Student Loan Options

Assumption University 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 University 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 University 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 University 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.

For more information on Federal Direct Loans, current interest rates and origination fees, please visit StudentAid.gov. The loan origination fees are deducted proportionately each time a loan disbursement is made to the student’s account.

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 University, takes a leave of absence, graduates or falls below half-time status (below 6 credits), you must have exit counseling at https://www.nslds.ed.gov.

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 University has been given a small allocation of funds from the state, so priority is given to those with a high financial need.

Interest Rate

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.