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Federal Student Aid Programs

For Graduate Students

Federal student aid programs available to students include the Stafford Loan and Graduate PLUS Loan. To become eligible for these programs, you must be officially admitted into a degree granting program on at least a half-time basis and making Satisfactory Academic Progress.

In addition to tuition and fees, federal student loans may be utilized to cover reasonable cost of living expenses.

  • The first step in applying for Federal Student Aid is to file the Free Application for Federal Student Aid (FAFSA). This can be done online at www.studentloans.gov anytime after October 1st.
  • If you are a first time borrower at William James College,  you are required to complete an on-line self-paced “Entrance Loan Counseling” exercise that is designed to help you successfully manage the repayment of your loans. This can be accomplished online at www.studentloans.gov.
  • As a first time borrower at William James College, you will also be required to complete a Master Promissory Note (MPN) for your Stafford Loan. This MPN contains your rights and responsibilities as a student borrower. Again, you can access this online at www.studentloans.gov.

Applications to the Grad PLUS program also require a credit history background check prior to final approval. For this reason a student must reapply each year for the GradPLUS student loan program. Due to an ever changing credit environment, upon successful completion of the credit check, the first disbursement on a GradPLUS Loan request must be made within 180 days. For this reason, if you are applying for a GradPLUS to cover expenses in the academic year, do not apply prior to May 1st.   

Your FAFSA results will determine your eligibility for Federal Loans. William James College will determine the Cost of Attendance (COA) and your loan limits. For information on current interest rates and origination fees, please go to www.studentloans.gov. Interest begins accruing at the time of disbursement. You will go into repayment after a 6-month grace period (if you haven't exhausted it already) upon completion of the program or when you drop down to less than half-time status. You may be eligible to borrow up to the following amounts from the Stafford and Grad PLUS loans:

Stafford Loan:

School PsyD and all masters programs: $20,500 per academic year
Clinical PsyD: $33,000 per academic year

Grad PLUS:

All programs: Up to your total budgeted cost of attendance as determined by William James College, less other financial aid awarded to you for the same enrollment period.

In addition to federal student loans, private alternative student loans are also available. You are strongly encouraged to compare and understand all repayment conditions before applying for a private alternative loan. Generally, federal student loan programs offer more favorable terms, so we recommend that you.

Think Federal Aid First

For Undergraduate Students

Federal Pell Grant: This federal program provides grants to undergraduate students demonstrating exceptional financial need. Award amounts are determined by the federal government based on a student’s family contribution and the student’s cost of attendance. For the 2020-2021 award year the maximum award is currently projected at $6,345 for full time attendance. 

Federal SEOG Grant: The FSEOG program provides grants to undergraduate students demonstrating exceptional financial need. Award amounts are determined by the school. The allowable federal award range is $100-$4,000 per year

Massachusetts Grant Aid: The Massachusetts Grant program provides need-based aid to full-time undergraduate students who demonstrate exceptional financial need and meet the Massachusetts residency requirements as detailed by the Massachusetts Office of Student Financial Assistance. Award amounts are determined by the state government and are estimated until final state appropriations. In order to be considered for a Mass Grant students should file their FAFSA to the Federal Central Processor by May 1st.

Federal Direct Student Loans: Federal Direct Student Loans are a federally funded educational loan for undergraduate students. The fixed interest rate and fees are defined by the federal government. The amount a student can borrow each year vary depending on many factors.  How many credits you have completed toward your degree, your dependency status, your need, are some of the variables that determine the type and amount of loan for which you are eligible. More information about the Direct Student Loan program can be found at   https://studentaid.ed.gov/sa/types/loans  

Parent PLUS Loan: The Parent PLUS Loan is a federally funded loan that enables parents of dependent undergraduate students to borrow up to the cost of attendance, less financial aid. The fixed interest rate and fees are defined by the federal government. More information can be found at: https://studentaid.ed.gov/sa/types/loans

How to Finance Your Education

How to Finance Your Education, Piggy bank on books