Types of Aid
Most types of financial aid awards fall within one of two categories: gift aid or self-help aid.
Gift aid refers to those awards that do not have to be repaid. Awards of this nature are generally called scholarships or grants. For graduate students this can also includes assistantships and fellowships.
Self-help refers to those awards that require something in return from the student in order to receive the funds. Awards of this nature include student loans and student employment. Loans will require repayment and student employment will require the student to secure a part-time position on campus to receive their paycheck.
University Scholarships and Grants
A limited number of University-sponsored scholarships and/or grants may be available from your academic department or program of study. We recommend you contact them directly for more information.
Federal and State Scholarships and Grants
Teacher Education Assistance for College and Higher Education (TEACH) Grant
This grant is valued at up to $4,000* per year and can be used by students who intend to teach in a public or private elementary or secondary school that serves students from low-income families. If, after reading all of the information on the TEACH fact sheet (.pdf), you are interested in obtaining the TEACH Grant, you should contact the Office of Financial Aid.
In addition, federal scholarship opportunities can be found on the Federal Student Aid website.
*Award amounts for any TEACH Grant that is first disbursed after March 1, 2013 must be reduced by 6.0 percent from the award amount for which a recipient would otherwise have been eligible. For example, the maximum award of $4,000 is reduced by $240, resulting in a maximum award amount of $3,760.
We recommend you contact your state's higher education agency to explore the scholarship opportunities they provide their residents.
When searching for additional resources to fund your education, don't forget to explore the world of external scholarships. There are millions of dollars given annually to students from scholarship foundations, private business, professional clubs and organizations.
As part of your search, you may want to use one of the many free scholarship search services on the Internet. These agencies scan their database of awards and notify you to apply for those which match up against your personal profile.
Beware of those searches that charge you a fee; it may be a scam!
A limited number of graduate assistantships and fellowships are available to graduate students. Students contract to provide a minimum number of hours per week to the department in some capacity. In return, students generally receive a combination of tuition remission and a stipend.
These programs are awarded by individual academic departments, therefore, you can contact your department directly for more information.
Federal Direct Student Loan
Federal Direct (Stafford) Loans, from the William D. Ford Federal Direct Loan (DL) Program, are low-interest loans for eligible students to help cover the cost of higher education. Eligible students borrow directly from the U.S. Department of Education.
For this program, we will review the results of your FAFSA to determine the amount of direct loan you can borrow based on your grade level and enrollment status.
For more information, download the direct loan handout (.pdf).
Federal Direct Graduate PLUS Loan
For students who have exhausted their direct loan eligibility for the year, or have reached the aggregate borrowing limit for that program, there may be opportunity to borrow additional federal funds via the Graduate PLUS Loan program. We will notify you of your eligibility for this loan on your annual award notification.
For more information about this loan program and learn how to apply, download the Graduate PLUS Loan handout (.pdf).
Alternative student loans
Occasionally, students prefer to use a private lender for their educational financing. Alternative educational loans are, in general, low-interest, unsecured loans. The University of Dayton encourages you to first file the FAFSA so we may determine your eligibility for federal student loans prior to your applying for a private loan. Federal loan terms and conditions may be more favorable than a private educational loan.
Eligibility for most private loans is based on the creditworthiness of the borrower, and so we recommend students apply with a creditworthy cosigner in order to receive the most favorable loan terms. As with any loan, be sure to review all information carefully and contact the lender directly with any questions related to specific terms and conditions.
The University of Dayton does not endorse any particular private educational loan program or lender. However, to assist you in the search for additional financial resources, we are happy to provide you with the names of some of the programs/lenders our students currently use. Please be aware that the processing timeline - from application to disbursement - can take up to four weeks, so plan accordingly to avoid any university charged interest.
During the application process, the lender will send you three separate disclosure statements, as well as a 'self-certification form'. The information you need to complete this form can be found on your award notification letter or via the 'Award Overview' tab of your financial aid information on Porches. Please review the information provided by the lender carefully and contact the lender directly with any questions related to a loan program's specific terms and conditions and how they apply to you.
Please contact a financial aid counselor if you would like help determining the amount needed to cover your expenses.
Graduate students are eligible to apply for student employee positions as long as they are enrolled at least half-time (minimum 3 hours per term). Once you are enrolled you can explore available positions and apply for those that interest you. Policies regarding student employment are available in the student employee handbook (.pdf).