Financial Aid for Graduate Students

Ursuline offers a variety of financial aid options to graduate students, making your goal of earning an advanced degree a reality.

Financial Aid Resources

On Demand Webinar: All About Financial Aid! - A Financial Aid 101 video for prospective graduate students

Grants

Grants are need-based funds that do not have to be repaid. They come from a variety of sources and can be related to your intended major, financial need, or even your housing preferences. Though the specific grants you may be eligible for will vary, they all can generally be sorted into one of three categories: federal, state, or institutional.

TEACH Grant

Teaching Education Assistance for College and Higher Education (TEACH) Grant program provides grants up to $4,000 per academic year with an undergraduate maximum of $16,000 and a graduate maximum of $8,000 to students who intend to teach a high-need field in a public or private elementary or secondary school that serves students from low-income families. As a recipient of a TEACH Grant, you must teach for at least four academic years within eight calendar years of completing the program of study for which you received a TEACH Grant. Failure to complete this service obligation will result in all amounts of TEACH Grants that you received converting to a Federal Direct Unsubsidized Stafford Loan. You must then repay this loan to the U.S. Department of Education. You will be charged interest from the date the grant(s) was disbursed.

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Loans

Loan funds must be repaid, typically after graduation. While some students are intimidated by the idea of student loans, they are actually a great tool to help finance your education. Most Ursuline students report that their loan was worth it, and find that their payments are manageable after graduation.

• Loan Forgiveness: Federal assistance is available for loan forgiveness. Carefully read all of the information provided on the websites to determine your eligibility.
• Public Services Loan Forgiveness (http://studentaid.ed.gov/repay-loans/forgiveness-cancellation/charts/public-service)
• National Health Services Corp (http://nhsc.hrsa.gov/)

Federal Direct Loans

All Ursuline College students who complete the FAFSA will be awarded the Federal Direct Loan based on their grade level for the academic year. As a graduate student, you may only borrow through the Federal Direct Unsubsidized Loan program.

• You must be enrolled at least half-time (3 credit hours) in an approved program of study to be eligible for the federal loans.
• The interest rate on Federal Direct Loans for graduate students is currently 7.05%.
• Interest on the graduate-level Direct Unsubsidized Loan does accrue while you are in school, but you can choose to defer the interest and payments while in school.
• If you choose to defer your interest while in school, the accrued interest will be capitalized once at the beginning of your repayment of the loan and become part of your principle loan amount

Additional Loan Requirements

• Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s); for instance, it will include information on how interest is calculated, when interest is charged, available repayment plans, and deferment and cancellation provisions. The MPN must be signed and on file in order for you to receive the loan funds. If you are a previous borrower and have a valid MPN on file, you are not required to sign again. The federal direct loan website listed below includes more detailed information on the electronic signature process and the loan details.
• Loan Entrance Counseling is required for all first-time borrowers at Ursuline College (undergraduate and graduate). This counseling session provides information to help you understand your federal loan responsibilities as well as provides useful tips and tools to help you develop a budget for managing your educational expenses. You can complete your Loan Entrance Counseling at http://studentaid.gov – you should allow approximately 30 minutes for this session.
• You will need your FSA ID Username and Password to login to http://studentaid.gov and complete both the MPN and Entrance Counseling. 
• Students must be enrolled at least half-time (6 credit hours undergraduate; and 3 credit hours graduate) and meet all other compliance requirements in order for the loan funds to be disbursed to the student’s account.
• Loan Exit Counseling is a federal requirement and a mandatory process for all student loan borrowers. Exit Counseling is required for all students who have completed their degree, have chosen not to return to Ursuline College, or are attending less than half-time (less than 6 credit hours undergraduate). The exit counseling session includes information about repayment options, deferments, and your rights and responsibilities for your student loan. You should allow 25-30 minutes to complete the Exit Counseling process. To complete the counseling session, go to http://studentaid.gov. You will need to login with your FSA ID Username and Password. Ursuline College does offer in-person Exit Counseling for graduating seniors each year in April. A financial aid representative will be available to review all of the information required for Exit Counseling and answer any questions you may have. You can choose this option instead of the on-line counseling if you wish. Information as to the date and time of the session each year will be sent to you with your graduation information.

Federal Direct PLUS Loan for Graduate Students

The Graduate PLUS Loan is a federal student loan designed for graduate students who have reached their annual or aggregate maximum for the Federal Direct Loans.  Interest for Graduate PLUS Loans first disbursed after July 1, 2023 will be 8.05%.

To be eligible to receive a Grad PLUS loan the borrower must:

• File the current year Free Application for Federal Student Aid (FAFSA)
• Exhaust all eligibility for Federal Direct Unsubsidized loans
  • $20,500/year or
  • $138,500 lifetime limit

• Pass a credit check performed by the Department of Education.
• Have a signed Grad PLUS MPN on file with the Department of Education at http://studentaid.gov.
• Must complete Entrance Loan Counseling sessions for graduate PLUS loans at http://studentaid.gov.
• Be registered at least half-time (3 credit hours) during the loan period.
• Not be in default or have an overpayment on any Federal Title IV financial aid program.

Private Loans

Private loans are funds from private lenders to help cover educational costs. There are private loans available for students or for parents. A student may want to consider a private loan when federal and/or state financial aid is not enough to cover the student’s cost of attendance.

Each private loan lender has specific criteria you must meet to qualify for a loan. Some loans may be for specific majors only and/or require a co-signer. Most lenders will review the applicant’s credit history. In addition, Ursuline College may be asked to certify that you are making Satisfactory Academic Progress and that you have not exceeded your cost of attendance.

Your estimated cost of attendance COA is a standardized estimate of what it will cost you to attend Ursuline College for the academic year. Private loans must be re-applied for every academic year.

Your estimated COA is comprised of the following components:

• Tuition and Fees
• Room and Board
• Books
• Transportation
• Miscellaneous Personal Expenses.

Your financial aid package (including private loans) cannot exceed your estimated COA. See the Tuition and Cost page for specific amounts.

Choosing the right private loan for you.

There are many things to consider when choosing a lender. Be sure to ask the following questions

• What is the loan origination (processing) fee?
• What is the interest rate? Typically, the interest rate on private loans is higher than Federal Subsidized and Unsubsidized Loans.
• When do I have to start repaying the loan? The repayment period for private loans varies among loan programs.
• Do I have to be meeting Satisfactory Academic Progress? The Satisfactory Academic Progress Standards requirement varies among loan programs.

Many lenders offer private loans. While Ursuline College does not endorse any specific private loan lender, our electronic lender list includes lenders that we work very closely with and whose loan programs fit our students needs the best. We encourage you to research various lenders and select the one that best fits your needs.

To review and compare some private loan products and begin the application process, please visit Great Lakes FAST Choice webpage. To begin the process, please click the button below.


COMPARE PRIVATE LOANS

Employee Reimbursement

Ursuline College understands that most employers do not reimburse until after the course ends and the grade has been received. To support this, Ursuline College will allow you to participate in the tuition deferment program that will allow you to postpone payment until 30 days after the course ends to pay your tuition in full.

To be eligible, you must do the following:

• Complete the Tuition Deferment form
• Provide a copy of your company’s tuition reimbursement plan
• Submit a $25 deferment fee by check, cash, or credit card
  
  

Federal Work Study

Federal Work-Study provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses. The program encourages community service work and work related to the student’s course of study.