Financing Your Education at American University
Employment
Most of the Economic Department’s MA students finance their
studies at American University by drawing on their savings, taking
out loans, and/or working to support their graduate studies. Almost
all courses for the MA program are offered in the evening to accommodate
working students. Washington, DC, has the largest job market for
economists on the planet. There are multilateral organizations
such as the World Bank or the Interamerican Development Bank,
the US government, nongovernmental organizations, consulting firms,
and research organizations that hire economics students. Most
of these organizations post job opportunities on their web sites.
Some of these institutions reimburse tuition expense for students
who attend AU part time. While you earn money to support your
studies, you also gain valuable experience and strengthen your
resume.
American University also hires its own students
in offices, the library,
and computer
labs. Go to the Human
Resources Office web site or call Human Resources Office at
(202) 885-2591 for information on job
openings and benefits.
After working for the university for four months, students are
eligible for up to two free courses each semester.
Work-study students are part-time employees of
the university who are supported by funding from the federal government.
To be eligible for a work-study position, you must submit the
FAFSA. Please go to the
Human Resources Office web site or call the Office
of Financial Aid for more information about obtaining these
positions.
Loans
The University’s Office
of Financial Aid can assist MA students in applying for Federal
Stafford loans and outside loans.
Federal Stafford Loans
American University graduate students who are accepted for these
loans can borrow up to $18,500 every two semesters. A completed
and signed FAFSA is required
before determining eligibility for federally subsidized loans.
Eligibility requires that the graduate student be a US citizen
or permanent resident, be enrolled in a degree-granting academic
program, and take at least 6 credit hours per semester. Federal
Stafford loans are either need-based or nonneed-based.
Outside Loans
If you require more money than is available from Federal
Stafford loans, you may want to take out an outside loan through
a private lender. Consult with your Graduate Financial Aid Counselor
for information about outside loans. Interest rates, fees, and
requirements for outside loans vary, so you will want to contact
individual lenders to find the loan that is best for you. Contact
the Office
of Financial Aid at (202) 885-6133 for suggested private loan
lenders.
Summer Financial Aid
If you need federal loan money for summer sessions, please contact
the Office
of Financial Aid at (202) 885-6133 or afa@american.edu.
They will provide you with the necessary forms to complete this
process.
Non-US
Citizens or Permanent Residents
If you are not a US citizen or permanent resident,
you are not eligible for federal loans. Please contact the Financial
Aid Office for a listing of private loan lenders.
Merit-Based
Awards
The university (not the Economics Department)
offers merit-based awards for MA students. These awards are open
to college seniors planning to enroll as full-time graduate students.
Both MA and Ph.D. students from all academic units of the university
compete for the same awards. Since funding for these awards is
limited, competition for them is extremely keen. Consequently,
very few MA students receive a merit-based award from the university.
Go to the university’s web
site for graduate financial aid for more information (or contact
the Office of Merit Awards at (202) 885-1800 or the College of
Arts and Sciences at (202) 885-3621. The university’s merit
awards are the Special
Opportunity Awards (open to African Americans, Native Americans,
and Pacific Islanders), the United
Methodist Graduate Scholarship (open only to Methodists) the
Hart
A. Massey Graduate Fellowship (open only to Canadian citizens)
and the Jack
Kent Cooke Foundation Graduate Fellowship.
If you apply for a university merit award, please inform Sheila
Budnyj at sbudnyj@american.edu.
Important
Contact Information
If you have specific questions regarding the
policies or procedures of the departments listed above, please
contact them directly.
The
FAFSA Application Process
and Entrance Loan Counseling
The Free
Application for Federal Student Aid (FAFSA) is necessary to
be considered for any government loan or work-study position.
You may complete the application online at www.fafsa.ed.gov or
obtain a copy from many government offices (for example, public
libraries or post offices). Please note the following:
1. The FAFSA
for the upcoming school year is available after January 1st.
2. American University’s FAFSA
code is 001434.
3. Your application for financial aid cannot be processed until
you have submitted your FAFSA,
so the earlier you complete the FAFSA,
the earlier your financial aid can be processed.
4. You must renew or complete the FAFSA
every school year.
After submitting the FAFSA,
you will receive a Student Aid Report (SAR) from the federal government.
Please follow the instructions on that form and submit it back
to the FAFSA processors.
Once the Financial
Aid Office indicates you have completed these steps, you will
be awarded a Financial Aid package. You may accept or decline
the award completely or in part. The Office
of Financial Aid will send you instructions on how to do so
at the appropriate time.
If you accept all or some of the amount offered
in federal government loan money, you will need to complete the
Department of Education’s Entrance Loan Counseling. The
federal government requires this for all first-time borrowers
and/or new students to AU. You may either complete this in person
at the university’s Office
of Financial Aid or online at www.edfund.org.
Upon completion of the Entrance Loan Counseling,
you must sign a Promissory Note, which lists how much money you
have decided to borrow and the earliest possible date the loan
can be disbursed. This will be mailed to your permanent address
or you can fill it out online at www.studentloan.com/schools/american.
Please note that Promissory Notes are legal and binding contracts
that indicate that you are fully accountable for repayment of
federal loans. Do not fax or mail these to the Financial
Aid Office.
If you have any funds left over after your tuition
and fees are paid to AU, you may request the difference for your
own use. For this, you will have to complete a Refund Request
Form from the Student
Accounts Office. You can request this either by filling out
the form in their office, or emailing them at studentaccounts@american.edu.
