Tulane University Financial Aid Office
Science & Engineering Complex, Bldg. 14, Room 205
New Orleans, LA 70118
504.865.5723 Fax: 504.862.8750
finaid@tulane.edu
www.finaid.tulane.edu
March 2011
Graduate Student Financial Aid at Tulane
Note: We are making this information available to those
considering fall 2011 graduate programs for which
financial aid counselors are based at the main financial
aid location (programs other than public health, medicine
or law JD/LLM degree programs), regardless of whether
or not an application for admission has been made and
accepted. This is simply an introduction to financial aid
and is not a comprehensive guide to financial aid, and the
information is subject to correction.
We are pleased that you are considering
Tulane University as a possibility in your
future. We understand that a graduate
school education may well be the largest
investment of your life.
The Tulane University Financial Aid Office has many functions, among the most important of
which is packaging and processing financial aid (loans, scholarship and/or federal work-study
eligibility) for Tulane students. In addition, we try to make sure that Tulane students are
informed students. Informed students should be able to make mature and responsible decisions
about the amount of educational loans they can afford, and to examine the value of making
immediate personal sacrifices to keep educational debt as low as possible.
If you are offered admission to Tulane University as a graduate student, our policy is to inform
you of the maximum amount of educational loan eligibility available, once scholarship funds and
outside resources are determined, and after the processing results are received from the Free
Application for Federal Student Aid for the 2011-2012 School Year (FAFSA). This is not a
guarantee of loan funding. Nor is it an endorsement of borrowing every dollar available. To the
contrary, we are very concerned that applicants be aware of the effect their borrowing decisions
will have on their future standard of living. With this in mind, we have provided information to
help you answer some very important questions before you enroll in any school:
How do I apply to borrow educational loans?
What aid may I receive in lieu of educational loans?
Will I be able to borrow what I need each semester of graduate school?
To what extent will my borrowing affect my future standard of living?
We hope you find this information useful as you make decisions regarding graduate school.
Federal Student Aid
Submission of the 2011-2012 Free Application for Federal
Student Aid (FAFSA) is a prerequisite to application for
federal aid, and parental information is not required for
those pursuing graduate degrees (except those seeking
consideration for U.S. Department of Health and Human
Services programs). Federal educational loans generally
have better terms than private (non-federal) educational
loans. Certain federal loans (such as the Unsubsidized
Stafford Loan and Graduate PLUS Loan) are available
regardless of financial need. We recommend all US citizen
or permanent resident graduate school applicants file a
FAFSA so that they may make an informed decision about
whether or not the resulting federal loan eligibility is
beneficial; the FAFSA may be filed without cost, and loan
eligibility may be easily declined. Note: Federal Pell grants
are not available to graduate students.
An applicant may complete a FAFSA as early as January
1, 2011. Those filing by June 30, 2011 should have time to
file paperwork to receive fall loan funding at the end of
August. Students must file by the “final” filing deadline (no
aid can be considered when fewer than four weeks remain
in the academic period) to receive loans during the 2011-12
academic year; however, we do certainly not recommend
waiting this long.
The FAFSA can be completed online (www.fafsa.ed.gov).
The results are sent to the applicant and up to ten schools
listed on the FAFSA. Tulane University’s FAFSA Title IV
school code is 002029. If a FAFSA has already been
completed and submitted without inclusion of Tulane, the
applicant should not complete another FAFSA in order to
add Tulane; instead, the applicant should add Tulane
online (www.fafsa.ed.gov) to the existing FAFSA record.
The Federal Stafford Loan has a set interest rate of
6.8%, and a graduate level student* may borrow a yearly
maximum of $20,500 in this loan type (or the Cost of
Attendance minus other aid, whichever is less). Interest
associated with up to $8,500 may be subsidized (paid)
by the Federal government while the borrower is in school
or grace periods, and is awarded to applicants showing
sufficient financial need. *School of Medicine students may
borrow a maximum of $40,500 in Federal Direct Stafford
Loan; School of Public Health students may borrow a
maximum of $33,000 in Federal Direct Stafford loan.
