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M.S.W Student Loans


Federal Loans

Most graduate students who require loans to help bridge the gap in meeting their education costs apply for one of the federal student loans below.

Borrowing Limit

The borrowing limit for student loans is the student’s total cost of attendance minus any grant, scholarship, outside aid or other aid received during the academic year. Loan origination fees are also added to the cost of attendance as a student borrows.

Please note that the personal expense amounts set by the School are estimates. Your actual expenses may be less and will vary based on living and travel arrangements, field internship location and other personal choices. Plan your budget carefully and borrow conservatively to reflect your own personal expenses. Please keep in mind that loan funds borrowed will need to be repaid.

The Federal Student Aid website has extensive information for loan planning, including budgeting and repayment calculators:

Federal Direct Unsubsidized Loan

With an early June start date, Smith College SSW is one of the earliest programs to start 2019-20 federal loan processing. We have to wait for Department of Education and Smith systems to become operational for 2019-20 loan processing. Carefully review the timelines provided under each type of loan as premature submissions may not be able to be processed.*

Interest Rate:

6.60% fixed interest rate for loans with first disbursement prior to July 1, 2019

Origination Fee:

1.062% loan origination fee (98.938% of loan disburses to student account)

Lender:

U.S. Department of Education

Repayment:

Begins after 6-month grace period if you fall below 1/2 time enrollment or separate from the SSW

Maximum:

$20,500 per aid year for graduate students, if eligible; Final Summer Students = COA less all other aid

More Details:

http://studentaid.ed.gov/types/loans/subsidized-unsubsidized

Application:

Free Application for Federal Student Aid (FAFSA) available at www.fafsa.ed.gov

Application Deadline:

There is no deadline for applying for loans; you may apply at any time during the academic year.

Approval:

Department of Education validation of FAFSA. We will contact you if additional verification is required.

Acceptance:

Federal Direct Unsubsidized Loan Action (accept, reduce, decline) available in NetPartner mid April.

Requirement 1:

Master Promissory Note: required only if you are a first time Direct Loan borrower

Requirement 2:

Entrance Counseling: required of all first time borrowers

Requirements Timeline:

If you need a loan to cover billed fees, complete requirements between 4/15/19 & before 5/15/19*.

Requirements Deadline:

If you need a loan to cover billed fees, all requirements must be received by 6/1/19 to attend SSW.

Fulfill Requirements:

https://studentloans.gov

Disbursement:

Direct to student account in two equal halves if there are two bill payment periods in your academic year

Disbursement Timeline:

https://www.smith.edu/ssw/admissions/tuition-financial-aid/student-accounts/important-process-dates-info

 

Federal Direct Graduate PLUS Loan

With an early June start date, Smith College SSW is one of the earliest programs to start 2019-20 federal loan processing. We have to wait for the Department of Education and Smith systems to become operational for 2019-20 loan processing. Carefully review the timelines provided under each type of loan as premature submissions may not be able to be processed.*

Interest Rate:

 

7.60% fixed interest rate for loans with first disbursement prior to July 1, 2019

Origination Fee:

4.248% loan origination fee (95.752% of loan disburses to student account)

Lender:

U.S. Department of Education

Repayment:

Begins after 6-month grace period if you fall below 1/2 time enrollment or separate from the SSW

Maximum:

Cost of Attendance (COA) less all other aid: see calculation below

Max Calculation:

[COA - Aid Total] divided by .95752 Round to Whole Dollar. 

Max Calculation
Example
(M.S.W. Yr1 or Yr2):

[$56,114 - $20,500 Unsub - $2,000 Grant] = $33,614 divided by .95752 = $35,105

More Details:

http://studentaid.ed.gov/types/loans/plus

Prerequisites:

Accepting the Federal Unsubsidized Direct Stafford/Ford Loan in full

Application:

At https://studentloans.gov, select “Apply for a PLUS Loan”

Application Timeline:

If you need a loan to cover billed fees, complete requirements between 4/15/19 & before 5/15/19*.

