General Information for Graduate Students

SOURCES OF FINANCIAL AID  

Below is a listing of graduate aid programs available through the University of Rochester Office of Student Financial Assistance.  All graduate students are encouraged to discuss with their academic departments financial aid options such as tuition waivers, assistantships, or fellowships. The River Campus Office of Student Financial Assistance does not administer graduate student grants, scholarships, or fellowships.

NEW YORK STATE TUITION ASSISTANCE PROGRAM (TAP)

New York Residents who will be full-time students (12 credits/semester or 9 credits/quarter) should apply for the Tuition Assistance Program (TAP).  Eligibility for this grant program is based on your NYS Net Taxable Income.  Awards may only be used for tuition; consequently, students with full tuition waivers will have their waiver reduced by the exact amount of their TAP grant.  TAP awards range from $75-$550.  (Note: Some graduate students with full tuition scholarships who are New York State residents must apply for TAP.  Please contact your department to see if this requirement applies to you).

Note: You must file the TAP Application with the New York State Higher Education Servicing Corporation (NYHESC) before you will receive a TAP disbursement on your student account. Please contact NYHESC at 888-697-4372 or at their website: www.hesc.com.

FEDERAL DIRECT LOAN PROGRAM

 As a graduate student, you may borrow up to a maximum of $18,500 per year.  At least $10,000 of this amount will be in the form of a Federal Direct Unsubsidized Loan.  A maximum of $8,500 may be available in a Federal Direct Subsidized Loan.  The actual amount that you borrow cannot exceed the University of Rochester's cost of attendance minus any other financial aid you receive.

For Federal Direct Subsidized Loans, your loan will be interest free while you are enrolled in school on at least a half-time basis.  It will also be interest free during the six month grace period after you cease to be enrolled at least half-time.  Federal Direct Unsubsidized Loan recipients are responsible for paying the interest during in-school, grace, and deferment periods.  The federal servicer will allow the interest to accrue while you are in-school; however, that accrued interest will be capitalized (added to your principal balance) when you begin to repay your loan.  The interest rate varies annually, but will not exceed 8.25%.  Your loan will be assessed an origination fee of 3%.  This fee will be subtracted from the amount you borrow and is reflected in the disbursements issued to the school.

The total outstanding Federal Direct Loan debt you can have as a graduate student is $138,500 ($65,500 in subsidized loans and $73,000 in unsubsidized loans).  This includes any Federal Stafford/SLS/Direct Loans you may have received as an undergraduate.

To determine your federal financial need for the subsidized loan, we subtract the expected family contribution (calculated from the information on your FAFSA using a federally regulated methodology) from the cost of attendance.  We must also subtract any other forms of financial assistance you are receiving from the cost of attendance.  The difference, up to $8,500, is your eligibility for the Federal Direct Subsidized Loan.  To determine your eligibility for the Federal Direct Unsubsidized Loan, we will subtract any financial aid you are receiving (including the Federal Direct Subsidized Loan) from your estimated cost of attendance.  The remainder, up to the academic year maximum, is your unsubsidized loan eligibility.  Please note: if you are not registered for the same number of credit hours that we used to determine your cost of attendance, your funds will not disburse.  Please contact the Office of Student Financial Assistance to update your current number of credit hours when necessary.

If you are borrowing your first loan from the University of Rochester, you must complete a Pre-Loan Entrance Counseling session before any loan proceeds can be disbursed to your student account. 

ALTERNATIVE STUDENT LOANS

Please be aware that these loans are based on credit-worthiness, and approvals are not automatic.  Each loan agency makes the decision of whether or not you will be approved for the loan.  If we have included an alternative loan in your award, you will need to obtain a loan application from our office.  WE WILL NOT AUTOMATICALLY INITIATE AN ALTERNATIVE LOAN FOR YOU.

1. GradEXCEL:    Offered by Nellie Mae, this non need-based loan program allows credit-worthy applicants to borrow up to the cost of attendance less other financial aid.  Applicant must be a U.S. citizen or permanent resident.  An international student must apply with a credit-worthy co-signer who is a U.S. citizen or permanent resident.  Interest will begin accruing upon disbursement.  The borrower can choose to begin repayment during the in-school period or may defer payment and have the interest capitalized quarterly. Nellie Mae charges borrowers a 4-6% loan fee.  Applications are available at the Office of Student Financial Assistance.
2. Sallie Mae MBA Loan:    Available to students enrolled in the Simon School, this non-need based loan offered by Hemar Insurance Corp. is available to credit-worthy U.S. citizens (or permanent residents with U.S. citizen co-applicants).  Loan eligibility is determined by subtracting all financial aid (including federal loans) from the school's cost of education.  Interest will accrue during the in-school period and will be capitalized at repayment, which begins six months after leaving school.  The maximum repayment period is 12 years.  Interest rates and loan fees vary, depending on the applicant's credit rating.  Applications are available at the Simon School or the Office of Student Financial Assistance. 

Frequently Asked Questions

Who is eligible to apply for Federal financial aid?

