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JCGS Students > JCGS Financial Aid Programs
JCGS Financial Aid Programs General Financial Aid Information
Information in this section is accurate at the time of
printing. Future changes in federal regulations or institutional policies may
change the application requirements or program guidelines. Please contact the
University Office of Financial Aid, Room G-1 College Building, or at (215)
955-2867 regarding student financial aid matters.
Student Eligibility
To be considered for federal or institutional financial
aid, a student must be a U.S. Citizen or eligible non-citizen, accepted into a
degree-granting program, maintain at least a half-time (5 credits) student
status as a matriculated student, and may not be in default on any prior
educational loan. Citizenship
A student must be a U.S. Citizen or permanent resident to
receive federal financial aid consideration. In the case of permanent residents,
photocopies of both sides of the I-151 or I-551 card must be submitted to the
University Office of Financial Aid with the College of Graduate Studies
Institutional Application. Application Procedures
The primary responsibility for financing the costs of
graduate education rests with the student. Need-based financial aid is available
to all qualifying students by completing all necessary requirements and
documentation. The objective of this assistance is to provide funds in the form
of federally sponsored loans and part-time, on campus employment opportunities
to students who would not be able to complete their education without
assistance. Some academic merit based funds are available for students enrolled
in certain programs. Awards are made by each of these programs. The University
Office of Financial Aid is available for counseling students regarding the
application process for all need-based aid consideration. Students who wish to apply for need-based aid are required
to demonstrate an ‘unmet need.’ Unmet need is defined as the cost of
attendance at the University less the available resources, including any outside
aid. Need is determined on the basis of a confidential financial statement, the
Free Application for Federal Student Aid (FASFA), completed by the student. All
financial aid is awarded for one academic year. Students must submit new
applications each year to be considered for aid. Applications packets are
available in January in the University Office of Financial Aid, Room G-1,
College Building.
Application for Federal Financial Aid Consideration
- Free Application for Federal Student Aid (FASFA)
Students may either complete the blank FASFA or the FAFSA
on the web. DO NOT COMPLETE BOTH FORMS. Unused blank FASFA forms should be
returned to the University Office of Financial Aid for recycling. Processing of
the FASFA application will take approximately four to six (4-6) weeks. The
Jefferson College of Graduate Studies Title IV code that must be included on the FASFA
application is E00799.
- Jefferson College of Graduate Studies Institutional Application
This form must be completed and submitted directly to the
University Office of Financial Aid by all students applying for any type of
financial aid.
- Official Copy of Internal Revenue Service Form 1040 /
Non-Filing Application Form
All students applying for financial aid must submit signed
copies of their (and spouse’s) IRS 1040 (A or EZ) forms for the prior year.
Submit the copies of the IRS forms directly to the University Office of Student
Financial Aid, along with the Jefferson College of Graduate Studies Institutional
Application. Students who have not and will not file an income tax return for
the prior year must submit a signed copy of the ‘Non Filing Statement.’ These forms can be obtained by contacting the University Office of Financial
Aid.
Deadline Date for Application
For campus-based federal financial aid (Federal Work
Study, Federal Perkins and Nursing Loans) and institutional financial aid
consideration, priority is given to applicants who have submitted all
application materials by MAY 1. For consideration for the Federal Stafford Loan
program, application can be made before and during the academic year. Processing
of the Federal Stafford Loan application usually takes four to six (4-6) weeks
once the students financial aid application is complete. Sources of Financial Aid
Long term financial aid in the form of loans and
federally-subsidized part-time employment is available to students pursuing
graduate studies either at the doctoral or master’s level. Federal loans have
interest rates which are below market commercial rates and, at the present time,
include an opportunity for eligible students to defer repayment. Some of these
loans are from federal sources and are available only to students who are U.S.
citizens or Permanent Residents, are enrolled on at least a half-time basis,
accepted in a degree granting program, and are making satisfactory academic
progress towards a degree. Disbursement of all financial aid will occur during the
first week of each semester (September, January, May/June). Specific dates can
be obtained from the University Office of Financial Aid.
