Financial Aid

Graduate Financial Aid

Most graduate students receive federal student loans to assist financing their costs of attendance.  However, a limited number of Assistantships and Tuition Vouchers are available for those who qualify.  We also encourage students to seek out scholarship opportunities provided by sources outside of the college, commonly called Outside Scholarships.  Information on all these forms of aid, as well as Private Student Loans, is provided below.

 

Federal Direct Unsubsidized Loans

Federal Direct Unsubsidized Loans are available to graduate students who are enrolled with at least half-time student status (6 credits or more) in a degree seeking program for a given period of enrollment.  Like all loans, the amount borrowed is required to be repaid after graduation or dropping below half-time student status, plus any interest or fees.  Repayment on the loan would not commence for six months after graduating or dropping below half-time student status.  Federal Direct Unsubsidized Loans for graduate students disbursed between July 1, 2013 and June 30, 2014 have a fixed interest rate of 5.41%.  Students have limited eligibility for this kind of loan.  To apply complete a FAFSA online at www.fafsa.ed.gov and include our school code 002140.

 

Federal Direct Graduate PLUS Loans

Federal Direct Graduate Loans are available to graduate students who are enrolled with at least half-time student status (6 credits or more) in a degree seeking program for a given period of enrollment.  Like all loans, the amount borrowed is required to be repaid after graduation or dropping below half-time student status, plus any interest or fees.  Federal Direct Graduate Loans disbursed between July 1, 2013 and June 30, 2014 have a fixed interest rate of 6.41%.  Students can borrow up to their total cost of attendance in this kind of loan.  To apply complete a FAFSA online at www.fafsa.ed.gov and include our school code 002140, then submit a Graduate PLUS Loan application online at www.studentloans.gov  Loan approval is subject to a credit check.

 

Private Student Loans

Private student loans are available to students prior to matriculation into a degree seeking program.  Further, students are not required to have at least half-time student status to receive private student loans.  To be approved a student needs to apply to the lender directly, and may require a creditworthy cosigner.  Private student loans are typically unsubsidized and are regarded as an alternative to federal student loan options. A compiled list of private lenders and their products can be found online at www.elmselect.com   Students are welcome to work with any educational lender of their choosing, even if they are not found on www.elmselect.com.  However, please notify the Financial Aid Office if you are receiving a loan from a source not listed.

 

Outside Scholarships

Students are encouraged to apply for outside scholarships through reputable scholarship search engines.  Outside scholarships can reduce educational borrowing, or reduce a student’s remaining costs of attendance.  All outside scholarship search websites listed below are provided as a courtesy, and do not imply an endorsement by Elms College.

Please use caution when applying for outside scholarships to avoid possible scams.  See Finaid.org’s Scholarship Scams – If you have to pay money to get money, it’s probably a scam.

 

Assistantships

A limited number of graduate assistantships are available each semester in various departments and offices on the Elms College campus. Information is available from program directors and advisors.

 

Tuition Vouchers

In appreciation for the learning experiences provided to our full-time practicum students, Elms College issues one three-credit voucher per student to the full-time practicum supervisor.