At Assumption College, the Office of Financial Aid 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 UNSUBSIDIZED STUDENT LOANS
To apply for and receive a Federal Direct 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 with the Registrar as some are fewer.)
- Students must complete the Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov. The form is available beginning October 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.
- Be sure to list the Assumption College school code: 002118. Without the school code Assumption College will not receive the results of your FAFSA.
- Students will need to complete a master promissory note and entrance counseling as a graduate student.
Assumption College participates in the William D. Ford Federal Direct Loan Program for all federal loans. For the 2017-2018 academic year the Graduate and Professional Student interest rate on the Federal Direct Unsubsidized Loan is 6.00% with a 1.066% origination fee. The current interest rates for these loans can be found at https://studentaid.ed.gov/sa/types/loans/interest-rates.
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 calculated amount you are expected to contribute toward that cost. The Federal Direct Unsubsidized 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: https://studentaid.ed.gov/sa/types/loans/subsidized-unsubsidized#how-much.
FEDERAL DIRECT GRADUATE PLUS LOANS
Graduate and Professional degree students are eligible to borrow Federal Direct Graduate PLUS Loans under the William D. Ford Federal Direct Loan Program. Students may borrow up to the cost of attendance minus other financial aid. This loan for the 2017-2018 academic year has a fixed interest rate of 7.00%. There is a 4.26% origination. The current interest rates for these loans can be found at: https://studentaid.ed.gov/sa/types/loans/interest-rates.
If you receive a Federal Direct PLUS Loan as a graduate or professional student, you don't have to make any payments while you're enrolled in school at least half-time, and for an additional six months after you graduate, leave school, or drop below half-time enrollment. 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 Federal 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 Federal Direct PLUS Loans can be found at: http://www.ifap.ed.gov/dlbulletins/attachments/DLB0703Attach.pdf.
ALL GRADUATE STUDENTS BORROWING UNDER THE FEDERAL DIRECT LOAN PROGRAM NEED TO COMPLETE THE FOLLOWING TWO STEPS TO RECEIVE THEIR FEDERAL DIRECT LOAN PROCEEDS:
1. FEDERAL DIRECT LOAN ENTRANCE COUNSELING AND FEDERAL 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 Federal Direct Loan Entrance Counseling, select from the main menu “Complete Entrance Counseling.”
- Check Complete Counseling to receive Federal Direct Loans as a graduate (beyond bachelor’s degree) or professional student.
- Follow the instructions for the online tutorial and submit after completed.
- For Federal 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