Q: Who is eligible to apply for Federal financial aid?
A: 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.
Q: When should I apply?
A: 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 Financial Aid Office by June 1. You must also completethe FAFSA using the U of R school code of 002894. Allow up to 2 months processing prior to receiving your first loan disbursement.
Q: How is my eligibility determined?
A: 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 Financial Aid Office.
Q: How may I receive an increase in my award?
A: 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 Financial Aid Office will determine what can be considered a reasonable allowable expense. You will need to provide documentation (receipts, lease, etc.) to support your appeal.
Q: How and when are my funds disbursed?
A: 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 Financial Aid Office 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 Financial Aid Office verifies your full-time enrollment status prior to disbursing the grant.
Q: How do I receive a refund for rent, books, etc.?
A: 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 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.
Q: Will my tuition bill reflect my financial aid?
A: 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 Financial Aid Office. 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.
Q: How do I defer my previous student loans?
A: 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.
