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Arts, Sciences, and Engineering 2010-2011 Bulletin - USS at Tufts

Arts, Sciences, and Engineering 2010-2011 Bulletin - USS at Tufts

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F I N A N C I A L I N F O R MAT I O N >terms are very similar to Federal Stafford Loansbut there is no interest charge.Federal Direct Subsidized Loans: This programoffers student loans subsidized by the federal governmentthrough lending institutions. Studentsmay borrow up to $3,500 for the first undergradu<strong>at</strong>eyear, $4,500 for the second year, <strong>and</strong> $5,500per year for the remaining undergradu<strong>at</strong>e years(maximum $23,000) <strong>and</strong> up to $8,500 per year forgradu<strong>at</strong>e study. A maximum of $65,500 for undergradu<strong>at</strong>e<strong>and</strong> gradu<strong>at</strong>e years is permitted underthis program. Federal Direct Loans are normallydisbursed in two equal installments. The interestr<strong>at</strong>e during repayment is 6.8 percent for gradu<strong>at</strong>estudents <strong>and</strong> 5.6 percent for undergradu<strong>at</strong>e students.Repayment begins six months after the studentgradu<strong>at</strong>es or stops <strong>at</strong>tending school on <strong>at</strong>least a half-time basis.Federal Direct Unsubsidized Loans are availablefor students who do not qualify for a subsidizedFederal Direct Loan. Students areresponsible for interest while in school <strong>and</strong> maymake monthly interest payments or capitalize theinterest. The interest r<strong>at</strong>e on the unsubsidized loanis 6.8%.Dependent undergradu<strong>at</strong>es may borrow up to$2,000 above the subsidized Federal Direct Loanlimits less the amount of any subsidized loanreceived. Gradu<strong>at</strong>e students <strong>and</strong> independentundergradu<strong>at</strong>es may borrow up to the subsidizedFederal Direct Loan limit less the amount of anysubsidized loan received plus $6,000 per year forfreshmen <strong>and</strong> sophomores, $7,000 per year forjuniors <strong>and</strong> seniors, <strong>and</strong> $12,000 per year for gradu<strong>at</strong>estudents. In order to advise students of theirrights <strong>and</strong> responsibilities, an entrance interview isrequired of all first-time borrowers <strong>at</strong> <strong>Tufts</strong> priorto disbursement of the loan. Exit counseling isrequired of all borrowers before leaving the university.Federal Direct PLUS Loans: Through the FederalDirect PLUS Loan program, gradu<strong>at</strong>e students <strong>and</strong>parents of dependent undergradu<strong>at</strong>es may borrowup to the full cost of educ<strong>at</strong>ion minus any financialaid annually <strong>at</strong> a fixed r<strong>at</strong>e of 7.9%. The fee onPLUS loans in 2.5%. A credit check is required<strong>and</strong> payments begin 60 days after the loan is fullydisbursed. PLUS loans must be used for collegeexpenses, including room <strong>and</strong> board.Federal Work-Study Program (FWS): FWS providesfederal funds for <strong>Tufts</strong> to subsidize the hourlywages of students who need financial aid duringthe school year. Work-study positions are availableeither on-campus or with off-campus, nonprofitcommunity service programs, <strong>and</strong> typically wagesrange from $7.00 to $15.00 per hour.ROTC Programs: ROTC may be applied for beforeor after admission <strong>and</strong> used <strong>at</strong> <strong>Tufts</strong>. Applic<strong>at</strong>ionsmay be obtained from Air Force or Navy recruitingofficers, or students may join after registr<strong>at</strong>ion <strong>and</strong>compete for two- or three-year Army scholarships.Many ROTC scholarships include full tuition,books, <strong>and</strong> fees, as well as a monthly stipend of upto $500, while others offer up to $20,000 towardtuition, plus a stipend. <strong>Tufts</strong> students particip<strong>at</strong>e inROTC through units <strong>at</strong> nearby M.I.T. Mostclasses are held on the M.I.T. campus. After gradu<strong>at</strong>ion,a 4-year active duty commitment isrequired, with pilots needing to serve longer. Afterundergradu<strong>at</strong>e college gradu<strong>at</strong>ion, other ROTCmedical college scholarships may also be available.While Massachusetts law <strong>and</strong> <strong>Tufts</strong> policy prohibitdiscrimin<strong>at</strong>ion based on sexual orient<strong>at</strong>ion, federallaw regarding particip<strong>at</strong>ion in military programs,including ROTC, currently accommod<strong>at</strong>es sexualorient<strong>at</strong>ion only in very limited ways <strong>and</strong> is underlegal challenge.Contacts (<strong>at</strong> M.I.T.): Air Force: 617-253-4475,Army: 617-253-4471, <strong>and</strong> Navy & Marine: 617-253-2991.Job Loc<strong>at</strong>ion <strong>and</strong> Development Program (JLD):JLD aids all <strong>Tufts</strong> students, regardless of financialneed, in finding campus or off-campus employment.Students may work part time while inschool or full time during vac<strong>at</strong>ion. Students areencouraged to visit the <strong>Tufts</strong> Career <strong>and</strong> Employmentwebsite <strong>at</strong> http://studentservices.tufts.edu/studentemployment/default.htm, where they canregister for an interactive job-search program providingaccess to a host of employment opportunities<strong>and</strong> services.All inform<strong>at</strong>ion regarding federal student aidprograms is correct as of May <strong>2010</strong>, but is subject tochange with the passage of new legisl<strong>at</strong>ion.For more inform<strong>at</strong>ion regarding financial aidpolicy <strong>and</strong> procedures, visit http://finaid.tufts.edu/.9

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