Stafford Loans for Graduate Students

Beginning for the 2010–2011 academic year, Federal Stafford Loans are available at Emerson College through the Federal Direct Loan Program (DL). The two types of Direct Stafford Loans are Subsidized Stafford Loans and Unsubsidized Stafford Loans.  Beginning July 1, 2012, only Unsubsidized Stafford Loans will be awarded to students.

• Eligibility
• Federal Subsidized Stafford Loan
• Federal Unsubsidized Stafford Loan
• Process
• Disbursement
• Repayment

Eligibility

• Students must have a completed financial aid application for the applicable academic year.
• Students must be U.S. citizens or eligible non-citizens. 
• Students must be accepted in a degree-seeking program. 
• Students must be registered at least half-time.
• Students must attend classes and maintain satisfactory academic progress to continue to be eligible for their loans.
• Students must sign their Emerson College Financial Assistance Statement accepting the loan. If you have not received a Financial Assistance Statement listing your eligibility for a Stafford Loan, please contact the Student Service Center to check your application status.
• All borrowers are required to participate in Exit Loan Counseling if they stop attending or drop below half-time standing.  Exit Counseling can be done via Mapping Your Future.

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Federal Subsidized Stafford Loan

The government pays the interest for this federally subsidized loan during the student's full-time enrollment, six-month grace period post enrollment, and authorized deferment period. These loans are based on demonstrated need determined by the Office of Financial Aid.  Beginning July 1, 2012, federal Subsidized Stafford Loans will no longer be awarded.

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Federal Unsubsidized Stafford Loan

The student is responsible for all the interest that accrues on this loan, including interest that accrues while in school. Interest also accumulates during deferment and the grace period. Once the student enters repayment, the interest becomes part of the loan principal in a process called capitalization.

Fees

The Stafford Loan has a federal origination fee of up to 1.0%.  The 1% fee will be deducted from the loan proceeds before the funds are applied to your tuition account.

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Process

All students wishing to borrow a Stafford Loan must sign and accept their Direct Stafford Loan amounts on the Financial Assistance Statement. Emerson College will notify the Direct Lending Servicer you are attending Emerson College and certify your eligibility for a Stafford Loan. A fall semester applicant's lender will be notified in late June. A spring semester applicant's lender will be notified starting in December.

If you have not previously borrowed a Direct Stafford Loan at Emerson College:

1. You must complete the Direct Loan Master Promissory Note (MPN). To complete the Direct Loan MPN go to the Direct Loan Website. You only need to do the MPN once and it is valid for subsequent loans for up to 10 years. 
2. You must complete the federally required Entrance Interview. The Interview can be found on the Direct Loan Website. If you have borrowed a Stafford Loan at Emerson College in the past, you do not need to complete another Entrance Interview.

View a chart on the Stafford Loan process »

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Disbursement

Generally loans are disbursed in two equal installments, one at the start of each semester. 

Loans are disbursed in three installments for all returning graduate students who are enrolled for the summer term in addition to the fall and spring semesters.

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Repayment

For Subsidized Stafford Loans, the interest is subsidized while the student is enrolled at least half time. Repayment of principal and interest begins six months after the student drops below half-time status, leaves, or graduates.

For Unsubsidized Stafford Loans, interest accrues each month after the funds are disbursed to the school. Repayment is not expected until six months after the student drops below half-time status, leaves, or graduates; however, interest does accrue each month while the student is in school.

There are several repayment options available. Students will receive Exit Loan Counseling when they leave school. To review repayment information now, review the Federal Student Aid website. They also offer helpful interest and repayment calculators to help you better understand your repayment options.

Emerson College's two year cohort default rate on Stafford Loans is 1.4% which is substantially below the national average of 9.1%.

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