Types of Financial Aid

What is financial aid?

Financial aid is any resource that is available to assist you with paying for your cost of attendance. Financial aid includes resources awarded by St. Thomas, a private scholarship organization, a governmental agency or your employer (tuition reimbursement). Financial aid also includes student loans provided by the federal government or private lenders. Earnings from work (including graduate assistantships) are not generally considered financial aid, unless the source of funds is a need-based program such as Federal or State Work Study, or if the award is somehow based on financial need.

How is financial aid eligibility determined?

Financial aid is awarded based on the average costs for a student attending specific graduate programs and the financial aid types for which an individual student is eligible. Some financial aid awards are determined by the academic departments and reported to the Graduate Financial Aid Office. In no case can the total dollar amount of all combined financial aid awards exceed the total cost of attendance budget for the program as determined by the Graduate Financial Aid Office.

What types of financial aid are available to graduate students?

Federal Direct Loans: Federal Direct Loans are the primary source of financing for graduate students. These are low interest loans with repayment periods that begin six months after you graduate. While your credit history is not a factor in determining eligibility for this loan, you must not be in default on a prior federal loan.

Federal Direct Graduate PLUS Loan: This federal loan is available to students that have no adverse credit. Repayment begins following graduation from your program.

Private Educational Loans: These are loans intended to bridge the gap between the maximum you can borrow through the Federal Direct Loan program and your cost of attendance. Repayment periods begin six to nine months following graduation from your program. Eligibility for these loans is based on your credit history.

University Grants: The Graduate Diversity Grant and the Part-Time Graduate Student Grant are small awards ($300-$3000) offered to students that demonstrate financial need. In addition to the FAFSA, students must complete an application for these grants (see Scholarships & Grants).

Department Scholarships & Grants: Most graduate departments have scholarships and grants to award to students. Contact your academic department for more information.

How is my cost of attendance budget determined?

The cost of attendance budget is determined by calculating the average number of credits students take in each program. In some cases where there are full-time and part-time tracks, we calculate an average full-time course load and part-time course load. We then multiply the average course load for the appropriate student group by the per credit tuition rate for that program. To this average tuition, we add average required fees and allowances for books, housing, supplies, meals, transportation and personal expenses. The sum of all these averages is the total cost of attendance budget for the program.

What is "financial need?"

"Financial need" is a calculated value. It is determined by subtracting the Expected Family Contribution (EFC), which is an index number determined from the FAFSA, from the cost of attendance budget. If the EFC is equal to or larger than the cost of attendance, then the student is said to have "no financial need" and is not eligible for need-based sources of financial aid.

What types of financial aid are "need-based?"

Most of the University of St. Thomas grants require that the applicant demonstrate financial need to be considered. In addition, the Federal Direct Subsidized Loan has an in-school and grace period interest subsidy for those students who demonstrate financial need.

What if I have no financial need?

All students regardless of financial need are eligible for Federal Direct Unsubsidized Loans, Federal Direct Graduate PLUS Loans, Private Educational Loans and UST student employment opportunities.

What are the loan maximums per year for the Federal Direct Loan program?

Licensure Students:

• $5,500 Federal Direct Subsidized Loan
• $7,000 Federal Direct Unsubsidized Loan (for independent students)

Master, Law, Doctoral or Certificate-Seeking Students:

• $8,500 Federal Direct Subsidized Loan
• $12,000 Federal Direct Unsubsidized Loan