards:• GEM Scholarship 12,600• Unsubsidized loan 20,500• Graduate PLUS loan 1,548
© 2012 Boise State University 17
Cost of Attendance Example
Josh is a full-time graduate student whose residency is California. He is living in on-campus housing.
• COA $32,002• Financial Aid Awards• Graduate Assistantship 20,032• Unsubsidized loan 11,970
© 2012 Boise State University 18
Cost of Attendance Example
Sean is a full-time graduate student who is an Idaho resident. He lives with his parents.
• COA $13,964• Financial Aid Awards• Graduate Assistantship 7,432• Unsubsidized loan 6,532
© 2012 Boise State University 19
Cost of Attendance Example
Jana is a full-time graduate student who is a resident of Idaho. She is living in off-campus housing.
• COA $21,594• Financial Aid Awards• Unsubsidized loan 20,500• Graduate PLUS loan 1,094
© 2012 Boise State University 20
Direct Loan Repaymenthttp://studentaid.ed.gov/repay-loans
• Grace• Deferment• Forbearance• Consolidation• Repayment Plans• Default
© 2012 Boise State University 21
Direct Loan Repayment
• Grace: 6 mo for unsubsidized loans; 9 mo for Perkins
• Deferment: payments not required if enrolled at least half-time in degree program.
• Forbearance: payments discontinued/reduced up to 12 months if financial hardship/illness.
• Consolidation:• Replaces multiple loans with a single loan.• Results: Little savings, but more convenient.• Some benefits, such as subsidized interest, are lost
© 2012 Boise State University 22
Repayment Plans• Standard (fixed payments; max 10 year term)• Graduated (lower payments at first; max 10 year term)• Extended (max 25 year term)• Income-Based (payments = discretionary income x 15%; max 25
year term)• Pay As You Earn (payments = discretionary income x 10%; max
20 year term)• Income-Contingent (payments based on AGI, family size,
amount of loans; max 25 year term)• Income-Sensitive (payments based on annual income; max 10
year term)
© 2012 Boise State University 23
Avoid Default
Consequences of Default• Loans turned over to collection agency• Wages garnished• Federal and state income tax refunds intercepted• Social security benefits withheld• Sued for the entire amount of your loan• Ineligible for future federal financial aid • Ineligible for deferments• Subsidized interest benefits denied • May interfere with renewal of professional licenses• Possibly prohibited from enlisting in Armed Forces
© 2012 Boise State University 24
Student Loan Resources• Student loan repayment/consolidation information: http
://studentaid.ed.gov/repay-loans• Direct loan servicers: https://
studentloans.gov/myDirectLoan/additionalInformation.action
• Repayment estimator: http://studentaid.ed.gov/repay-loans/understand/plans#estimator
• Student loan dispute resolution: www.ombudsman.ed.gov
• Federal student aid information center: 1-800-4-FED-AID (1-800-433-3243) or 1-319-337-5665. 1-800-730-8913 TTY
© 2012 Boise State University 25
Hours:Mon – Fri
8am – 5pmRoom 113
© 2012 Boise State University 26
STUDENT FINANCIAL SERVICESAdministration Building Room 101PHONE: (208) 426-1212EMAIL: [email protected]
FINANCIAL AID & SCHOLARSHIPSAdministration Building Room 113http://financialaid.boisestate.edu/PHONE: (208) 426-1664EMAIL: [email protected]