Furman University students enrolled at least half-time in the Graduate Studies program may be eligible for financial aid in the form of federal and state loans to help finance their educational costs. In order to borrow, students must be officially enrolled as degree-seeking graduate students, per the Office of Academic Records and the University Registrar. Eligibility for the Federal Stafford Loan is first established by a student completing the Free Application for Federal Student Aid (FAFSA).
Satisfactory Academic Progress Policy for Graduate Students Receiving Federal Title IV Financial Aid
Steps to Apply for Financial Aid:
- Apply to and be accepted for admission as a degree-seeking student to the Graduate Program at Furman University;
- Complete the Free Application for Federal Student Aid (FAFSA) online - be sure to follow all instructions, including obtaining a Personal Identification Number (PIN) from the FAFSA web site; The Title IV Code you must use for Furman to receive the results of the FAFSA is 003434;
- Complete the Graduate Application for Financial Aid 2013-2014 if you plan to register for classes for the 2013-2014 academic year (Fall 2013-Summer 2014). (you may also obtain a copy from either the Office of Graduate Studies or the Office of Financial Aid).
Federal Stafford Loans are educational loans made to students based on need as determined by the Free Application for Federal Student Aid (FAFSA). Graduate students may be eligible to borrow up to $20,500 each academic year. Depending on the results of the FAFSA, the Federal Stafford Loan may be either subsidized, where the government pays the interest on the loan while the student is enrolled at least half-time, or unsubsidized, where the student is responsible for paying the interest while enrolled at least half-time.
Six months after graduating or dropping below half-time, the student enters repayment on the Federal Stafford Loan. The 2009-10 interest rate for the Federal Subsidized Stafford Loan is 5.6%, and the interest rate for the Federal Unsubsidized Stafford Loan is 6.8%.
To Apply for a Stafford Loan:
- Complete the Graduate Studies Application for Financial Aid and send it to the Office of Financial Aid.
- Complete the FAFSA and have the results sent to Furman (school code 003434).
Stafford loans will be processed electronically. If this is your first Stafford loan, you will receive a Master Promissory Note (MPN) from the lender. This MPN must be signed and returned to the lender within 30 days of the date generated by the lender. If you currently have an MPN on file, you will not need to complete another one. To verify if you have an MPN for Furman on file, contact your lender.
All first-time borrowers through the Federal Stafford Student Loan Program must complete entrance counseling before their funds can be disbursed. An exit interview must be completed prior to separation from the university.
South Carolina Teachers Loan:
The South Carolina Teachers Loan is available to students planning to teach in one of the critical subject areas or in a depressed geographical area as designated by the state. Graduate students are eligible to borrow up to $5,000 each academic year. Application forms for the South Carolina Teachers Loan are available in the Office of Financial Aid.
All first-time borrowers through the Teachers Loan Program must complete entrance counseling (same process as described above for the Stafford). An exit interview must be completed prior to separation from the university (same process as described above for the Stafford).
Graduate students must maintain a 3.5 GPA. A prerequisite for eligibility is the successful completion of the EEE or Praxis I Exam.
South Carolina Teachers Program for Career Changers:
The South Carolina Student Loan Corporation has a Teacher Loan Program for career changers. All applicants must have been employed for a minimum of three years. Also, the student must have completed a baccalaureate degree at least three years ago or have worked as an instructional assistant in South Carolina public schools. If you meet the criteria, please contact the Office of Financial Aid for an application and further details.
- If the number of projected credit hours taken should change, please contact the Office of Financial Aid to determine if your financial assistance will be revised.
- A student whose Stafford loan amount exceeds the cost of tuition may request a refund by completing a refund request form available on WebAdvisor.
- Students who withdraw from the university before 60% of the term has been completed and who have federal aid may owe a refund.
For further information, please contact the Office of Financial Aid, Administration Building, Room 103, telephone 864.294.2204 or by email at firstname.lastname@example.org