Office of Financial Aid & Scholarships
Understanding Your Graduate
Financial Aid Award
- How Your Financial Aid is Determined
- Financial Aid and Your Billing Statement
- Financial Aid Checklist
- Graduate Scholarships and Assistantships
- State Grants for Graduate Students
- Loan Resources
- Student Employment Options
- Other Educational Financing Options
- Tuition Waivers and Outside Scholarships
- Satisfactory Academic Progress
- Verification Process
- Your Rights and Responsibilities
How Your Financial Aid is Determined
At RIT, we believe that the primary responsibility for funding higher education costs belongs with the student. Many of the aid programs administered by the Office of Financial Aid and Scholarships require that the student show need for assistance beyond whatever financial contribution can be reasonably expected from the student.
Your eligibility for these aid programs is based on the difference between the estimated cost of RIT/NTID and your family contribution. Estimated costs include tuition, fees, room, board, books, transportation, supplies, and personal expenses. If you plan to live at home with your parents and commute to RIT, your cost of attendance will not include room and board. Your student contribution is based on information provided on the FAFSA and is the amount you are expected to contribute towards these costs. The specific combination of federal, state, and/or RIT/NTID sponsored financial aid listed on your award letter is based on your financial need and the availability of funds.
Financial aid for graduate students at RIT comes from two primary sources. The Office of Financial Aid and Scholarships has the responsibility for determining your eligibility for low interest educational loans. Scholarships and assistantships are awarded through individual academic departments, based upon a review of your academic record and information you provided in your Application for Graduate Study.
Financial Aid and Your Billing Statement
The Office of Student Financial Services (SFS) sends electronic billing statements prior to the beginning of each quarter. The billing statements reflect charges for tuition and fees and can be viewed on-line at https://eservices.rit.edu. If you are living in RIT housing, your room and meal plan charges will also appear on your statement.
An estimate of your financial aid will be reflected on your bill as anticipated aid. The billing statement will show the anticipated financial aid deducted from your total charges. You will be required to pay any balance due after the financial aid has been deducted from your charges. On occasion, an anticipated award amount from an outside source may be different from the actual amount of funds received. In this case, your bill will be adjusted upon receipt and your revised balance will be reflected on your next billing statement. Most scholarships and grants awarded by RIT will be credited to your account once we receive all required financial aid document and after the end of each quarter's Add/Drop period, with the exception of summer. Summer quarter financial aid cannot be disbursed until after July 1. Remember that you will need to bring money for books, supplies, personal expenses, and transportation. While you are not billed for these expenses, you should anticipate them as part of your overall costs. If your financial aid exceeds your student account charges, you may use the excess funds for these other educational expenses.
Tentative 2008-2009 Billing Dates
| Fall | Winter | Spring | Summer | |
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| First Bill Generated |
7/21/08
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10/27/08
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2/09/09
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5/03/09
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| First Bill Due |
8/15/08
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11/16/08
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3/05/09
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5/21/09
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| Second Bill Generated |
9/22/08
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12/27/08
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3/26/09
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6/04/09
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| Second Bill Due |
10/10/08
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1/16/09
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4/09/09
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6/30/09
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What's Next?
All students should… |
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If your award includes… |
Estimated VR: |
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New York State (NYS) TAP Grant: |
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“Pending Verification” Message: |
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Once all of the above steps have been completed, you should follow the steps below for each federal loan offered on your award letter, if you are a first time borrower: |
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Direct Subsidized and/or Unsubsidized Student Loans: |
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Federal Perkins Loan: |
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And lastly, follow-up on all required paperwork: check your department mail folder and your RIT e-mail regularly once you are on campus. These are our most common means of communicating critical financial aid news to you when you are enrolled. The RIT Portal is another convenient tool that lets you know when important financial aid documents are required. Also, you can check your financial aid status at https://fass.rit.edu/finAidSelfService. |
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Graduate Scholarships and Assistantships
RIT awards graduate student scholarships and assistantships through individual academic departments. Students who would like to be considered for graduate scholarships and assistantships should check the appropriate boxes on the Graduate Application for Admission. Receipt of a graduate student scholarship or assistantship may affect your eligibility for other federal aid. If you receive a scholarship or assistantship after you have received an award letter from the Office of Financial Aid and Scholarships, we will send you an amended award letter to notify you of any changes to your award.
