Types of Financial Aid Available

Types of Financial Aid Available 

All financial aid is to be used to help the student defray the costs of tuition and fees as well as other educationally related expenses incurred during the academic year. 

Scholarships 

• Merit Scholarships: Recipients of Merit Scholarships will be notified by the Graduate Admissions Office or the respective Graduate School. The Financial Aid Office will credit the scholarship monies to the recipient's student account at the end of the add/drop period. 
• Lesley University Donor Scholarships: Recipients of Lesley University Donor Scholarships will be notified by each scholarship committee. The Financial Aid Office will credit the scholarship monies to the recipient's student account during the beginning of the semester. 
• Private Scholarships: Students are encouraged to seek out private scholarship funding. In order to assist you in your scholarship search, a list of specific private scholarship opportunities for graduate students can be found at lesley.edu/academics/guide-private-graduate-scholarships. 
• Federal TEACH Grant (Teacher Education Assistance for College and Higher Education Grant): The maximum TEACH Grant amount for the duration of a graduate degree-seeking program is $8,000. TEACH Grant recipients may receive up to $4,000 per academic year, depending on enrollment status.  (Due to sequestration initiatives, the maximum amount of the TEACH Grant is $3,752 for anyone whose first disbursement is before October 1, 2019. The amount for anyone whose first disbursement is on or after October 1, 2019 was not made available at the time of this publication.) To be eligible for the TEACH Grant, students must enroll in a program deemed TEACH Grant-eligible by the Graduate School of Education, submit an Intent Form, complete TEACH Grant Counseling, and sign a TEACH Grant Agreement to Serve. To maintain the TEACH Grant, recipients must serve as a full-time, highly qualified teacher in a high-need subject area in a designated low-income school for 4 years within 8 years of graduating. If obligations are not fulfilled after graduating, the total grant amount will be converted to a loan with interest applied to the loan based on the day the grant originally posted to the recipient's student account. More information on how to apply, receive, and maintain the TEACH Grant can be found at lesley.edu/academics/guide-financial-aid-scholarships-graduate-doctoral-students. 

Loans (Repayment is Required) 

• Federal Direct Unsubsidized Loans: Graduate students may borrow up to $20,500 in a Federal Direct Unsubsidized Loan. The 2019-2020 interest rate for Unsubsidized Loans is 6.08% and is set by Congress before July 1 every year. Interest is deferred and is capitalized (added onto the principal loan balance) once repayment begins. Recipients are encouraged to make quarterly interest payments while enrolled at least half-time (3 credits) to reduce the overall cost of the loan. Repayment begins six (6) months after the student graduates, withdraws, or is no longer enrolled at least half-time. There are several repayment plans available. More information on the various plans, including those that are income-driven, can be found at https://studentaid.ed.gov/sa/repay-loans/understand/plans. For 2019-2020 approximately 1.0% in origination fees will be deducted from the Federal Direct Unsubsidized Loan prior to the funds being sent to Lesley University. (Specific origination fees for 2019-2020 were not made available at the time of this publication).
• Accepting Federal Direct Unsubsidized Loans: In order to process a student's Federal Direct Unsubsidized Loan, the student must choose to accept, decline or revise/accept the Federal Direct Unsubsidized Loan amounts through the Financial Aid Checklist on LOIS.  First-time Direct Loan borrowers will be prompted to complete Direct Loan Entrance Counseling and sign a Direct Loan Master Promissory Note (MPN) at studentloans.gov. These steps must be completed before any financial aid funds will appear as pending on the student account statement.
• The Federal Direct Graduate PLUS Loan for Graduate and Professional Students: The Federal Direct Graduate PLUS Loan is a federally guaranteed loan program available to eligible Graduate students seeking financial assistance in addition to the $20,500 Federal Direct Unsubsidized Loan. To be eligible for a Graduate PLUS loan, Federal Direct Unsubsidized Loan eligibility must first be determined. Students are encouraged to exhaust the Federal Direct Unsubsidized Loan prior to applying for a Graduate PLUS Loan as the interest rate for the Graduate PLUS Loan is fixed at 7.08% while the Federal Direct Unsubsidized loan is fixed at 6.08%. Eligibility is based on creditworthiness. Eligible students may borrow up to the cost of education minus the $20,500 in the Federal Direct Unsubsidized Loan and any other aid. Approximately 4.0% in origination fees will be deducted from the Graduate PLUS loan prior to loan funds being sent to Lesley University. (Due to sequestration initiatives, Grad PLUS loan origination fees will change to 4.248% for loans that first disburse before October 1, 2019. The Grad PLUS loan origination fees for disbursements on or after October 1, 2019, were not available at the time of this publication).
• Repayment of the Graduate PLUS loan begins within 60 days after funds are fully disbursed however the in-school deferment option is automatic as long as enrollment is at least half-time per semester (which is 3 credits per semester for graduate students). Since the interest on the Graduate PLUS loan is not subsidized, it continues to accrue while deferred and is capitalized (added onto the principal loan amount) when the loan enters repayment. Students may opt to make quarterly interest payments to reduce the overall cost of the loan. Repayment on Graduate PLUS loans begins immediately after the student graduates, withdraws or is no longer enrolled at least half-time. Students borrowing through the Federal Direct Graduate PLUS Loan program must complete Graduate PLUS Loan Entrance Counseling. Applications for the Graduate PLUS Loan may be accessed directly on US Department of Education's website at studentloans.gov. 
• For Washington State residents seeking information and resources about student loan repayment or seeking to submit a complain relating to your student loans or student loan servicer, please visit www.wsac.wa.gov/loan-advocacy or contact the Student Loan Advocate at loanadvocate@awac.wa.gov.
• Loan Forgiveness Program: Loan Forgiveness Programs are available to borrowers who meet certain criteria. These programs are administered by the U.S. Department of Education and we encourage you to research these opportunities. Information on Teacher Loan Forgiveness can be found at studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/teacher. Information on Public Service Loan Forgiveness can be found at studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service.

Employment Federal Work Study: This federal program offers eligible students enrolled at least half-time per semester the opportunity to earn money to offset part of their personal expenses through part-time, on-campus or qualifying off-campus employment. Awards traditionally do not exceed $1,800 per year. Please note that Federal Work-Study is earned and is not deducted from the student’s tuition bill. Students may obtain listings of available jobs at lesley.edu/students/internships-careers/student-jobs. 

Lesley Works Program: Students who have not applied for aid or who did not receive Federal Work-Study are still eligible to obtain on-campus employment at Lesley University. Students may obtain listings of available jobs at the Office of Financial Aid or the Career Resource Center. 

The Graduate Assistantship Program: The Graduate Assistantship Program offers graduate students in on-campus programs the opportunity to assist faculty and staff in research and academic activities. Graduate Assistants are paid positions by the Graduate School of Education, the Graduate School of Arts and Social Sciences, and a limited number of Centers and Offices. Students should apply for a Graduate Assistantship through their respective Graduate School. Students in the Graduate School of Arts and Social Sciences are encouraged to apply in the second year.