Warrior Hub
222 Maxwell Hall (507.457.5090)
Application for financial assistance requires the completion of the Free Application for Federal Student Aid (FAFSA). To be considered for aid, a student must be enrolled or accepted as a graduate student in an eligible program for the purpose of obtaining a degree and must maintain good standing and meet satisfactory progress standards at the university. To qualify for student loans, graduate students must be enrolled on a half-time basis or more. Half-time enrollment requires a minimum of three graduate credits.
Loans
Federal Perkins Loan: The Federal Perkins Loan is a 5% interest loan awarded through the Financial Aid Office to students enrolled on at least a half-time basis who demonstrate exceptional need based on the FAFSA. Repayment and interest does not begin until after the student ceases to be enrolled on a half-time basis. Cancellation may be available for teaching in certain areas or certain subjects, for service in a Head Start Program, full-time nursing or law enforcement, or other conditions per the terms of the promissory note the student signs at the time of disbursement.
Federal Subsidized Stafford Loan: This need based loan is available to students enrolled half-time or more and provides up to $8500 per year for graduate study. The interest rate is variable capped at 8.25 percent with the federal government paying the interest while the student is in school and for a six-month grace period. Eligibility is determined by the Financial Aid Office based on the FAFSA and cost of attendance. Borrowing is done through a commercial lender.
Federal Unsubsidized Stafford Loan: Demonstrated financial need is not required for the Federal Unsubsidized Stafford Loan but a FAFSA must be filed before school certification can occur. The borrower is responsible for interest that occurs while he/she is in school. The interest rate is variable capped at 8.25 percent. Graduate students may borrow up to the cost of attendance at WSU minus any subsidized Federal Stafford or other aid received. Borrowing is done through a commercial lender.
Student Education Loan Fund (SELF): The Minnesota Higher Education Services Office provides loans of up to $9000 per year for graduate students who are enrolled at least half time. Loan amounts are determined by the cost of attendance, other aid and student’s prior and current student loan indebtedness. A student is eligible for SELF loans regardless of family income, but must have a creditworthy cosigner. Students make interest payments at a variable rate while they are in school. Students are required to file a FAFSA and have their application approved through the Financial Aid Office.
Short Term Loans: These loans are available to students for emergency expenses. For applications and more information, students should contact the Financial Aid Office.
Employment
The Federal and State Work-Study Programs provide part-time employment to students who demonstrate financial need. Most employment is on campus, but students can work in off-campus nonprofit organizations or public agencies. Employment is limited to twenty hours per week while classes are in session. Institutional employment is available to students on a limited basis through various departments on campus. Students seeking this employment should contact campus departments. Graduate assistantships for teaching, research and staff assignments may also be available. Contact the graduate departments for possible openings. |