State Grants for Graduate Students
New York State Tuition Assistance Program (TAP) and Scholarships are for students meeting residence, income, academic and/or other requirements, established by New York State. When completing the on-line FAFSA, you will be provided with a Web link to the TAP Application. If an e-mail address is provided on the paper FAFSA, an e-mail will be sent with a link to a Web site to establish a PIN and to gain access to the online TAP application. Applicants who do not have an e-mail address will get a postcard directing them to TAP on the Web (TOW). Students who do not respond to the e-mails or postcards will be sent a paper application. Although a TAP estimate may be included as part of your Financial Aid Award, the state's notification is your official approved award. Academic requirements for New York State programs differ from requirements for RIT/NTID or federal aid programs. Academic eligibility is reviewed at the end of each quarter a state award is received. In addition to accruing degree credits and earning a minimum grade point average, TAP recipients must:
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Completion of a course is defined as meeting course requirements and receiving a letter grade of A, B, C, D, or F. In addition, state regulations mandate that if a student repeats a course in which a passing grade acceptable to the institution was received, the repeated course does not count toward the minimum 12-credit-hours required for TAP and other state programs. Students are encouraged to contact their financial aid counselor when considering repeating a course. In addition to New York State TAP, students may be awarded additional state sponsored awards such as the Academic Excellence Scholarship or the Persian Gulf Benefit. The total of all state awards will be reflected as a TAP grant on your Financial Aid Award Letter.
Other State Grants may be awarded by Vermont, Rhode Island, Pennsylvania, Michigan, and the District of Columbia. If you are approved for a state grant, funds will be sent directly to RIT.
Vocational Rehabilitation Assistance (Also known in some states as: DVR, MRC,VR, VESID,OVR) is provided by state agencies to residents who meet specific requirements. Contact the Vocational Rehabilitation Office near your home to apply for VR support. If you appear to be a candidate for VR support, you will see VR included in your financial aid award. Since there is no national standard for determining VR support, it is difficult for RIT to estimate the amount. Each agency in each state has their own method for determining awards. If the actual amount of VR support you receive is different from the estimated amount in your financial aid award, RIT will make any required adjustments to your award. All NTID students who apply for financial aid are expected to also apply for VR assistance. If a VR amount is included in your financial aid award and you have not applied through your state agency, RIT will not be able to replace the estimated VR amount.
Loan Resources
Loans are an invaluable resource for students because repayment is traditionally scheduled over a ten-year period beginning 6 months after you leave school, or drop below half-time (6 credits) enrollment. Therefore, you are delaying payment on a portion of your educational costs..
William D. Ford Federal Direct Loans are provided by the federal government. The Direct Loan Program provides a simple way to obtain and repay student loans; the U.S. Department of Education is the lender and the loan funds are sent directly to RIT. If you borrowed federal loans at a previous institution, you can combine those loans with the Federal Direct Loans under the Direct Consolidation Loan Program.
Effective July 1, 2006 the Federal Direct Loan interest rate is fixed at 6.8%. A 2.5% origination fee is deducted by the government from each loan disbursement. As an incentive to encourage timely repayment of Direct Loans, a 1.5% rebate is offered at the time of disbursement. If a borrower makes all of the first 12 monthly payments on time, the borrower can keep the rebate for the life of the loan.
If you are a first time Federal Direct Loan borrower you must sign a Master Promissory Note and complete an Entrance Interview. The Master Promissory Note can be completed at http://dlenote.ed.gov and the Entrance Counseling tutorial/quiz can be completed at https://www.dlssonline.com/entrancecounseling/main-entc.asp. You may also complete both the Master Promissory Note and the Entrance Counseling tutorial in person at our office.
Based on the information reported on the FAFSA, you may receive either a Subsidized Direct Loan or an Unsubsidized Direct Loan.
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Federal Loan Limits
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Direct (Sub & Unsub) |
Subsidized Direct |
Direct (Sub & Unsub) |
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Professional |
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Undergraduate |
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Undergraduate |
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Federal Perkins Loans are provided by the federal government and are awarded by RIT to a small percentage of graduate students based on information reported on the FAFSA. No interest accrues on the loan while you are enrolled at least half-time (6 credits). The interest rate for the Federal Perkins Loan is fixed at 5% per year. First time Perkins Loan borrowers must complete a Rights and Responsibilities Form and a Master Perkins Promissory Note. Both forms can be completed online at www.ecsi.net/prom02. You may also complete both the Master Promissory Note and the Rights and Responsibilities Form in person at the Office of Financial Aid and Scholarships. Students are required to maximize their entire Direct Loan eligibility before receiving a Federal Perkins Loan.
