FUNDING YOUR MASTER OF ARTS IN TEACHING - USC … · FUNDING YOUR MASTER OF ARTS IN TEACHING ... • For programs starting between September 2010 and April 2011, ... 1. Submit the

FUNDING YOUR MASTER OF ARTS IN TEACHING

As you complete and submit your application for admission to the MAT@USC, it’s important that you make plans for how you will finance your program. Students typically fund the program from three sources: personal funds, loans, and scholarships. There are a few basic steps to properly completing the financial aid application process. We encourage you to follow these steps to ensure a smooth transition into the program and a successful entry into the teaching profession.

Financial Aid Application Process:

1. Complete the Free Application for Federal Student Aid (FAFSA) • The FAFSA is available online at www.fafsa.ed.gov. • For programs starting between September 2010 and April 2011,

complete the 2010-2011 FAFSA, using your 2009 income information. • Complete the FAFSA worksheet first, following the directions on the

website. Use the worksheet to complete and submit the FAFSA. • The information you provide will be sent to USC and used to determine

your eligibility for federal student aid.

2. Submit your application for admission to the MAT@USC • Once you submit your application for admission you will be assigned a

USC ID. The ID is your identifier for any communication with USC.

3. Apply for the Teacher Education Assistance for College and Higher Education (TEACH) Grant Program

• The TEACH Grant provides grants of up to $4,000 per year to students who intend to teach in a high need area in a public or private elementary or secondary school that serves students from low-income families.

• Information on the TEACH grant is available at www.studentaid.ed.gov; search on TEACH grant.

4. Apply for the Roy Romer Teaching Fellowship Grant • Be sure to complete your application by the published deadline. Contact

your admissions counselor for application and deadline details. • The Roy Romer Teaching Fellowship Grant is a private grant program

exclusively available to MAT@USC graduates who enter and continue working in education as a professional teacher.

• If awarded the Roy Romer Teaching Fellowship Grant, you must complete the electronic signature process detailed in your award letter in order to accept the grant. The grant is awarded on a rolling basis, with preference for the award given to students who demonstrate financial need by borrowing through the Federal Direct Stafford Loan Program.


5. Complete the Graduate Supplemental Form

• Once you receive your USC ID (you will be notified via an email), complete the Graduate Supplemental Form.

• Go to the USC Financial Aid Office website (www.usc.edu/financialaid) and click on My Financial Aid and Documents in the upper right hand corner of the homepage.

• You will be asked to create a log in, using your USC ID and birthdate. After you complete that step, go to the Forms section and click on Supplemental Form. Indicate how many units you will be taking each term (typically 8 units) and submit the form electronically.

6. You have now completed the first part of the financial aid process!


Receiving Your Financial Aid Notification:

1. You must be admitted to the MAT@USC to receive a financial aid offer.

• Following the timeline outlined above will ensure that you receive your financial aid offer shortly after being admitted.

2. Complete the online enrollment certification process • Completing this form indicates that you intend to enroll in the MAT@USC.

3. Create your USC email address. • Once you certify, you must also create a USC email address. • All communication from the University is sent to this address so it is

critical that you check your USC email frequently. Your financial aid offer letter notification will be sent to your USC email address.

4. Receiving your financial aid offer. • Your offer will typically include a Federal Direct Stafford Loan of $20,500. • If the Rossier School of Education awards you a scholarship, this will also

be included. • The offer letter will also include the total cost of education for the first

two terms (first academic year) of the program. In addition to tuition and fees, this includes average costs for room, board, transportation, books and supplies, and personal expenses of about $22,000 for the two terms.

• Many students ask if they will be billed for this portion. The answer is no – the offer letter simply indicates the total expense for the program, including living expenses, for one academic year. You may be eligible to borrow a Federal Graduate PLUS loan to cover these expenses, but the bill you receive from the university will only include tuition and fees, not living expenses.


Completing the Loan Process:

1. Submit the Federal Direct Stafford Loan Request Statement. • Go to the USC Financial Aid Office website and click on My Financial Aid

and Documents using the password you established earlier. • The Stafford Loan is a low interest loan guaranteed by the federal

government with extended repayment and loan forgiveness options. Graduate students can borrow up to $20,500 per academic year.

2. Acquire Additional Funding • If you need additional loan funding beyond the Stafford loan, you may

consider borrowing through the Federal Direct Graduate PLUS Loan program. Proceeds from the Graduate PLUS loan can be used to cover any education related expenses up to the total cost of attendance.

• You must borrow the full amount of Stafford Loan for which you are eligible before borrowing through the Graduate PLUS loan program.

• This is a credit based loan; the current interest rate is 7.9%. The Department of Education will conduct a credit check, and to be approved you cannot have an adverse credit history. More information on the Graduate PLUS loan is available at www.studentloans.gov. Credit approval is good for 90 days, so if you are interested in this option check with the USC Financial Aid Office to determine when you should apply.

3. Complete a Master Promissory Note • All student loan borrowers must complete a Master Promissory Note;

the MPN is a promissory note that can be used to make one or more loans for one or more academic years (up to 10 years). Even if you have borrowed previously, you must sign a new MPN. A single MPN is good for any loans you take to finance the program.


Applying Aid to Your Student Account:

1. Register to receive aid. • Federal Stafford Loans and Graduate PLUS Loans are available no earlier

than ten days before the beginning of the first term of the program. You must be registered in order for aid to apply to your account.

2. Requesting a Refund • You can request a refund of any excess funds beyond your tuition bill. • Refunds are available at the beginning of the term. You must complete an

electronic refund request form with the Student Financial Services Office (www.sfs.usc.edu).

• USC does not recommend that you request a paper refund check, as it may take up to two weeks to receive a refund.

Receiving Your Roy Romer Teaching Fellowship Grant Award:

1. In order to receive the Roy Romer Teaching Fellowship Grant, you are expected to complete five years of teaching service in a high need school within six years of graduation from the MAT@USC program.

• The MAT@USC program is designed to encourage aspiring teachers to commit to working in an urban, high need school setting.

• By the end of your program you must confirm with the grants administrator that you have used a Stafford Loan to finance your program.

• At the end of each of your five years of teaching service you must provide documentation of service. Further information is available from the grants administrator.

• Unlike the TEACH grant, the Roy Romer Teaching Fellowship Grant is paid upon completion of the five years of teaching service.

Want More Information?

Additional information on the financial aid process for graduate students is available on the USC Financial Aid Office website (www.usc.edu/financialaid).

The US Department of Education sponsors Student Aid on the Web (www.studentaid.ed.gov). This site includes information on the basics of the financial aid process as well as extensive information on student loan payment options and federal loan forgiveness programs. Of particular interest to MAT students are the Stafford Loan Forgiveness Program and the Public Service Loan Forgiveness Program.