Financial Aid
General Information
Financing the cost of professional education can be
challenging. It is the policy of the School that the primary responsibility
for meeting this cost belongs to students and their families. Financial
aid available through the Cummings School of Veterinary Medicine
at Tufts University (TCSVM) and the federal student financial aid
programs is awarded based on demonstrated financial need, and should
be viewed as supplemental to family resources. During the 2006-2007
academic year, more than 75% of students received some form of financial
assistance.
Financial aid awarded at TCSVM is based on a careful analysis
of the student’s need. The School requires that applicants who wish to be considered
for School-based aid provide parents’ information. In this way, family financial
strength can be assessed and students whose personal and family resources are
insufficient to cover expenses can be identified and receive highest priority
for aid. Exception to the parental information requirements may be made for
students who have been financially independent of their parents for at least
five years prior to matriculation at TCSVM. Students who meet these criteria
are advised to contact the financial aid office for more information.
Please note: Students who wish to be considered for federal
aid only need not submit parents’ financial information.
In accordance with federal laws and regulations, Cummings School of Veterinary Medicine at Tufts University does not discriminate on the basis of race, color,
religion, national or ethnic origin, age or disability. Information relating
to an applicant’s personal or financial circumstances is held in strictest confidence.
Eligibility
Eligibility for student financial aid requires that you must:
Be a U.S. citizen or eligible non-citizen (for federal aid programs)
Be enrolled on at least a half-time basis in an eligible degree program and maintaining satisfactory academic progress
Not be in default on a student loan or owe a refund on a federal grant
Use financial funds for education – related expenses only
Eligibility is based on documented financial need. Need is the difference between the cost of education and the expected family contribution(EFC), as calculated using a standard need-analysis formula.
Applying for Financial Aid
Click on the appropriate link below to obtain a complete application and instruction packet. Each packet includes the instructions and forms needed to apply for institutional and federal financial aid. For prospective students, the financial aid application deadline for institutional aid consideration is Friday, March 7, 2008.
Campus-Based Financial Aid Programs
Campus-based aid is awarded based on documented financial
need. Please refer to Applying for Aid for more information. Eligible students
may receive aid from one or more of the following programs:
Health Professions Student Loan (HPSL)
Federal Perkins Loan
Tufts University Loan Programs
Interest Rate – 7%
Interest does not accrue during the in-school period. Interest begins accrue during the 6 month grace period, yet no payments are expected until the grace period expires.
View listing of donor-supported loan programs.
TCSVM Scholarships
Federal Work Study Program (FWS)
Loans
Borrowing to help cover education related costs is a common practice. The majority of TCSVM students borrow and all TCSVM aid recipients will have loans included as part of their total aid package.
-
Loans from Parents
Students are encouraged to consider the possibility of borrowing
from parents or other family members. Family members may be
able to offer loan terms that are more favorable than those
offered by the School, federal, government, or banks. Many
students are more comfortable asking for a family loan rather
than an outright gift.
-
Federal Stafford Loans
Federal loans are administered by a lender and awarded by TCSVM.
The interest rate is fixed at 6.80%. This program includes the
need based Subsidized Stafford (up to $8,500 per year)
which is interest-free during the in-school period and during
eligible deferment periods. The Unsubsidized Stafford
loans are not need based, and charge the interest to you for
the entire life of the loan. You may choose to pay the interest
as it accrues, or add it to the amount you borrow and repay
it after leaving school.
Eligibility for the subsidized Stafford loan is
based on need. The school will determine eligibility based
on the results of the Free Application for Federal Student Aid
(FAFSA) and taking into account the cost of education and any
other aid a student receives.
The unsubsidized Stafford loan is not based on
need, therefore students who do not qualify for need-based aid
may still apply for an unsubsidized Stafford loan to meet cost
of education expenses. The school will determine unsubsidized
Stafford loan eligibility.
The Federal Stafford loans can be partially or
fully pre-paid without penalty.
Stafford Loan Application: Before applying
for a Stafford Loan, you must meet general eligibility
requirements. Applicants should refer to the TCSVM financial
aid application instructions for additional information about
other forms you must complete in order for the financial aid
office to determine your student loan eligibility (Download
Financial Aid Application). After you receive a letter of
eligibility from the Financial Aid Office, you will be required
to complete a Stafford Loan Master Promissory Note.
Choosing a Stafford lender: You may obtain
a Stafford Loan from any participating lender, however, you
should consider your options carefully. The interest rate and
repayment terms are set by the federal government, therefore
the rate and terms will generally not vary from lender to lender.
However, some lenders offer discounted loan fees and other repayment
benefits.
-
Private Loan Programs
Private loans, called alternative loans, are borrowed to meet
any gap that remains between the cost of education and the financial
aid a student has been awarded. Because private loans are the
most costly type of educational financing, a private loan should
be considered only after a student has applied for school-based
aid, and federal loans, and exhausted the possibility of receiving
help from one’s family.
