Financial Aid Information

FINANCIAL AID PROGRAMS

To be considered for the Financial Aid Programs listed below, you must meet the following eligibility requirements, in addition to the requirements stated in the previous above section:

  • Must be a U.S. Citizen or Permanent Resident
  • Must not be in default on a prior education loan or owe a repayment on a federal grant
  • Enrolled at least half time (6 credits per terms)
  • Making Satisfactory Academic Progress explained here: http://www.assumption.edu/admissions/financial-aid/policies-and-guidelin…
  • Must be registered with Selective Service if you are required to register (for male students only)

Assumption College encourages everyone to fill out the FASFA (Free Application for Federal Student Aid) on an annual basis.  Information from the FAFSA is used to determine your eligibility for need-based financial aid.

  • Complete the FAFSA online at www.fafsa.gov. The form is available beginning October 1.
  • Students need to create an FSA ID prior to filling out the application. The instructions on how to do this can be found at How to create a FSA ID.
  • Assumption’s School Code of 002118 so your FAFSA information is sent to us

FEDERAL PELL GRANT

The Federal Pell Grant is awarded to students with considerable financial need. Annual award amounts are determined each year by the Federal Government. The current maximum Pell Grant for a full-time student is $6,195 for the 2019-2020 academic year.

Student Loan Options

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. Visit Financing Options for 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.

Federal Direct Stafford Loan

Assumption College participates in the William D. Ford Direct Loan Program for all Stafford loans.

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 3.76% for undergraduate students.
  • The interest rate for the Federal Direct Unsubsidized Stafford Loan is fixed at 5.31% for graduate students.
  • There is a 1.069% 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.

Repayment

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

  • 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.

Review your financial aid and borrowing history at www.nslds.ed.gov

New Direct Loan borrowers only

If you have not borrowed a Federal Direct Loan at Assumption College in prior academic years, you will need to complete the following steps at www.studentloans.gov once you have been awarded Federal Direct Loans from the Assumption College Office of Financial Aid:

  1. DIRECT LOAN ENTRANCE COUNSELING

2. DIRECT LOAN MASTER PROMISSORY NOTE

MASSACHUSETTS PART-TIME STUDENT GRANT PROGRAM
The Massachusetts Part-Time Student Grant Program is available to eligible students who meet the criteria. Funds are limited.

VETERANS BENEFITS
Veterans and dependents of Veterans who are eligible for benefits and are matriculated in a degree or certificate program must pay tuition and fees for courses taken at the Continuing & Career Education (in accordance with Chapter 457, Acts of 1976).  You may contact the Veterans Administration (VA) to review your benefit eligibility at 1-800-827-1000. Assumption College’s VA Certifying Official is Mary Malone. Mary can be reached in the  Registrar’s Office at 508-767-7408, fax 508-767-7489.

FINANCIAL AID TERMS & CONDITIONS
Financial Aid Terms & Conditions can be reviewed at the following link:
Continuing Education and Graduate Financial Aid Terms and Conditions

WITHDRAWAL & REFUND POLICY
Withdrawal & Refund Policy for Credit & Non Credit bearing courses: http://cce.assumption.edu/financial-aid/refundpolicies

CONSUMER INFORMATION

OFFICE OF FINANCIAL AID CONTACT INFORMATION
You can contact the Office of Financial Aid by email at fa@assumption.edu or phone at 508-767-7158.

OTHER FINANCIAL ASSISTANCE

CONTINUING EDUCATION SCHOLARSHIP
Through donations from Continuing Education alumni/ae and W.I.S.E., scholarship money is available to matriculated Continuing Education students. Awards are based on financial need (financial information is required) and applicants must also submit a 500-word personal statement. Please Check back from the 2019-2020 application year application deadline and form.

EMPLOYER REIMBURSEMENT

Many companies offer some form of tuition reimbursement as a benefit to their employees. Contact the benefits office at your company for information and to make arrangements with your employer prior to registration. Deferred tuition payment is possible for employees of approved companies, along with the use of the Assumption College promissory note. Please contact the CCE Office at 508-767-7364 with any questions on employer reimbursement.

EXTENDED PAYMENT PLAN
Continuing Education students may arrange to pay educational expenses through regularly scheduled payments with Tuition Payment Plan. Application deadlines are August 1st for the fall semester and December 1st for the spring semester. This low-cost, flexible payment system is not a loan program and there are no interest or finance charges. Applications are available from the Student Accounts Office, or call 508-767-7471 for more information.

ALTERNATIVE STUDENT LOANS
For those students enrolled in Certificate or Non-Credit Programs, less than half time, or for those whose financial aid doesn’t cover their entire cost, there are Alternative Student Loans available.  Assumption College encourages you to fully research the loans and lenders that best fit your needs. Private loans are available to help cover the remaining balance after financial aid. All private loans are subject to credit approval, a completed promissory note and must be submitted for certification to the Office of Financial Aid. The certified loan will then be reflected as a secure loan to be applied towards your student account.

ELMSelect www.elmselect.com provides a truly neutral lender and product comparison tool. It allows students to evaluate, compare and select a lender that best fits their financial needs. You can review all lenders on one page, narrow the list of lenders and compare them side-by-side. You can begin the loan application process from ELMSelect by choosing ‘Apply Now’ for the selected lender. For detailed information about these loans, including borrower benefits and services, log onto www.elmselect.com

PRIVATE SCHOLARSHIPS
Visit your local public library! Librarians are great sources of information, and many libraries have financial aid information available.

Greater Worcester Community Foundation-http://www.greaterworcester.org/Scholarships/OurScholarships.asp

Ultimate-Scholarship-List