Alternative Educational Loans are private loans (non-federal) offered through banks to supplement financial aid awards. RIT is required to certify these loans to ensure that the loan amount does not exceed the cost of attendance less all other financial aid. Most alternative loans are disbursed equally into student accounts according to enrollment plans. We encourage students and families to use alternative loans as a last option after first pursuing all federal loan options. If you decide that an alternative loan is right for you, you may borrow from any lender that you choose. You also may call us for information. Once your application has been approved with a credit check, we will certify your eligibility and schedule the disbursement of funds directly into your RIT account. The total value of your requested loan amount will be divided equally over each quarter you are scheduled to enroll at RIT. Credit checks on alternative loans are valid only for a period of time that is determined by the lender. In many cases, the lenders use 180 days. An application completed too soon before the start of your first term may not be valid. For more information on how to evaluate alternative student loan lenders and various lender services, please refer to the following resources at http://www.rit.edu/emcs/financialaid/responsible_borrowing.html
Federal PLUS Loan for Graduate Students versus Private/Alternative Loans
Are you interested in learning about loan options to assist with your remaining costs? If so, the chart below outlines two options: Federal PLUS Loan and Alternative Loans. The Federal PLUS Loan for Graduate students is a new option effective July 2006. You can download a graduate PLUS Application.
| Federal PLUS Loan | Private/Alternative Loans | |
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Borrower |
Graduate student. |
Graduate student. May require cosigner. |
Credit Review |
Minimal credit review, based on federal standards & credit history. Approval is not based on income, financial need or debt-to-income ratio. |
Comprehensive credit review process required. Credit scoring and/or debt to income ratio may be reviewed. |
Repayment |
Payments may be deferred while a student/borrower is enrolled at least half-time. There is no grace period. |
Payments may be deferred while a student is enrolled at least half-time. There is also a 6 month grace period. |
Interest Rate |
Current rate is 7.9%. New rate determined July 1. |
Variable; can change monthly or quarterly. Usually no cap. |
Capitalization of Interest |
Once at repayment. |
Can be as often as monthly. |
Fees |
Up to 4%, deducted proportionately from each disbursement. However, with the 1.5% rebate the fee is actually 2.5%. |
RIT’s recommended lenders, CitiAssist and Key Alternative Loans, have no fees. However, other various lenders may. |
Discharge |
PLUS loans are federally insured and are discharged in the event of disability or death. |
Alternative loans are not federally insured and may not offer discharge in the event of disability or death. |
Deferment and/or Forbearance |
Unemployment and hardship deferments are available. |
Unemployment and hardship deferments are generally not available. |
Consolidation |
Can be consolidated in a federal Consolidation Loan. |
Limited consolidation options available at a variable rate. |
| Graduate students who are certified for full-time equivalency status while completing thesis requirements may have a maximum of four quarters of student loan eligibility. |
Student Employment Options
There are a variety of on-campus employment opportunities for RIT students. The hourly rate of pay begins at $7.15 per hour and is dependent upon the skill or experience required for the job. Student employees are paid bi-weekly and these earnings are taxable. Most students use their earnings to pay for books, travel, and personal expenses rather than for tuition and fees.
Student employment opportunities can be viewed at www.rit.edu/seojobs. On-campus student employment is limited to students who are full-time (minimum 12 credit hours) and matriculated (accepted into a degree program). Students are responsible for contacting potential employers to set up an interview. The employer listing the position makes the hiring decision. The following documents are required to obtain an employment eligibility card which is required for all student employees:
- a photo ID
- an original U.S. social security card or an original birth certificate
Federal Work Study is a government-subsidized financial aid program which provides part-time jobs to assist students in paying for their education. Federal Work Study is offered by RIT to students who meet the eligibility requirements as determined by information reported on the FAFSA. Federal Work Study earnings are not considered an available resource in subsequent years. You are required to report all of your income on the FAFSA, including your total Federal Work Study earnings. However, your Federal Work Study earnings should be reported on Worksheet C of the FAFSA. This value is automatically excluded from your total income when your Expected Family Contribution (EFC) is calculated. Federal Work Study awards may be decreased or changed to RIT Campus Employment if you decide to apply for either the Graduate PLUS or an alternative loan.
RIT Campus Employment offers on-campus job opportunities to all work eligible students. These jobs are offered regardless of a student's financial need and are similar to Federal Work Study jobs. Wages are paid by RIT, and therefore, income earned from RIT Employment is considered an available resource when determining your Expected Family Contribution (EFC).
Other Financing Options
RIT's Interest-Free Monthly Payment Plan helps students budget yearly costs over a ten month period with no interest charge. You can apply for the Monthly Payment Plan electronically or you can contact the Office of Student Financial Services directly at (585) 475-6186 to enroll in this payment plan.
