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In order to receive consideration for any of these programs, you  must complete a FAFSA annually. File your FAFSA for 2019-2020 beginning October 1, 2018 at fafsa.ed.gov.

For additional information about Federal financial aid programs view the U.S. Department of Education Student Guide.

These loans are administered by the U.S. Department of Education and they are federally funded. These loans, known typically as Stafford Loans (for students) and PLUS Loan (for parents or graduate students) require repayment of the full amount of the loan. You can decline a Direct Stafford Loan offered on your award letter without impacting any other forms of aid offered to you by either completing and signing the reverse side of the award letter indicating your intention to decline the offered loan or send a signed, written request by mail, fax, or email to:

Student Financial Services Office
Curry College
1071 Blue Hill Avenue
Milton, MA 02186
Fax 617-333-2915
studentloans@curry.edu

Each Stafford borrower is entitled to a six month grace period which begins the day you graduate, withdraw** or become enrolled less than half-time.  While the borrower is in a grace period, no payment is made.

Additional information on Repayment, Repayment Plans and Repayment Plan Calculators is available at Direct.ed.gov.

**Note: Official withdrawal is made with the Registrar's Office at the College. Additionally, you should visit the Student Financial Services Office to discuss your status change and how it impacts your student loans.


For more information about these loans, contact the U.S. Department of Education's Student Support Center at 800-557-7394.

A federally funded and administered loan awarded by the institution to students who demonstrate need, meet eligibility requirements and are enrolled at least halftime in a degree program. A Free Application for Student Aid (FAFSA) must be filed with the school. Interest and principal are subsidized by the government until the student ceases to be enrolled at least half-time and during the grace period.  Note: If you received a Direct Subsidized Loan that was first disbursed between July 1, 2012, and July 1, 2014, you will be responsible for paying any interest that accrues during your grace period. If you choose not to pay the interest that accrues during your grace period, the interest will be added to your principal balance.

First-time borrowers at the College must complete Entrance Counseling and sign a Master Promissory Note (MPN) before funds can be disbursed. Loan funds come directly from the federal government and are paid by crediting the student's tuition account. For first-time enrolled students, the amount of the loan awarded will be credited to the student's Curry College tuition account approximately 30 days after the start of the semester. For all other students, loan funds will be credited to the tuition account no earlier than ten days prior to the start of the semester.

Award amounts (per Academic year):

  • Freshmen (0-29.5 credits) up to $3,500
  • Sophomores (30-59.5 credits) up to $4,500
  • Juniors & Seniors (60-120 credits) up to $5,500

Terms:

  • Fixed interest rate of 5.05% (rate remains fixed during the loan period, but rates for new loans reset on July 1)
  • Interest and principal are subsidized by the government until the student ceases to be enrolled at least half-time
  • Repayment begins 6 months after the student graduates, withdraws or stops attending school at least half-time
  • Up to a 10 year repayment period - $50 minimum monthly payment 
  • A 1.062% fee will be deducted from loan proceeds prior to disbursement

A federal funded loan, not need-based, available to eligible student borrowers, enrolled at least half time. A Free Application for Federal Student Aid (FAFSA) must be filed with the school the student plans to attend.  First time borrowers at the College must complete an entrance interview and sign a Master Promissory Note (MPN) before funds can be disbursed. For newly enrolled students, the amount of the loan awarded will be credited to the student's Curry College tuition account approximately thirty days after the start of the semester. For all other students, loan funds will be credited to the tuition account no earlier than ten days prior to the start of the semester.

Award amounts:

  • Freshmen (0-29.5 credits)
    • Dependent Student - up to $5,500
    • Independent Student - up to $9,500
  • Sophomores (30-59.5 credits)
    • Dependent Student - up to $6,500
    • Independent Student - up to $10,500 
  • Juniors & Seniors (60-120 credits)
    • Dependent Student - up to $7,500
    • Independent Student - up to $12,500 
  • Graduate Students
    • Dependent Student - N/A
    • Independent Student - up to $20,500

Terms:

  • Interest and principal may be deferred until student ceases to be enrolled
  • Interest accrues during in-school grace and deferment periods
  • Fixed interest rate of 6.60% (rate remains fixed during the loan period, but rates for new loans reset on July 1)
  • Interest is not paid by the government. Borrower is responsible for all interest payments
  • Repayment begins 6 months after the student graduates, withdraws or stops attending school at least half-time with a $50 minimum monthly payment
  • Up to a 10 year repayment period
  • A 1.062% fee will be deducted from loan proceeds prior to disbursement


