Financing Graduate Study

Planning Your Finances

• Academic departments at Stanford target their financial support, fellowships and assistantships to doctoral students based on program, merit, and availability of funds.
• Students without full financial support from Stanford or external sources, or those who have dependents, may need to use student loans to meet their expenses.
• Loan funds, available only for U.S. citizens and permanent residents, may not be sufficient to meet the full cost of education.
• If you have dependents, you will need other sources of funding to support your family.
• Although the cost of education may vary from person to person, the University’s Financial Aid Office develops an estimate of living expenses, which is used to determine loan eligibility, to establish the USCIS funding requirement for international students for entry into the U.S., and to be useful for your financial planning.

Students are expected to study full-time to facilitate timely completion of their degree programs. Financing graduate study through concurrent employment is extremely difficult and may be limited by the program, degree, or the type of financial support.

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External Sources of Support

The University recommends that prospective students apply for fellowships or grants from national, international, industrial, or foundation sources for which they may be eligible. Information may be obtained from college or university financial aid or career counseling offices, from United States Information Service or Fulbright offices abroad, or from other references found in university libraries or on the internet.

Notification of external awards should be included with your application for graduate study or sent when awards are announced. Stanford reserves the right to adjust its awards to students who receive external grants.

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Sources of Stanford Financial Support

Financial support (fellowships and assistantships) varies considerably among departments, schools, and programs. Some departments provide basic support to all doctoral students to whom they offer admission. Others are unable to offer support to all admitted students. Academic merit and availability of aid are the primary considerations in the awarding of graduate financial support.

In general, Stanford financial support is reserved for doctoral students; very little non-loan support is given to students enrolled in master’s programs. Terms of aid offers are explained in department admission letters.

Patterns of support vary by program and funding source. Fellowships generally cover tuition costs and provide a living stipend for a single student. Teaching and research assistantships are a component of the educational program, typically require 20 hours per week of duties, cover a reduced tuition and pay a salary. Partial awards are offered in some circumstances.

Tuition waivers are not available; students must pay tuition not covered by a Stanford award.

U.S. students receiving Stanford awards, which cover all necessary tuition and provide a living stipend, may not work more than eight hours per week in addition to their fellowship or assistantship responsibilities. (Additional limits apply to international students.)

Each School administers Stanford fellowships and assistantships for graduate students.

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Typical Expenses for Graduate Students

Costs: Below is a sample of living expenses for the 2007-08 academic year, including housing:

2007-08 Average Graduate Student Expenses Budget
	Single On-campus
	9 months	12 months
Living Costs
Books/supplies	$1,638	$2,184
Rent, food, personal	$16,212	$21,616
Local transportation	$789	$1,052
Medical insurance	$2,266	$2,888
Subtotal	$20,805	$27,740
Tuition (Regular Graduate)*	$34,800	$46,400
Total	$55,605	$74,140

*Three quarters of regular graduate tuition is $34,800; graduate School of Engineering, $37,110; M.B.A. (first year), $45,921; M.D., $41,619. Tuition for two semesters of programs in the School of Law is $39,500. The regular 8-, 9-, or 10-unit rate is $22,710; for graduate Engineering it is $24,120.

Child Care: Costs can range from $900 - $1,850 per month.

Living Costs for Spouse: $12,000 (9 months); $16,000 (12 months).

Living Costs for Children: $3,000 (9 months); $4,000 (12 months).

Medical Insurance for Spouse and/or Children:See the Vaden Health Service web site at http://cardinalcare.stanford.edu/index.html or contact the Insurance Office at (650) 723-2135 or email healthinsurance@stanford.edu.

Taxation: Fellowship stipends and assistantship salaries are subject to taxation. This tax liability should be included in budget planning.

Visa Authorization Eligibility: For verification of funds for visa authorizations, international students must provide evidence of the amount indicated, plus $500 per adult and $250 per child for relocation costs and vacation periods. International students receiving stipends from Stanford must also verify access to an additional 14% to cover U.S. taxes on the stipend unless a federal tax treaty applies to this income.

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Applying for Stanford Fellowships and Assistantships

Departments determine the disposition of all funds for graduate fellowships and assistantships. Fellowship and assistantship decisions are considered concurrently with admissions decisions. If you are applying for a fellowship or assistantship, you should indicate this on the application form. Note: there is no separate application for these kinds of financial aid. International students are considered with U.S. applicants for department fellowships and assistantships. There are no special funds to support international students.

U.S. citizens and permanent residents who are interested in area and language studies in East Asia, Latin America, Africa, and the republics of the former Soviet Union may request a Foreign Language and Area Studies (FLAS) fellowship application from the relevant area center.

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Decisions on Awards

Decisions on awards of fellowships and assistantships are usually announced in March and April. Stanford is a signatory of the Council of Graduate Schools Resolution, which states:

“Acceptance of an offer of financial aid (such as graduate scholarship, fellowship, traineeship, or assistantship) for the next academic year by an actual or prospective graduate student completes an agreement which both student and graduate school expect to honor. In those instances in which the student accepts the offer before April 15, and subsequently desires to withdraw, the student may submit in writing a resignation of the appointment at any time through April 15. However, an acceptance given or left in force after April 15 commits the student not to accept another offer without first obtaining written release from the institution to which a commitment has been made. Similarly, an offer by an institution after April 15 is conditional upon presentation by the student of the written release from any previously accepted offer.”

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Applying for Loans

Stanford student loan programs are administered through the Financial Aid Office or in the financial aid offices of the schools of Law, Business, and Medicine (M.D. program).

Federal long-term loans are available to U.S. citizens and permanent residents who qualify to help cover the costs of graduate study. When fellowships and assistantships are awarded, they usually cover only the student’s basic costs. Loans may be available to cover living expenses for dependents (including medical and childcare) or dissertation costs. However, loans do not cover consumer debt, moving expenses, or car payments and automobile insurance for amounts that exceed the Stanford budgeted transportation allowance.

You should carefully evaluate the indebtedness that would result from long-term borrowing. Loan programs have varying rates of interest and repayment schedules. Although you may normally defer loan payments while enrolled at Stanford, some loan programs will capitalize the deferred interest. Advisers in the Financial Aid Office and Internet tools can provide individual analysis of the effect of loans on future finances.

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Requirements for Federal Loans

The Federal Stafford, Graduate PLUS, and Perkins Loan Programs are major sources of loans for graduate students. These student loan programs permit repayment of principal after completion of graduate study; however, interest begins accumulating at disbursement for the federal unsubsidized Stafford and the Graduate PLUS loans and is capitalized before repayment beings. The University also administers a private loan (Stanford/Nelnet Academic Private loan or S.N.A.P) for students who may not be eligible for federal loan programs or who prefer a variable rate loan. Eligibility is based on:

1. FAFSA data (for federal loans)
2. Stanford Graduate Loan and Federal Work-Study Application
3. Positive credit history
4. Satisfactory academic progress
5. Citizenship (must be U.S. citizen or permanent resident for federal loans)

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Where to Get More Information on Financial Aid

The Stanford application document, required from all loan applicants, is available at http://financialaid.stanford.edu in late March. The web site contains information on loan programs and their eligibility requirements, interest rates, repayment schedules, and application procedures.

The FAFSA (Free Application for Federal Student Aid) is available at http://www.fafsa.ed.gov/; it is required of all loan applicants but may not be submitted to the federal processor before January 1.

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