Q: I've accepted the maximum amount I can receive in Stafford loans, but it doesn't cover all of my expenses. How do I apply for additional loans?

A: First, you must figure out how much money you need. Students are eligible to receive up to $8,316 per semester in a refund check. This means that you may apply for enough money to cover any tuition costs not covered by your Stafford loans, and another $8,316 for your living expenses. If you apply for too much, the school will return the extra money to your lender. Once you know how much money you need, fill out an Application for Additional Aid and return it to the Office of Financial Aid. Then, contact the lender you selected, either by phone or email, and file an application for the amount of money you indicated on your Application for Additional Aid. Once you have done both of these things, it takes 4-6 weeks for your loans to be processed and the money to be applied to your account.

Below, find descriptions of the different types of loans available to students who have already received all of their Stafford loans for the year:

Graduate PLUS Loan: This is a type of federally-backed, unsubsidized loan that is available to students who need additional aid after accepting their Stafford loans. Graduate PLUS loans have a fixed interest rate of 8.5% and may be consolidated with subsidized and unsubsidized Stafford loans. Graduate PLUS loans have a 3% origination fee that is deducted when the loan is disbursed. Graduate PLUS loans require credit approval. Many lenders offer a "Second Look" option if credit is denied, or they may require the borrower to find an endorser (cosigner). If the lender allows borrowers to request a second look, the lender will determine if there are steps the borrower can take to improve their credit quickly to make them loan-worthy.

Alternative Loans: These are private loans and cannot be consolidated with Stafford Loans. Because they are not federal loans, they may be available to international students and students who do not file a FAFSA. Interest rates on alternative loans are not fixed and they can vary by lender and by the borrower's credit rating. Alternative loans require credit approval; if credit is denied, an endorser will be required.

Q: How does using my book voucher affect the amount I receive in financial aid?

A: Book vouchers are always deducted from the refund check; we basically advance you a portion of your refund check in the form of a book voucher. For example, if your refund amount is $5000, and you use $200 of your book voucher, you will receive $4800 in a refund check. If you are not due to receive a refund check based on your accepted financial aid and registration at the time book vouchers are produced, you will not be given a book voucher.

Q: How do I find out about work-study positions?

A: Work-study positions become available throughout the year, and are posted to Adler email addresses and through Scholar360. The best thing to do is to check your Adler email account for postings, and apply for work-study positions at the beginning of your incoming semester. The positions must be applied for like a regular job (i.e., you will be expected to submit a resume and may be asked to interview), and vary in the number of hours needed. All work-study positions pay $11 per hour. Teaching assistantships are available, though they're typically not posted with the other work-study positions, and tend to be established on an individual basis between faculty and students. TAs do not have to be awarded federal work study (so non-financial aid recipients and international students are eligible) and can earn no more than $1100 a semester. The maximum amount you can earn in Federal work-study is $8000 per year, and you are allowed to work no more than 20 hours a week while school is in session. Contingent upon approval by the head of the department, students may work up to 40 hours per week during school breaks. It is possible to work both as a TA and have a work-study job, but students are not allowed to work more than 20 hours per week in total.

Q: What is an exit interview?

A: The exit "interview" actually consists of completing a form which reiterates your responsibilities as a borrower of Federal student loans and asks you for references. We will mail this to you. You are most welcome to come in, however, if you have specific questions about your loans or about loan repayment.

Q: What kind of financial aid is available to Canadian or other international students?

A: In addition to the OSAP loans, Canadian students can apply for Alternative student loans. These are private loans with varying interest rates that many banks and lenders offer. For international students, Alternative loans usually require a co-signer who is a U.S. citizen, and/or has established credit within the U.S. Unfortunately the interest rates on these loans tend to be high for international borrowers, although they do vary by the lender you choose.

International students are not eligible for Federal work-study positions, but the Adler School does offer some institutional work-study positions, which are available to all students. These jobs will be advertised via email and on Scholar360 as they become available, and we suggest applying for them early on in the school year, as they are not as plentiful as Federally-funded work-study opportunities.

All work-study students are allowed to work no more than twenty hours a week, and all work-study positions pay $11 per hour.

Teaching assistantships are also available to international students, though they're typically not posted with the other work-study positions, and tend to be established on an individual basis between faculty and students. TAs can earn no more than $1100 a semester. It is possible to work both as a TA and have a work-study job, but students are not allowed to work more than 20 hours per week in total. Contingent upon approval by the head of the department, students may work up to 40 hours per week during school breaks.