Federal Student Aid Programs
Federal student aid programs available to students include the Stafford Loan and Graduate PLUS Loan. To become eligible for these programs, you must be officially admitted into a degree granting program on at least a half-time basis and making satisfactory academic progress.
In addition to tuition and fees, federal student loans may be utilized to cover reasonable cost of living expenses.
- The first step in applying for Federal Student Aid is to file the Free Application for Federal Student Aid (FAFSA). This can be done online at www.studentloans.gov anytime after January 1st. If you want to be considered for an MSPP grant or Scholarship, you must file before our priority date of March 1st. After this priority date, scholarships and grants will be awarded pending availability of funds.
- If you are a first time borrower at MSPP, you are required to complete an on-line self-paced “Entrance Loan Counseling” exercise that is designed to help you successfully manage the repayment of your loans. This can be accomplished online at www.studentloans.gov.
- As a first time borrower at MSPP, you will also be required to complete a MPN (Master Promissory Note) for your Stafford Loan. This MPN contains your rights and responsibilities as a student borrower. And again you can access this online at www.studentloans.gov.
Applications to the Grad PLUS program also require a credit history background check prior to final approval. For this reason a student must reapply each year for the GradPlus student loan program. Due to an ever changing credit environment, upon successful completion of the credit check, the first disbursement on a GradPLUS Loan request must be made within 90 days. For this reason, if you are applying for a GradPLUS to cover expenses in the 2012-2013 academic year, do not apply prior to July 15, 2012.
Your FAFSA results will determine your eligibility for Federal Loans. MSPP will determine the COA (Cost of Attendance) and your loan limits. For the 2012-2013 academic year, Stafford and Grad PLUS loans are offered at a fixed interest rate of 6.8 % and 7.9% respectively, with repayment commencing after completion of your program or a change in your enrollment to less than half-time status.
You may be eligible to borrow up to the following amounts from the Stafford and Grad PLUS loans:
All masters programs: $20,500 per academic year
PsyD: $33,000 per academic year
All programs: Up to your total budgeted cost of attendance as determined by MSPP, less other financial aid awarded to you for the same enrollment period.
In addition to federal student loans, private alternative student loans are also available. You are strongly encouraged to compare and understand all repayment conditions before applying for a private alternative loan. Generally, federal student loan programs offer more favorable terms, so we recommend that you.
Think Federal Aid First!