Financial Aid FAQ

Prospective Students

1. What are the federal student loan changes for 2012-2013?
   
   

   Federal Student Loans for Graduate and Professional Students

   The Budget Control Act (BCA) of 2011 was signed into law on August 2, 2011. This Act makes two changes to the Federal Direct Stafford Loan Program.
   
   Loss of Subsidized Loan Eligibility for Graduate and Professional Students
   
   Effective for loans made for periods of enrollment (loan periods) beginning on or after July 1, 2012, graduate and professional students are no longer eligible to receive Federal Direct Subsidized Loans. The terms and conditions of Direct Subsidized Loans received by any student for loan periods beginning before July 1, 2012, for either graduate or undergraduate study, are not affected by this change.
   
   The annual loan limit for graduate and professional students remains unchanged at $20,500 for M.A. students and $37,165 for Psy.D. students, but this amount will now be limited to Direct Unsubsidized Loans, as shown in the following chart:

   Annual Loan Limits for Graduate/Professional Students
   	Loans for loan periods beginning before July 1, 2012		Loans for loan periods beginning on or after July 1, 2012
   	Subsidized Loan Maximum	Unsubsidized Loan Maximum	Subsidized Loan Maximum	Unsubsidized Loan Maximum
   M.A. and Certificate	$8,500	$12,000*	$0	$20,500
   Psy.D.	$8,500	$28,665*	$0	$37,165

   
   * This unsubsidized loan amount is for students who were awarded the full amount of subsidized loans during the loan period before 7/1/12.
   
   The aggregate loan limit for graduate and professional students remains unchanged at $138,500 for M.A. students and $224,000 for Psy.D. students, not more than $65,500 of which may be in subsidized loans.

   Termination of Direct Loan Borrower Repayment Incentives

   With one exception as noted below, the Budget Control Act terminates the authority of the Department of Education to offer any repayment incentives to Direct Loan borrowers to encourage on-time repayment of loans, including any reduction in the interest rate or origination fee, effective for loans first disbursed on or after July 1, 2012. As a result of this change, the up-front interest rebate that has been provided to Direct Loan borrowers at the time of their loan disbursement will no longer be offered on any Direct Loan Program loan with a first disbursement date that is on or after July 1, 2012 (this includes Direct Graduate PLUS loans).

   The law continues to authorize the Department of Education to offer interest rate reductions to Direct Loan borrowers who agree to have payments automatically debited from a bank account.
    

2. Do I make too much money to be eligible for federal student loans?
   
   No. All students are awarded the same total amount of federal loans, regardless of family income. Students who demonstrate financial need on the FAFSA (need is defined as a student's cost of attendance minus his or her expected family contribution) will be awarded a portion of their Direct Stafford Loans as subsidized loans (up to $8,500 per year). Subsidized Direct Stafford Loans do not accrue interest as long as the student maintains at least half-time enrollment in school.
    
3. Are any federal grants available?
   
   Unfortunately, there are no federal grants available for students at the graduate level.
    
4. What kind of financial aid is available to Canadian and other international students?
   
   In addition to Canadian Student loans, Canadian and all international students can apply for Alternative Loans. These are private loans with varying interest rates that many banks and lenders offer. For all international students, Alternative Loans require a cosigner who is a US citizen or permanent resident and has established credit within the US. The interest rates on these loans tend to be high for international borrowers, although they do vary by the lender you choose.
    
5. How much can I expect to earn if I am hired for a work study position?
   
   Work study positions pay by the hour, and the amount of hours a student will work each week varies by position. Positions may offer up to 20 hours of employment per week while school is in session, and up to 40 hours per week (pending department approval) during school breaks. All work study positions pay $11 per hour. Students hired for federal work study positions can earn a maximum of $8,000 each academic year.
   
   International students are not eligible for federal work study positions, but the Adler School offers some institutional work study positions, which are available to all students.
    

Current Students

1. I've accepted the maximum amount I can receive in Direct Loans, but it doesn't cover all of my expenses. How do I apply for additional loans?
   
   First, you must figure out how much money you need. Students are eligible to receive up to $9,200 per semester in a refund check. This means that you may apply for enough money to cover any tuition costs not covered by your Direct Stafford Loans, and another $9,200 for your living expenses. If you apply for too much, the school will return the extra money. Once you know how much money you need, follow the instructions on the Direct Graduate PLUS Application and submit it to the Office of Financial Aid. The application is available on Moodle.
    
2. Why did I get a bigger/smaller refund check this term than last term when I accepted the same amount of financial aid?
   
   If you have accepted the same amount of financial aid for each term but your refund check is different, the cost of your tuition and fees has changed from one term to the next. This is very common, as most students do not take the same number of credit hours each term, and tuition is charged by the credit hour. All financial aid is first applied to your balance, and then you are issued a refund check for the amount that is left over. If your balance is greater because you are taking more credit hours, you will receive a smaller refund check.
   
   To help you determine the amount of your refund check before it is issued to you, you can download the budget calculator available through Moodle. When this spreadsheet is completed, the bottom line shows the amount of your remaining balance or refund check, along with the maximum amount that you can still apply for within a given term.
    
3. What is an exit interview?
   
   The exit "interview" consists of completing a form that reiterates your responsibilities as a borrower of federal student loans and asks you for references. All students who complete a degree program (including students who are continuing in another program) or discontinue receiving financial aid are required to submit the exit interview form. Students can complete this form online by visiting www.nslds.ed.gov. The Office of Financial Aid emails instructions to students. However, you are welcome to come in if you have specific questions about your loans or about loan repayment.
    
4. I applied for a Direct Graduate PLUS/Alternative loan online. Why haven't I received my money or heard anything from the Adler School staff?
   
   You must complete and return an Application for Additional Financial Aid to the Office of Financial Aid before we will certify any Direct Graduate PLUS or Alternative Loans. We accept these completed forms by e-mail attachment, mail, or fax. Processing typically takes 4-6 weeks after we receive the form.