At Assumption College, the Graduate Financial Aid Office is committed to assisting qualified graduate students meet 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.
Private loan options are also available. For more information or to apply for a private student loan, please go to www.elmselect.com
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, if applied for individually, is $35. If a student applies for the fall and spring semesters at the same time the fee is $60. The first payment for the fall semester is due August 1. The first payment for the spring semester is due December 1. Summer sessions are not eligible. Applications are available from the Finance office at (508) 767-7471.
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.
FEDERAL STAFFORD STUDENT LOANS
Federal aid is available in the form of loans 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. Federal loans can be up to $20,500 (unsubsidized) per year, but cannot exceed the combined undergraduate and graduate aggregate limit.
To apply for a Federal student loan, unconditionally accepted full-time (9 credits/semester) and half-time (6 credits) students must complete the FAFSA form (see www.fafsa.gov). Students must also complete a master promissory note and entrance counseling.
We are excited to announce that, effective June 1, 2010, Assumption College will be participating in the William D. Ford Direct Loan Program for all Stafford and Grad PLUS loans.
Assumption College previously participated in the Federal Family Educational Loan Program (FFELP) but due to recently passed federal legislation all colleges and universities are required to participate in the Direct Student Loan Program.
ALL GRADUATE STUDENT STAFFORD LOAN BORROWERS MUST COMPLETE THE FOLLOWING TWO STEPS TO SECURE THEIR STAFFORD LOAN FUNDS.
You will need the following information before you begin the process:
- Personal Identification Number (PIN)- the number used to sign the FAFSA
- Social security number, driver's license number and state
- Name, address and telephone number of two references. The first should be a parent or legal guardian and the second needs to be someone residing at a different U.S. address that you have known for at least three years. Post office boxes cannot be used.
You must complete the following:
1. DIRECT LOAN ENTRANCE COUNSELING
2. DIRECT LOAN MASTER PROMISSORY NOTE
- Go to www.studentloans.gov
- Click on the green button "Sign In" on the upper left hand side of the page to begin the process
- Update your email address, check the send me notices electronically box and electronic copy of your entrance counseling and MPN will be emailed to you
- Once you have signed in and updated your email click on Entrance Counseling and then complete the Master Promissory Note.
ALL STUDENTS BORROWING STAFFORD LOANS FOR THE 2010-2011 ACADEMIC YEAR MUST COMPLETE THE DIRECT LOAN ENTRANCE COUNSELING AND THE DIRECT LOAN MASTER PROMISSORY NOTE BY JUNE 1, 2010
Students can contact the Financial Aid Office for further assistance at 508-767-7158 or firstname.lastname@example.org.
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 aide. This loan has a fixed interest rate of 7.9%. There is a 2.5% net fee (4% origination fee less an upfront rebate of 1.5% that assumes 12 on-time monthly payments) deducted from each disbursement.
The repayment period for a Direct Grad PLUS borrow begins on the date of the last disbursement of the loan and the first payment is due within 60 days after the date the loan is fully disbursed. 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 application does not have an adverse credit history.
- You must have applied for the annual loan maximum eligibility under the Federal Direct Subsidized and Unsubsidized Stafford Loan Program before applying for a Graduate/Professional PLUS loan.
- Applicants must complete a Federal Direct PLUS Loan Master Promissory Note at www.studentloans.gov
Eligibility is based on the regulations issued by the Veterans’ Administration. Veterans should contact their Veterans’ Representative or the Registrar’s Office for further information at 508-767-7408.