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 Registrar's Office 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 2014-2015 if you plan to register for classes for the 2014-2015 academic year (Fall 2014-Summer 2015). (you may also obtain a copy from either the Office of Graduate Studies or the Office of Financial Aid).
Federal Direct 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 in the fom of an unsubsidized loan 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 begins repayment on the Federal Direct Loan. The current interest rate for the Federal Unsubsidized Direct Loan is 5.41%.
To Apply for a Direct 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).
Direct loans will be processed electronically. If this is your first Direct loan at Furman University, you must electronically sign a Master Promissory Note (MPN) at www.studentloans.gov. If you currently have an MPN on file, you will not need to complete another one.
All first-time borrowers through the Federal Direct Student Loan Program must complete entrance counseling at www.studentloans.gov 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 and must maintain a 3.5 GPA. A prerequisite for eligibility is the successful completion of the EEE or Praxis I Exam. Application forms for the South Carolina Teachers Loan are available in the Office of Financial Aid. The priority filing deadline is April 30. However, SC Student Loan will continue to accept applications until funding for the programs is exhausted.
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 Direct loan amount exceeds the cost of tuition may request a refund.
- 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