Types of Financial Aid
Graduate students at Chestnut Hill College are eligible for federal loan programs, alternative loans and assistantships. The 2010-11 academic year is comprised of the fall 2010, spring 2011, and summer 2011 semesters.
The Federal Subsidized and Unsubsidized Direct Loans (formerly Federal Stafford Loan)
The Federal Subsidized Direct Loan is a federally guaranteed loan with a fixed interest rate at 6.8%. The principal is deferred until 6 months after you graduate or enroll less than half-time. If you have the Federal Subsidized Direct Loan, no interest will accrue and no payments are required of principal or interest during the entire in-school period, provided that you maintain at least half-time status per semester. If you have the Federal Unsubsidized Direct Loan (interest rate of 6.8%), you are responsible for the interest during your in-school period, either through quarterly payments or capitalization (added to principal each year). Payments of the principal balance and interest will be deferred until 6 months after you graduate of enroll less than half-time. The maximum Federal Direct Loan amount that can be borrowed per academic year is $20,500 (of which $8,500 can be subsidized Direct Loan funding if you qualify).
Federal Direct Graduate PLUS Loan
The Federal Direct Graduate PLUS Loan Program allows graduate students to borrow for education. You must pass a credit check, to be eligible. If you are denied, you may reapply with a cosigner. To be eligible to receive a Graduate PLUS Loan, you must submit a Free Application for Federal Student Aid (FAFSA). The maximum amount you can borrow is the cost of education minus any other financial aid received. The interest rate is fixed at 7.9%. A 2.5% fee is deducted from each disbursement of the loan.
Increased Federal Unsubsidized Direct Loans for Doctoral Degree Students in Clinical Psychology
If you are a doctoral degree student in the Clinical Psychology Program, you may apply for additional Federal Unsubsidized Direct Loans. You must be enrolled half-time to receive an additional Federal Unsubsidized Direct Loan. To qualify for the additional loan funds, you must have financial need. If you need the additional loan funds please contact the Financial Aid Office.
Master's Level Assistantships
Chestnut Hill College offers a limited number of assistantships for advanced level students each year. Each assistantship requires approximately 100 hours of work per semester in exchange for one, three credit graduate course. These assistantships are not available to new students. To be eligible for CHC master's level assistantships, you must be accepted by the College into a degree program. Additional information and deadlines can be obtained from the Graduate Office.
There are a limited number of assistantships available for Psy.D students. Doctoral assistantships cover tuition for one doctoral course in exchange for a certain number of hours of work per week. There are also opportunities for Directed Teaching for students in year III and beyond. Direct Teaching pays a stipend in exchange for teaching a graduate course under the direction of an experienced faculty mentor. Additional information and deadlines can be obtained from the Graduate Office.
Private Educational Loans
You can use a Private Educational Loan if you are enrolled less than half-time and/or non-matriculated. Private Educational Loans are available to cover your total cost of education (tuition, fees, books and supplies, transportation and living expenses) after all other financial aid has been applied. To apply for a loan, you need to complete either a paper application provided by the bank or an application on the bank’s web site. You can apply without a co-signer if you are a creditworthy applicant. With a Private Educational Loan, you can usuallydefer repayment of principal and capitalize the interest while you are in school. If you are interested in applying for the Private Educational Loan, contact the Financial Aid Office for a list of banks offering those loans.
Scholarships, Grants, Loans and Employee Tuition Reimbursements
Sponsors for outside aid usually have their own eligibility requirements. The Financial Aid Office will complete any paperwork required to assist you in the application process.