Loans
These governmentally regulated programs offer eligible students and/or parents low-interest loans to be applied to the costs of their college education. In accepting a loan, a student/parent assumes the responsibility to repay the loan under its specific terms and conditions. All students who wish to borrow federally sponsored loans will be responsible to complete entrance counseling prior to having their initial loan disbursed. Also, students who have borrowed who are leaving school or who drop below half-time status should meet with their financial aid counselor and will need to complete an exit interview session to confirm their loan terms, repayment schedules and their rights and responsibilities.
For Washington State residents seeking information and resources about student loan repayment or seeking to submit a complaint relating to your student loans or student loan servicer, please visit wsac.wa.gov/loan-advocacy or contact the Student Loan Advocate at loanadvocate@wsac.wa.gov.
Federal Direct Subsidized Stafford Loan: This federally subsidized loan (the government pays interest while a student is enrolled at least half time) is available to eligible aid applicants as determined by the Lesley University Financial Aid Office. Interest for borrowers at the time of publishing is being projected to be fixed at 2.75% with loan processing fees assessed by the U.S. Department of Education of 1.059%. Bachelor degree candidates may qualify for up to $5,500 in subsidized Stafford loan consideration per year depending upon their completed academic credit level. Interest and principal payments begin six months after a student is no longer enrolled at least half-time (6 credits per semester) however interest will not be subsidized during the six-month grace period for subsidized loans for which the first disbursement is made on or after July 1, 2012, and before July 1, 2014. For more information, please visit studentaid.ed.gov/sa/types/loans/subsidized-unsubsidized.
Federal Direct Unsubsidized Stafford Loan: The federal unsubsidized Stafford loan is available to applicants who are not eligible for the subsidized Stafford Loan. Interest for borrowers at the time of publishing is being projected to be fixed at 2.75% with loan processing fees of 1.059% The student is responsible for the interest that accumulates while they are enrolled and can choose to pay the interest quarterly or allow the accumulated interest to be added back into the principle balance of the loan. Bachelor degree candidates may qualify for up to $12,500 in unsubsidized Stafford loan consideration per year depending upon their completed academic credit level, dependency status as determined by the U.S. Department of Education on the FAFSA application and the results of the need analysis performed by the Financial Aid Office. Most of the terms and conditions of subsidized and unsubsidized Stafford loans are the same. For more information, please visit studentaid.ed.gov/sa/types/loans/subsidized-unsubsidized.
Massachusetts No-Interest Loan: This loan program is offered through the Office of Student Financial Aid (OSFA) to bachelor’s degree students who are Massachusetts residents who meet eligibility requirements established by the Commonwealth of Massachusetts. No interest is accrued or charged on the principal of this loan, which enters repayment six months after the student ceases to be enrolled at least half-time. Students have ten years to repay their loan balance. For more information, please visit www.mass.edu/osfa/programs/nointerest.asp.
Federal Direct Parent PLUS Loan: The Federal Direct Parent PLUS Loan is a federally guaranteed loan available to parents of dependent undergraduate students. Eligibility is based on creditworthiness. The interest rate on the Federal PLUS Loan is projected to be at 5.30%. The rate is set every July 1st for the following academic year. The loan processing fee assessed by the U.S. Department of Education and reduced proportionally from each loan is 4.236%. Parents may borrow up to the cost of education minus other financial aid. Repayment of the Federal PLUS Loan begins 60 days after full disbursement of the loan proceeds or can be deferred by request to the U.S. Department of Education. The Federal FAFSA application must be completed by the student and their family for the Federal PLUS loan to be certified by the Financial Aid Office. For more information, please visit studentaid.ed.gov/sa/types/loans/plus/parent.