A Federal Graduate PLUS Loan is a credit-based loan
which can be borrowed up to the Cost of Attendance minus
other aid. The interest rate is set at 7.9%.
For both Stafford and Graduate PLUS loans, the lender is
the U.S. Department of Education, and repayment is not
required during periods of deferment, grace or forbearance
(for example, while the student is enrolled at least half-time
and for six months after graduation).
A Federal Perkins Loan is a low-interest (0% during
school and 5% during repayment) loan for which Tulane
University is the lender. Applicants showing sufficient need
and meeting other criteria receive Perkins awards until the
year’s allocation for each Tulane student group is depleted.
The loan is usually set at $2,000 per year per recipient due
to funding limitations. Repayment is not required while the
student is enrolled at least half-time and for nine months
after graduation.
Federal Perkins Loans for Tulane
students are reallocated every year, so a student may
receive a Federal Perkins Loan one year and not receive a
Perkins Loan the next, and vice-versa.
Federal Work Study
Federal work study is a need-based federally sponsored
part-time employment program. Positions are posted at
www.HireTulane.com and are usually on campus in one of
the university’s many departments, but may also be in the
community. Most students work about 10 to 15 hours a
week. Students are paid by direct deposit biweekly and are
paid for the number of hours worked. Your work schedule
can vary from free periods during the day to night or
weekend work. Federal work study certification does not
guarantee a job or total earnings.
Viewing Your Financial Aid Package Online
Tulane’s Gibson Online portal is the area in which financial
aid packaged for a Tulane applicant or student is made
available for viewing.
You use your Tulane e-mail
credentials to log in, and if you do not yet have a Tulane email address, you use your Tulane ID and PIN. If you do
not have your Tulane ID and PIN, go to
http://tulane.edu/gibson-online.cfm, click on the “Gibson
Online” link, click on the “Forgot username or password?”
link (under the login button), when prompted provide the email address associated with your admission application,
and finally click on the “submit” button. You will then be
sent an e-mail with your Tulane ID and a PIN number with
which you may access Gibson Online. If you cannot
provide the required e-mail address, please check with
your school’s graduate level admission office to confirm
that your personal e-mail address is on file and to inquire
as to when you might be provided access to the Tulane
Gibson Online portal.
Scholarship Awards
Tulane University Schools
Scholarships are awarded to a number of accepted
graduate level applicants by individual graduate student
schools. Please note that Tulane’s supply of scholarship
funds is limited: once these funds have been allocated, the
schools must stop making awards. In most cases, Tulane's
scholarship awards are made to accepted applicants at the
time an offer of admission is extended, made on the basis
of information contained in the admission file, and no
additional applications or forms are required. In the months
following admission, Tulane graduate student schools may
be able to make additional scholarship awards. Please
check with your school for more information. Applicants
or students who have been offered scholarship (or
other gift aid, such as fellowship) from their school are
responsible for making sure the gift aid is reflected in
their personal financial aid package from the Tulane
Financial Aid Office; otherwise, the package is
inaccurate and invalid.
Other Sources
Organizations other than schools exist which sponsor
graduate student scholarships. Students are responsible
for researching and applying for these scholarships.
Contact information can be found at The SmartStudent
Guide to Financial Aid (http://www.finaid.org/scholarships/)
and on other internet sites. To make sure a web search
service is reputable, call the National Fraud Information
Center (800/876-7060). Graduate scholarship reference
books with agency contacts may be found in libraries as
well.
Questions
We hope you consider these important questions before
you enroll in any school.
Private loans are more strictly credit-based than the
Federal Direct Graduate PLUS Loan. If the credit report of
a student contains negative financial information and/or a
low credit score, the loan may be denied by the lender. A
student who is denied a private loan may possibly obtain
the loan by securing a cosigner who, according to the
lender, has a satisfactory credit history, credit score and
debt-to-income ratio (deemed as being adequate to support
the new loan in addition to pre-existing debt).
