Graduate Financial Aid Loans & Grants
By following the financial aid instructions and submitting the appropriate application materials, you will be taking the first steps in applying for the following financial aid programs.
Loan Programs:
Federal Stafford Loans
All financial aid applicants will be reviewed for subsidized and unsubsidized Stafford Loan eligibility. Per academic year, you may be eligible to borrow $20,500 in Stafford loans; up to $8,500 in subsidized Stafford funds and the balance up to $12,000 in unsubsidized Stafford funds. Subsidized loans are need-based and the interest is paid by the Department of Education while you are enrolled at least half-time in school. Unsubsidized loans are not need-based and the interest accrues while you are enrolled in school. You may pay this interest while you are in school, or defer payment until after you graduate or drop below half-time status. The interest rate on these loans is currently at 3.3% and may not exceed 8.25%. For more information go to the Stafford Loan website.
Supplemental Loan Programs:
Should you need additional assistance over any grants, scholarships and federal loans offered, there are a number of supplemental loan programs available for students to help defray the cost of education at Wheelock College. These programs do not require that a student have applied for institutional and/or federal assistance. It is recommended, however, that students applying for institutional and/or federal assistance hold off on applying for supplemental loans until their financial need and aid package has been created. The following programs require additional applications and are based upon the credit-worthiness of the applicant (and co-applicant, if required). For specific information on each program, we recommend that you visit each programs website.
Graduate Plus Loan
Graduate Plus Loans are federally sponsored loans for students attending graduate school. With a Graduate Plus Loan, you may borrow up to the full cost of your education, less other financial aid received including Federal Stafford Loans. The interest rate is fixed at 8.5%. There is a 3% origination fee charged by the federal government. There are many different repayment options available including deferred payments until graduation. You can apply only at loans.collegeboard.com.
MEFA Loan
The MEFA Loan provides a low-cost financing option for parents, spouses or any creditworthy party except the student. This loan is administered through the Massachusetts Educational Financing Authority (MEFA). Borrowers need not be Massachusetts residents to apply as long as the student is attending in a participating school in Massachusetts. To be eligible applicants must meet an eligibility test and must be creditworthy. Loans range from $2,000 up to the total cost of education minus financial aid received.
Interest rates for the MEFA can be fixed or variable. New rates are set March 1 of each year. The fixed rate is 6.49-6.99% and the variable rate is 7.16-8.16% for the 2007-2008 academic year. Loan fees of 3.75% are assessed on the total amount of the loan and added to the principal amount. There are two repayment options; immediate repayment which repayment begins within 30 days of loan disbursement for a 15 year period, and deferred repayment, in which borrowers can choose to wait until after graduation. Borrowers may also choose a Home Equity Option in which the interest paid on the loan may be fully deductible for federal tax purposes.
Additional information and applications can be found at http://www.mefa.org.
Signature Loan
Students who are enrolled at least half-time are eligible to apply for a Signature Loan. This loan is also available to international students with a US co-applicant. Students may borrow the total cost of education minus other financial aid with a lifetime borrowing limit of $100,000. Students have up to 25 years to repay the loan. No payments are required while enrolled, however the interest does accrue during in-school and grace periods and will be capitalized onto the principal balance. The interest rate is based on the prime rate and the borrowers' credit. Fees ranging from 0% or 6% may be charged on the amount borrowed, depending on the borrowers' credit. Please visit http://www.citizensbank.com or http://www.nelliemae.com or http://www.salliemae.com for more information on the Signature Loan or to apply.
TERI Loan
The Education Resource Institute (TERI) Loan is an alternative loan for students, parents, or other creditworthy individuals. The guidelines for the TEIR Loan include: an established, satisfactory credit history; sufficient current income to meet current liabilities and a stable residency and employment history. The student must also be enrolled at least half-time. Loan amounts range from a minimum of $500 up to the cost of education minus any financial aid received. Interest rates for the TERI Loan are variable rates based on the Prime Rate as published in the Wall Street Journal. A guarantee fee of 5% will be deducted from the loan at disbursement. If a student chooses to defer principal and interest, a guarantee fee of 6.5% applies
Repayment Options:
- Option 1: Pay principal and interest in a fixed monthly amount beginning 45 days after disbursement.
- Option 2: Pay interest only while you are enrolled in school for up to four consecutive years. Payment of principal and interest then begins 45 days after graduation or withdrawal from school.
- Option 3: Make no payments while in school for up to 4 consecutive years. Repayment of principal and interest then begins within 45 days after graduation or withdrawal from school.
Please visit TERI's website for additional information and applications.
Grants:
Graduate Grants are awarded based on financial need to eligible full-time and part-time students. Award amounts range from $500 to $5,000 per academic year.
