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Financial Aid Programs  Graduate Financial Aid
Federal Stafford Loan Programs
These are low-interest long-term loans available for student's educational expenses. Graduate students can borrow up to $20,500 per academic year. The maximum subsidized amount is $8,500 and $12,000 for unsubsidized.
Subsidized Stafford Loan
A Subsidized Stafford Loan is awarded on the basis of financial need. The federal government pays the interest on the loan during the time you are enrolled in college and during the period in which the loan is deferred.
Annual Limit: $8,500
Unsubsidized Stafford Loan
An Unsubsidized Stafford Loan is not awarded on the basis of financial need, and you are charged interest from the time the loan is disbursed until it is paid in full. Interest can be deferred or paid while in school.
Annual Limit: $20,500 (less $8500 in subsidized, if student qualifies)
Interest Rate: Fixed at 6.8%
Federal Origination Fee: up to 1.5%, (deducted from loan proceeds prior to disbursement) however, some lenders cover this fee on behalf of the student
Graduate and Professional Student PLUS Loan Program (GPLUS)
As a result of federal legislation of the Higher Education Act of 2006 signed into law on February 8, 2006, this new loan program was established. Effective July 1, 2006, the Graduate PLUS Loan can be used to supplement Stafford Loan eligibility. Borrowers are required to complete the Free Application for Federal Student Aid Form and must also have applied for all eligible funds under the Subsidized and Unsubsidized Stafford Loan Programs. A credit check is required for approval.
Annual Limit: Cost of attendance less other financial aid
Interest Rate: Fixed at 8.5%
Federal Origination Fee: 3% (deducted from loan proceeds prior to disbursement)
Tuition Assistance Program (TAP)
Residents of New York state may be eligible for the Tuition Assistance Program (TAP). This grant currently ranges between $75 and $550, depending upon the family's taxable income and state funding. Qualifying income is determined by the state. You must be registered for a least 12 credits to be eligible for TAP. The TAP application, eligibility criteria and income limitations can be found on-line at www.hesc.com. Our graduate school code is 5415.
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