All students are encouraged to contact their particular College or University Department for information on scholarships and/or fellowship opportunities. Please visit our Outside Scholarship webpage at www.financialaid.louisville.edu for free search websites, guides to avoid scholarship scams, and postings on outside scholarships.
Federal Perkins Loan
The Federal Perkins Loan program provides low interest loans to students who demonstrate exceptional financial need. Eligibility requirements are established by the Student Financial Aid Office, and the University becomes the student’s lender. Repayment begins 9 months after a student graduates, leaves school, or drops below half-time status. Award amounts for fulltime students at U of L are determined annually. The aggregate total that a graduate may borrow cannot exceed $40,000 including any Perkins borrowed as an undergraduate.
Federal Stafford Loan Program (subsidized and unsubsidized)
Federal Stafford Loans are low-interest loans made to students by lenders such as banks, credit unions, and savings and loan companies to help students pay for the cost of postsecond-ary education. Any degree-seeking student attending U of L at least half-time may borrow through this program. Students may qualify for a need-based, subsidized Stafford Loan, a non-need-based, unsubsidized Stafford Loan, or a combination of both. Need-based loans are called subsidized because the federal government pays the interest during in-school and deferment periods. Loan amounts are determined by a student’s grade level, financial need, and cost of attendance. Graduate students may borrow up to $8,500 per year in the subsidized Stafford Loan program, and up to an additional $10,000 per year in the unsubsidized Stafford Loan program. Graduate students may not borrow more than $138,500 ($65,500 in the subsidized program, and $73,000 in unsubsidized loans). The graduate debt limit includes loans received as an undergraduate. The interest rate for Stafford Loans is variable with a cap of 8.25%. The rate changes every July 1. Repayment of Stafford Loans begins six months after a student graduates, leaves school, or drops below half-time. Subsidized Stafford Loan borrowers will not have to pay any principal or interest during the six month “grace” period; unsubsidized Stafford Loan borrowers will be responsible for the interest during the deferment and grace periods. All Stafford Loans at U of L are processed electronically through Kentucky Higher Education Assistance Authority (KHEAA).
Graduate Training Assistantships
Graduate teaching, research, and service assis-tantships are available to qualified students in most graduate programs. These assistantships provide tuition remission, health insurance, and a stipend that is adequate to cover basic living expenses.
Applicants who are interested in being considered for assistantships, should write to the chair or graduate advisor of the department to which they are applying for admission, stating their desire to be appointed as a graduate assistant. The award of an assistantship is competitive; students who hope to be considered should present credentials that are well above the minimum required for admission.
The purpose of a graduate assistantship is to provide experience and training that augment a student’s academic program. The department chair or graduate advisor will attempt to place a student in an assistantship believed to best serve the career training objective of the student. Although a student is free to make known a preference for a particular placement, the final decision is the prerogative of the department in which the student is enrolled.
The distribution of assistantships across departments may differ from year to year. Moreover, some departmental policies require that a student complete 9-18 graduate credit hours in the program before being eligible for an assistant-ship.
Minority Student Assistantships/ Scholarships
The Graduate School is committed to providing financial support for the recruitment and retention of qualified, under represented ethnic minority students. An award candidate must be currently enrolled or have been admitted to the degree program (M.S. or Ph.D.) and be nominated by the Department Chair and Dean. These assistantships include a monthly stipend, tuition remission and health insurance.