Sanford School of Public Policy
Duke University

Loans and Work Study

Financial Aid Links

• National Student Loan Data System Access your federal financial aid history
• The Smart Student Guide General financial aid information, including loan and scholarships
• Lifetime Learning Tax Credit and Hope Scholarship Find out if you and your family qualify for this tax credit
• Stafford, PLUS and Alternate Loan Lender List
• Loans - Frequently Asked Questions (FAQ's)

U.S. citizens and U.S. permanent residents who anticipate a need to supplement their financial resources through loans or college work-study employment must complete a Free Application for Federal Student Aid form. You can complete the FAFSA on line at http://www.fafsa.ed.gov. You  must include the Duke Public Policy Code (E01712) in order for our Financial Aid Office to obtain your FAFSA information. In addition to the FAFSA, students should complete a Stafford Loan Authorization Form. It is imperative that you indicate a lender of your choice on this form. You need to complete only the single Stafford form to be considered for all of the need-based loan options (Subsidized Stafford, Unsubsidized Stafford, Carl Perkins, and Graduate PLUS); you do not need to submit separate forms. The Duke MPP financial aid office begins working on academic year loans in early June, so the April 15 date is not too late to complete the FAFSA. We will send out award notices in July and early August. You can obtain information about Duke's preferred lenders on the Recommended Lender link. You can e-mail the Stafford Loan authorization form to MPPloans@duke.edu. For inquiries concerning financial aid, please email Sarah Danielson.

Students who are enrolled at least half time, who are U.S. citizens or permanent residents, and who meet the federal criteria for need are eligible for Stafford Loans under the Federal Family Education Loan Program.

Summary Statement of Student Lending Principles

Duke University has established a set of publicly available principles and policies to govern educational lending practices for undergraduate, graduate and professional students. These principles emphasize that lending practices proceed from a commitment to the best interests of our students, that we support students' right to choose their lenders, and that neither Duke nor its employees accept financial payments, goods, or services of material value from lenders. All employees involved in financial aid and student lending are subject to a rigorous conflict of interest policy. Administrators may serve as unpaid members of lender advisory boards in order to help shape the products and services that will best meet our students’ needs; in such cases, Duke pays all costs associated with that service.

For more information on loan options, click here.

Loans

Federal Loans and Federal Work Study (FWS) funds may be available to graduate students on the basis of financial need. You can determine financial need  by subtracting from the standard student budget the expected student contribution and any other financial aid awarded. The difference can be funded with federal need-based financial aid. Fellowship and scholarship awards are considered financial aid in the needs analysis. Student budgets (tuition and fees) are based on nine (9) months/two (2) academic semesters.

Federal loans available to graduate students are:

Federal loans available to graduate students are:

Private Loans:

Alternative student loans: students must have good credit (must meet FICO requirement set by the lender); there are variable interest rates depending on the lender product; in school deferment varies by lender; students may borrow whatever amount is necessary to meet their budget.

Federal Consolidation Loans:

A Federal Consolidation Loan allows students to combine all federal loans into one.  Interest is fixed and is based on the weighted average of the rates of all loans being consolidated, rounded up to the nearest 1/8% and not to exceed 8.25%.  The student must have fully disbursed federal loans; must have graduated, left school or be enrolled less than half time; and must meet the minimum balance requirements (set by each lender) in order to consolidate.  Students with multiple lenders can choose which lender to borrow the consolidation loan from, while students who have multiple loans with one lender will consolidate with that lender.  There are benefits and drawbacks to loan consolidation, and students must measure these carefully by considering their personal circumstances.

Students borrowing for the first time from Duke must also complete loan entrance counseling online via their student account, under the financial aid panel.

Please note that required promissory notes for all student loan borrowers and entrance loan counseling sessions for Perkins, Stafford, and Graduate PLUS Loan borrowers must be completed before loans are credited to the student Bursar account.

Disbursement of Loans

Generally, we receive student loan proceeds by Electronic Fund Transfer not more than ten days prior to the start of classes each semester, and we credit your student Bursar account in two equal payments, at the beginning of the Fall and Spring semesters.

Additional requirements may be necessary and the Duke MPP Program Financial Aid Office may notify you if additional steps are required. 

Internal Revenue Service (IRS) Information and Publications

- Taxable Income for Students:  www.irs.gov/individuals/students/article/0,,id=96674,00.html

- IRS Tax Tip (What Income is Taxable?):  www.irs.gov/newsroom/article/0,,id=179077,00.html

- Publication 525 (Taxable and Nontaxable Income):  www.irs.gov/publications/p525/index.html and http://www.irs.gov/pub/irs-pdf/p525.pdf

- Related Forms and Publications for Students:  www.irs.gov/individuals/students/article/0,,id=96780,00.html

Duke employees are prohibited from providing tax advice.  Students should contact the IRS or a qualified tax advisor concerning taxes and income inquiries.