Financial Aid, Veterans Benefits, Other Funding Opportunities, and Tuition Policies and Procedures

At the RAND School, we are committed to making your graduate education attainable and understandable. You are automatically considered for generous scholarships as part of the admissions process—no separate application required. We are authorized to administer federal graduate student loan programs and veteran education benefits, and we can help you explore external grants and other funding opportunities.

Our goal is to support you in understanding, planning for, and confidently managing the financial aspects of your education.

Topics: Federal Student Aid | Veterans Education Benefits and GI Bill® | Alternative Student Loans | External Funding Opportunities | Tuition and Cost of Attendance | Tuition Billing and Payment Options | Tuition Refund and Proration Policies

Federal Student Aid

Eligible students may apply for financial aid through the U.S. government’s William D. Ford Federal Direct Loan Program.

Unsubsidized Stafford Loans

  • Annual limit: $20,500
  • Unsubsidized aggregate limit $100,000. This limit excludes undergraduate borrowing.
  • Lifetime loan limit $257,500. This limit includes amounts canceled, repaid, forgiven, or discharged.
  • Eligibility: U.S. citizens and eligible non-citizens.

How to Apply

  1. Complete a Free Application for Federal Student Aid (FAFSA) and contact RAND School Finance (choose “Finance ” in the dropdown) to let the school know of your interest in financial aid.
  2. Upon receipt of the FAFSA results, RAND School Finance will provide a College Financing Plan outlining the amount you are able to borrow.
  3. After reviewing the College Financing Plan, if you wish to borrow, a Financial Aid Request Form will be provided to you. It must be completed, signed, and returned to RAND School Finance.
  4. First-time borrowers must also complete entrance counseling and a Master Promissory Note (MPN).
  5. Upon completing these steps, your loan will be originated and prepared for disbursement. Any tuition will be paid directly to the RAND School, and the student will receive a check for the balance.

2026-2027 Changes to Federal Student Loans

On July 1, 2026, the federal government made a number of changes to federal student loans. If you have federal student loans, have had them in the past, or are considering a federal student loan, carefully review the following information. These changes will affect the amount you can borrow, the types of loans that are available, and repayment options after leaving school.

Graduate PLUS Loans

Starting July 1, 2026, the Graduate PLUS loan program will be eliminated unless students qualify for a limited exception. Students who currently depend on Grad PLUS loans should contact RAND School Finance (choose “Finance ” in the dropdown) for more information.

Direct Unsubsidized Loans

The annual direct unsubsidized loan limit remains unchanged at $20,500. However, there is a new $100,000 cap on the amount students can borrow in total (aggregate loan limit) for a graduate degree program and a new lifetime federal loan limit of $257,500 for all federal direct student loans borrowed for all levels of study.

Prorated Annual Loan Limits

If students enroll part time, their annual loan limits must be prorated in accordance with changes in the law.

More information regarding these changes can be found on the Federal Student Aid website.

Satisfactory Academic Progress for Financial Aid

All financial aid is contingent on a student making satisfactory academic progress (SAP). Students receiving federal financial aid in the form of Title IV funds must be in good academic standing and making measurable progress toward completion of their degree.

SAP is evaluated at the end of each academic quarter, once final grades have been posted by the registrar. Students must meet all three of the following standards to remain eligible for financial aid:

  1. Students must maintain a cumulative GPA of 3.0 or higher. GPA is calculated based on all graded coursework, including repeated courses.
  2. Students must successfully complete at least 67% of all cumulative attempted credits at any given SAP evaluation. Attempted credits include any course in which a student was enrolled as of the add/drop deadline, regardless of whether the student subsequently withdrew, received an incomplete, or did not pass. The pace standard is an institutional requirement set independently of the maximum timeframe calculation.
  3. A student who cannot complete their degree within the applicable timeframe will lose financial aid eligibility, though they may continue enrollment at their own expense. Time toward the maximum timeframe includes all periods of enrollment, including any leaves of absence. The maximum timeframe for degree completion is as follows:
    • Ph.D., 10 years
    • M.Phil., 4 years
    • MNSP, MTP, or MPA, 5 years
    • Concurrent MNSP & MTP, 7 years
    • Concurrent M.Phil. and/or MNSP/MTP, 7 years

Financial Aid Warning

A student who fails to meet one or more SAP standards for the first time will be placed on Financial Aid Warning for the following quarter. The student may continue to receive financial aid during the warning quarter. At the end of the warning quarter, SAP will be re-evaluated. A student who remains out of compliance after the warning quarter will be placed on Financial Aid Suspension and will lose eligibility for financial aid.

