Federal loans allow you to borrow money for college at low interest rates.
When considering which loan to use to assist in paying for school, Lasell recommends that all students complete the Free Application for Federal Financial Aid (FAFSA) and apply for need-based aid and the Federal Direct loan first, before pursuing any other more expensive loan options.
Federal Direct Loans
Direct Subsidized Loans are loans made to eligible undergraduate students who demonstrate financial need to help cover the costs of higher education at a college or career school. Direct Unsubsidized Loans are loans made to eligible undergraduate, graduate, and professional students, but eligibility is not based on financial need.
Approximately 77% of first-time, full-time students who matriculate through to graduation borrow on the Federal Direct Loan (formerly called the Federal Stafford Loan). Students who borrow the maximum amount available, and graduate within four years, can expect to borrow $27,000 in the Federal Direct Loan program. The students who graduated from July 1, 2017 to June 30, 2018 borrowed an average of $26,958 in Federal Student loans and an average of $40,665 in student loans from all sources. The 3 year draft cohort default rate for the students who separated from the university between is 6.1% based upon the 2017 cohort fiscal year.
This loan is a STUDENT loan, and if you wish to use these funds toward your costs here at Lasell this year, you will need to complete the Master Promissory Note (MPN) and Entrance Counseling. These should be completed online at the studentaid.gov website.
Students who wish to take advantage of this funding will be required to complete a Master Promissory Note and an entrance interview the first time they borrow through this program. If students do not wish to utilize this funding they should inform the Office of Student Financial Planning in writing that they wish to decline the loan. The Federal Direct Loan Program offers qualified students a competitive interest rate and multiple repayment options. Eligible students may qualify for the following amounts. Subsidized loans have the interest paid by the federal government for the borrower while in school and during the grace period (period of time after graduation but before repayment begins, usually 6 months). Interest begins accruing on unsubsidized loans at the time of disbursement.
Direct PLUS Loans are loans made to parents of dependent undergraduate students to help pay for education expenses not covered by other financial aid. Eligibility is not based on financial need, but a credit check is required.
This loan is available for parents to borrow to cover some or all of the out of pocket expenses for the year not covered by other financial aid being received by the student. This is a credit based loan, and a parent begins the process by applying at studentaid.gov.
In order to apply, you will need to log into this site with YOUR Federal Student Aid ID used to sign the Free Application for Federal Student Aid (FAFSA). If you do not have a Federal Student Aid Id or have forgotten yours, you may get one assigned to you by first going to Create an FSA ID and requesting one.
Once you have the FSA ID, you may proceed with the application process. It takes approximately 24 hours for the credit decision to be processed. If approved, our office will be notified and we will add the loan to the student's package.
If you are denied the Direct PLUS loan, you may appeal that decision, apply with an endorser, or do nothing. If you choose not to appeal or apply with an endorser, your student will be eligible for additional Direct Unsubsidized loan funding in the following amounts:
Private loans are usually borrowed in the student's name with someone as a cosigner. The amount is limited to the cost of attendance less the other aid a student is receiving.
To research the loans, the lenders available, and to begin the application process for a loan, we recommend you research the education loan options by going to ELM Select. You will be able to research the lenders who offer private education loans, and follow the links to the lender's websites to complete the application online. We require that the application be completed and approved before we will add this loan to the award package and allow it to appear as a credit on the student's bill.
We highly recommend applying for enough to cover the cost of attendance for the full year. If you need assistance determining the amount to borrow, please contact Student Accounts at 617-243-2227.
Lasell has chosen ELM Select to present information regarding private loan lenders. Any lender with whom our students have previously borrowed, or who has provided their information to us to be listed appears on this list. We will process the application for a private student loan from any lender you choose. We are referring you to the ELM Select website for informational purposes only.
Application Time Line:
Information regarding repayment of loans:
As students graduate or separate from the university for other reasons, they will need to be aware of their repayment options in the Federal Direct Loan programs. More information and guidance can be found at http://www.studentloanborrowerassistance.org/ or at the National Student Loan Database System.
Phone: 617-243-2227 | Fax: 617-243-2326
Office of Financial Aid: finaid@lasell.edu
Office of Student Accounts: studentaccounts@lasell.edu
Frequently Asked Questions
Academic Year: Monday - Friday, 8:30 a.m. - 4:30 p.m.
Summer: Monday - Thursday, 8:30 a.m. - 4:30 p.m.
