Graduate Students

2013-2014 Graduate Application Procedures

2013-2014 Graduate Student Budget Worksheet

Graduate Costs

The Financial Aid Office at St. Lawrence University will assist graduate and professional students in understanding various sources of financial aid to which they may be entitled. Financial aid for graduate students is offered on an annual basis. Students must re-apply for aid each year. Students must be enrolled at least half time to be considered for Federal aid and most alternative loan programs. 
 
The Financial Aid Office is located in Payson Hall. You may call (315) 229-5265 or (800) 355-0863,
or e-mail finaid@stlawu.edu for more information.

Types of Financial Assistance

Loss of Subsidized Loan Eligibility for Graduate Students - Please Note

Effective for loans made for period of enrollment (loan periods) beginning on or after July 1, 2012, graduate 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 students remains unchanged at $20,500.

The Federal Stafford Loan:
The Federal Stafford Loan is offered through the William D. Ford Direct Lending Program beginning with the 2009-2010 academic year.

Stafford loans are either subsidized or unsubsidized.  To be considered for a Stafford loan, you must file the FAFSA form.
 
A subsidized loan is awarded based on financial need. You will not be charged interest before you begin repayment or during authorized periods of deferment. The Federal government “subsidizes” the interest during these periods. Graduate subsidized Stafford Loans have a fixed interest rate of 6.8%.

An unsubsidized loan can be awarded regardless of financial need. You will be charged interest from the time the loan is disbursed until it is paid in full. If you allow that interest to accumulate, it will be added to the principal amount of your loan. Graduate unsubsidized Stafford Loans have a fixed interest rate of 6.8%.

You are required to complete a Master Promissory Note (MPN) for your Stafford loan. The MPN is good for 10 years and will be sent to you upon completing all the necessary financial aid application paperwork for the first semester of study that you seek financial assistance. It is your responsibility to sign and return the MPN to the loan servicer. Once all paperwork is received an approved, your Federal Stafford loan will be disbursed based on dates set by the Financial Aid Office
Matriculated graduate students may borrow up to a maximum of $20,500 ($8,500 subsidized and $12,000 unsubsidized) per year at an annual fixed rate of 6.8% if eligible. Loan eligibility is determined by Free Application For Federal Student Aid (FAFSA).  Repayment begins six months after your graduate or fall below half time status with several payment options. 

Graduate Student PLUS Loan:
Graduate and professional students will be eligible to borrow funds through the Federal PLUS Loan program. The Grad PLUS Loan will help bridge the gap between the financial aid awarded a student and their calculated cost of attendance. The Grad PLUS loan has a fixed interest rate of 7.9%.  To be eligible for the Grad PLUS Loan, students must first apply for and be offered Federal Stafford Loans.
You are required to complete a separate Master Promissory Note (MPN) for your Grad PLUS loan.  The MPN is good for 10 years and will be sent to you upon completing all necessary paperwork for the first semester of study that you seek financial assistance.  It is your responsibility to sign and return the MPN to the loan servicer. 

There is no set annual borrowing limit on the Grad PLUS loan.  Graduate Students may borrow up to the cost of their education minus all other accepted financial assistance. 

Alternative Educational Loans
There are many alternative financing options available, including private lending organizations.  If you are interested in learning more about alternative loan programs, please contact the Financial Aid Office or see below for our contact information of frequently used products:

For more information on Alternative Student Loan options, please visit the St. Lawrence University student loan Website.

Assistantships
Graduate assistantships are available through the St. Lawrence University’s Education Department. Completed applications are due by April 1 of the year prior to attendance in which the assistantship is sought. Application forms are available in the Education office, (315)229-5868.

Tuition Assistance Program (TAP)   (New York State Residents Only)
TAP is awarded only to full-time students (a minimum of 12 credit hours).  TAP awards are not estimated for graduate aid awards but you should complete all paperwork sent to you by New York State Higher Education Services Corporation (HESC) in the event that you may be eligible for TAP assistance. If you receive notification from the State that you will be receiving a TAP grant, please send the Financial Aid Office a copy of your award notification so that we may make any necessary changes to your financial aid package.

TAP awards for graduate students range from $50 - $550 annually.  It is important to note the HESC makes the determination of your annual award, and it is based upon your New York State Net Taxable Income.  Eligible students may receive a maximum of eight semesters of full-time TAP funding as undergraduates, and an additional eight semesters as graduate students.

For more information, visit HESC’s web site at www.hesc.com.