Financial Aid Suspension

A student on Financial Aid Suspension is ineligible to receive Title IV funds and institutional financial aid until SAP standards are met or a successful appeal has been filed and approved.

Appeal Process

A student whose financial aid has been suspended due to failure to meet SAP standards may appeal by submitting a written petition to their program director and the associate dean of student life. The petition must include

  1. a description of the extenuating circumstances that contributed to the student's failure to meet SAP standards (e.g., serious illness, injury, or other significant hardship)
  2. supporting documentation where applicable
  3. a statement explaining how the circumstances have been resolved and why the student expects to meet SAP standards going forward.

Appeals will be reviewed jointly by the program director, the associate dean of student life, and RAND School Finance. Students will be notified of the appeal decision within 10 business days. If an appeal is approved, the student will be placed on Financial Aid Probation for the following quarter and may receive financial aid during that period. SAP will be re-evaluated at the end of the probation quarter. If an appeal is denied, the student may re-establish eligibility by meeting all SAP standards without the assistance of financial aid.

Effect of Incomplete Grades, Withdrawals, and Leaves of Absence

Incomplete grades and withdrawals count as attempted but not completed credits and will negatively affect a student's pace of completion. Leaves of absence do not reset the SAP evaluation period. Students returning from a leave of absence will be evaluated based on their full academic history at the RAND School.

Financial Aid Disbursements

  • Disbursements occur once per term (fall, winter, spring), after the add/drop period.
  • Students must be enrolled at least half-time and in good academic standing.
  • Funds are applied to tuition first; remaining balances are remitted to the student.
  • Disbursements can take up to 10 business days to process.
  • Students may cancel disbursements within 14 days by contacting RAND School Finance. After that point, students must work with their loan servicers.

Leaves of Absence and Financial Aid

Students taking a leave of absence should consult the Finance Office to understand loan repayment obligations.

  • Stafford Loans: 6-month grace period (interest accrues)
  • Graduate PLUS Loans: No grace period; repayment begins immediately
  • Consolidated Loans: 2-month grace period (check individual terms)

Further information is available at Federal Student Aid.

Exit Policy for Title IV Funds & Return to Title IV

Students who receive Title IV funds but withdraw, fail, or take a leave of absence from the program will have funds prorated according to the amount of time they were enrolled in that academic payment period. The withdrawal date is defined as either

  • the date the student begins the withdrawal process or leave of absence or officially notifies the school of their intent
  • the last date of attendance at a program-related activity by a student who does not notify the school.

Students who are enrolled for more than 60 percent of an academic period (fall, winter, or spring quarter) are considered to have earned 100 percent of the funds for that period. Unearned Title IV funds are returned to the appropriate programs. RAND School Finance will notify the student of the amount of repayment within 45 days of determining the student’s withdrawal. Students have 45 days after notification to repay the funds in full or make satisfactory repayment arrangements with the Department of Education. Payment can be made in full to the RAND School, at which time payment is forwarded to the Department of Education. If no positive action is taken by the student, eligibility for Title IV funds will be terminated.

Students who change status from full time to leave of absence, or who graduate, must follow the exit procedures described above. Most students will have a six-month grace period before repayment begins (dependent on prior loan or consolidation terms). If you have begun making repayments while on a leave of absence and then return to full-time enrollment, you may complete an In-School Deferment Request.

Students who are unable to meet the On-the-Job Training (OJT) requirements to cover their advanced wages may be required to pay tuition from their financial aid payments and reduce their advanced wages accordingly.

The school’s Tuition Refund Policy and the Return of Title IV Funds policy are independent of one another.

