Tufts University students are eligible for a full range of financial aid in
the form of university, state, and federal grants; long-term university, state,
Federal Perkins and Stafford Loans; and federally subsidized (FWS) campus
employment. In 2005-2006, 48 percent of full-time undergraduates received over
$52 million in these forms of aid and other government and foundation grants and
loans. 39 percent of the entering class received over $13 million in total aid,
of which over $11 million (85 percent) was in the form of grants. The average
grant was $23,000; the average award (including loan and job) was $25,300 to
entering students.
Application
Entering undergraduates, including transfers, apply for aid by submitting the
Profile Form of the College Scholarship Service, the Free Application for
Federal Student Aid (FAFSA), and copies of family federal tax returns before
February 15. Decisions on the amounts and kinds of aid are announced in April,
shortly after the letter of admission is mailed. Students requesting renewal of
aid, and other undergraduates who have not received assistance previously, apply
to Student Financial Services annually between February 1 and April 15.
Decisions are made in June. Satisfactory progress toward a degree is expected
for continuance of aid. Preference in awarding grants each year is given to
those who were promised assistance upon admission or who received aid in the
previous year.
Applications for tuition scholarships and teaching assistantships in the
graduate school are an integral part of the application for admission. Decisions
are announced with the letter of admission or at a later date. Complete
application instructions, deadlines, and links are available at
http://finaid.tufts.edu.
Forms of Aid
University grants are by far the largest single source of funds
received by Tufts undergraduates from the application procedure described above.
They range from $200 to more than full tuition each year and are combined with
other scholarships, loans, and employment to meet the university's estimate of
each student's need. They are derived from the general income of the university
and from the income of endowed scholarship funds. For graduate students,
scholarships range from quarter to full tuition as decided by the department.
Teaching assistants normally receive tuition scholarships plus an annual stipend
for teaching. If needed, graduate students also may apply for Federal Stafford
and Perkins Loans.
Federal Supplemental Educational Opportunity Grants (SEOG) are
federal grants allocated to Tufts for exceptionally needy undergraduates. The
average award is about $2,000 a year; the range is from $200 to $3,000.
Federal Pell Grants are federal grants to which undergraduates
from low- and moderate-income families are entitled according to their financial
circumstances. Application is made by completing the FAFSA and submitting it
after January 1 preceding each academic year. This application data will be sent
to Tufts Student Financial Services, which will draw the grant from the
government. Only undergraduates are entitled to these grants. Awards range from
$400 to $4,050.
Carl Gilbert Matching Grants are funds awarded to Tufts and other
independent institutions by the Commonwealth of Massachusetts to be given as
grants to needy Massachusetts undergraduates.
Tufts National Merit Scholarships: Entering first-year students
who are National Merit finalists are eligible for scholarships of $500 to $2,000
per year for up to four undergraduate years for any semester in which the
student is charged Tufts tuition. To enter the program, students must name Tufts
as first choice in the National Merit competition. Honorary awards of $500 per
year for four years may be made to successful applicants who do not demonstrate
financial need. Merit awards up to $2,000 per year may be offered to applicants
with demonstrated financial need. Those who need more than the $2,000 award will
be considered for additional loan, work, and grant aid up to the total amount
needed. Need must be determined annually by Tufts based on the FAFSA analysis of
family ability to meet total educational costs. In 2005-2006, 159 scholars were
awarded $177,000.
Federal Perkins Loans are awarded by Tufts to students of
exceptional need from funds allocated annually to the university by the federal
government and from funds repaid by previous borrowers.
Tufts loans may be offered to needy undergraduates not eligible
for Federal Perkins Loans. Interest on Tufts loans is 8 percent and begins to
accrue when the student leaves Tufts. Repayment of principal and interest begins
six months after leaving Tufts and continues for five years. Tufts loans require
a parental cosigner.
Massachusetts No-Interest Loans may be awarded to Massachusetts
undergraduates of exceptional need from funds allocated to Tufts by the
Commonwealth of Massachusetts. Repayment terms are very similar to Federal
Stafford Loans but there is no interest charge.
