Graduate Financial Aid

At Assumption University, our goal is to focus on counseling graduate and professional students as they navigate through the best options in financing their education. We strive to educate both prospective and current graduate students on responsible borrowing and help them make the best decision for their situation given the funds available to them. Our mission is to ensure that our graduate students understand the financial aid process when they are in school and are aware of their responsibilities as loan borrowers when their time at the University has been completed. The following information below is being provided to assist students with some of the various loans and programs available.

Federal Direct Unsubsidized Loans

Graduate students enrolled and accepted in a degree seeking program may be eligible to receive Federal Direct Unsubsidized Loan. This loan can be awarded up to $20,500 per academic year but cannot exceed the combined and undergraduate and graduate aggregate limit of $138,500.
You must be enrolled at least half-time (a minimum of 4.5 credits) and enrolled in a program that leads to a degree or certificate awarded by the University.
To apply for a Direct Loan, you must complete and submit the Free Application for Federal Student Aid (FAFSA) form. The form is available beginning October 1 of each year with the exception of the 2024-2025 academic year as the FAFSA will not become available until December 2023.

Information from the FAFSA is used by the University to determine your eligibility for financial aid. This application can be completed at www.studentaid.gov. Be sure to list the Assumption University school code: 002118. Without the school code, we will not receive the results of your FAFSA.

Federal Direct Unsubsidized Loans will begin accruing interest from the time of disbursement. The student may opt to pay this interest while enrolled. Loan origination fees are also deducted proportionately each time a loan disbursement is made to the student’s account.

There is a six-month grace period prior to repayment following graduation, withdrawal, or a drop below half-time status (4.5 credits).
For more information on Federal Direct Loans, current interest rates and origination fees, please visit https://studentaid.gov/understand-aid/types/loans/subsidized- unsubsidized

Federal Direct Loan Master Promissory Note (MPN) and Entrance Counseling Requirements

New student loan borrowers must complete the on-line Master Promissory Note (MPN) and Entrance Counseling requirements at www.studentaid.gov before Federal Direct Student Loan funds will be credited to the student’s tuition account. After we receive electronic confirmation regarding completion of the MPN and Entrance Counseling, the net amount of the loan will be applied toward the student’s tuition account.

Once both requirements have been completed, a Federal Direct Student Loan can be processed for each subsequent year in which a FAFSA or Renewal FAFSA is filed. Anyone who does not wish to borrow in any given year (or wishes to borrow less than the eligible amount) must notify our office in writing or e-mail us at fa@assumption.edu.

How To Secure Your Direct Loan Funding

1. Go to https://studentaid.gov and click on the Log In button.

2. Sign in using your (student’s) FSA ID username or e-mail address and FSA ID password.

3. On the top of the page under the “Loans And Grants” tab, select “Loan Entrance Counseling.” Then choose the second option “I am a Graduate or Professional Student”. Then click “Start”. Follow the instructions for the online tutorial. This should take approximately 30 minutes to complete.

4. Return back to the top of the page under the “Loans And Grants” tab select “Master Promissory Note”.

Choose the second option “I'm a Graduate/Professional Student” Then click on “Select MPN Type”. Then select the first option “MPN for Subsidized and Unsubsidized Loans”. Then click “Start”.

5. You may log out after you complete both requirements. You will receive confirmation emails informing you these steps were completed successfully.

Federal Direct Graduate PLUS Loan

Graduate and Professional degree students are eligible to borrow Federal Direct Graduate PLUS Loans. Students may borrow up to the cost of attendance minus other financial aid. A credit check is performed on all Direct Graduate PLUS Loan applicants. Students must also complete a Direct PLUS Loan Master Promissory Note (Direct PLUS Loan MPN) and Entrance Counseling before they can receive Direct PLUS Loan funds.

For more information on Direct Graduate PLUS Loans, current interest rates, origination fees, and to apply please visit https://studentaid.gov/plus-app/grad/landing.

How To Apply for A Graduate PLUS Loan

1. Go to https://studentaid.gov and click on the Log In button.

2. Sign in using your (student’s) FSA ID username or e-mail address and FSA ID password.

3. On the top of the page under the “Loans And Grants” tab, select “PLUS Credit Counseling” click on “Start”. Then choose the second option “Graduate/Professional Student”. Then click “Start”. Follow the instructions in order to complete the credit check.

4. Return back to the top of the page under the “Loans And Grants” tab select “Master Promissory Note”.

Choose the second option “I'm a Graduate/Professional Student” Then click on “Select MPN Type”. Then select the first option “MPN for Direct PLUS Loans”. Then click “Start”.

5. Return back to the top of the page under the “Loans And Grants” tab, select “Loan Entrance Counseling.” Then choose the second option “I am a Graduate or Professional Student”. Then click “Start”. Follow the instructions for the online tutorial. This should take approximately 30 minutes to complete.

Private Loans

When federal loans and other aid do not cover your cost of education, private or alternative educational loans are available. Private educational loan programs vary by lender. Please contact specific lenders to find out about terms and conditions that may apply.

For more information or to apply for a private student loan, please go to https://www.elmselect.com/v4/ and choose Assumption University from the drop-down menu.

Tuition Remission (Employee)

Assumption University employees should contact the Human Resources Department for further information.

Graduate Payment Plan

The Monthly Payment Plan allows you to spread your education expenses over smaller monthly installments, which are paid over the course of the fall or spring semester. Your only cost is a $40 semester enrollment fee with Nelnet.

There is no payment plan option for summer terms.

For more information regarding our payment plan option, please contact the Student Accounts Office.

Voucher Use

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.

Veteran’s Benefits

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.