Financial Aid for Graduate Students
Financial Aid for Graduate Students
Elmhurst College offers financial aid to students to assist them in paying for their graduate education. To apply for financial aid at Elmhurst College, please file the Free Application for Federal Student Aid (FAFSA) The FAFSA is an application prepared by the U.S. Department of Education to determine eligibility for financial aid. When completing your FAFSA, be sure to include the Elmhurst College school code number: 001676.
Award Notifications
Verification
To Apply for a Loan
Federal Direct Loans
Alternative Loans
Graduate Terms and Conditions
Award Notifications
The Office of Financial Aid sends award notices to students after they are admitted to a degree program and have filed the FAFSA. Award notices are sent to new students beginning in March. After April 1, returning graduate students will receive an email notifying them that their award notice is available online on BlueNet. The awarding process continues through the summer, as the College admits applicants and determines their aid eligibility. In general, graduate students are awarded Federal Direct Loans, with a very limited number of institutional grants and scholarships. For more information on these grants and scholarships, please contact the Office of Adult and Graduate Admission.
Verification
The files of about 35 percent of students who file a Free Application for Federal Student Aid are randomly selected for verification by the U. S. Department of Education. If your file is selected, you will be required to supply Elmhurst College with the documentation necessary to verify the information submitted on the FAFSA. In most cases, students are asked to submit copies of their federal income tax returns. Students selected for verification will be notified by mail or email. No federal financial aid can be credited to the student's account until verification is complete.
To Apply for a Loan
To apply for Federal Direct Loans, complete the Free Application for Federal Student Aid (FAFSA) and return your award notice accepting your loans, or accept/reject your loans on BlueNet. Students must be enrolled in at least six (6) credit hours to be eligible to borrow federal Direct Loans.
Federal Direct Loans
There are three types—subsidized, unsubsidized and Grad PLUS. A student must be enrolled at least half-time (six hours per term) to be eligible for federal student loans.
- Subsidized loans are based on need as determined by the FAFSA. Interest and principal payments are deferred until six months after the student graduates or drops below half-time enrollment. Maximum subsidized loan limit per academic year is $8,500 for graduate students. The interest rate is 6.8% fixed.
- Beginning July 1, 2012, graduate and professional students will no longer be eligible for Federal Direct Subsidized Loans. The annual maximum for graduate unsubsidiized loans will be $20,500. Subsidized loans disbursed prior to July 1, 2012 will not be affected.
- Unsubsidized loans are not based on need. Principal payments are deferred until six months after the student graduates or drops below half time enrollment, but interest accrues while the borrower is in college. The graduate annual unsubsidized loan limit is $12,000. This limit will change to $20,500 on July 1, 2012. The interest rate is 6.8% fixed.
- Because federal loans have annual maximums, amounts borrowed for Summer Term are part of the annual allocation of the previous year.
- Grad PLUS loans are available to graduate students whose cost of attendance is higher than their annual subsidized and unsubsidized loan limits combined. Grad PLUS loans have a fixed rate of 7.9%.
- Students may apply for a Grad PLUS loan online. In addition, a Grad PLUS Master Promissory Note and completion of entrance counseling online are required. Loan repayment will be deferred until six months after the student graduates or drops below half time enrollment. Interest will accrue while the student is in school.
- When the student graduates or drops below half time, exit counseling must be completed at www.nslds.ed.gov
- To view a Direct Loan repayment calculator, click here
- For more information about Direct Loans, please go to studentloans.gov
Alternative Loans
Alternative, or private, loans are offered by private lenders to assist with educational and living expenses not covered by other financial aid. It is important that the student carefully reviews educational expenses before deciding the need to borrow. These loans are generally more expensive than the federal student loans and therefore should not be considered until after all federal loan options have been utilized. Most of these loans must be certified by the Office of Financial Aid. All of these loans must be considered a part of the student's financial aid package. Alternative loans are credit based and cannot be consolidated with federal student loans. For more information about alternative loans, please call the Office of Financial Aid at (630) 617-3435.
Elmhurst College has open relationships with many lenders and service agencies across the country. Because we want to emphasize how important it is for the student to choose a lender, we do not state any preferences for any lender over another and hence do not have a preferred lender list. Research and shopping around for the best loan is a good idea. Taking advantage of established relationships with lending institutions and the Internet are two good places to start.
Changes in a Student's Status
A student must be enrolled at least half time to borrow federal Direct Loans. If a student withdraws from one or more courses, financial aid is adjusted according to institutional and federal guidelines.
Satisfactory Academic Progres
- Failure to make satisfactory academic progress in courses can result in a loss of eligibility for financial aid.
- View the complete Satisfactory Academic Progress policy.
