Programs Available to Graduate Students

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Eligibility for federal loan programs is determined by evaluating the students income and assets as declared on the Free Application for Federal Student Aid. Need based awards are subject to the federally defined data verification process which requires some students to submit a tax return and other supporting documentation.

Students may borrow up to $18,500 per academic year. A maximum of $8,500 may be subsidized which means that the federal government pays the interest while the student is enrolled at least half time. The balance may be in the form of an unsubsidized Stafford Loan. In this program, interest accrues while the student is in school but payment may be deferred. The variable interest rate is the same for both programs. It is set yearly but will not exceed 8.25%. Students must be enrolled at least half time (5 credits per semester) to qualify for the loan and deferred payment. Payment responsibility is deferred until 6 months after the student ceases half time enrollment. Loan funds are made available by participating lenders, such as CollegeCredit which is Springfield Colleges preferred lender. Applicants must complete the financial aid application process.

 (formerly the National Direct Student Loan)

Eligibility for this need-based program is subject to federal regulations. Funds are limited. These awards are made to high need students who complete the financial aid application process. Repayment begins nine months after half time enrollment ceases. The interest rate is 5%.

The College participates in a wide array of supplemental loan programs with outside lenders. Information on these programs is available from the Office of Financial Aid.

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