Assumption College may provide student loans as part of the total financial aid package. Those student loans are described here.
While loans may be part of your financial aid package, Assumption College may not be able to meet your full need. Our Web site also lists “Financing Options,” a variety of loans and payment options that you may pursue, but which are not part of your financial aid package. Students and parents/guardians may discuss these options with our financial aid advisors.
William D. Ford Federal Direct Stafford Loan
Federal loans offer low interest rates for undergraduate students enrolled at least half time in a degree or certificate program. The Federal Direct Stafford Loan program enables students to borrow from, and repay loans directly to the U.S. Department of Education through its servicing centers.
This loan may be subsidized, unsubsidized, or a combination of both. Loan funds are disbursed directly to the college in equal amounts for the designated semester after the add/drop period. The maximum amount of Direct Stafford Loan that a dependent undergraduate student can receive is $31,000, of which $23,000 can be subsidized.
Federal Direct Subsidized Stafford Loan
The Federal Direct Subsidized Stafford Loan is based on financial need, as determined by federal regulations. The federal government pays the interest on the loan while in school. Interest begins accruing after the student graduates, withdraws, or falls below half-time status (6 credits)
Federal Direct Unsubsidized Stafford Loan
The Unsubsidized Stafford Loan is not need based. Interest is accrued and charged to the student from the time of disbursement.
Current Interest Rates and Fees
- The interest rate on both the Federal Direct Subsidized and Unsubsidized Stafford Loans is fixed at 3.86% for undergraduate students.
- The interest rate for the Federal Direct Unsubsidized Stafford Loan is fixed at 5.41% for graduate students.
- There is a 1.051% origination fee deducted from the proceeds of the loan. Loan funds are disbursed directly to Assumption College in equal amounts over each term of enrollment for the academic year.
There is a six-month grace period prior to repayment following graduation, withdrawal, or a drop below half-time status (6 credits).
Annual Loan Totals
The Stafford Subsidized Loan annual amounts listed below may be changed all or part to an Unsubsidized Stafford Loan depending on the student’s financial need as determined each year by the FAFSA information. Annual limits are based on the number of credits earned towards the student’s degree.
|Grade Level||Subsidized+Unsubsidized=Annual Loan Total*||Annual Loan Amount for students whose parents can't get PLUS|
|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|
* The subsidized amounts listed above are awarded based on financial need. If the student does not have financial need, this amount will be replaced with an unsubsidized loan.
For More Information about Stafford Loans
- Applying for the Stafford Loan: See more information about the process.
- Deferment, Repayment, and Consolidation: These actions must be managed through the Department of Education’s Direct Loans Web site.
- Exit Counseling for Stafford Borrowers: If a student with a Stafford Loan withdraws from the college, takes a leave of absence, graduates or falls below half-time status (below 6 credits), you must have exit counseling at http://www.nslds.ed.gov.
Federal Perkins Loan
The Federal Perkins Loan is a need-based federal student loan, and the College has limited funds, so priority is given to those with a high financial need.
If you are awarded a Perkins Loan, you are required to complete a master promissory note and entrance counseling with the Student Accounts Office before any funds can be credited to your account. After the loan is disbursed, it will be serviced by our loan servicer, University Accounting Service, LLC (UAS).
The interest rate is fixed at 5%.
Interest on this loan does not begin accruing until 9 months after graduation, withdrawal, or a drop below half-time status (6 credits).
For questions regarding your Perkins Loan, please contact the Student Accounts Office at 508.767.7351 or contact UAS at 1-800-999-6227.
Massachusetts No Interest Loan
The Massachusetts No Interest Loan (NIL) is a need-based loan offered by the Massachusetts Department of Higher Education. To be eligible, you must be a permanent legal resident of Massachusetts and demonstrate financial need (EFC must be less than $15,000).
The College has been given a small allocation of funds from the state, so priority is given to those with a high financial need.
The interest rate is 0% with a standard repayment term of 10 years.
If you have been awarded NIL, you are required to complete a promissory note and entrance counseling with the Financial Aid Office before funds can be credited to your account. After the loan is disbursed, it will be serviced by ECSI, Inc.
For questions regarding your NIL, contact the Financial Aid advisor or contact ECSI at 1-888-549-3274.