You must be a United States citizen or eligible non-citizen (e.g., permanent resident) formally admitted into a graduate degree program and enrolled at least half-time (minimum of 6 credit hours per semester or quarter).  Students enrolled in Dissertation course 999 or 997 or Master's Thesis course 899 are considered full-time. 

If you are in default on a previous student loan, you are NOT eligible for additional financial aid until you have made satisfactory payment arrangements with the holder of your loan.

When should I apply?

In order to have your student loan funds available at the start of the fall semester/quarter, you should submit all of the Graduate Student Verification Statement with tax returns and W-2's to the Office of Student Financial Assistance by June 1. You must also completethe FAFSA using the U of R school code of 002894.  All financial aid must be applied for and disbursed prior to the end of the academic term in which you are enrolled.  Allow approximately 2-3 months processing prior to receiving your first loan disbursement.

How is my eligibility determined?

For need-based aid, we subtract the expected family contribution (calculated from the information you reported on the FAFSA) from our cost of attendance.  We also subtract any other sources of financial aid you receive.  The remainder is your "financial need".  For non-need based aid, we subtract all of your sources of assistance from the cost of education.  A listing of the estimated cost of education is available in the Office of Student Financial Assistance.

How may I receive an increase in my award?

Your cost of attendance includes actual charges for tuition, any mandatory fees, the standard budget for rent, food, books, personal allowance, and transportation between your Rochester residence and campus.  Your cost of attendance cannot include car payments.

You may appeal to increase your cost of attendance.  However, the Office of Student Financial Assistance will determine what can be considered a reasonable allowable expense.  You will need to provide documentation (receipts, lease, etc.) to support your appeal.

How and when are my funds disbursed?

If your aid package includes a Federal Direct Loan, and you are a first-time borrower at the University of Rochester, your master promissory note will be mailed to you during the summer.  First-time borrowers at the University of Rochester must also complete loan entrance counseling before loan proceeds can be credited to your student account.  Please contact the Office of Student Financial Assistance or see the "Entrance and Exit Counseling" of our home page for additional info. If you are a returning student and you received a Federal Direct Loan last year, you will not be required to sign another master promissory note.  Your Federal Direct Loan proceeds will be automatically disbursed to your student account.  You will be notified of your loan eligibility by us through your financial aid award letter.  If you wish to decline or reduce your Federal Direct Loan, you must submit your request in writing to our office. 

Your student loan funds will be issued to your tuition account in multiple disbursements no earlier than 10 days before the start of each semester/quarter.  The amount will reflect the appropriate deductions for origination fees.  For example, if you borrow an $8,500 Federal Direct Loan, you will receive a disbursement of approximately $4,122 at the start of each semester ($8,500 loan - 3% origination fee = $8,245 / 2 semesters = $4,122).  If you are enrolled in the Simon School, you will receive three disbursements, one at the start of each quarter.

Please note:  If you are not registered for the same number of credit hours that we used to determine your cost of attendance, your funds will not disburse. Please contact our office if you need to notify us of a change in credit hours.

NYS TAP grants are disbursed beginning in October for the fall semester and in March for the spring semester.  The Office of Student Financial Assistance verifies your full-time enrollment status prior to disbursing the grant.

How do I receive a refund for rent, books, etc.?

If you borrow an amount in excess of what you owe the school for tuition and fees, the Bursar's Office will issue you a credit balance refund.  The earliest financial aid funds can disburse to your student account is 10 days prior to the start of classes.  Orientation sessions do not count as the start of classes.  Credit balance refunds are available only after your financial aid funds disburse to your student account.  If you have any questions concerning your bill or receiving a refund please contact the University of Rochester Bursars office at (585) 275-3931 or go to http://www.rochester.edu/adminfinance/bursar/.

Although financial aid resources can be used for your living and book expenses, you should be prepared to pay for your first month or two of rent and books out of your summer earnings or savings in case there is a delay in receiving your funds.

Will my tuition bill reflect my financial aid?

The University's billing system allows "anticipated credit" for federal student loans.  Your tuition statement will list the loans you have applied for through November 10th in the fall and March 10th in the spring.  If your loans have not been disbursed by that time, please contact the Office of Student Financial Assistance.  Your expected payment due will be the difference between your charges and your anticipated financial aid.  Graduate students generally have a two-payment per semester/quarter plan.

How do I defer my previous student loans?

For previous Federal Stafford/GSL/SLS/PLUS/Direct/Consolidation Loans, contact your loan servicer for an appropriate deferment form.  For previous Federal Perkins/NDSL Loans, contact the school from which you borrowed the loan or the loan servicer for a deferment form.  Indicate on your deferment form the period you are seeking a deferment, then submit the form to the Registrar's Office for certification of enrollment. The Registrar will not certify your deferment until you register for classes.

For further information, please contact us!

Office of Student Financial Assistance

Third Floor Meliora Hall, P.O. Box 270261

University of Rochester

Rochester, NY 14627-0261

(585) 275-3226 or (800) 881-8234   Fax (585) 756-7664

E-Mail: help@finaid.rochester.edu