Grants and Loans Available for Part-time Undergraduates
Grants
The Federal Pell Grant Program provides need-based grants to low-income undergraduate and certain postbaccalaureate students to promote access to postsecondary education. Grant amounts are dependent on the student's expected family contribution (EFC); the cost of attendance (as determined by the institution); the student's enrollment status (full-time or part-time); and whether the student attends for a full academic year or less.
In Massachusetts, as in some other states, the number of part-time students has grown due to shifts in the states' demographic and economic conditions. More adults now find themselves needing to return to the classroom on a less than full-time basis. The continuous increase in college costs is also requiring more students to reconsider their enrollment plans and to look at part-time programs as viable alternatives. The Commonwealth has recognized the above needs and established the Part-Time Grant Program to serve as a bridge between higher education opportunities and those segments of the Massachusetts population.
Loans
Free Application for Federal Student Aid (FAFSA)
FAFSA is a "Free Application for Federal Student Aid." The first step in applying for financial aid is to fill out this standard federal application used to determine a student's eligibility for all federal and most forms of other financial aid. Submit the FAFSA as soon after January 1 as possible to increase your chances of getting the aid you need. You will need both your parents' and your tax information from the previous year to complete the FAFSA. The schools you indicate on your FAFSA will also get a copy of the application.
Federal Subsidized Direct Loans
The Federal Subsidized Stafford Loan is available to both undergraduate and graduate degree-seeking students and, like all loans, requires repayment. You must enroll for a minimum of six (6) credit hours to be eligible. Eligibility is determined by the EFC. During periods of enrollment or deferment, the federal government pays the interest on Subsidized Stafford loans. The interest rate is currently fixed at 6.0% for subsidized, 6.8% for unsubsidized. Interest paid may be tax deductible.
Federal Unsubsidized Direct Loans
This program is identical to the Federal Subsidized Loan except that the government does not pay the interest during periods of enrollment or deferment, and is not based on need. The Student Financial Aid Services Office strongly recommends students pay the interest on Unsubsidized Stafford Loans while in school or
in deferment.
Perkins loans are low-interest rate loans (currently 5%) awarded to undergraduate students (usually only to freshmen and sophomores). You must sign a promissory note and successfully complete Perkins entrance counseling. At Elms College, the Federal Perkins Loan is considered a supplemental loan. Therefore, your Perkins loan will be cancelled if you decline the Federal Stafford/Direct Loan. Funds are limited.
PLUS loans are available to parents of dependent students who have good credit history. Parents may borrow the full cost of education minus any financial aid received. Interest paid may be tax deductible. Complete and return the preapplication included with award letter or available online under the forms tab.
Alternatives Loans
Elms College participates in a number of alternative loan programs available to parents or students with creditworthy cosigners. Dependent students should always secure a creditworthy cosigner, even if the bank does not require one, in order to receive a better interest rate. The Student Financial Aid Services Office strongly recommends students pay the interest on Alternative Loans while in school or in deferment. See the 2009-2010 Alternative Financing Options brochure for the list of preferred alternative loans. You are not required to use our preferred lenders. Elms College has no
financial interest in your choice of lender.
For additional loan information, please visit any of these websites.