Bard - Master of Arts in Teaching Program

For Current Students

Bard, A Place to Think - Master of Arts in Teaching

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Scholarships and Loans

Scholarships

A student may qualify for financial assistance in the form of scholarships or loans, depending on financial need. Financial need is assessed by a uniform method from financial data submitted by the student on the Free Application for Federal Student Aid (FAFSA) form, available online at www.fafsa.ed.gov. Financial need is the difference between the student’s budget of expenses and the assessed ability of the student to meet those expenses. No student who is in default on a student loan or who owes a refund on a federal grant is eligible for financial aid. Those whose applications are received on or before the priority deadline of March 1, 2010, receive first consideration for assistance funds. Applications received after this deadline are considered in order of receipt until all scholarship assistance funds are committed.

Federal Stafford Loan

A student who files a FAFSA is eligible to borrow through the Federal Stafford Loan program, which makes available subsidized or unsubsidized loans. The loan is subsidized when the student demonstrates financial need according to a federal formula. In those cases, the federal government pays the interest on the loan while the student is enrolled in school; repayment of the loan principal and remaining interest begins six months after the student ceases to be enrolled on at least a half-time basis.

An unsubsidized Federal Stafford Loan does not require demonstration of financial need. Interest payments begin 60 days after the loan is disbursed, while the student is enrolled. Repayment on the loan principal begins six months after the student ceases to be enrolled at least half-time. Payments of interest and principal of an unsubsidized loan may be deferred, but interest will accrue and compound. The federal processor requires that a student first apply for a subsidized loan before applying for an unsubsidized loan.

A student may be eligible to borrow up to $8,500 annually through the subsidized Stafford Loan program, and to borrow a supplemental, unsubsidized Stafford loan of up to $12,000 annually, in addition to the basic Stafford loan, provided that the total amount of assistance does not exceed the graduate program’s annual cost. An origination fee of 3 percent and possibly a loan warranty fee of up to 1 percent are deducted from the proceeds of all loans. The procedure for filing for a loan is explained when the student is notified of eligibility.

Loans are disbursed in four equal payments, provided all the requirements of the Office of Financial Aid have been fulfilled. Electronic disbursements are credited to the student’s account when they are received. For more information, contact the Office of Financial Aid, or visit www.bard.edu/financialaid/. Additional literature on Federal Stafford Loans is available from the Office of Financial Aid and from local banks and other lenders.

Federal GradPLUS Loans

Graduate students can now access the Federal PLUS Loan Program to pay for the cost of education not covered by other financial aid. This loan is guaranteed by the federal government and may be deferred while the student is enrolled at least half-time. A credit check is required. These loans are disbursed in the same way as the Federal Stafford Loan.

New York State Tuition Assistance Program

The New York State Tuition Assistance Program (TAP) provides nonrepayable grant assistance of up to $550 annually to New York State residents enrolled in a New York State graduate school. Awards are based on the net New York State taxable income and the number of full-time college students in the family. Graduate student eligibility may depend on the amount of funds allocated by the state in a given year.

Students applying for a New York State TAP award must submit the FAFSA to the federal processor. Once the FAFSA is filed, a TAP application will be sent to the student. The MAT Program college code for the TAP application is 0035. Further information about the TAP program can be obtained from the New York State Higher Education Services Corporation (NYSHESC) at www.hesc.com/bulletin.nsf.

Federal and New York City Loan Forgiveness Programs

Information on Federal Loan Forgiveness Programs for new teachers is available on the New York City Schools Teach NYC website, http://schools.nyc.gov/TeachNYC, in the Incentive & Scholarship Programs menu.