If you are interested in federal loans or work-study eligibility, be sure to fill out a Free Application for Federal Student Aid (FAFSA) as soon as possible, if you have not already done so. The application can be found online at http://www.fafsa.ed.gov.
All forms of financial aid are awarded for one academic year (Fall and Spring). You will need to apply for need-based funding (including scholarships, loans and work-study) for the third semester. You will receive information on re-applying for third semester financial aid in the Spring semester. In order to be eligible for any financial aid funding, you must maintain good academic standing B average).
Below you will find information about the Federal and State financial aid funding options. The Graduate Center’s Office of Financial Aid will be processing requests for funding. If you will be applying for Federal Direct Loans, a loan request form will be available through the Graduate Center’s Office of Financial Aid in the coming weeks. We will post it to the Admitted Student website when it becomes available.
Should you have questions or concerns about financing your academic program, please contact our Financial Aid Manager, Ray Villalona, so that he may discuss how to make this program possible. Feel free to email him at RVillalona@gc.cuny.edu or call him at (212) 817-7460.
The following information has been provided by the CUNY Graduate Center’s Office of Financial Aid. Please feel free to contact the Office of Financial Aid at 212-817-7460 with any questions or visit their website. All financial aid forms may be downloaded on the CUNY Graduate Center’s Office of Financial Aid website.
Federal and State Aid
In all cases, federal and state aid is based solely on financial need. Federal aid for graduate students includes Federal Direct Loans, Federal Perkins Loans, and Federal Work-Study.
Federal aid is awarded directly through the Office of Financial Aid in accordance with requirements established by federal law. Federal aid requires a separate application, the Free Application for Federal Student Aid (FAFSA). The FAFSA is available by January 1 each year and students should complete their FAFSA as early as possible. Students who apply by the deadline for federal aid are considered for Federal Work Study Positions and/or Federal Perkins Loans for the upcoming academic year. Students interested in Federal Direct Loans may apply by submitting a loan application in addition to filing an FAFSA. First-time borrowers must attend a personal pre-loan interview before the loan is disbursed.
Federal Perkins Loan
Federal Perkins Loan awards are based solely on financial need as defined by federal law. The amount of the award will vary depending on the student’s need and the availability of funds to a maximum of $6,000 for the academic year. Federal Perkins Loans are packaged each spring for the following academic year. Because Federal Perkins Loan funds are limited, only students who have their FAFSA on file by the deadline are considered for awards. The Federal Perkins Loan carries a 5 percent interest rate. No interest accrues while the student is enrolled at least half-time.
Repayment begins nine months after the student no longer registers at least half-time, withdraws, or graduates. The program offers liberal deferment privileges and some cancellation benefits for borrowers who enter certain public service careers and the teaching profession. The Graduate Center acts as lender of the Perkins Loan on behalf of the federal government, and the student repays the loan to The Graduate Center upon leaving.
A pre-loan interview is required prior to loan disbursement. An exit interview is required when the student no longer registers at least half-time, withdraws, or graduates.
Federal Direct Student Loan
Your loan is an Unsubsidized Federal Direct Loan. Interest is fixed at 6.8%.
Unsubsidized Federal Direct Loans are not based on need. Loan amounts vary depending on the cost of the student’s attendance less other financial aid and Subsidized Federal Direct Loan eligibility.
The combined maximum for the Unsubsidized Federal Direct Loan is $20,500 for the academic year. Repayment of interest can begin immediately on the Unsubsidized Federal Direct Loan or can be capitalized (i.e., added to the loan principal) at the student’s option. Repayment of loan principal begins six months after the student no longer registers at least half-time, withdraws, or graduates.
A pre-loan interview is required for first-time borrowers of Federal Direct Student Loans. An exit interview is required when the student no longer registers at least half-time, withdraws, or graduates. Students must have the FAFSA on file before they can be considered for this loan.
Federal Work-Study Program
Federal Work-Study awards are based solely on financial need as defined by federal law. The amount of the award will vary depending on the student’s need and the availability of funds. Federal Work-Study awards are packaged each spring for the following academic year. Because Federal Work-Study funds are limited, only students who have their FAFSA on file by the deadline are considered for awards. Federal Work-Study assignments usually involve research in the student’s program as assigned by the Executive Officer.