In light of the continued effects of Hurricane Sandy, the University has cancelled classes and events at all campuses on Tuesday
(10/30/2012). Our offices remain closed. Please stay safe (and dry).
If you are on the west coast and still wish to speak with a SIPA Admissions representative, we’ll be in the bay area at 6pm at the APSIA fair in the Grand Hyatt San Francisco and then in Los Angeles tomorrow. Check out the recruitment schedule for further details.
Student Loans
About 40% of SIPA students use student loans as part of their financing strategy, and there are a number of options available to them. Most borrow fixed rate loans from the federal government, which offer flexible repayment options. Most federal loans are not credit-based, but have annual limits to the amount that can be borrowed; the Graduate PLUS loan is the exception to both of these rules. But other credit-based loans are available from private lenders, some of which may be available to international students so long as they have a US citizen who can co-sign the loan for them.
For students who are US citizens, permanent resident aliens, or political refugees, the federal government makes a number of loan programs available that students can use, if necessary, to fund the full cost of their education, including living expenses. In order to be considered for any loan from the federal government, a student must complete the Free Application for Federal Student Aid, or FAFSA. There are three different federal loan programs available to graduate students. They are:
There are also loans available from private lenders. Private loans do not require completion of the FAFSA, and some are available to international students who have a US citizen who can co-sign the loan form them (click here for some loans available to international students). Most private loans do not have strict annual limits and can be borrowed for the full cost of attendance minus other aid. At this time, interest rates tend to be lower than those of federal loans, but federal loan interest rates are fixed, and private loans (which are much less regulated) are variable. Private loans also tend to offer borrowers less flexibility and fewer features during repayment than federal loans. All students are free to select their own loan products and lenders, but due to repayment flexibility and the certainty of fixed interest rates, most SIPA students have opted to use federal loans.
In a future blog post, we will discuss student loan repayment; there are many repayment options available for federal loans that can make your student loans manageable, even one that could forgive some of your indebtedness.
Applying for Financial Aid – Spring 2013 Applicants
Applying for financial aid doesn’t involve too many steps. If you are applying for Spring 2013 admission, you will need to complete the 2012/13 Free Application for Federal Student Aid, commonly known as the FAFSA. To do so, go to www.fafsa.gov. This universal aid application is used at just about every college in the United States and even some in other countries where American students can receive aid. The information collected on the FAFSA will be used by the SIPA Financial Aid Office to determine your eligibility for student loans available from the federal government and possible work study jobs.
When you complete the FAFSA, you designate the recipient school by using a 6-digit code number specific to the school. Columbia’s school code is 002707.
If you completed the FAFSA as an undergraduate, you’ll be familiar with the process, although as a graduate student, no parental information is necessary. All graduate students are automatically considered to be financially independent. If you have a PIN number that you used as an undergraduate, use the same one. If have never completed a FAFSA before, you will need a PIN in order to complete the FAFSA; you must go to www.pin.ed.gov, which is linked from www.fafsa.gov.
Do not wait until you have received an admission decision to complete your FAFSA. While there is no absolute deadline approaching, you should complete the FAFSA as soon as possible; we recommend that you do so by November 1 for a timely review. Also be aware that this is an annual form, and you will need to complete the 2013/14 FAFSA for the following fall and spring semesters; you should do that after completing your 2012 federal income tax return next April.
And please…especially if you are completing the FAFSA for the first time, it can be confusing. If you have any questions or need any assistance, contact us at 212-854-6216 or email us at [email protected].
Note: Don’t complete a FAFSA if you are an international student; it is only used to determine eligibility for student loans and Work Study available to US citizens, permanent residents and political refugees.
If you are applying for Fall 2013 admission, complete the FAFSA for the 2013/14 academic year after January 1; we recommend that you do so by March 1. We will post a reminder for Fall 2013 applicants as the time to complete your FAFSA approaches.
You are eligible to apply for a Boren Fellowship if you are:
Boren Fellowships are funded by the National Security Education Program (NSEP). Boren Fellowships provide up to $30,000 to U.S. graduate students to add an important international and language component to their graduate education through specialization in area study, language study, or increased language proficiency.
For more information on the Boren Fellowships, click here. The Boren Fellowship deadline is January 31, 2013.
While a limited number of SIPA admits are offered direct funding (for year one), a higher percentage of SIPA students – typically half or more – are funded for their second year of study. Currently, the average second year award is an assistantship that provides approximately half of tuition, and consists of both tuition credits (a scholarship) and salary for part-time employment at SIPA. Some students with assistantships work in SIPA offices or as research assistants with academic departments, institutes or faculty; others are appointed as teaching assistants, and those TA positions pay more and also include a stipend payment at the start of each term for indirect expenses such as textbooks and living expenses.
Some first year students will receive a renewable scholarship, and if qualified may also receive an assistantship in addition to their scholarship in their second year of study.
The application deadline for second year awards is typically late February or early March, and the Office of Student Affairs will hold an information session prior to that, early in the spring semester, at which you will have the opportunity to learn more about available positions, eligibility criteria, and the selection process.
"The most global public policy school, where an international community of students and faculty address world challenges."
—Merit E. Janow, Dean, SIPA, Professor of Practice, International and Economic Law and International Affairs
Office of Admissions & Financial Aid
514 West 113th Street, New York, NY 10025
Main: 212.854-6216
Fax: 212.854.3010
[email protected]
[email protected]