Loans
What types of loans 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:
Subsidized Stafford - the interest rate is a fixed rate set at 6%.
Unsubsidized Stafford - the interest rate is a fixed rate set at 6.8%.
Loan Repayment Calculator
Estimate your monthly loan payment
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.
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@mail.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 |
|
| CT FELP |
Yes
1/2 time |
Yes |
6.99% 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
Signature Loan |
No
non-matric ok if student has 1st degree already |
Freshman Only |
Ranges from:
LIBOR +2% to LIBOR +6% plus .5% int rate reduction with auto-debit
|
0% |
COA-Aid ($100k aggreg) |
6 month grace period after leaving school or dropping below 1/2 time |
www.salliemae.com/
fairfield/opennet/ |
|
| Wachovia Ed Loan |
No, 1/2 time matriculation required |
No |
as low as Prime - 1.% |
0% |
COA-Aid
$ 500 min 45000 max annually |
6 months after graduation with up to 25 yrs to repay |
www.wachovia.com/
wel |
|
| Key Alt.loan |
Yes + 1/2time |
No if they have at least two years good credit |
3mo LIBOR
+ 2.9% to
+ 7.99% |
None |
$500 - COA
($100,000 aggreg) |
6 months after graduation
10, 15, or 20 years |
www.keybank.com |
|
|
Citi-Assist
borrower for prev balance |
Matric not req
no - can be <1/2 time |
if student isn't creditworthy |
Prime + 1/2% |
0 to 5% |
COA-Aid ($1,000 minimum) |
U-Grad up to 12 years
up to 15 years
6 months after Grad |
www.studentloan.com |
|
| Campus Door |
Matric Not Required
Yes
1/2 time |
No |
Prime + 1% |
0 to 9% |
$2000 - COA |
12 months after grad or 6 months after stu no longer enrolled |
www.campusdoor.com |
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.
Read our preferred lenders disclosure statement by clicking here.
Tuition Payments
To make easy online Fairfield University tuition payments, go to:
Online Tuition Payment
|
