Borrowing: Your Rights & Responsibilities
Entrance Counseling Information Summary For Graduate Student Loans
This Information Summary is designed to familiarize you with the loans you borrowed this year as well as to cover WPI and federal policies that may impact your eligibility for those loans. While you may have borrowed under the Stafford Loan Program previously at WPI or another institution as an undergraduate student there are some issues which apply solely to graduate students.
We ask that you read this guide thoroughly. Should you have any questions, please contact the WPI Office of Financial Aid via e-mail finaid@wpi.edu or call us at 1-508-831-5469 and we will be happy to assist you.
Sources of Financial Aid
Financial assistance for graduate students at WPI is available through three separate sources which will have different deadlines and applications. Students need to pay close attention to which programs they are applying for and make sure the appropriate deadlines are met. Program specifics are outlined in the Graduate Catalog under "Financial Aid"
Teaching Assistantships, Research Assistantships, Fellowships and Internships are available through the individual departments and are awarded on a competitive basis. Awards for Teaching Assistantships, Research Assistantships and Fellowships may vary in level of funding. Many offer a tuition waiver and/or a monthly stipend to cover living expenses. Internships are limited to the Biomedical Engineering, Civil and Environmental Engineering, and Fire Protection Engineering fields at this time. Options are available for full or part-time participation and students may, with the permission of their departments, continue to register for classes.
Financial assistance is also available through the WPI Office of Financial Aid in the form of student loans. Several loans are available though most students apply for Federal Stafford loans before pursuing non-federal programs. Federal application forms as well as institutional applications are available in the Office of Financial Aid or under the financial aid forms tab under the graduate student section on the left. Federal Stafford loans will be explained in detail below.
Private funding may also be available through various sources. WPI's Gordon Libary currently houses a collection of source books on grants and scholarships in its reference section. You may also check with your academic department, professional associations or your public library for additional listings.
Eligibility Requirements for Student Loans
Students applying for Federal Stafford Loans must complete a Free Application for Federal Student Aid (FAFSA) as well as an institutional application. Elligibility for these loan funds is based on financial need. A family contribution figure is calculated using a federal formula and the information you supply from the two forms listed above. A cost of attendance is computed based on the actual number of credits you will be registered for as well as living expenses. The family contribution is then subtracted from the cost along with any other funding you may be receiving for that academic year. The remainder is equal to your eligibility for the Subsidized Federal Stafford Loan up to a maximum of $8,500. Since other aid must be taken into account, funding from assistantships, fellowships and private sources can be used to offset financial debt.
Any costs not met by the Subsidized Federal Stafford Loan or other assistance may be covered through the Unsubsidized Federal Stafford Loan up to a maximum of $12,000 or the Cost of Attendance, which ever is less.
Additional eligibility requirements for all three programs stipulates that students must be enrolled on at least a half-time basis and the applicants must be U.S. Citizens or permanent residents with valid Alien Reigistration numbers. Students cannot be delinquent or in default on any student loans.
Students participating in a full-time internship program are not eligible for other financial assistance unless they are registered for classes concurrently. They are, however, considered to be enrolled on a full-time basis and therefore eligible for deferment.
Satisfactory Academic Progress
All federal loan programs as well as most private loan programs specify that students must be making satisfactory progress toward their degree in order to be eligible for assistance.
New for 2012
Due to the Budget Control Act of 2011, the Federal Direct Subsidized Stafford Loan program will no longer be available to graduate students as of July 1, 2012. Graduate students will still be able to borrow loan funds from the Federal Direct Unsubsidized Stafford loan program.
Last modified: December 05, 2011 12:02:40