Federal loans are available to students through the
Federal Family Education Loan (FFEL) programs. These loans are awarded on the
basis of the student’s demonstrated financial need, after the estimated
student contribution has been determined through the FAFSA. Federal loans have a
repayment schedule of ten (10) years. The student has an opportunity to
consolidate these loans and extend the repayment period. Further information
about the terms, sample repayment schedules, the necessity of repayment,
entrance and exit counseling, and terms and conditions of employment that is
part of a student’s financial aid package is available by contacting the
University Office of Financial Aid.
- Federal Stafford Loans (Formerly the Guaranteed Student
Loan (GSL))
This program offers students the opportunity to borrow
educational loans at below market interest rates. These loans are made available
through cooperative efforts of the federal and state governments and
participating private and commercial lending institutions. Graduate students are
able to apply for a maximum of $8,500 in need-based subsidized Stafford Loans
and a total of $18,500 per academic year in a combination of Federal Subsidized
and Unsubsidized Stafford loan funds.
The federal government pays the interest on a need-based
subsidized Federal Stafford Loan while the student is enrolled at least
half-time (5 credits); on a non-need based unsubsidized Federal Stafford Loan,
the interest accrues while in-school and the student has the option to pay the
interest monthly or defer the interest payments until a later date. Repayment of
principal and interest begins six months after the termination of at least
half-time study.
For Federal Stafford Loans disbursed after 7/1/98, the
formula for determining the in-school interest rate is 91 day T-Bill plus 1.7%.
This variable interest rate will change every July 1. However, the maximum
interest rate will never exceed 8.25%. An aggregate limit of $65,500 subsidized
and $73,000 unsubsidized (including any loans outstanding from undergraduate
study) funds may be borrowed from this program.
Application material and Federal Stafford Loan Master
Promissory Notes (MPN) may be obtained by contacting the University Office of
Student Financial Aid. All applicants will have their eligibility for the
subsidized Stafford Loan determined before being considered for the unsubsidized
Stafford Loan. The Jefferson College of Graduate Studies school code for the Federal
Stafford Loan application is 012393-03.
- Federal Perkins Loans (Formerly the National Direct
Student Loan (NDSL))
This low-interest loan program offers loans to students
who demonstrate significant financial need. The interest rate on this loan is
5%, which is subsidized by the federal government until repayment begins. The
maximum a graduate student may be awarded under the Federal Perkins Loan program
is $6,000 per academic year and $40,000 as the aggregate maximum from this
source. This total includes all Federal Perkins/NDSL loans awarded in
undergraduate, graduate, and professional schools. Consideration for this
program is made through submission of the financial aid application materials
prior to the May 1 deadline and is contingent upon availability of funds.
- Federal Nursing Student Loan Program
The Federal Nursing Loan program provides low-interest
loans to nursing students who demonstrate significant need. The loans are
repayable over a ten year period at an interest rate of 5%. Recipients are
selected in accordance with guidelines published by the U.S. Department of
Health and Human Services. Consideration for this program is made through
submission of the financial aid application materials prior to the May 1
deadline and is contingent upon availability of funds.
- Federal Work Study Program (FWS)
The Federal Work Study program offers funding for on
campus employment. These funds may be used to assist in paying educational
expenses. Federal Work Study is a need-based program. The administration of this
program is in accordance with the guidelines established by the U.S. Department
of Education. Consideration for this program is made through submission of the
financial aid application materials prior to the May 1 deadline and is
contingent upon available funds.
- Thomas Jefferson University Institutional Loan Fund
Low-interest loans from institutional sources may be
available to graduate students who demonstrate significant financial need.
Consideration for these loans is made through submission of the financial aid
application materials prior to the May 1 deadline and is contingent upon
availability of funds.
- Private Credit-Based Alternative Loans
Alternative loans may be used to supplement other
financial aid to assist in meeting unmet educational costs. These loans can be
utilized to fill the gap between the educational expense budget created by the
University Office of Financial Aid and the combination of federal,
institutional, and private financial aid received by the student for an academic
year. These loans are not need-based but do have strict credit requirements.
Further information about these sources of loans can be
obtained from the University Office of Financial Aid.
- Emergency Assistance Advances
Short-term loans may be available to graduate students in
emergency situations. These short-term loans are advances on pending financial
aid. Loans must be repaid in full within 60 days. The short-term loan program is
administered by the University Office of Student Financial Aid.
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