Student Loan Code of Conduct

The RAND School of Public Policy (“the School”) is committed to maintaining the highest standards of integrity and transparency in all financial aid and education loan practices. This Loan Code of Conduct establishes clear guidelines to ensure that all institutional employees act in the best interests of students and borrowers, free from conflicts of interest or undue influence from lenders, guaranty agencies, or loan servicers.

Read the Student Loan Code of Conduct

Veterans Education Benefits and GI Bill®

The RAND School of Public Policy is approved to offer Veterans Administration and GI Bill aid by the California State Approving Agency for Veterans Education (CSAAVE).

Students interested in utilizing their GI Bill benefits should contact RAND School Finance (choose “Finance ” in the dropdown) for information regarding benefits and how to utilize them. Students should include their GI Bill Statement of Benefits in their email if they have one. You can also call the GI Bill Hotline at 888-442-4551 for more information.

GI Bill® is a registered trademark of the U.S. Department of Veterans Affairs (VA). More information about education benefits offered by VA is available at the official U.S. government website, www.benefits.va.gov/gibill.

Alternative Student Loans

Alternative (private) loans are non-federal loans offered by private lenders. They may be available to U.S. citizens, permanent residents, and international students with a qualified U.S. cosigner.

Important considerations:

  • Private loans are not federally guaranteed.
  • Private loans may have less favorable repayment terms than federal loans.
  • Private loans are not eligible for federal consolidation or income-based repayment plans.

It is recommended that students exhaust all federal aid options before applying for private loans.

External Funding Opportunities

External funding opportunities can be an important way to help support your graduate education. These sources of funding come from outside the School and loans and may include grants, fellowships, and scholarships offered by government agencies, private foundations, professional organizations, nonprofit groups, and employers.

External funding opportunities vary widely and may be tied to academic interests, research areas, professional goals, personal background, or service commitments. Both U.S. and international students may find opportunities that align with their experience and aspirations.

We encourage you to explore external funding options early and consider how they can complement scholarships, loans, and other forms of financial support as you plan for your education.

Tuition and Cost of Attendance

The total cost of attendance includes tuition and living expenses (housing, food, transportation, supplies, and miscellaneous costs). More information is available for

Tuition Billing and Payment Options

Tuition is due the Friday of the second full week of classes each quarter. The following payment methods are accepted:

The school’s Finance Department sends bi-weekly statements of tuition balances to students.

M.Phil. and Ph.D. students in cohorts 2024 and earlier may use payroll deductions in 2025–2026 to pay tuition and expenses but starting in 2026–2027 this option will no longer be available to any student.

More specifically, second-year M.Phil. students may pay tuition through payroll deduction over the 2025–2026 academic year (18 pay periods). Ph.D. students in their second and third years who owe tuition may pay through payroll deduction over the 2025–2026 academic year (18 pay periods), or the fiscal year (26 pay periods). Ph.D. students in their fourth year and above who choose payroll deduction to pay tuition must pay over the 2025-2026 academic year (18 pay periods) to ensure that tuition is fully paid before graduation.

Ph.D. students receive a Tuition Payment Method Authorization Form at the beginning of each academic year asking them to select a payment option. The form is shared via email.

Summer Tuition

Students who pay full tuition for the fall, winter, and spring quarters are automatically enrolled for the summer term at no additional cost. Students who do not pay full tuition for all three quarters must pay summer tuition separately to be enrolled.

The summer tuition rate is the same as other quarters. If a student has paid for more than two but less than three quarters, the summer tuition will equal the difference between three full quarters of tuition and the amount already paid. Paying summer tuition entitles students to the same benefits of enrollment as during the academic year.

Tuition Refund and Proration Policies

Refund Policy

If a student withdraws or takes a leave of absence, tuition refunds are prorated based on the week of withdrawal. A $100 nonrefundable enrollment fee applies.

Ten-Week Course Refund Schedule

Period Refund (%)
First day or before 100
End of 1st week 100
End of 2nd week 80
End of 3rd week 70
End of 4th week 60
End of 5th week 50
After 5th week 0

Five-Week Course Refund Schedule:

Period Refund (%)
First day or before 100
By the end of 1st week 100
During the 2nd week 100
After the 2nd week 0

Contact Us

Have questions? Contact us. (Choose “Finance” in the dropdown.)