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MPA@UNC Student Financing Information

Students enrolled in the MPA@UNC Program at UNC’s School of Government can take out student loans to cover the total cost of attendance for the program, including tuition and living expenses. In order to be eligible for federal loan funding, students must be enrolled in a minimum of 4.5 credits per semester (fall, spring, and summer).

TYPES OF FUNDING

Federal Direct Unsubsidized Loans
The Federal Direct Unsubsidized Loan program is available to all U.S. Citizens and Permanent Residents who meet basic federal requirements (i.e. student is not currently in default on a federal education loan and/or is not currently involved in filing bankruptcy to discharge a title IV loan). All Federal Direct Loans for graduate studies are unsubsidized (interest accrues from disbursement). Students are eligible to borrow a maximum of $20,500 per academic year through the Federal Direct Unsubsidized Loan Program.

Federal Direct Graduate PLUS Loans
Federal Direct Graduate PLUS Loans provide additional funding for those students (U.S. Citizens and Permanent Residents only) whose costs exceed the maximum Direct Loan eligibility of $20,500 per academic year. Students should exhaust their Federal Direct Loan eligibility before pursuing a Direct Graduate PLUS Loan.

Private Education Loans
Private loans provide additional funding for those students (U.S. Citizens and Permanent Residents only) whose costs exceed the maximum Direct Unsubsidized Loan eligibility of $20,500 per academic year. Students should exhaust their Federal Direct Loan eligibility before pursuing a private education loan. The interest rates for private education loans are variable and is based on either the Prime Rate or LIBOR.

Veterans Educational Benefits
The MPA@UNC is approved for veterans educational benefits. You should contact the US Department of Veterans Affairs  to confirm that you are eligible for benefits as well as the type of benefit you are eligible to receive. Click here  for more information on the application and certification process.

Employer Tuition Support
Some organizations provide full or partial tuition support for employees. Preparing a request for employer sponsorship can help maximize the likelihood of obtaining your organization’s support. Please contact your admissions counselor for more information on how to create an effective request.

Public Service Loan Forgiveness Program
Students who pursue a career in public service after graduation may qualify for the Public Service Loan Forgiveness Program. Under this program, qualified borrowers are forgiven the remainder of the balance of their Direct Loans if they meet certain criteria. To qualify, students must:

  • Make 120 on-time, full, scheduled monthly payments on Direct Loans.
  • Make payments under a qualifying repayment plan.
  • Work full time at a qualifying public service organization.

Learn more about the Public Service Loan Forgiveness Program.

Tips Regarding The Financial Aid Process

  • A student’s tuition amount is determined by the number of courses s/he will be enrolled in for each term. In order to be eligible to borrow Federal student loan funding, all MPA@UNC students must be enrolled in a minimum of 4.5 credits per term. This ensures that s/he meets the federal regulation of “half-time” enrollment.
  • Keep track of where you are in the process. The most common oversight students make is reviewing the financial aid process after they have decided to submit an enrollment deposit. If you know that you will apply for financial aid, then start preparing early—adjustments can be made to financial aid if your situation changes.
    • Student loan funding is processed for a single academic year at a time. Your financial aid will be determined based on the academic year in which you are admitted. You will receive a reminder to complete the financial aid process for the second year of your program.
    • All billing is handled through the UNC Chapel Hill’s Student Accounts and University Receivables. This office is referred to as the Cashier’s Office. Financial aid is disbursed directly to the Cashier’s Office to cover your tuition expenses.
  • All Federal Direct Loans have an origination fee so the disbursed amount will be less than the principal amount. This could result in a balance being owed if the student does not consider the origination fee in their Direct Graduate PLUS or private student loan principal amount.
  • Adjustments to student loan eligibility can be made if an individual’s circumstances change. For example, sometimes employers may reduce or even eliminate tuition support after a student begins their studies. This can and should be taken into consideration when calculating student loan eligibility. Students are responsible for notifying the MPA@UNC Financial Aid Office of these changes. Changes in circumstances, generally, will impact only Direct Graduate PLUS and/or private loan eligibility. The $20,500 Direct Unsubsidized maximum always applies.
  • Read information carefully and contact the financial aid officer for assistance with questions or concerns.
  • Start your search for scholarship/grant/fellowship funding provided by private and civic organizations early.  UNC Chapel Hill’s GrantSource Library is dedicated solely to assisting graduate/professional students search for funding opportunities. You can search “Funding Databases” online at http://research.unc.edu/grantsource/.

TERMS AND CONDITIONS OF STUDENT LOAN OPTIONS

All loans charge interest from the time of disbursement and also charge an origination fee, which varies by loan type. The origination fee reduces the amount of the loan disbursement and should be taken into account when determining the total amount borrowed.

Federal Direct Unsubsidized Loans

  • Non need-based
  • Interest accrues from disbursement
  • Interest rate: 6.8% fixed
  • Origination fee: 1.0% deducted from loan proceeds
  • Annual maximum: $20,500
  • Repayment period: 10 years standard

Federal Direct Graduate PLUS Loans

  • Non need-based
  • Credit requirement: cannot have adverse credit (be 90 days or more delinquent on a debt, or within five years of the credit report cannot have been subject of a default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or write-off of federal student aid
  • Interest rate: 7.9% fixed
  • Origination fee: 4% deducted from loan proceeds
  • Annual maximum: cost of attendance minus other student aid
  • Grace period: not automatic, but can contact lender to request 6 month grace period on loan
  • Repayment period: 10 – 25 years (several repayment options available)

Private Loans

  • Non need based
  • Credit requirement: most lenders require students to have a particular credit score to be approved without a co-borrower
  • Variable and normally based on either the Prime Rate or LIBOR
  • Origination fee: varies, depending on loan
  • Annual maximum: cost of attendance minus other student aid
  • Grace period: normally 6-9 months, depending on loan
  • Repayment period: typically 10 years standard
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