Aggregate Loan Limits - Federal Direct Stafford Loans

 

Combined Base Limit for Federal Direct Subsidized and Federal Direct Unsubsidized Loans

Additional Limit for Federal Direct Unsubsidized Loans

Total Limit for Federal Direct Unsubsidized Loans(minus Federal Direct Unsubsidized amounts)

Dependent Undergraduate Students (whose parents were not denied a PLUS loan)

$23,000

$8,000

$31,000

Independent Undergraduate Students (and dependent students whose parents were denied a PLUS loan)

$23,000

$34,500

$57,500

Graduate and Professional Students

$65,500
(including undergraduate Stafford loans)

$73,000

$138,500

 

Entrance Counseling Requirement:

Federal Direct Loan Entrance Counseling is a Federal requirement for all students borrowing a Federal Direct Subsidized and/or Unsubsidized Stafford Loan for the first time at Curry College. Students are required to complete  Federal Direct Loan Entrance Counseling before the proceeds from the Federal Direct Loan can be disbursed to the student account.

The  Federal Direct Stafford Loan Master Promissory Note (MPN)  is a legally binding agreement to repay the student loan. This agreement is between the student and the Department of Education. A parent cannot complete the Federal Direct Stafford Loan Master Promissory Note (or Entrance Counseling) on the student's behalf. Once the student borrower signs the MPN for enrollment at Curry College, she/he will not need to sign again as long as she/he remains continuously enrolled at the College in a degree program. 

To complete your Federal Direct Stafford Loan Entrance Counseling and Master Promissory Note go to StudentLoans.gov.  Follow these step by step instructions for the Entrance Counseling and Master Promissory Note processes.

We suggest Macbook or Macbook Pro users utilize Mozilla Firefox Internet Browser to avoid complications signing in.

Please note that Federal Direct Loan funds will not be disbursed to your student account until you have completed the Entrance Counseling requirement, the Federal Direct Loan Promissory note and received confirmation from the Department of Education that both requirements have been satisfactorily completed.

Exit Counseling Requirement:
Any student who ceases to be enrolled at least half-time in a degree program and who borrowed a federal student loan (FFELP and/or Federal Direct) subsidized and/or unsubsidized at any time while enrolled at the College is required to complete Loan Exit Counseling either online at StudentLoans.gov or in person with a representative of the Student Financial Services Office.

Information that you borrowed from the Federal Direct Loan Program will be sent to the National Student Loan Data System (NSLDS), and will be accessible by guarantee agencies, lenders and institutions determined to be authorized users if the data system.

How Much Have I Borrowed?   Retrieve Your Loan Information To assess your information on this site you will need your  FSA ID.

Important Note:
This federal aid program has been phased out by the federal government. If this program is extended, the College will post specifics about requirements necessary to receive funding.

A federally funded, need-based educational loan for students with exceptional need. This is a loan and requires repayment. The interest rate is 5 percent. Repayment* of the full amount of the loan borrowed is required and begins nine months after a student graduates, withdraws from the College, or attends on a less than half-time basis. Depending on the total amount borrowed, the student may have up to ten years to repay this loan. Award amounts vary and funds are very limited as future loans to borrowers made from this revolving loan fund are dependent on federal funding levels and repayment by prior borrowers. There are no fees for this loan. There is no interest charged on this loan while the student is enrolled at least half-time in a degree program and for nine months after the student graduates, withdraws from the College or drops below half-time status. The maximum amount an eligible student may borrow is $4,000 per award year for a student who has not successfully completed a program of undergraduate education or $6,000 per award year for a graduate or professional student.  The maximum aggregate amount an eligible student may borrow is: (1) $20,000 for an undergraduate student who has completed two academic years and is pursuing a bachelor's degree; (2) $40,000 for a graduate or professional student, including loans borrowed as an undergraduate student; and (3) $8,000 for any student who has not completed two academic years of undergraduate work. The amount of the loan awarded by Student Financial Services will be credited to the student's Curry College tuition account approximately one week after the end of the Add/Drop period each semester.

Exit Counseling Requirement:
Any student who ceases to be enrolled at least half-time in a degree program as a result of graduation, withdrawal or leaving the institution and who borrowed a Federal Perkins Loan at any time while enrolled at the College is required to complete Loan Exit Counseling at MyLoanCounseling.