RIT’s Employer Sponsored Tuition Plan (ESTP) is a deferment program designed to assist employees who receive employer paid tuition benefits after classes have been completed.
This full-quarter deferment is for employees who must turn in grade reports to receive full tuition reimbursement from their employers. By deferring the full amount until the reimbursement is received, RIT hopes to ease the financial burden on these student-employees and make it possible for them to continue working toward their degree without interruption.
In order to participate, eligible employees should obtain a deferment application from their company’s Human Resource Office. This card must be completed by the student and the tuition aid or human resource professional. Information requested on the card includes a valid Visa or MasterCard number that will be charged if the student does not meet the payment deadlines outlined on the card. The deadlines are scheduled approximately four weeks after each quarter ends to allow sufficient time for grades to be received and reimbursement checks to be processed.
The company portion of the card indicates only that the employee is
eligible for a full tuition reimbursement, not that full reimbursement
is guaranteed. Students must still meet any grade guidelines established
by the employer. Additional information can be obtained by contacting
the Office
of Part-time and Graduate Enrollment Services at (585) 475-2229
or opes@rit.edu.
Tuition Waivers and Outside Scholarships
RIT Tuition Waivers are administered by Human Resources. If you are a recipient of an RIT tuition waiver, and the tuition waiver amount that you anticipate is not reflected on your financial aid award, you should contact the Office of Financial Aid and Scholarships. RIT tuition waiver recipients who plan to enroll full-time and who are New York State residents are required to apply for TAP by completing a FAFSA and, if required, an Express TAP Application. Students who are eligible for a 100% tuition waiver will have the waiver reduced by the value of their TAP award. Students who are eligible for a partial waiver will receive both their waiver and their TAP award, as long as the combination does not exceed the tuition charge.
Outside Scholarships and Employer Tuition Waivers are awarded by private organizations. We encourage students to apply for outside scholarships since these are an excellent source of funding and may reduce the need to borrow loans. In many cases, no adjustments to a student’s financial aid award are necessary. If, however, your award includes a Federal Perkins Loan, the outside scholarship will reduce the Perkins Loan dollar-for-dollar. If you are receiving a Tuition Waiver or a scholarship from an outside source, regulations require that you notify the Office of Financial Aid and Scholarships. The total value of your reported outside scholarship will be divided equally over each quarter you are scheduled to enroll at RIT unless the donor specifies otherwise.
Satisfactory Academic Progress
You must maintain satisfactory academic progress towards the completion of a degree program as defined in the RIT Graduate Bulletin. In general, assistance is available to students who complete 12 credit hours per quarter and maintain a 2.0 (C) cumulative grade point average. The State of New York maintains its own standards for the renewal of TAP grants, as outlined separately, in the RIT Graduate Bulletin.
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Verification Process
In order to check the accuracy of information reported on the FAFSA, the federal government selects approximately 30% of all aid applicants to undergo the verification process. An applicant can be selected for verification when they initially submit a FAFSA, or when they submit corrections on a SAR. Students initially selected for verification have a message printed on both their SAR and on their RIT Financial Aid Award Letter. Students who are selected for verification as a result of submitting corrections will have a message printed on their corrected SAR.
Financial Aid Adjustments - We are required by federal law to collect information from applicants who are selected for verification, and to resolve any discrepancies which may exist between information reported on a FAFSA and information reported on taxes. There are cases in which verification increases a student's eligibility for aid, and other cases in which eligibility is reduced.
Required Documents - In order to complete the verification process, the following documents must be submitted to the Office of Financial Aid and Scholarships:
- Signed copies of your and your spouse's (if applicable) 2007 federal or foreign tax return and w-2's. If you and your spouse (if applicable) were not required to file a 2007 federal or foreign tax return, submit a Student Non-Filer Form.
- A signed Verification Worksheet.
Submission Deadline - If selected for verification, the process must be completed by your last day of enrollment of the current academic year. If you do not complete the verification process by your last day of enrollment at RIT, you may forfeit eligibility for financial aid.
If a copy of your tax return is not available, you can request a copy of a tax transcript, free of charge, from the IRS by calling 1-800-829-1040. This form must be signed by the tax filer before being submitted to RIT for the verification process.
Your Rights and Responsibilities
Each RIT student is assigned a Financial Aid Counselor based on their academic major. Counselors are committed to working with students to make RIT affordable. Also as a financial aid recipient, you have certain rights and responsibilities, including the following:
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