How should I apply for financial aid?
U.S. citizens and permanent U.S. residents requesting federal loan assistance must complete the Free Application for Federal Student Aid (FAFSA). The FAFSA was made available after October 1, 2019 and should be completed with the federal tax returns filed prior to October 1, 2019 (i.e. 2020-21 FAFSA would be completed with 2018 federal tax returns). Once complete, the Department of Education will send the FAFSA results (The Student Aid Report-SAR) to the applicant. The SAR provides information that helps our Financial Aid Office determine the applicant’s Federal Student Aid eligibility. Please note that we will access electronic SARs after March 1 for review and will begin emailing award notices to admitted students. Applicants are encouraged to complete the FAFSA prior to their admission decision. The Title IV code for The Fuqua School of Business is 002920.
When should I apply for financial aid?
Students requesting financial aid must apply each academic year of their program. We recommend you apply for financial aid as soon as your federal tax information is available.
How will I know if my financial aid application is complete?
Generally, we will begin the Financial Aid review in March for the upcoming academic year. Approximately 1 week after you submit your FAFSA, you will receive a Student Aid Report (SAR), which will indicate the receipt and initial processing of your application. Our financial aid office receives an electronic copy of the SAR. The FAFSA data for students is reviewed for accuracy and completeness. If we need additional information, you will receive a written request from Fuqua. If no additional information is required or after requested information is received and reviewed, you will receive a financial aid award notice. If you are admitted and have completed your FAFSA after March 1, it will take approximately 10 business days to receive an award notice. Once you have completed your loan promissory notes as instructed in the award notice, it will take approximately 2-3 weeks for your lender to follow up with an approval notice/disclosure statement verifying your approval.
How is financial aid eligibility calculated?
Financial aid eligibility is based upon the information provided by students on the FAFSA. Cost of Attendance, income, and assets of students as well as tuition assistance from employers all factor into the determination of financial aid eligibility.
Once my financial aid eligibility is calculated, how much financial aid can I expect to receive?
The financial situations of students can vary greatly, so we cannot provide set amounts for what students can expect to receive. However, most students receive a combination of federal and/or alternative student loans to help pay for tuition.
When can I expect to get a response from your office?
Students who have completed the FAFSA by the recommended dates can expect a financial aid award at least 1 month prior to the start of the term.
What is a financial aid award?
The award notice will outline the available loans and information regarding the recommended lender for both federal and alternative student loan programs. Detailed information about the loan process will accompany the award notice.
I received my financial aid award, but have additional questions about the information I received.
Please read the general information and loan instructions included with your financial aid award first. If there are remaining questions, you may contact our financial aid office.
I received my financial aid award, but need additional funds.
Students must request additional loan funds that exceed their Cost of Attendance in writing. If the request is granted, students can apply for alternative student loans to help cover the Cost of Attendance for their program each academic year. Please see the Duke University Recommended Lender List for additional recommendations.
When should I start contacting lenders to apply for student loans?
Contact lenders after you have received your award notice. However, since alternative student loan programs are credit-based programs, students who anticipate borrowing alternative student loans may consider contacting lenders earlier to make certain that they are creditworthy loan borrowers.
Most of the student loan applications are completed and processed electronically. Therefore, paper applications are unnecessary. Generally, you will visit a lender's website to apply for a loan and electronically complete the promissory note. Subsequently, lenders will transmit your loan request to our financial aid office, so the loan may be certified and processed electronically.
When do I repay my student loans?
Federal Unsubsidized/Graduate PLUS loans have a 6-month grace period from the date of graduation, the date that a student drops below half time, or the date a student withdraws from school. The Graduate PLUS loan's grace period is granted by request only.
Before starting loan repayment, you should receive a repayment schedule from the lender of your student loans. This disclosure should inform you of the total amount borrowed, the current interest rate, and the total amount you will pay over the life of the loan if you follow the repayment schedule.
I received my tuition bill, but my financial aid does not show up.
Financial aid is disbursed to the student bursar accounts no earlier than 10 days before the start of each semester. As a result, students receiving financial aid from guaranteed sources (such as federal loans/alternative loans) only need to pay the amount of tuition that their aid does not cover. Students receiving financial aid can review their financial aid award to determine disbursement amounts.
Can I view my financial aid status online?
Admitted students can view their financial aid award online through DukeHub. Your Net ID and password are required to log in.
I am receiving tuition assistance from my employer or sponsor. How does this affect my financial aid?
Employer/sponsored tuition assistance is considered an additional financial resource and will affect eligibility for student loans.