Graduate Financial Aid
At Assumption University, the Office of Financial Aid is committed to assisting graduate students in meeting their responsibilities for the cost of education by helping them bridge the gap between their own resources and the cost of attendance. The following information will inform you of programs and loans available.
FEDERAL DIRECT UNSUBSIDIZED STUDENT LOANS
To apply for and receive a Federal Direct Student Loan:
- The student must be unconditionally accepted full-time (9 credits per semester) and enrolled no less than half-time (6 credits per semester). (Most courses are 3 credits, but please confirm with the Registrar as some are fewer.)
- Students must complete the Free Application for Federal Student Aid (FAFSA) at studentaid.gov. The form is available beginning October 1 of each year. Information from the FAFSA is used by the University to determine your eligibility for financial aid.
- Students need to create an FSA ID (formerly known as PIN). View instructions for creating your ID.
- Be sure to list the Assumption University school code: 002118. Without the school code Assumption University will not receive the results of your FAFSA.
- Students will need to complete a master promissory note, entrance counseling, and informed borrowing confirmation as a graduate student.
FEDERAL DIRECT UNSUBSIDIZED LOANS
Assumption University participates in the William D. Ford Federal Direct Loan Program for all federal loans. For the 2020-2021 academic year the Graduate and Professional Student interest rate on the Federal Direct Unsubsidized Loan is 4.30% with a 1.059% origination fee. Interest rate information can be found on the Federal Student Aid website.
Federal aid is available in the form of a loan for both U.S. citizens and permanent residents. The Federal Direct Unsubsidized loan can be awarded up to $20,500 per academic year, but cannot exceed the combined undergraduate and graduate aggregate limit. The aggregate loan limit for graduate students, which includes loans for undergraduate study, is $138,500. You may review aggregate loan limit information on the Federal Student Aid website.
FEDERAL DIRECT GRADUATE PLUS LOANS
Graduate and Professional degree students are eligible to borrow Federal Direct Graduate PLUS Loans under the William D. Ford Federal Direct Loan Program. Students may borrow up to the cost of attendance minus other financial aid. This loan has a fixed interest rate of 5.30% and a loan origination fee of 4.236% for the 2020-2021 academic year.
Information on interest rates for these loans can be found on the Federal Student Aid website.
If you receive a Federal Direct PLUS Loan as a graduate or professional student, you do not have to make any payments while you're enrolled in school at least half-time (6 credits) and for an additional six months after you graduate, leave school, or drop below half-time enrollment. Loan funds are disbursed directly to Assumption University in equal amounts over each term of enrollment for the academic year.
- Graduate students are required to complete the Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov.
- Student must be accepted in a degree-granting program for at least six credits each term. Please note that federal regulations do not allow Federal PLUS loan applications to be processed for an outstanding balance that is associated with an academic year that has already ended.
- The applicant does not have an adverse credit history.
- Answers to Frequently Asked Questions about Federal Direct PLUS Loans can be found on the Federal Student Aid website.
All graduate students borrowing under the Federal Direct Loan Program need to complete the following three steps to receive their Federal Direct Loan proceeds:
- Master Promissory Note (MPN)
- Entrance Counseling
- Informed Borrowing Confirmation
Go to www.studentloans.gov
- Sign in using your social security number, first two letters of your last name, date of birth, and your FAFSA ID
- View instructions for creating your FAFSA ID
EXTENDED PAYMENT PLAN
Tuitionpay offers graduate students a low-cost extended payment plan. This is not a loan program, there are no interest charges. For additional information on Assumption University payment plans, please visit the Student Accounts Office.
Students who are awarded Graduate Fellowships, Traineeships, or Assistantships in a graduate degree program are not permitted to use course vouchers to pay for courses that are included in their program of study when simultaneously utilizing fellowship, traineeship or assistantships tuition remission.
Eligibility is based on the regulations issued by the Veterans’ Administration. Veterans should contact their Veterans’ Representative at 1-800-827-1000 or the Registrar’s Office for further information at 508-767-7408.
FINANCIAL AID TERMS & CONDITIONS
Please Review Financial Aid Terms & Conditions at the following link: Continuing Education and Graduate Financial Aid Terms and Conditions