English Studies
Financial Aid for Graduate Students
To assist graduate students in covering the cost of their graduate study, Elmhurst College recommends that prospective graduate students begin to plan early for financing their education. There is limited scholarship and grant aid available to graduate students based on prior academic achievement and demonstrated financial need. Graduate students may also apply for federal student loans. Additionally, because many employers offer tuition reimbursement programs, students should also consult their human resources department regarding their company's tuition benefits. To apply for student loans and to demonstrate need, graduate student must complete the 2013-2014 Free Application for Federal Student Aid (FAFSA) by May 1, 2013.
The Dean's Graduate Fellowships
The Elmhurst Graduate Award
How to Apply for Financial Aid
Award Notifications
Verification
To Apply for a Loan
Federal Direct Loans
Alternative Loans
Tuition Payment Plan
Employer Reimbursement
Graduate Terms and Conditions
The Dean's Graduate Fellowships
Students offered admission to selected master's degree programs will be considered for the Dean's Graduate Fellowship by their program director. Selection will be based on the application materials submitted: an undergraduate GPA of 3.50 or higher; strong letters of recommendation; a resume indicating potential professional strength; a focused Statement of Purpose; and a writing sample, if required by the program. Completed applications must be received by March 1, 2013 to be considered.
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The Elmhurst Graduate Award
The Elmhurst Graduate Award is a small, need-based award. Eligibility is determined by the Office of Financial Aid based on the information received from the student's FAFSA. These awards are limited and granted to students demonstrating high financial need.
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How to Apply for Financial Aid
To apply for a federal student loan, students must complete the 2013-2014 Free Application for Federal Student Aid (FAFSA). The FAFSA can be completed online at www.fafsa.gov The Elmhurst College school code (001676) must be entered on the FAFSA. Graduate students should apply for financial aid as soon as possible. The FAFSA for the 2013-2014 academic year can be filed beginning January 1, 2013.
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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. 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 two types—unsubsidized and Grad PLUS. A student must be enrolled at least half-time (six hours per term) to be eligible for federal student loans.
- 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 $20,500. 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.
- If a student has not previoulsy borrowed a direct loan, he/she must complete a Master Promissory Note and Entrance Counseling at www.studentloans.gov Direct Loan Master Promissiry Notes are valid for ten years form the intial date of acceptance.
- Grad PLUS loans are available to graduate students whose cost of attendance is higher than their annual unsubsidized loan limit. 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.studentloans.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; therefore, they 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.
Tuition Payment Plan
Graduate students can pay their tuition in installments through the College's short-term payment plan. Twenty percent of the tuition balance is due at the time of registration or two weeks before the term begins. The balance is paid in monthly installments over the next four months. A 1% monthly service charge is assessed on the unpaid balance. January Term and Summer Term tuition require 100% and 50% payment, respectively, two weeks before the term begins. The balance of the Summer Term tuition is due the first month of the term.
Employer Reimbursement
The College also offers alternative payment plans for students whose employer offers tuition reimbursement. Students should contact the Office of Student Accounts at (630)617-3014 to discuss their individual employer's plan and required documentation. A $25 per term service fee is assessed for students wishing to defer tuition payments, up to the amount of their employer's reimbursement. Deferred tuition is due within six weeks after the end of the term.
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 Progress
- 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 (pdf).