Types of Graduate Financial Assistance

The Federal Stafford Student Loan Program

In most instances, a full-time student will be eligible to borrow a maximum of $20,500 per academic year in Federal Stafford Student Loans. Calculated need will determine how much of the loan is accruing interest while the student is in school (Unsubsidized portion) and how much of the loan is not accruing interest while the student is in school (Subsidized portion).

The combination of the Subsidized and Unsubsidized Loans may not exceed the student's cost of attendance less any other financial assistance. Students who apply for Federal Stafford Student Loans must be matriculated, degree-seeking candidates enrolled at least half time (4 credits) per semester/term. Federal regulations specify that federal financial aid recipients must be US citizens, US nationals, or eligible non-citizens.

Federal Subsidized Stafford Loan

A federally subsidized loan (the government pays the interest while the student is in school) that is available from Emerson's preferred lenders and based on demonstrated need. The maximum loan amount is $8,500 per academic year. Loan proceeds will be disbursed in 2 equal disbursements (3 disbursements for returning graduate students enrolled summer, fall, and spring). Repayment of principal and interest begins 6 months after graduation or when the student ceases to be enrolled on at least a half-time basis. The interest rate as of July 1, 2007 is 6.8% fixed.

Federal Unsubsidized Stafford Loan

A loan similar to the Federal Subsidized Stafford Loan, however, the interest is not subsidized by the Federal Government, but is the responsibility of the borrower. Loan proceeds will be disbursed in 2 equal disbursements (3 disbursements for returning graduate students enrolled summer, fall, and spring).

Repayment of principal begins 6 months after graduation or when the student ceases to be enrolled on at least a half-time basis. Interest will be charged beginning the day the loan is disbursed. You may make interest payments or you have the option of capitalizing the interest. The interest rate as of July 1, 2007 is 6.8% fixed.

Federal Perkins Loan

Federal Perkins Loans are federally funded, low interest (5%) loans administered by the College and offered on the basis of demonstrated need. Borrowers begin repayment 9 months after ceasing enrollment on at least a half-time basis. There are very few Perkins Loans available, therefore only the most needy students receive these loans. Recipients are selected at the sole discretion of Student Financial Services.

Federal Work Study (FWS)

This is a need-based award of federally subsidized part-time employment administered by the College. Earnings are paid directly to the student in the form of a bi-weekly paycheck. The number of hours a student may work and the hourly wage is determined by the College and limited by availability of funds and calculated eligibility. The maximum numbers of hours a student may work is 20 when classes are in session and 40 hours when classes are not in session.

The student is only compensated for actual hours worked. Availability of funds is not guaranteed but if funding is offered, graduate students may request consideration for FWS. Awards will be made to eligible, full-time or part time students who request FWS at the discretion of the Office of Student Financial Services.

Emerson Employment

An institutional employment program open to all full-time Emerson College students, whether or not they apply for financial assistance. Earnings are paid directly to the student in the form of a bi-weekly paycheck. The number of hours a student may work and the hourly wage is determined by the College. The maximum numbers of hours a student may work is 20 when classes are in session and 40 hours when classes are not in session. The student is only compensated for actual hours worked.

Referrals for both FWS and Emerson Employment positions may be obtained by visiting our web site at http://ecampus.emerson.edu/jobs. All students must have a W-4, an I-9 and a Employment Contract on file with the Office of Student Employment before they can begin working on campus.

The Office of Career Services also assists students interested in off-campus employment opportunities. Career Services maintains listings of part-time jobs available throughout the greater Boston area.

Merit Awards

Merit awards are given by the Office of Graduate Admissions (not The Office of Student Financial Services) and are awarded based on academic achievement, demonstrated ability, and professional promise. Merit aid is generally awarded in the form of tuition remission. Contact the Office of Graduate Admissions with all questions and concerns regarding Merit Awards.