Additional information concerning Financial Aid may be obtained by contacting the Financial Aid Counselor for the Graduate School of Business:
Frequently Asked Questions
- What is Touro's school code?
- How do I complete my FAFSA?
- How do I correct or update my FAFSA?
- Do I have to update my FAFSA every year I am enrolled?
- If I am a returning student, do I have to complete a new Student Loan Request Statement and Financial Aid Packet every year?
- What is the program's Cost of Attendance? How is it determined?
- What is the maximum loan amount I can borrow in my academic/financial aid year?
- When will I receive my award letter?
- Who initiates my Federal Stafford Loans?
- Who initiates my Federal Grad Plus or Private/Alternative Loan?
- When will I receive my loans?
- Where do I pick up my loan/refund check?
- How do I report other sources of financial aid such as military or outside scholarships?
- Who completes my In-School Deferment Form?
1. What is Touro's school code?
Touro's school code is 010142. Note that this code will show "Touro College" as the lender.
2. How do I complete my FAFSA?
Go to http://www.fafsa.ed.gov. Follow the instructions on the website to obtain a PIN and prepare your FAFSA.
3. How do I correct or update my FAFSA?
Go to http://www.fafsa.ed.gov. Follow the instructions on the website to correct or modify your FAFSA. You will need your Federal PIN number from http://www.pin.ed.gov to access your record and to sign your correction. The school obtains a copy of your completed FAFSA electronically; you do not need to mail the Office a copy of your FAFSA or your Student Aid Report (SAR).
4. Do I have to update my FAFSA every year I am enrolled?
You must re-file your FAFSA for every year in which you request Federal Loans.
5. If I am a returning student, do I have to complete a new Touro Financial Aid Application every year?
You must complete a new Touro Financial Aid Application for every year in which you are requesting Federal Stafford Loans.
6. What is the program's Cost of Attendance? How is it determined?
The program's Cost of Attendance (COA) is the estimated cost for a student to attend a particular program for a specific academic year. The COA is also referred to as the program budget. The cost of attendance typically includes tuition and fees, room and board, books and supplies, transportation, and personal expenses. The COA may vary for each year of a program to reflect specific costs required by the program and incurred by students during that year (e.g., Board exam fees). The COA may also differ depending on the number of academic sessions, number of months, or number of units included in that financial aid year. Thus, a COA for a twelve month academic/financial aid year would include tuition for twelve months, plus other estimated expenses (e.g., room and board) for a twelve month period. A COA for a nine month academic/financial aid year would include tuition for nine months, plus estimated other expenses (e.g., room and board) for a nine month period. The COA is determined by developing an average cost for students to attend a particular program in a particular year. Under federal financial aid guidelines, all expenses included in the COA must reflect the student's educational expenses while enrolled in the program.
7. What is the maximum loan amount I can borrow in my academic/financial aid year?
The maximum loan amount a student may be eligible to borrow in a single academic/financial aid year cannot exceed the total Cost Of Attendance (COA) for that specific year. Thus, if the COA for a program in a specific year is $37,000, the student may request loans totaling $37,000. If the student requests loans in excess of this amount, the school will only certify loans up to the amount for which the student is eligible.
8. When will I receive my award letter?
Your award letter will be mailed to you as soon as the Office of Financial Aid is able to package and generate your loans.
9. Who initiates my Federal Stafford Loans?
Upon receipt of a completed and signed Financial Aid packet and Student Loan Request Statement the Financial Aid Office will initiate your Federal Stafford loans, provided you have completed your FAFSA, an entrance exam and signed the eMPN.
10. Who initiates my Federal Grad Plus or Private/Alternative Loan?
The student should initiate the Federal Grad Plus or Private/Alternative loan by selecting a lender, going to that lender's website, following the instructions to initiate the loan and signing an eMPN. Your selected lender will notify the Office of Financial Aid that certification is required.
11. When will I receive my loans?
Typically students receive two disbursements of their Federal Stafford and Grad plus Loans, and two disbursements of the Private/Alternative loans. Generally, disbursements to students are timed to coincide approximately with the start of each academic session/semester. Note that if an academic/financial aid year consists of a single academic session, Federal Financial Aid guidelines stipulate that your federal loans must be disbursed in a minimum of two disbursements, the second of which cannot occur until the mid-point of the academic session/semester.
12. Where do I pick up my loan/refund check?
All loan/refunds checks are given out by the Bursar's office.
13. How do I report other sources of financial aid such as military or outside scholarships?
Be sure to record any other sources of financial aid on the Financial Aid packet under the section "Resource Information." Failure to record these sources of financial aid may result in an over-award to you, which must then be cancelled and returned to the lender, resulting in a delay in your financial aid.
14. Who completes my In-School Deferment Form?
The Registrar completes and mails in your In-School Deferment Form to your previous lender on your behalf.