General Info for Grad Students

Below is a listing of graduate aid programs available through the University of Rochester Financial Aid Office. All graduate students are encouraged to discuss with their academic departments financial aid options such as tuition waivers, assistantships, or fellowships. The River Campus Financial Aid Office 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 academic year (July - June). 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 Financial Aid Office 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.
  • Federal Direct Graduate PLUS Loan: This non-need based loan is available to credit-worthy U.S. citizens or permanent residents who are already receiving a Federal Direct Subsidized and/or Unsubsidized loan for the 2006-07 academic year. This loan program allows students to borrow up to the cost of attendance minus any other financial assistance. Interest at a fixed-rate of 7.9% will begin accruing upon disbursement of the loan; however, borrowers can choose to begin repayment during the in-school period or to defer payment and have the interest capitalized. Applications are available on our Financial Aid Forms page.

ALTERNATIVE STUDENT LOANS

For more Information see Alternative Loans.