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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 students applying for admission  for the fall term of 2014 should complete the 2014-2015 Free Application for Federal Student Aid (FAFSA) online at www.fafsa.gov

The Dean's Graduate Fellowships
The SPS Graduate Fellowships
The Elmhurst Graduate Award
Thaskala Graduate Award
Goodban Fellowship
Department Graduate Scholarships
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 to be considered.

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The SPS Graduate Fellowships
Students offered admission to the following master’s degree programs will be considered for the Dean’s Graduate Fellowship by their program director: MBA, Supply Chain Management, Nursing, MPH and Professional Accountancy. Selection will be based on the application materials submitted. Requirements vary by program. Completed applications must be received by March 1 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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Thaskala Graduate Award
Available for graduate students in the master of education in teacher leadership program who have completed 30 hours of graduate work at Elmhurst College and who can show teacher scholarship that has bridged theory, research and practice while demonstrating teacher leadership in their school communities. Applicants must have a graduate GPA of 3.5 or higher.

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Goodban Fellowship
Available for graduate students who have been admitted to the master of science in communication sciences and disorders program who have completed all prerequisite SLP requirements, including ASHA sciences and who are involved with NSSLHA or show leadership potential. Applicants must have a graduate GPA of 3.5 or higher and a minimum GRE score of 310 with a writing score of 4 or higher. Completed applications must be received by February 1 to be considered. This fellowship is renewable for a second year depending on academic progress. For more information, contact the CSD Department.

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Department Graduate Scholarships
Some academic departments offer additional scholarships for graduate students. Please contact the program director to determine whether additional scholarship opportunities are available.

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How to Apply for Financial Aid
To apply for a federal student loan, students must complete the 2014-2015 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 2014-2015 academic year can be filed beginning January 1, 2014.

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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 at My Elmhurst Campus Portal. 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.

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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.

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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.

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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 for graduate unsubsidized loans disbursed between July 1, 2013 and June 30, 2014 is 5.41% fixed. Interest rates for new loans borrowed in following years may vary. For more information about student loan interest rates click here.
  • 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 previously 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 disbursed between July 1, 2013 and June 30, 2014  have a fixed rate of 6.41%. Interest rates for loans borrowed in following years may vary. For more information about interest rates click here.
  • 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.
  • Graduate unsubsidized loans have a federal origination fee of 1.072%, and graduate PLUS loans have a federal origination fee of 4.288%.  The actual amount of the loan credited to the student's account is reduced by the origination fee amount.
  • 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

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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 you carefully review your expenses before deciding if you need to borrow. Be sure to consider first that you may qualify for loans or other assistance under federal programs.  Alternative loans are generally more expensive than the federal student loans and therefore should not be considered until after you have exhausted all federal loan options. Most of these alternative loans must be certified by the Financial Aid Office. All of these loans must be considered part of your financial aid package.  Alternative loans are credit based, often require co-signers, and cannot be consolidated with your federal student loans. The terms and conditions of federal loans may be more favorable that the provisions of alternative loans.

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. For more information, please contact the Office of Student Financial Services at (630)617-3435.

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Tuition Payment Plan
The College offers a number of payment plans for its students.  For more information, please click here or contact the Office fo Student Financial Services at (630)617-3015.

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Employer Reimbursement
The College also offers alternative payment plans for students whose employer offers tuition reimbursement. Students should contact the Office of Student Financial Services at (630)617-3015 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.

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 Graduate Terms and Conditions

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

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