Can I live within budget constraints?
There are three main credit reporting agencies:
Equifax
800/685-1111; http://www.equifax.com
Experian/TRW 888/397-3742; http://www.experian.com
Transunion
800/888-4213; http://www.transunion.com
A limit on all financial aid (including private and federal
educational loans) is maintained by the financial aid office.
Financial aid budgets vary by school program most often
due to tuition and fee variations. Even though a student’s
actual expenses may be more or less than a “standard
budget” established for financial aid purposes, total
financial aid (all scholarships, educational loans and workstudy eligibility) for the academic year is limited by federal
regulation to the total budget established for the academic
year. If actual living expenses exceed the financial aid
budget for living expenses, the excess cannot be covered
with additional educational borrowing or other financial aid,
so students should budget carefully.
You may obtain a copy of one or all three credit reports free
once a year as mandated by the Fair Credit Reporting Act
from www.annualcreditreport.com or 877.322.8228. If you
ask for one at a time, you may receive a free credit report
every four months. We advise all applicants to obtain a
copy of at least one credit report immediately. It is
important to ascertain if credit reports contain errors (which,
unfortunately, are common) in time to make any necessary
corrections or to begin the process of repairing any
damage to a credit rating. Optionally, detailed information
from the three major credit bureaus is provided in a sideby-side format for a fee from http://www.equifax.com.
In addition, students may not use educational borrowing or
other forms of financial aid to pay for costs not allowed in
the financial aid budget. These include moving costs, car
loan payments, payments on pre-existing debt (like credit
cards), and living expenses associated with days before or
after an academic period. Financial aid is not available for
summer expenses other than standard costs associated
with days during which a student is enrolled at least halftime. Costs not allowed in the financial aid budget must be
paid with a source other than financial aid.
The 2011-2012 Tulane University Standard Cost of
Attendance for graduate students is delineated below:
tuition/fees - vary by program; $8,300 housing allowance;
$4,750 food; $1,500 misc.; $2,050 transportation
allowance; $2,350 health costs; $1,500 book allowance.
For example, during 2011-12, the allotment for housing
(rent and utilities) for Tulane University graduate students
is about $922 per month. A higher housing expense might
have been covered by spending less in other categories
(for example, less than $673 per month for food and
transportation), but could not be covered with additional
educational loans or other financial aid.
Will I be affected by credit constraints?
Lenders of non-federal educational loans and Federal
Direct Graduate PLUS Loans review credit reports of
applicants.
If a report contains negative financial
information (whether or not in error) may be denied by the
lender, even if eligibility is certified by a financial aid office.
Federal Direct Graduate PLUS approval is based on the
absence of adverse credit notations for the student. A
student who is denied a Federal Direct Graduate PLUS
Loan may possibly obtain the loan by securing an endorser
who has no adverse credit notations. Note that credit
scores and/or debt-to-income ratio are NOT considered as
reasons to deny a Federal Direct Graduate PLUS Loan.
Tulane is unable to replace "denied" loans with other
sources of aid, so it is critical for applicants to know
whether their credit history will support planned borrowing.
How can I borrow less?
Every dollar not borrowed saves $2, when you assume
every $1 borrowed repaid over 25 years at 7.9% interest
results in about $1 of interest costs. Living with roommates
is a good way to cut down on costs. We recommend that
students borrow conservatively, and increase their
borrowing midyear if absolutely necessary.
Are my salary expectations realistic?
Take-home pay would be about $4,133 per month for a
person with a salary of $62,000 per year (allowing 20% for
taxes). Various sources are available to research salary
expectations for graduate students. One website to begin
expected salary research is www.finaid.org. Another
example is http://www.ehow.com/about_6626574_average-startingsalary-ph_d_.html, which states that after completing a
doctorate, a graduate (not necessarily a Tulane graduate)
can expect to make an average of about $65,427.
