Student Lending Options
Graduate students who are registered for 5 or more credits per semester are eligible to apply for the following federal loans:
Federal Direct Unsubsidized Stafford Student Loan
The Federal Direct Unsubsidized Stafford Student Loan is for students who are US citizens/permanent residents and does not require a credit check. Details on this loan:
Failure to sign both the MPN and Entrance Counseling will result in cancelation of the loan.
Graduate Direct PLUS Loan
The Graduate PLUS Loan is a federally funded loan that enables graduate students to borrow up to the full cost of attendance less any other financial aid received. Here are details about this loan program:
If you are denied a PLUS Loan you will have these options:
- You can contest the credit decision on your PLUS Loan application by appealing directly to the Direct Loan program. More information is available by logging into the Direct Loan website or by calling Applicant Services at 800.557.7394 (8 AM- 8 PM ET, Mon-Fri).
- You can choose to add an endorser to your PLUS Loan application in order to get credit approved. To add an endorser, you and your endorser should submit the additional information via the Direct Loan website. For assistance, please contact Applicant Services at 800.577.7394 (8 AM- 8 PM ET, Mon-Fri).
Private, Credit-Based Loans
This loan, called an alternative loan, is available through lending agencies such as banks or credit unions. Most of these loans carry a variable interest rate, but there are a few that offer fixed interest rates. While Simmons cannot recommend any particular lender or group of lenders to its students, we do strongly recommend that you compare rates carefully and know what their monthly repayment schedule will be. Elmselect.com is a resource available to begin your research.
When researching your options, contact the lender directly. They will be able to answer questions you may have on the terms and conditions of the loan(s). However, make sure that you do not apply for your loan until you are ready! Each time you apply for a loan, your credit is checked. If the lender is not able to provide an estimated interest rate without processing your credit, please make sure that you've narrowed down your loan options to as few as possible before allowing them to run your credit!
Once you have decided which loan you would like to use, please submit your application directly to your chosen lender. After you are approved, the lending agency will electronically notify Simmons of your approval and request the loan's certification. It generally takes about a week, but once Simmons has certified the loan you will be able to see it pending on your next award letter and bill.
Financial Aid and Credit Balance Refunds
Students will automatically receive a refund for any excess funds (credit balance) on their student account each semester. Simmons University will not hold credit balances to be applied to subsequent semesters. Refunds are processed by Student Financial Services 7-10 business days after the completion of the add/drop period each semester, approximately four weeks into the semester, following verification of student enrollment.
Since refunds are not immediately available at the beginning of each semester, students must ensure they have sufficient funds to meet living expenses, including rent for the first two months of each term (for students living off- campus), books, supplies, and personal expenses until refunds become available.
All refunds, regardless of the source, are first applied to any credit card payment(s) that were made toward the student's account during the current fiscal year (July 1—June 30). For instructions on how to set up direct deposit for your refund, please see the section on our website titled "Direct Deposit Student FAQ". If direct deposit is not setup, a refund check will be mailed to the student's home address on file in AARC. Please ensure that your address in AARC is current at all times.
Financial Aid and Withdrawals/Leaves
Return of Title IV Aid
When federal Title IV grant or loan assistance is disbursed, but the recipient does not complete the enrollment period, the law requires that Simmons University calculate the amount that must be returned by the school and/or student to Title IV program accounts.
The date the student initiates the withdrawal is used for calculating the percentage used in the formula for Return of Title IV funds. Students are required to initiate their withdrawal by completing the electronic wufoo form. The data from this form is sent to all of the appropriate offices on campus that play a part in processing a student’s withdrawal. The date the student files the form is used as the date of the withdrawal as it serves as the date the student notified the institution of their intent to withdraw. In addition, the Registrar’s Office sends a weekly report of all leaves and withdrawals and this report captures any withdrawals by a student who did not complete the wufoo form but was determined to no longer be enrolled (in these cases the withdrawal date is the date the institution became aware the student was no longer enrolled).The number of days from the 1st class day to the withdrawal date divided by the number of days in the payment period (semester) equals the percentage of Title IV funds earned. If the withdrawal date is after the 60% point of the semester, the student has earned 100% of the Title IV funds.
If the total amount of Title IV grant and/or loan assistance that the student earned is less than the amount disbursed to or on behalf of the student, the difference between these amounts must be returned to the Title IV programs in the following order of priority (not to exceed the amount originally disbursed):
- Unsubsidized Stafford Loans
- Subsidized Stafford Loans
- Direct PLUS Loans
- Federal Pell Grant
- Federal SEOG Grant
- Iraq Afghanistan Service Grant
The school and the student share the responsibility for returning Title IV aid. The school returns "unearned" Title IV funds that have been paid to the school to cover the student's institutional charges received from Title IV grant and/or loan programs.
The school must return Title IV funds due to the federal programs no later than 30 days after the date the school determines the student withdrew.
If the student owes funds back to the Title IV programs, the institution will advise the student within 45 days of determining that the student withdrew. The student has 45 days from the date of notification from the institution to take action on the over payment. If the student's portion of unearned Title IV funds included a federal grant, the student has to pay no more than 50% of the initial amount that the student is responsible for returning. Immediate repayment of the unearned loan amount is not required because the student repays the loan to the lender according to the terms or conditions in the promissory note. The institution will advise the lender of the student's withdrawal within 45 days of determining the student withdrew.
No additional disbursements may be made to the student for the enrollment period. If the student does not repay the amount owed to the Title IV programs or does not make satisfactory payment arrangements with the U.S. Department of Education, Simmons University will report to the National Student Loan Data System (NSLDS) that the student received an over payment. The student loses eligibility for further Title IV aid until resolved.
Example
NOTE: Dollar amounts are for example only and are not true current costs. Rachel has been awarded the following package for Fall 2020:
- Federal Unsubsidized Stafford Loan - $10,250
Rachel withdraws from all of her classes on October 5, 2020. The total amount of Title IV Aid that is subject to the Return of Title IV Calculation is $10,250. The percentage of Title IV aid Rachel has earned is 31.1%. The total amount of Title IV aid that was earned by the student is $3,177.5.
The total amount of Title IV aid to be returned is $10,250 - $3,177.5 = $7,072.5
Total charges for Fall 2020 semester is $17,088 tuition and fees. The amount of Title IV aid unearned is 68.9%. The charges times the amount of unearned aid is $17,088 X 68.9% = $11,773
The amount of Title IV aid to be returned by the school is the lesser of the two, or $7,072.5. Therefore, Simmons University would return $7,072.5 Federal Unsubsidized Stafford Loan. Simmons will also report the withdrawal effective October 5, 2020 to the National Student Clearinghouse.
The student in this example would not need to return any additional funds since the amount to be returned by the school was the same amount to be returned.
Post withdrawal disbursement
If a student’s loans were originated but did not disburse and they were enrolled at least half time when they ceased to be enrolled, they may be eligible for a post withdrawal disbursement (PWD). (note: The student may need to resolve an issue that prevented loans from disbursing. For example, if they did not complete their loan documentation but the loan had originated, regulations state the student can complete them after last day of attending.)
We will communicate with the student, or parent in the case of a parent PLUS loan, and inform them that they can accept all, a portion or none of the PWD. The normal timeframe we allow them is 14 days to inform us of their wishes. If they do not meet our deadline, then the loan funding is cancelled. We can, on a case by case basis, extend that deadline as long as the overall length is within scope of the federal regulations.
If the student has completed their loan documents but does not respond to the offer of the PWD, the loan will need to be cancelled.