Graduate admissions presentation

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Fundingfor

Graduate School

Boise State UniversityOctober 3, 2013

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Agenda

• Cost of Graduate School• Types of Funding Available• Cost of Attendance (financial aid budget)• Loan Repayment• Questions?

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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

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Types of Funding Available

• Graduate Assistantship• GEM Scholarship• Departmental/College Scholarships• Perkins Loan • Federal Unsubsidized Loan• Graduate PLUS Loan• Alternative Loan

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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

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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

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Departmental/College Scholarships

• Each academic department/college is responsible for separate awards.

• https://financialaid.boisestate.edu/scholarships/departmentalcollege-scholarships

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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

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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)

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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%

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Graduate PLUS Loan

• FAFSA• Interest rate (2013-2014): 6.41%• Loan origination fee: 4.204%• Borrower must have acceptable credit history

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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

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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)

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Cost of Attendance

Components included in Graduate Budgets:• Fees• Books & Supplies• Room & Board• Transportation• Personal/Misc• Loan Fees

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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

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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

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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

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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

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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

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Direct Loan Repaymenthttp://studentaid.ed.gov/repay-loans

• Grace• Deferment• Forbearance• Consolidation• Repayment Plans• Default

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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

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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)

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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

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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

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Hours:Mon – Fri

8am – 5pmRoom 113

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STUDENT FINANCIAL SERVICESAdministration Building Room 101PHONE: (208) 426-1212EMAIL: sfinfo@boisestate.edu

FINANCIAL AID & SCHOLARSHIPSAdministration Building Room 113http://financialaid.boisestate.edu/PHONE: (208) 426-1664EMAIL: faquest@boisestate.edu