Private loans are not-need based. Approval is
based on the applicant’s credit worthiness as defined by each
lender. The amount a lender will approve is based on the cost
of education and other financial aid awarded as certified by
TCSVM on the private loan application.
Unlike the federal Subsidized Stafford Loan, there
is no interest subsidy for private loans. The borrower may
be responsible for the payment of interest from the time the
loan is disbursed, although most programs allow the borrower
to postpone payment of principal and interest while in school.
The unpaid interest is added to the principal loan balance at
repayment.
Application Advisory:
Students are advised not to apply
for any private/alternative loan without consulting the TCSVM
financial aid office. The aid office will help students determine
their best option
Financial Aid FAQs
The following text contains information about the TCSVM financial aid program as well as some of the most frequently asked questions we receive. You can also download the following brochure for prospective students. (Download Aid Brochure)
What is financial aid?
Financial aid is money awarded to help a student meet educational expenses. Financial aid may be in the form of a scholarship, grant, loan or employment. Grants and scholarships generally do not require any form of repayment. Loans must be repaid, typically after graduation.
What types of financial aid are available for TCSVM students?
TCSVM offers grants and loans from institutional funds. We also administer certain state funded contract programs, federal student employment and federal student loans.
How is institutional aid awarded?
Institutional grants and loans are awarded on the basis of calculated financial need. Using an institutional need analysis, TCSVM will determine a student's need and develop a financial aid package that may include a combination of institutional funds and federal and private student loans. Students who do not qualify for institutional aid will receive an aid package made up of federal and private loans.
Is merit-based aid offered?
TCSVM does not offer merit-based financial aid. We encourage applicants to seek private scholarship assistance from sources such as community, church, synagogue or civic organizations. www.finaid.org has information about searching for scholarships, including a a link to a searchable database. We strongly advise against using any scholarship service for which a fee is charged.
Is financial aid offered to international students?
First-year international students are not eligible for institutional financial aid. There are several private student loans for which international students may apply. The student must have a loan co-signer who is a US citizen or permanent resident. Additional information may be found at www.edupass.org
How and when do students apply for financial aid?
Application packets are available January. Specific application deadlines are published in the application materials and are strictly enforced.
Applicants must submit the following:
- TCSVM Financial Aid application
- TCSVM Parent Questionnaire
- Free Application for Federal Student Aid
- A copy of student's federal tax return
- A copy of parents' federal tax return
Is parent information required?
Students applying for institutional grants and loans, and loans from the federal Health Professions Loan Program, must submit financial information for both parents. Exceptions to the parent information requirement may be made for students applying for institutional aid if the student has been independent for at least five years prior to matriculation. Information about this exception is provided in the application packet. Students who do not provide parental information will be considered for federal loans, student employment and private loans only. They will not receive consideration for institutional grants or institutional loans.
When do students receive notice of eligibility?
Financial aid notices are mailed to incoming students before April 15th. Notices are mailed to continuing students following the application deadline on an ongoing basis.
Do most students receive the funds they need to meet their educational expenses?
In most cases, the answer is yes. Through student loans or through a combination of institutional aid and student loans, most students are able to receive the funds they need. Students may borrow to replace an expected family contribution if the contribution cannot be met by the family. However, a student's combined aid from all sources cannot exceed the standard cost of education. Applicants are urged to review the amounts allocated for living expenses in the cost of education and develop a financial plan prior to enrolling.
The Cost of Education/Standard Student Expense Budget
for the 2007-2008 academic year. (Click
Here)
How do you calculate a student's need for Financial Aid?
Cost of Education/Attendance
- Expected Family Contribution
-----------------------------------------
= Need (for financial aid)
What is "Expected Family Contribution"?
The amount of money a student and his/her family is expected to contribute to the cost of education. The EFC is assessed using a standard need analysis. The EFC is based on many factors including family size, income, assets and the number of family member enrolled in college.
Contact US
The TCSVM Financial Aid Office is located on the second floor of the Mayer Administration Building on the Grafton campus.
Mailing Address:
Cummings School of Veterinary Medicine at Tufts University
Office of Financial Assistance
200 Westboro Road
North Grafton, MA 01536
Telephone: (508) 839-8733
Fax: (508) 887-4820
Email: vet-finaid@tufts.edu
Personnel:
Barbara A. Berman
Assistant Dean of Student Affairs
barbara.berman@tufts.edu
Charlotte Hydrick
Assistant Director of Financial Aid
charlotte.hydrick@tufts.edu
Jeanne Mahan
Financial Aid Coordinator
jeanne.mahan@tufts.edu
Lili Maselli
Staff Assistant
lillian.maselli@tufts.edu
|