Financial Aid for Graduate Students
Steps to apply for Financial Aid
Types Of Financial Assistance
Stafford Loans
The Federal Family Education Loan (FFEL) Program includes the Stafford subsidized and unsubsidized loans. Under the FFEL Program, private lenders such as banks, credit unions, and savings and loan associations usually make the loans. Once you receive a FFEL Program loan, the loan holder or its servicer will manage and collect the loan.
Generally, the lender will send the loan proceeds to the school in at least two payments, by electronic funds transfer. The school then credits your tuition account to assist in the payment of your education. If there is money left over after paying the bill, you may request that a reimbursement check be processed for you or let the money stay on your account to pay for the next semester’s tuition and fees.
Subsidized Federal Stafford Loan is awarded on the basis of financial need, which is determined by the information you provide on the FAFSA (Free Application for Federal Student Aid). If you qualify for a subsidized loan, the federal government pays interest on the loan (subsidizes the loan) until you begin repayment and during authorized periods of deferment thereafter.
Unsubsidized Federal Stafford Loan is not awarded on the basis of need. If you qualify for an unsubsidized loan, you will be charged interest from the time the loan is disbursed until it is paid in full. You can choose to pay the interest while you are in school and during your grace and authorized deferment periods or allow it to accumulate. If you allow the interest to accumulate, it will be added to the principal amount of your loan and will increase the amount you have to repay. If you pay the interest as it accumulates, you'll repay less in the long run.
After you graduate, leave school, or drop below half-time enrollment, you have a grace period of six months before you begin repayment. If you return to school at least half time before your grace period expires, you will retain the entire 6-month grace grade period for your loans. The amount of each payment depends on your loan amount and on the length of your repayment period. You have the option of repaying your loan using a fixed, graduated or income-sensitive repayment plan, but you are required to repay the loan within 10 years, unless your balance warrants extended repayment and you are a new borrower.
Maximum Annual Stafford Loan Amounts
Borrower's
Academic Level |
Independent Student |
Subsidized |
|
Unsubsidized |
|
Total
Amount |
Graduate or
Professional Student |
$8,500 |
+ |
$12,000 |
= |
$20,500 |
The total debt you can have outstanding from all Stafford Loans (Undergraduate and Graduate) combined is: $138,500 as a graduate or professional student (no more than $65,000 may be subsidized)
Contact Us
Thomas Frazier
Office of Student Financial Planning
1844 Commonwealth Ave.
Newton, MA 02466
Office Hours: Monday-Friday (8:30 am to 4:30 pm)
Phone: 617-243-2227
Fax: 617-243-2326
Email: finaid@lasell.edu
Online Resource: National Student Loan Data System www.nslds.ed.gov
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