Are my repayment expectations realistic?
As a point of reference, educational debt of $100,000
would be repaid at the rate of about $1,200 per month over
10 years, or $750 per month over 25 years (assuming an
7.5% interest rate). The total amount repaid would be
about $150,000 over 10 years; or $225,000 over 25 years.
Calculators to predict how much your student loans will
cost you and to plan for successful repayment before you
borrow can be found at www.finaid.org/calculators.
How will educational borrowing affect
other borrowing?
A lower educational debt will likely result in a stronger
ability to borrow in the future for a house or a car; a higher
debt will likely result in a reduced ability to borrow in the
future.
Information for International Applicants
An applicant who is neither a U.S. citizen nor a U.S. permanent resident does not have eligibility to apply for U.S.
Federal educational loans (see more information below after the asterisk*), and should not fill out a FAFSA.
However, several private (non-federal) educational loans allow application by such students if they obtain a U.S.
citizen or U.S. permanent resident co-signer. The co-signer must supply a U.S. social security number, have a
satisfactory credit history, and demonstrate sufficient current income to repay credit obligations (including the
educational loan). The student applicant also should provide a U.S. social security number if possible. With a
creditworthy co-signer, a student can borrow up to the cost of attendance. Tulane determines the borrower’s
maximum loan eligibility based on the Cost of Attendance for the 2011-2012 academic year, less any other financial
aid received. The interest rates are variable. For more details on these private commercial education loans (and/or
to verify the latest information, which may be changed by the lenders without notice), contact each agency directly:
CitiAssist Loan; http://www.studentloan.com, phone 1.800.STUDENT
Smart Option Loan; https://www.salliemae.com/student-loans/, phone 1.888.2.SALLIE
Wells Fargo Graduate Loan; https://www.wellsfargo.com/student/, phone 1.800.378.5526
Tulane University Financial Aid Office
Science & Engineering Complex, Bldg. 14, Room 205
New Orleans, LA 70118
504.865.5723 Fax: 504.862.8750
finaid@tulane.edu
www.finaid.tulane.edu
*Eligible Noncitizen: “You must be one of the following to receive federal student aid:
U.S. citizen
U.S. national (includes natives of American Samoa or Swain’s Island)
U.S. permanent resident who has an I-151, I-551, or I-551C (Permanent Resident Card)
If you’re not in one of these categories, you must have an Arrival-Departure Record (I-94) from U.S. Citizenship and Immigration Services
(USCIS) showing one of the following designations:
"Refugee"
"Asylum Granted"
"Cuban-Haitian Entrant, Status Pending"
"Conditional Entrant" (valid only if issued before April 1, 1980)
"Victims of human trafficking, T-visa" (T-2, T-3, or T-4, etc.) holder
"Parolee" (You must be paroled into the United States for at least one year and you must be able to provide evidence from the USCIS that
you are in the United States for other than a temporary purpose and that you intend to become a U.S. citizen or permanent resident.)
The following documents are not considered in determining your eligibility for federal student aid:
If you have only a Notice of Approval to Apply for Permanent Residence (I-171 or I-464), you aren’t eligible for federal student aid.
If you’re in the United States on certain visas, including an F1 or F2 student visa, or a J1 or J2 exchange visitor visa, you’re not eligible for
federal student aid.
Also, persons with G series visas (pertaining to international organizations) are not eligible.
Citizens of the Federated States of Micronesia, the Republic of the Marshall Islands, and the Republic of Palau are eligible only for Federal Pell Grants,
Federal Supplemental Educational Opportunity Grants, and Federal Work-Study. These applicants should check with their schools’ financial aid offices
for more information.”
*Source: Department of Education Student Aid On the Web
http://studentaid.ed.gov/PORTALSWebApp/students/english/Glossary.jsp#elegiblenoncitizen
Rev. 03/21/11