Federal Stafford Loans: This program offers student loans
subsidized by the federal government through lending institutions. Students may
borrow up to $2,625 for the first undergraduate year, $3,500 for the second
year, and $5,500 a year for the remaining undergraduate years (maximum $23,000)
and up to $8,500 a year for graduate study. A maximum of $65,500 for
undergraduate and graduate years is permitted under this program. Federal
Stafford Loans are normally disbursed in two equal installments. The interest
rate for new borrowers during repayment is 6.8 percent. Repayment begins six
months after the student graduates or stops attending school on at least a
half-time basis.
Students who are not eligible for a subsidized Federal Stafford Loan may borrow
an unsubsidized Federal Stafford Loan. Students are responsible for interest
while in school and may make monthly interest payments or capitalize the
interest.
Dependent undergraduates may borrow up to the subsidized Federal Stafford Loan
limits less the amount of any subsidized loan received. Graduate students and
independent undergraduates may borrow up to the subsidized Federal Stafford Loan
limit less the amount of any subsidized loan received plus $4,000 per year for
freshmen and sophomores, $5,000 per year for juniors and seniors, and $10,000
per year for graduate students.
In order to advise students of their rights and responsibilities, an entrance
interview is required of all first-time borrowers at Tufts prior to disbursement
of the loan. Exit counseling is required of all borrowers before leaving the
university.
Federal PLUS Loans: Through the Federal PLUS Loan program, parents
of dependent undergraduates and graduate students may borrow up to the full cost
of education minus any financial aid annually at a fixed rate of 8.5%. The loans
are made by a bank or credit union that will request a credit check to be sure
that the borrower will be able to make the monthly payments, which begin two
months after the loan is received. PLUS loans must be used for college expenses,
including room and board.
MEFA Loans: Parents, graduate students, or independent students
from any state are eligible to apply through the Massachusetts Educational
Financing Authority for a loan for four years' tuition (TSP, see below), or for
any annual amount from $2,000 up to full educational costs less any financial
aid. An origination fee of 3.75 percent is charged and the fixed interest rate
is 6.19 percent for 2005-2006.
Also available is a variable interest rate option which is reset annually on
April 1 and is 4.99 percent for 2005-2006. Repayment of principal and interest
begins immediately and continues over fifteen years for fixed rate loans and ten
years for variable rate loans. A credit check is required. Ordinarily, parents
whose monthly debt payments exceed 42 percent of their monthly income are not
approved for these loans, unless an eligible cosigner is available. Full
information on MEFA and other parental loans is sent to parents annually, or
applications may be requested at Student Financial Services after April 1 each
year.
Tufts Tuition Stabilization Plan (TSP): Families may pay (or
borrow to pay) the full four years' tuition and have the tuition frozen at the
rate for the year in which the contract is signed. Room, board, and fees are not
subject to this option and must be paid before the beginning of each semester.
Federal Work-Study Program (FWS) provides federal funds for Tufts
to subsidize the hourly wages of students who need financial aid during the
school year. Work-study positions are available either on-campus or with
off-campus, nonprofit community service programs, and typically wages range from
$7.00 to $15.00 per hour.
ROTC programs may be applied for before admission and used at
Tufts. Applications may be obtained from Air Force or Navy recruiting officers,
or students may join Army ROTC after registration and compete for two- or
three-year Army scholarships. Many ROTC scholarships include full tuition,
books, and fees, as well as a $100 monthly stipend, while others offer up to
$20,000 toward tuition, plus a stipend. Tufts students participate in ROTC
through units at nearby M.I.T. Most classes are held on the M.I.T. campus and
are offered on a noncredit basis. While Massachusetts law and Tufts policy
prohibit discrimination based on sexual orientation, federal law regarding
participation in military programs, including ROTC, currently accommodates
sexual orientation only in very limited ways and is under legal challenge.
Students who are considering whether to participate in ROTC are advised to
become aware of these limitations and their potential consequences, which may
include, among other possible consequences, the loss of scholarships.
Job Location and Development Program (JLD) aids all Tufts
students, regardless of financial need, in finding campus or off-campus
employment. Students may work part time while in school or full time during
vacation. Students are encouraged to visit the Tufts Career and Employment Web
site at
http://studentservices.tufts.edu/studentemployment/default.htm where
they can register for an interactive job-search program providing access to a
host of employment opportunities and services.
All information regarding federal student aid programs is correct as of
February 2006, but is subject to change with the passage of new legislation.
For more information regarding financial aid policy and procedures, visit
http://finaid.tufts.edu/.