Funding Your Education

To be eligible for federal financial aid, you must:

• Be a U.S. citizen or eligible non-citizen
• Be enrolled for at least half-time status each semester in a degree-seeking program (half-time status is typically 6 credits)
• Complete the FAFSA each year
• Not be in default on previous federal loans or owe a refund on a federal grant (in order to get out of default, you would need to pay six consecutive payments of the amount allotted)
• Submit all required documentation within required timeframes 

Your award eligibility is based on your tax return from two years prior. For example, the 2020-2021 FAFSA will use the income tax return from 2018. 

Graduate students are eligible for two main types of federal loans:

Federal Direct Unsubsidized Loans are not based on financial need. They do not require a credit check and include benefits such as a fixed annual interest rate, six-month grace period, and deferment options to help you succeed in repayment. You can borrow up to $20,500 per academic year (summer, fall, and spring). There is also a loan origination fee that is taken out of your loan from the Department of Education prior to the university’s receipt of the funds. .

Graduate Plus Loans require a credit check. You may borrow more than the amount of your university tuition and fees to cover costs such as books, lab fees, and other costs related to funding your education. Your borrowing may not exceed the cost of attendance for direct and indirect expenses established by the university. The Graduate PLUS Loan offers a fixed annual interest rate. 

If you are denied for Plus Loan due to adverse credit, you can add an “endorser” who is essentially a co-signer on the loan, or you can file an appeal with the Department of Education. They can inform you what needs to improve before they review your credit a second time. Typically, students obtain Graduate Plus Loans if they need to borrow more than $20,500 per year and they use GradPlus to fill the gap. There is also a loan origination fee that is taken out of your loan proceeds from the Department of Education, prior to the university’s receipt of the funds. .

Graduate students are not eligible for Pell Grants or Direct Subsidized Stafford Loans. , including interest rates and timelines.

To apply for federal loans, you’ll need to complete the FAFSA or Renewal FAFSA:

• If this is your first time filing a FAFSA,
• Yeshiva’s FAFSA school code is 002903

1. Visit the Office of Student Finance website for steps to apply for and accept your Unsubsidized Loan:

• Log in to using your FSA ID (same as your FAFSA login information).
• Complete the Entrance Counseling
• Complete the Loan Agreement for a Subsidized/Unsubsidized Loan (MPN)

2. Next you need to return to the website and

3. If you’re applying for a Graduate Plus Loan, you will then return to for the final steps :

• Complete the Loan Agreement for a Graduate Plus Loan (MPN)
• Apply for a PLUS Loan
• Complete PLUS Credit Counseling
• Appeal Credit Decision (if needed)

4. Once your federal loans are approved, you will see a set of instructions on your screen in the portal.

• The Office of Student Finance is notified that your loans were approved and your account will be updated to reflect the loan information.
• The Office of Student Finance will process your financial aid, including tuition, scholarships and federal loans, and post a bill to your account. 

On October 1 the new FAFSA is available for the following fall semester.

While there is no strict deadline, we suggest you complete the FAFSA, Entrance Counseling and your Master Promissory Notes (MPNs) by March 1 to ensure you have enough time to figure out your financing before starting fall semester classes. Note that MPNs are valid for 10 years, Entrance Counseling is completed once and the FAFSA is filed annually.

Loan repayment and forgiveness programs are ways to reduce or eliminate your student debt. Generally, people who work in eligible public service jobs continually for ten years and make 120 consecutive loan payments may be eligible for loan forgiveness.

Eligible public service jobs typically include the following:

• Government organizations at any level (federal, state, local, or tribal)
• Not-for-profit organizations that are tax-exempt under Section 501(c)(3) of the Internal Revenue Code
• Other types of not-for-profit organizations that are not tax-exempt under Section 501(c)(3) of the Internal Revenue Code, if their primary purpose is to provide certain types of qualifying public services
• Full-time AmeriCorps or Peace Corps volunteer

Please note that loan forgiveness only applied to Federal Direct Unsubsidized Loan, not the GradPlus Loan or private loans. Since this loan forgiveness process is outside of (or any other university), you are responsible for making sure you meet the eligibility requirements, make the payments, and then apply for the loan forgiveness after 10 years. Additionally, since Congress enacted loan forgiveness, there’s always a risk that it could be repealed.

on the U.S. Department of Education website. Other types of loan forgiveness may be available from federal agencies or your state based on your major and public need.

F-1 visa holders may be eligible for Curricular Practical Training (CPT): full- or part-time work directly related to your academic program. CPT can be paid or unpaid and must be completed while you are enrolled in your degree program. A -designated school official (DSO) must approve your CPT and you must submit a signed agreement from your employer.

The government, companies or other organizations within your home country may provide funding. There are also international organizations that offer financial aid to students across the globe.

Canadian students should also check with their province on availability of provincial loans and lenders on private, student lines of credit. The institution code for is MWMZ.