Graduate Financial Aid Programs  2008-2009

Loyola College Programs | State Programs | Federal Programs | Private Alternative Student Loan Programs

Loyola College Programs

Graduate Assistantships: A limited number of graduate assistantships are offered to students enrolled on a full-time basis in the College of Arts & Sciences.  In the Psychology Department, advanced part-time students may also be eligible.  Functions of graduate assistants include (but are not limited to): bibliographic, library and academic research projects, preparations for workshops, seminars, in-service programs and special academic events, laboratory assistance and proctoring exams.  Compensation for graduate assistantships varies depending on the program and the duties and responsibilities assigned to the position.  Applications for graduate assistantships may be obtained on the Loyola College web site www.loyola.edu/graduate.

Resident Assistantships: The Office of Student Life has a limited number of resident assistantship positions that are open to graduate students.  Students interested in these positions should contact the Director of Student Life for an application and further information.

Departmental Programs: Individual departments may have direct-hire employment opportunities, or departmental grant assistance which is administered by the graduate program director.  Contact the graduate program director or coordinator for more information on programs unique to each department.

Graduate Program Payment Plan: The convenience of paying tuition and fee charges on a monthly basis is an attractive alternative to many graduate students.  Therefore, Loyola College provides a monthly payment plan for graduate students enrolled during the fall and spring semesters.  Students must be registered for a minimum of two courses during the semester(s) in which the payment plan is used.  The payment plan is not available for summer session enrollment.

The monthly payment plan carries a $35 per semester administrative fee.  The course registration fee is $25 per semester.  These fees are not included in the plan.  Tuition charges are divided into three payments per semester and are due on September 1, October 1, and November 1 for the fall semester and on January 1, February 1, and March 1 for the spring semester.

For more information on Loyola's Graduate Program Payment Plan, contact Student Administrative Services at 410-617-5047.

Mount Saint Agnes/Sisters of Mercy Scholarship:  The Mount Saint Agnes Alumnae Association funds an annual scholarship for students enrolled in a graduate program at Loyola College in Maryland.  One $5,000 scholarship will be awarded to a new or continuing graduate student for the 2008-09 academic year.  Students who are direct descendants or nieces or nephews of Mount Saint Agnes alumnae are eligible to apply as well as students who are high school graduates of a Mercy-affiliated high school.  Click here here for the application.  The scholarship application deadline is March 31, 2008.   

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State Programs

Maryland State Senatorial and Delegate Scholarships: These scholarships are awarded by Maryland State Senators and Delegates to residents of their legislative districts.  Contact your legislative representatives for the preferred application procedures.

Janet L. Hoffman Loan Assistance Repayment Program: Provides assistance for repayment of loan debt to select individuals working full-time in non-profit organizations and State or local government in Maryland.

Maryland State Workforce Shortage Student Assistance Grants: Includes grants for critical workforce shortage areas throughout the state of Maryland.  For a complete list of shortage areas, go to www.mhec.state.md.us.

Maryland Higher Education Commission
Office of Student Financial Assistance
16 Francis Street
Annapolis, MD 21401-1781
www.mhec.state.md.us
410-260-4565 or 1-800-974-1024

Quality Teacher Incentive Credit: Public school teachers who pay tuition during the tax year for graduate level courses to maintain certification may be entitled to an income tax credit. For more information contact Revenue Administration Division, Comptroller of Maryland, Annapolis, MD 21411-0001.  410-260-7980 or 1-800-MD-TAXES
taxhelp@comp.state.md.us
Click here to visit their Web site.

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Federal Programs

Federal Direct Stafford Student Loan - Subsidized: This program allows graduate students who demonstrate federal financial aid eligibility and who are enrolled for at least 6 credits per term (Fall and Spring Terms) or 3 credits per term (Summer Sessions) to borrow up to $8,500 per academic grade level.  The interest rate is fixed at 6.8%.  Interest does not accrue, nor does repayment begin on subsidized Stafford Loans until six months after termination of college enrollment on a less than half-time basis. Subsidized Direct Loans carry a 2.0%  federal origination fee and an up-front interest rebate equal to 1.5% of the loan amount. Net proceeds will equal approximately 99.5% of the loan amount.

Federal Direct Stafford Student Loan - Unsubsidized: This loan allows all students regardless of federal financial aid eligibility and who are enrolled for at least 6 credits per term (Fall and Spring) or 3 credits per term (Summer Sessions) to borrow up to $20,500 per academic grad level including any amount borrowed under the subsidized Stafford Loan Program.  The interest rate is fixed at 6.8%.  The origination fee is the same as specified above, however, interest accrual begins immediately during in-school and deferment periods.  Interest accruing during those periods may be paid or capitalized.

Follow the application procedures to apply for a Federal Direct Stafford Loan.  New Federal Direct Stafford Loan borrowers  must complete an electronic Federal Direct Stafford Student Loan Master Promissory note to borrow funds through this program as well as an online Entrance Counseling Session.

Federal Graduate PLUS Loan: This program allows graduate students who do not have an adverse credit history to borrow up to the full cost of attendance, less other financial aid received, including Federal Stafford Loans (Subsidized and Unsubsidized).

The interest is fixed at 7.9%.  Interest accrual begins on the date of the first disbursement; the first payment is due within 60 days after the final disbursement. Direct PLUS Loans carry a 4.0% federal origination fee and an upfront interest rebate equal to 1.5% of the loan amount.  Net proceeds will equal approximately 97.5% of the loan amount.

Colleges determine eligibility for the Federal Stafford Loan before determining any remaining eligibility for a Federal Graduate PLUS Loan.

PLUS Loans at Loyola College are processed and serviced through the Federal Direct Graduate PLUS Loan Program. The Financial Aid Office will calculate the maximum a student may borrow through the Graduate PLUS Loan program after completion of the Federal Stafford Loan application process. Students may apply for a Graduate PLUS Loan online by completing the Loyola College Federal Direct Grad PLUS Loan Request Form.  

All federal, state, and institutional student financial aid recipients must be U.S. citizens, U.S. nationals, or eligible noncitizens with a valid Social Security number.  An eligible noncitizen is a U.S. permanent resident who has an I-151, I-551, or I551C (Permanent Resident Card).

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Private Alternative Student Loan Programs

The following programs allow students to borrow up to the full cost of attendance minus other forms of financial aid.  A students cost of attendance includes actual tuition and fees and standard allowances for books, supplies, and living expenses.  Most programs carry a variable interest rate based on U.S. Treasury Bill rates or the prime rate.  Repayment periods range from 10 to 25 years.

Before obtaining an alternative loan, graduate students should compare the terms of the loan with loan assistance available through the Federal Direct Stafford Loan Program.  Most private loan programs are not competitive with the Stafford Loan Program and are intended to provide supplemental educational financing.

Chase Select Private Loan Program 1 East Ohio Street Mail Code IN1-0102 Indianapolis, IN 46277 1-866-306-0868 1-866-882-0345 Fax www.ChaseSelectLoans.com	Signature Education Loan Program SallieMae Servicing P.O. Box 59030 Panama City, FL 32412 1-800-695-3317 www.salliemae.com
CitiAssist Loan Program P.O. Box 6191 Sioux Falls, SD 57117 1-800-967-2400 www.studentloan.com	Wachovia Education Finance 505 Carr Road, 3rd Floor Wilmington, DE 19809 1-800-338-2243 1-888-451-0733 Fax www.wachovia.com/wel
Key Alternative Loan Program Key Education Resources 745 Atlantic Ave., Suite 300 Boston, MA 02111 1-800-KEY-LEND www.key.com/alternative

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