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Loans for Graduate Students

Criteria for Eligibility

Graduate students who are accepted into a degree program and register for at least half-time credits in a term may apply for a federal loan through the government’s Direct Loan Program.

Federal Direct Loans carry a fixed interest rate and offer benefits to borrowers such as deferred repayment while the borrower is enrolled in school and the possibility of loan forgiveness for teachers in low-income areas or other eligible professions. For more information about the Direct Loan program including current interest rates, borrower benefits and other terms and conditions, visit the government's Federal Student Aid site.

How to Apply

Complete the steps below each term that you would like to apply for financial aid. Steps 3 and 4 (Master Promissory Note & Entrance Counseling) only need to be completed if this is your first time applying for financial aid at Gordon College as a Graduate student.

1Complete the Graduate Financial Aid Form
 

2Complete the FAFSA

Students who wish to borrow a Federal Direct Loan must complete the FAFSA, the Free Application for Federal Student Aid. A new application must be received each year that you would like to apply for a loan. For courses taken from Summer 2018 through Spring 2019, choose the 2018-19 FAFSA. Click here to complete one now.

3Sign your Master Promissory Note (first time borrowing as a Gordon Graduate student)

Once you’ve completed your FAFSA you will need to complete a Master Promissory Note (MPN) with the Department of Education. Choose the form for "Direct Subsidized/Unsubsidized loan". Click here to complete the MPN now.

4 Complete Loan Entrance Counseling (first time borrowing as a Gordon Graduate student)

Loan Entrance Counseling is also a federally required step for any student who wishes to borrow a Direct Loan. Click here to complete this now.

5Complete the Loan Disbursement Authorization Form (after receiving your Award Letter)

Gordon will receive notification when your FAFSA has been completed and an award letter will be mailed to you informing you of the total Direct Loan amount you are eligible to borrow. The last step in this process is for you to complete our Loan Disbursement Authorization Form.

Enrollment Status

Enrollment status is determined by the total number of credits a student is registered for within a term:

  • Part-time: 1-4 credits
  • Half-time: 5-8 credits
  • Full-time: 9 credits or more

There are several ways that you can reach the half-time status mark:

  • 2-credit class in Summer & 3-credit class in Fall (total of 5 credits in the Summer/Fall term)
  • No classes in Summer & two 3-credit classes in Fall (total of 6 credits in the Summer/Fall term)

Deadlines for Federal Loans

By the date your bill is due:

  • Apply for admission into the graduate program
  • Submit a Graduate Financial Aid form to Student Financial Services
  • Complete a FAFSA for the current award year

By November 1 (summer/fall), May 1 (winter/spring), or July 15 (summer only):

  • Meet eligibility requirements for federal loans
  • Have a valid FAFSA, Master Promissory Note, and Entrance Counseling completed
  • Submit a Loan Disbursement Authorization form to Student Financial Services

Disbursement of Funds

Your loan amount will be disbursed to your student account when you have achieved half-time status (see www.gordon.edu/graduate/policy). This means that you must have attended your qualifying class beyond the withdrawal period (3 class hours). For example, a student who is taking one class in the summer and one class in the fall will receive funds once he has attended the first 3 hours of his fall class. Students who cease to be enrolled at least half-time are not eligible to receive federal loans.

Requesting a Refund

Students with a credit balance may receive a refund via direct deposit or paper check. To sign up for direct deposit (eRefund), log in to my.gordon.edu and click on the CASHNet link. A refund may be requested by submitting a Student Account Refund form, found in the Student Accounts section of my.gordon.edu.

Loan Cancellation or Deferment for Teachers

Learn about federal loan cancellation or deferment for teachers at the government's Student Aid site.

Loans from Private Lenders

Private student loans are available for students who do not wish to or are not eligible to borrow a Federal Loan. We will work with any lender you choose, or you can choose from our preferred lender list here. As with any loan, Gordon College suggests that students review all terms and conditions of any private student loan before borrowing. 

To receive a private student loan you must initiate this loan with the lender of your choice. Once you have begun the application process, please complete the Graduate Financial Aid Form.


CONTACT INFORMATION

Student Financial Services
Gordon College, 255 Grapevine Road, Wenham, MA 01984
p: 978.867.4246   |   e: sfs@gordon.edu   |   f: 888.889.5784