At Assumption College, the Financial Aid Office is committed to assisting graduate students in meeting their responsibilities for the cost of education by helping them bridge the gap between their own resources and the cost of attendance. The following information will inform you of programs and loans available.
FEDERAL DIRECT STAFFORD STUDENT LOANS
To apply for and receive a Federal student loan:
- The student must be unconditionally accepted full-time which is 9 credits per semester and enrolled no less than half-time which is 6 credits per semester. (Most courses are 3 credits, but please confirm as some are fewer.)
- Students must complete the Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov. The form is available beginning January 1 of each year. Information from the FAFSA is used by the College to determine your eligibility for financial aid.
- Students need to create an FSA ID (formerly known as PIN). Click here for instructions on creating your ID.
- Assumption’s School Code of 002118 so your FAFSA information is sent to us.
- Students must also complete a master promissory note and entrance counseling as a graduate student.
Assumption College participates in the William D. Ford Direct Loan Program for all Stafford and Grad PLUS loans. For the 2015-2016 academic year the Graduate and Professional Student interest rate on the Direct Unsubsidized Stafford Loan is 4.29% with a 1.073% origination fee. The current interest rates for these loans can be found at http://www.direct.ed.gov/calc.html
Federal aid is available in the form of a loan for both U.S. citizens and permanent residents. The amount of Federal financial aid is based on the cost of education less the amount you are expected to contribute toward that cost. The Federal Unsubsidized Stafford loan can be awarded up to $20,500 per academic year, but cannot exceed the combined undergraduate and graduate aggregate limit. The aggregate loan limit for graduate students, which includes loans for undergraduate study, is $138,500, you may review the aggregate loan limits at: http://www.direct.ed.gov/applying.html
GRADUATE PLUS LOANS
Graduate and Professional degree students are now eligible to borrow Graduate PLUS Loans under the William D. Ford Direct Loan Program. Students may borrow up to the cost of attendance minus other financial aid. This loan for the 2015-2016 academic year has a fixed interest rate of 6.84%. There is a 4.292% origination fee less an upfront rebate of 1.5% that assumes 12 on-time monthly payments deducted from each disbursement. The current interest rates for these loans can be found at http://www.direct.ed.gov/calc.html
The repayment period for a Direct Grad PLUS borrower begins on the date of the final disbursement of the loan and the first payment is due within 60 days of the final disbursement of that loan. The Grad PLUS borrower may apply for an in-school deferment by submitting an In-School Deferment Request to the Direct Loan Servicing Center. Loan funds are disbursed directly to Assumption College in equal amounts over each term of enrollment for the academic year.
- Graduate students are required to complete the Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov.
- Student must be accepted in a degree-granting program for at least six credits each term. Please note that federal regulations do not allow PLUS loan applications to be processed for an outstanding balance that is associated with an academic year that has already ended.
- The applicant does not have an adverse credit history.
- Answers to Frequently Asked Questions about Direct PLUS Loans can be found at: http://www.ifap.ed.gov/dlbulletins/attachments/DLB0703Attach.pdf.
ALL GRADUATE STUDENT STAFFORD AND PLUS LOAN BORROWERS MUST COMPLETE THE FOLLOWING TWO STEPS TO SECURE THEIR DIRECT STAFFORD LOAN FUNDS:
1. DIRECT LOAN ENTRANCE COUNSELING AND DIRECT LOAN MASTER PROMISSORY NOTE
- Go to www.studentloans.gov
- Sign in using your social security number, first two letters of your last name, date of birth, and your FAFSA ID.
Click here for instructions on creating your ID.
- For Direct Loan Entrance Counseling, select from the main menu “Complete Entrance Counseling.”
- Check Complete Counseling to receive Direct Loans as a graduate (beyond bachelor’s degree) or professional student.
- Follow the instructions for the online tutorial and submit after completed.
- For Direct Loan Master Promissory Note, return to the main menu and select “Complete Master Promissory Note” and choose “Subsidized/Unsubsidized.”
- Follow the instructions and submit after completed.
- Make sure to provide complete address information for two references residing at separate addresses.
- Click “Log Out” on the top right corner after all information has been successfully submitted. You may print copies for your own records. We will receive this information electronically.
Private loan options are also available. For more information or to apply for a private student loan, please go to www.elmselect.com choose Assumption College from the drop down menu.
EMPLOYER TUITION REIMBURSEMENT
Students are encouraged to contact their employer’s Human Resource Department to inquire about any available tuition reimbursement. Students are expected to pay in full at the time of registration and then comply with their individual employer’s policies for reimbursement. Assumption College will accept third party promissory notes from employees if their employer has a direct bill agreement with the College. Call 508-767-7471 to inquire if your employer has a direct bill agreement with Assumption College. Students are required to sign a supplemental Assumption “Promissory Note” and in the unlikely event that the student defaults on the terms of the promissory note, the student will be assessed a default fee.
EXTENDED PAYMENT PLAN
Tuitionpay offers graduate students a low cost extended payment plan. This is not a loan program, there are no interest charges. The application fee for the fall or spring semester is $35 per semester. The first payment for the fall semester is due August 1. The first payment for the spring semester is due December 1. Extended payment plans are not available during the summer sessions. Applications can be completed online through the Student Account Center via MyAssumption.Portal.
Students who are awarded Graduate Fellowships, Traineeships, or Assistantships in a graduate degree program are not permitted to use course vouchers to pay for courses that are included in their program of study when simultaneously utilizing fellowship, traineeship or assistantships tuition remission.
Eligibility is based on the regulations issued by the Veterans’ Administration. Veterans should contact their Veterans’ Representative at 1-800-827-1000 or the Registrar’s Office for further information at 508-767-7408.
FINANCIAL AID TERMS & CONDITIONS
Please Review Financial Aid Terms & Conditions at the following link: Continuing Education and Graduate Financial Aid Terms and Conditions