Graduate students applying for any type of financial aid including but not limited to: loans, graduate assistantships, and scholarships should complete a Free Application for Federal Student Aid (FAFSA).
In addition to completing your electronic FAFSA application, please email email@example.com indicating:
1. that you are registered for 6 or more credits and the start dates for your classes.
2. that you have successfully completed the FAFSA
3. the amount of financial aid you are applying for.
This is especially important if you are not interested in the maximum amount of Stafford Loans.
This extra step will guarantee proper processing of your financial aid. If you have any questions regarding this process, please contact the Office of Student Financial Services at (570) 408-4512.
For the Stafford Loan, a Master Promissory Note and Entrance Counseling is required.
Several federal loan programs are available to graduate students.
While each has its unique characteristics, there are some standardized features that apply to all of the following loans.
In order to qualify, a student must be:
1. accepted as a degree candidate;
2. a U.S. citizen or permanent resident;
3. enrolled on at least a half-time basis in eligible graduate-level courses at financial aid approved locations;
4. in good academic standing according to the academic progress standard set for receipt of federal aid.
In order for enrollment in courses to qualify for federal financial aid eligibility the site where they are offered must be approved by the Department of Education if more than 50% of the academic program is available at that site.
The Federal Direct unsubsidized Stafford Student Loan
This is the primary loan from the Department of Education. The unsubsidized Stafford loan interest rate is a variable rate.
You may pay quarterly interest payments throughout your enrollment period. Repayment of the principal begins six months after you are no longer enrolled at least half time. The repayment period may extend up to 10 years. The maximum unsubsidized Stafford Loan limit for graduate level students is $20,500 or less within the cost of attendance.
The Federal Direct Graduate PLUS Loan
The federal government will make the loan available for graduate and professional students. It was previously only available to parents of undergraduate students.
We strongly encourage students to consider this Graduate PLUS Loan program when looking for additional funding beyond the Stafford Loan. You may wish to use the Graduate PLUS Loan in place of a private, alternative loan. First time borrowers of the Graduate Plus loan are now required to complete entrance counseling.