Assumption College

Admissions and Aid - Assumption College: Financial Aid

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Loan Information

We have provided links (to the left) for all student and parent loans available to help meet your financial obligation at Assumption College.

Student Loans

Federal Stafford Loans

This program allows students to borrow funds at a low, fixed interest rate. For students with need, the loan is subsidized, and no interest accrues until 6 months after the student graduates or withdraws from school or drops below half-time (6 credits). Students who do not demonstrate need qualify for an unsubsidized loan, and interest begins accruing while the student is in school. Repayment begins 6 months after the student graduates, withdraws from school, or drops below half-time (6 credits).

Interest Rates Proposed for 2012-2013

Undergraduate Student

Subsidized	6.8%
Unsubsidized	6.8%
Origination Fee	.5%

The maximum amounts a student may borrow are shown below:

Grade Level	Subsidized Unsubsidized = Annual Loan Total*	Annual Loan Amout for students whose parent is denied a PLUS Loan
First Year	$3,500 $2,000 = $5,500	$3,500 $6,000 = $9,500
Sophomore Year	$4,500 $2,000 = $6,500	$4,500 $6,000 = $10,500
Junior Year	$5,500 $2,000 = $7,500	$5,500 $7,000 = $12,500
Senior Year	$5,500 $2,000 = $7,500	$5,500 $7,000 = $12,500

ALL STUDENT BORROWERS OF FEDERAL STAFFORD LOANS MUST COMPLETE A TWO STEP PROCESS.

You will need the following information before you begin:

Personal Identification Number (PIN) - the number you used to sign the FAFSA
Social security number, driver's license number and state
Name, address and telephone number for two references. The first should be a parent or legal guardian. The second needs to be someone residing at a different U.S. address. Post office boxes cannot be used.

Click on either step to begin.

Click on the green button in the upper left hand side of the page which says "Sign In" to begin the process.
Please update your email address, check the "send me notices electronically" and a confirmation of completion will be emailed to you.

Private Alternative Loans

Assumption College encourages you to exhaust all Federal Loan eligibility before applying for a private alternative loan. These loans are available to help cover the remaining balance after financial aid. All private loans are subject to credit approval.

We recommend lenders based on the quality of products and services they provide to students and their families. We have carefully considered our selections in order to provide you with the best possible list of suggested lenders. You may, however, apply with a lender of your own choice that is not on our list.

To view our full list of private alternative loans, please visit ELM Select and choose "Assumption College" from the drop-down menu.

Parent Loans

Parent PLUS Loans

If you are a dependent student, your parent may borrow up to your cost of attendance minus any other aid that you are receiving. Cost of attendance includes tuition, room/board, personal expenses, transportation, and books. Not all of these costs will appear on your bill and can vary for each student, but these figures are used by the Financial Aid Office for awarding. The cost of attendance is usually higher than your direct costs to allow you to borrow funds for additional expenses. Your financial aid cannot exceed your cost of attendance.

To be eligible to borrow a PLUS loan, your parent must not have adverse credit. If s/he is denied for the PLUS loan, you will eligible for an additional unsubsidized Stafford Loan.

The interest rate is a fixed 7.9% and origination fee is 2.5%.

There is no penalty for early repayment. Repayment begins 60 days after the final disbursement of the loan is received, and the repayment term is up to 10 years. Parents do have the option to defer payment on the PLUS Loan while you are enrolled at least half-time.

Completion of the FAFSA is required.

There must be a PLUS Loan Master Promissory Note (MPN) on file for each student. Your parent may not use the same PLUS promissory note for more than one student. The MPN can be completed online.

If your parent would like to borrow a PLUS Loan on your behalf, s/he must complete a PLUS Loan Master Promissory Note with Direct Loans. A parent must have a PIN which s/he can apply for at www.pin.ed.gov.

Should a parent be denied for a Parent PLUS Loan, the student will be eligible for an additional $4,000 in unsubsidized Stafford loan for freshmen and sophomores or $5,000 for juniors and seniors.

MEFA Undergraduate Loan

The MEFA Undergraduate Loan is an alternative parent loan program that can supplement a Stafford Loan and/or replace all or part of the Expected Family contribution. MEFA loans are not based on need, but on borrower and co-borrower creditworthiness.

Advantages of the MEFA loan: