What type of financial aid programs are graduate students eligible for?

Loan Chart

The following chart provides a comprehensive picture of the types of loans available along with information on eligibility and application requirements.

External Financial Assistance Programs
Programs Eligibility Requirements Source of Funds Annual Award Limits Directions for Applying
Federal Stafford Loans
(Subsidized or Unsubsidized)		 Subsidized- Students who demonstrate financial need enrolled in at least 6 credits
Unsubsidized- Available for students without need enrolled in at least a half-time status.		 Lending Institutions $20,500 or up to Cost of Attendance To review and compare preferred lender borrower benefits, and to apply, click here.

Borrower benefits and APPLY
Additionally, a FAFSA must be filed.
Federal Grad Plus Loans Additional loans to graduate students above the Stafford Loan borrowing limits Lending Institutions Cost of education minus financial aid assistance Apply online

 

Stafford Loans

Stafford Loans are either subsidized or unsubsidized. You can receive a subsidized loan and an unsubsidized loan for the same enrollment period. You do not start repaying either loan until six months after graduation or your last day of attendance. You must be enrolled on a half-time basis in order to be eligible for a Stafford loan.

A subsidized loan is awarded on the basis of financial need. Need is determined by subtracting your Expected Family Contribution (EFC) from the Cost of Attendance. The EFC is determined by the Department of Education on the FAFSA form. Interest is not charged before you begin repayment. The federal government "subsidizes" the interest during these periods.

An unsubsidized loan is not awarded on the basis of need. You'll be charged interest from the time the loan is disbursed until it's paid in full. If you allow the interest to accrue (accumulate) while you're in school or during other periods of nonpayment, it will be capitalized - that is, the interest will be added to the principal.

Stafford Loan Interest Rates

For Stafford loans disbursed after July 1, 2008 and before June 30, 2009:

The interest rate on the Stafford Loan for graduate students is a fixed rate set at 6.8%.

Loan Repayment Calculator

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How do I apply for a Stafford loan?

Fairfield requires that the Free Application for Federal Student Aid (FAFSA) be completed for all graduate students. The FAFSA is used to determine loan eligibility amounts. To file your FAFSA online go to: www.fafsa.ed.gov; Fairfield's FAFSA code is 001385. Filing the FAFSA online is quicker and more accurate. Once you file your FAFSA, the Office of Financial Aid will generate an award letter offering a Stafford loan. After accepting your Stafford loan, click here to review and compare preferred lender borrower benefits and to complete the master promissory note (MPN) and to sign your Stafford loan electronically.

All students have the right and ability to select the education loan provider of their choice, are not required to use any of the lenders on the preferred lender list, and will suffer no penalty from the University for choosing a lender that is not on said preferred lender list.

Graduate PLUS loans

Graduate and professional degree students are now eligible to borrow under the PLUS Loan Program up tp their cost of attendance minusother estimated financial asisstance. The terms and conditions applicable to Parent PLUS loans also apply to Graduate/Professional PLUS loans. Applicants for these loans are required to complete the Free Application for Federal Student Aid (FAFSA). They also must have applied for their annual loan maximum eligibility under the Federal Subaidized and Unsubsidized Stafford Loan Program before applying for a Graduate/Profressional PLUS loan.

Graduate PLUS Loan Interest Rates

For Graduate PLUS loans disbursed after July 1, 2008 and before June 30, 2009:

The interest rate on the Graduate PLUS loan is a fixed rate set at 8.5%.

Alternative Loans

All borrowers should borrow the maximum in their Stafford loan eligibility before considering an alternative loan. Alternative loans are an option to assist students cover any financial gap that may exist between their educational costs and the amount of financial aid they are receiving. There are many types of alternative loans, each calculated with different interest and repayment terms. Listed below is a summary of several of alternative loans that Fairfield borrowers have used in the past. The Office of Finanical Aid will certify any alternative loan at the request of any borrower, however, it is up to the borrower to determine which alternative loan best fits their needs. It is recommended that borrowers should have a co-borrower to help obtain the lowest interest rate. If you have any questions regarding any alternative loan(s), please contact the Office of Financial Aid at: finaid@fairfield.edu, or at (203) 254-4125. See chart below.

Loan Program Academic Progress? Co-Signer? Interest Rates Fees Min/max Amounts Repayment Dates & Options Apply Online
CHESLA Loan (formerly CT FELP) Yes
1/2 time		 Yes 6.8% fixed 3% 2,000 Min
COA-Total Aid is Max		 pay only interest while in school & during 6 month grace period www.chesla.org
Sallie Mae SMART Loan No
non-matric ok if student has 1st degree already 		No 1-Month LIBOR +4.0% to 1 month LIBOR +10.5%. Also get .25% interest rate reduction for automatic debit.
 0 to 3%

COA-Aid $1,000 Min

Pay interest only while in school and then pay interest and principle 6 months after Graduation www.salliemae.com/
smartoption
Wachovia Ed Loan (Graduate Students Only!) No No as low as Prime - 0.5% to Prime+4% 0% COA-Aid
with $150,000 aggregate 		6 months after graduation with up to 25 yrs to repay Click for more info and to apply online
Chase Select Yes No Ranges From:
Prime +1.5% to Prime +8.5% plus .25% int. rate reduction with auto debit 		0% COA-Aid $500 minimum 6 month grace period www.chaseselectloans.com
Citi-Assist
borrower for prev balance		 Matric not req
no - can be <1/2 time		 if student isn't creditworthy 3 month LIBOR (3ML) + 4.75% to 3 ML + 11.5% plus .25% int. rate reduction with auto debit 0 to 6% COA-Aid ($1,000 minimum) U-Grad up to 12 years
up to 15 years
6 months after Grad		 www.studentloan.com

 

TEACH Grant

Through the College Cost Reduction and Access Act of 2007, Congress created the Teacher Education Assistance for College and Higher Education (TEACH) Grant Program. This grant provides up to $4000 per year to students who intend to teach in a public or private elementary or secondary school that serves students from low-income families.

Please read the information on the carefully and thoroughly. There are very specific conditions that have been attached to receiving this grant. If you fail to meet all the conditions of receiving this grant, the grant will be converted to a DIRECT UNSUBSIDIZED STAFFORD LOAN that will become payable with accrued interest from the date the grant was disbursed.

What are the conditions for receiving the TEACH Grant?
In exchange for receiving a TEACH grant, you must agree to serve as a highly-qualified, full time teacher in a high-need field in a public or private elementary or secondary school that serves low-income students.

You must teach for four academic years within eight calendar years of completing the program of student for which you received a TEACH grant.

Important Notice: Failure to complete this service obligation will results in ALL amounts of the TEACH grant to be converted to a Federal Direct Unsubsidized Stafford Loan, including the interest that will be charged from the date the grant(s) were disbursed.

What are the student eligibility requirements in order to receive a TEACH Grant?

  • Complete the Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov, although you do not have to demonstrate financial need.
  • Be a U.S. citizen or eligible non-citizen.
  • Be enrolled as a junior or senior undergraduate education minor and be enrolled in the coursework necessary to begin a career in teaching and meeting the requirements that will allow a student to fulfill the conditions of the TEACH grant program successfully or
  • Be enrolled as a graduate student in the Graduate School of Education and Allied Professions in a graduate program that will lead toward the completion of a degree which will allow a student to fulfill the required conditions of the TEACH grant program successfully
  • Meet certain academic achievement requirements which is a cumulative GPA of at least 3.25 which will be determined prior to each disbursement of the TEACH grant
  • Sign a TEACH Grant Agreement to Serve (see below for more information on the TEACH Grant Agreement to Serve).

    What is the definition of high need fields?

  • Bilingual Education and English Language Acquisition
  • Foreign Language
  • Mathematics
  • Reading Specialist
  • Science
  • Special Education
  • Other identified teacher shortage areas as of the time you begin teaching in that field. These are teacher subject shortage areas (not geographic areas) that are listed in the Department of Education's Annual Teacher Shortage Area Nationwide Listing. To access the listing, please go to http://www.ed.gov/about/offices/list/ope/pol/tsa.pdf.

    What is the definition of a school that serves low income students?

    Schools serving low-income students include any elementary or secondary school that is listed in the Department of Education's Annual Directory of Designated Low-Income Schools for Teacher Cancellation Benefits. To access the Directory, please go to http://www.tcli.ed.gov/ and click on the SEARCH button.

    What is the TEACH Grant Agreement to Serve?

    Each year you receive a TEACH Grant, you must sign a TEACH Grant Agreement to Serve that is available electronically on a Department of Education website at https://teach-ats.ed.gov/ats/index.action.

    The TEACH Grant Agreement to Serve specifies the conditions under which the grant will be awarded, the teaching service requirements, and includes an acknowledgment by you that you understand that if you do not meet the teaching service requirements you must repay the grant as a Federal Direct Unsubsidized Loan, with interest accrued from the date the grant funds were disbursed. Specifically, the TEACH Grant Agreement to Serve will require the following:

  • For each TEACH Grant-eligible program for which you received TEACH Grant funds, you must serve as a full-time teacher for a total of at least four academic years within eight calendar years after you completed or withdrew from the academic program for which you received the TEACH Grant.
  • You must perform the teaching service as a highly-qualified teacher at a low-income school. The term highly-qualified teacher is defined in section 9101(23) of the Elementary and Secondary Education Act of 1965 or in section 602(10) of the Individuals With Disabilities Education Act.
  • Your teaching service must be in a high-need field.
  • You must comply with any other requirements that the Department of Education determines to be necessary.
  • If you do not complete the required teaching service obligation, TEACH Grant funds you received will be converted to a Federal Direct Unsubsidized Stafford Loan that you must repay, with interest charged from the date of each TEACH Grant disbursement.

    TEACH Grant Counseling Requirements

    TEACH Grant Entrance Counseling is required for all students that will be awarded the Federal TEACH grant.

    TEACH Grant entrance counseling can be completed online.

    Additionally, it is required that all students receiving multiple TEACH grants to receive subsequentcounseling and to sign the agreement to serve every year that you will receive a TEACH grant.

    Subsequent entrance counseling can be completed online.

    Prior to each TEACH grant award, you will also be required to complete an informal phone counseling session with the Associate Director of Financial Aid, Diana M. DeVellis at (203) 254-4125.

    TEACH Grant Exit Counseling is required once it is determined you will not be the recipient of any further TEACH grant awards. Further instruction on the TEACH grant exit counseling session will follow.

Preferred Lenders

The Office of Financial Aid continues to monitor the student lending market to ensure that our students are receiving the best student loan interest rates and benefits possible. We developed our preferred lender list, which will be reviewed annually, with this objective in mind. Fairfield University's Preferred Lenders were selected through a competitive bid process, in which the following factors were considered (in order of importance):

  • Low interest rates with strong borrower benefits including: additional reductions in interest rates or cash back to borrowers for timely payments and payments made via direct deposit.
  • Excellent customer service to borrowers.
  • Availability of lender representatives to quickly resolve loan issues.
  • Full electronic processing of loans including electronic transfer of funds

Neither Fairfield University nor its employees who select the Preferred Lenders has a revenue-sharing interest in any of the lender agreements.

All students and their parents have the right and ability to select the education loan provider of their choice, are not required to use any of the lenders on the preferred lender list, and will suffer no penalty from the University for choosing a lender that is not on said preferred lender list.

View the borrower benefits offered by our preferred lenders. The Office of Financial Aid will certify any lender's master promissory note on behalf of the student's request.

Fairfield University abides by all principles outlined in the CT Code of Conduct. To view the CT Code of Conduct, click here.

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