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FINANCIAL AID

Affordability is a big reason for turning to Scranton for a quality education. The University of Scranton's Financial Aid staff is dedicated to helping each applicant become aware of the financial aid programs for which they are eligible. Our knowledgeable Financial Aid professionals will counsel you throughout the process of financing your graduate education.

Graduate students are eligible for the following programs. To qualify for the Federal Stafford Loan and Graduate PLUS Loan programs, review the following steps:

• Complete the Free Application for Federal Student Aid (FAFSA) online at http://www.fafsa.ed.gov

• The University of Scranton Title IV School Code to be used on the FAFSA is: 003384

• Students must register for a Personal Identification Number (PIN) with the U.S. Department of Education. Your PIN number will serve as an electronic signature.

For more information on the FAFSA, please call toll-free
1-800-4-FED-AID.

Federal Stafford Loans

For students who qualify, some federal student loans are subsidized while the borrower is enrolled at least half-time and during grace periods and deferments. When a loan is subsidized, the borrower is not responsible for the interest that is accumulating during that period. In the case of unsubsidized loans, interest accumulates and may be paid during these periods or capitalized (added to the principal) at a specified time. Students qualify for subsidized loans based on financial need, which is determined by the information reported on the FAFSA and the cost of attendance for your academic program.

The Federal Stafford Subsidized and Unsubsidized Loan programs are the primary sources of financial aid for many graduate students and require a minimum half-time enrollment. Stafford loans have a fixed interest rate of 6.8%. Annual loan limits are tied to the cost of attendance and individual eligibility, with a maximum of $20,500 for most graduate students. The aggregate loan eligibility for graduate students is $138,500 (only $65,500 of this amount may be in subsidized loans). The debt limit includes any Stafford Loans received for undergraduate study. Repayment begins six months after you complete your program of study or leave for more than six months.

Federal Graduate PLUS Loans

Graduate PLUS Loans may be available to students enrolled a minimum of half-time in a graduate or professional program. Graduate PLUS borrowers may borrow up to the cost of attendance for the period of enrollment, minus other estimated financial assistance received for that period. Graduate PLUS Loans are subject to credit review; however a Graduate PLUS applicant who has an adverse credit history may be able to obtain the loan with an endorser who does not have an adverse credit history. Graduate PLUS Loans have a fixed interest rate of 8.5%. Payments are automatically deferred while a student is in school at least half-time. Interest accumulates and may be paid during these periods or capitalized (added to the principal) at a specified time.

Alternative Loan Programs

In addition to the Stafford and PLUS Loans, there are other private loan programs available to students in need of additional funding for educational costs. These programs require a favorable credit rating. Students may borrow up to the cost of attendance for the period of enrollment, minus other estimated financial assistance received for that period. Alternative Loans should be a last-option loan. The following is a list of alternative loan programs available.