Additionally, you are responsible for notifying University Accounting Service, the servicer for your Federal Perkins Loan, when you graduate, leave school, or move. NOTE: Official withdrawal is made with the Registrar's Office at the College. You should visit the Student Financial Services Office to discuss your status change and how it impacts your student loans.

*Under certain circumstances repayment of a Federal Perkins Loan may be deferred or cancelled.  During deferment payments are not required and interest does not accrue. After deferment, the borrower is entitled to a post-deferment grace period of six consecutive months.  Borrowers may be eligible for deferment, cancellation, forbearance or discharge under certain circumstances. Click here to view the Federal Perkins Loan Addendum Information. Federal Perkins Loans are serviced by University Accounting Services. UAS can be contacted via telephone by calling (844) 870-8701, Monday through Friday 7:00 am - 5:00 pm CST.

Deferment and Cancellation:
Under certain circumstances, repayment of a Perkins loan can be deferred.  During deferment, payments are not required, and interest does not accrue.  After deferment, the borrower is entitled to a post-deferment grace period of six consecutive months.

Types of deferments include:

  • Economic Hardship Deferment
  • Professional Employment Deferment and Cancellation
  • Student Deferment
  • Unemployment Deferment


Please contact the Student Financial Services Office for additional information.

The GradPLUS Loan allows graduate students who are enrolled at least half-time in a degree program additional financial resources beyond that offered as a result of filing the FAFSA

Eligibility requirements are as follows:

  • Student must have submitted a FAFSA for the academic year the GradPLUS Loan is being applied for
  • Student must be enrolled at least half-time (3+ credits)
  • Student may borrow up to the Cost of Attendance (COA) less any financial aid
  • Student must be a U.S. citizen or eligible non-citizen
  • Student must meet the credit criteria and not have an adverse credit history and not be in default of any federal education loans or owe an overpayment on a federal education grant


Loan Terms:

  • Fixed interest rate of 7.60% (rate resets each July 1)
  • 4.248% origination fee is deducted from the loan proceeds prior to disbursement
  • Repayment begins within 60 days after full disbursement of loan. Student may request to have payments deferred during the in-school period
  • 10 year repayment period
  • Interest only payment option


Students apply for a GradPLUS Loan at studentloans.gov.  Students will need their FSA-ID to access the application.  Students who are approved for a PLUS Loan will need to complete a GradPLUS Loan Master Promissory Note (MPN).  The MPN is a legal document which explains the terms and conditions of the loan.  Approved loans will also receive a disclosure statement that provides specific information about the loan including loan amount, loan fees and the expected disbursement date(s) and amount(s).  Loan proceeds will be credited to the tuition account no earlier than ten days prior to the start of the semester.

Information on your GradPLUS Loan will be sent to the National Student Loan Data System (NSLDS) and will be accessible by guarantee agencies, servicers, lenders and institutions determined to be authorized users of the data system.

Federal Loan Repayment (FFELP and Direct Loans)

All FFELP and Direct Loans (Stafford, PLUS and GradPLUS) require repayment. Failure to repay your loan will result in a default status. Default is failure to repay a loan according to the terms agreed when you signed your promissory note. The consequences of default can be severe. If you are having trouble making your monthly payments, take the initiative to contact your servicer as you might be eligible for an alternative repayment plandeferment or forbearance.  You may also contact the Direct Loan Servicing Center for assistance at 800-848-0979.

Remember, you are responsible for notifying your lender when you graduate, leave school or move. Not sure who your lender is, view your loan history online at the National Student Loan Data System. To access your information on this site you will need your FAFSA PIN.

Each Stafford borrower is entitle to a six month grace period which begins the day you graduate, withdraw or become enrolled less than half-time.  While the borrower is in a grace period, no payment is made. 

Need help estimating your monthly loan payments? A Loan Calculator is available to help you estimate what your payments might look like.

Loan Consolidation

If you have borrowed multiple federal student loans from different lenders, you might be eligible to consolidate them in to a single loan.  Note:  you cannot consolidate private education loans with your federal loans.  Consolidation allows you to combine multiple loans in to one new loan.  This process may assist you in reducing your monthly loan payment.  Your new consolidated loan is a fixed interest rate based on the weighted average of your loans interest rates at the time you consolidate and rounded up to the nearest one-eighth of a percent.  There are no fees to consolidate.  Find additional information about Loan Consolidation.

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