Master of Arts in Teaching (MAT)
Several types of financial aid are offered to help offset the costs of tuition and fees. Aid comes in the form of scholarships and federal financial aid. The MAT Program does not offer federal work-study opportunities or tuition waivers. For general information on financial aid, including necessary forms, resources, and information for international students, visit Longy’s website. The Director of Student Financial Assistance, Elvie Reyes is available at email@example.com or 617-876-0956, ext. 1530
SCHOLARSHIPS AND LOANS
First consideration for scholarships will be given to applications received on or before the deadline of Friday, September 21, 2012. After this deadline, applications are considered on a rolling basis in order of receipt until all scholarship assistance funds are committed.
Scholarships are available to all students and are determined by the student’s artistic and academic accomplishments. There are a limited number of scholarships for qualified incoming students. Scholarship awards are applied toward tuition costs.
FEDERAL FINANCIAL AID
The Free Application for Federal Student Aid (FAFSA) is available online at www.fafsa.ed.gov. The FAFSA determines financial need resulting from your Cost of Attendance (COA) minus your Expected Family Contribution (EFC) as determined by the FAFSA. Your COA includes billed and non-billed expenses. Longy awards need-based aid up to “financial need” and then non-need based aid up to Cost of Attendance.
Federal Direct Loan
Federal Direct Loans are low-interest, long-term loans made to U.S. Citizens and Permanent Residents. Students must be enrolled on at least a half-time basis and satisfy all other Federal Title IV eligibility guidelines.
Federal Unsubsidized Direct Loan
An Unsubsidized Direct Loan does not require demonstration of financial need. The annual loan limit for the Unsubsidized Direct Loan is up to $20,500 annually. The current origination fee is 1% and the interest rate is a fixed 6.8%. Interest begins to accrue while enrolled in school; repayment on the loan principal begins six months after the student ceases to be enrolled on at least a half-time basis.
Federal GradPLUS Loans
In order to apply for the federal GradPLUS loan, a student must have already applied for the annual loan maximum allowed for Unsubsidized Direct Loan. Requirements also include a determination that the student does not have an adverse credit history. Eligible graduate students who have accepted their Direct Loan may borrow up to their Cost of Attendance minus other financial assistance, however it is recommended to borrow only what is needed. Repayment for the GradPLUS begins 60 days after graduation, withdrawal from the school, or after your enrollment drops below half-time. The interest rate is 7.9% with a 4% origination fee.
FACTORS AFFECTING FINANCIAL AID
Entrance Counseling and Master Promissory Note
Direct loans will disburse if Entrance Counseling and a Master Promissory Note (MPN) have been accepted by the Department of Education on www.StudentLoans.gov.
Satisfactory Academic Progress
The US Department of Education requires that students meet academic standards ensuring progress towards the completion of a program of study.
Withdrawal and Return of Title IV funds
If a student withdraws after the semester begins, the school is required to calculate a Return of Title IV. A student who withdraws prior to 60% of the semester’s completion date will no longer be eligible for the full amount of federal financial aid that was originally awarded. When a student ceases enrollment prior to the planned completion date, the Financial Aid office will calculate the amount of aid the student earned based on the withdrawal date and return any unearned financial aid to the US Department of Education. This calculation has no relationship to the student’s incurred institutional charges. This means if you withdraw during a semester, you may have a bill with the school and/or the Department of Education.
Students must complete exit counseling online at www.nslds.ed.gov four weeks prior to graduation or upon withdrawal. Diplomas and/or transcripts will be withheld until completed. This is a Department of Education requirement.
It is recommended that students visit www.StudentLoans.gov and view the various repayment plans listed under Manage Repayment. Current options include:
- Standard: monthly payments for 10 years.
- Graduated: initial payments are lower and then increase gradually during the repayment period.
- Income Sensitive: available through Direct Loans only, the monthly payment is based on the student's income.
- Extended Repayment: allows for a longer repayment period.
- Income-Based Repayment (IBR) will be available to FFEL (Federal Family Education Loan) and Direct Loan borrowers repaying loans on or after July 1, 2009. This will help borrowers keep their loan payments affordable with payment caps based on income and family size.
Federal Loan Forgiveness
There are several loan forgiveness programs currently available. For example:
STAFFORD LOAN FORGIVENESS for TEACHERS
If you teach full time for five consecutive years in a low-income school, you might be eligible to have a portion of your loan cancelled. This applies to FFEL Stafford Loans, Direct Subsidized and Unsubsidized Loans, and in some cases, Consolidation Loans.
PUBLIC SERVICE LOAN FORGIVENESS
Under the Public Service Loan Forgiveness Program, if you are employed in a public service job, you may have the balance of your loans forgiven if you make 120 on-time monthly payments under certain repayment plans after October 1, 2007. You must be employed full-time in a public service job during the same period in which the qualifying payments are made and at the time that the cancellation is granted. The amount forgiven is the remaining outstanding balance of principal and accrued interest on eligible Direct Loans that are not in default.
Detailed information on loan forgiveness can be found at www.StudentLoans.gov