Approval:

Credit-based (credit checks expire after 180 days)

Options if Credit Denied

Appeal denial or seek a qualified endorser (who must apply online). Additional credit counseling required.

Approval Deadline:

If you need a loan to cover billed fees, approval and all requirements must be received by 6/1/19 to attend.

SSW Enrollment Decision:

If you are concerned re: denial and need to know this before enrolling, send an email to sfs@smith.edu.

Requirement 1:

GradPLUS Master Promissory Note: required only if you are first time DL borrower or endorser needed

Requirement 2:

Entrance Counseling: when done for the Federal Unsubsidized Loan, satisfies this requirement

Requirements Timeline:

If you need your loan to cover billed fees, complete requirements between 4/15/19 & before 5/15/19*

Requirements Deadline:

If you need your loan to cover billed fees, all requirements must be received by 6/1/19 to attend SSW.

Fulfill Requirements:

https://studentloans.gov

Disbursement:

Direct to student account in two equal halves if there are two bill payment periods in your academic year

Disbursement Timeline:

https://www.smith.edu/ssw/admissions/tuition-financial-aid/student-accounts/important-process-dates-info

 

Cost of Attendance/Budget Adjustments

Cost of attendance budgets are set annually by the College, and are reflective of the unique costs associated with the SSW programs. However, we understand that special circumstances sometimes warrant an increase to the standard budget based on actual expenses.

You may submit a Cost of Attendance (COA) Appeal Form for review by Student Financial Services (SFS) in order to determine if we are able increase your eligibility to borrow additional federal loans. Our review is based primarily upon two factors:

  1. your actual educational-related personal expenses for the enrollment period are greater than the standard budget originally used to determine your loan eligibility, and

  2. the amount of expense approved is deemed reasonable and “modest but adequate” in accordance with Department of Education regulations

Students should save all receipts associated with non-standard educational expenses (i.e. unreimbursed medical and/or dental) in the event a budget appeal is required during the academic year.

Please note that you can only use student loans and other financial aid awarded during the current enrollment period to support tuition and other educational-related personal expenses incurred during the enrollment period. You cannot use funds to pay for prior academic year expenses or for consumer debt expenses, such as credit card payments or car loan payments.

  • Cost of Attendance Appeal Form 2019-20:
    • Form is available as a Downloadable Form in Net Partner.

Important Information for Specific Allowances:

Cost of a Computer

Entering SSW students may include the cost of a computer that will be used to support their academic work during the program. Approval requires a receipt for a recently purchased computer or a completed Application for Computer Purchase through the Smith College Computer Store including invoice.

Dependent Care
A dependent care allowance in the COA is specifically intended to cover costs incurred when care is required for dependent children in order for the student to attend school. This covers care during periods that include but are not limited to class time, study time, field work, internships, and commuting time for the student. The amount of the allowance is based on the number and age of such dependents and should not exceed reasonable cost in the community for the type of care provided.

Dependent Maintenance
An allowance for the basic maintenance expenses of dependents (e.g., costs for food and shelter) may be allowed when a family’s income is insufficient to cover those basic maintenance costs.  The only measure of this is determined by Federal Methodology (FM) as set by the Department of Education. If the total family income is determined to be lower than the FM Income Protection Allowance (IPA), a budget adjustment is possible.

Students who qualify under the measure (defined above) may submit a COA Appeal Form for a review of their eligibility based on actual expenses.  The maximum amount allowed to be added to a student’s Cost of Attendance is the difference between the lower income and the IPA as detailed above.

Ph.D. Supervisory Fees
In general, 2 hours a week of clinical supervision are required for Ph.D. students. Students must make these arrangements and costs vary by student.

 

Loan Repayment

Understanding the repayment process for your federal student loans can go a long way toward building a solid financial foundation.

Please see Federal Student Aid for loan repayment information and details on choosing a repayment plan.

Loan Forgiveness

Federal student loans may qualify for loan forgiveness under certain forgiveness programs. The Public Service Loan Forgiveness Program was created through the Department of Education to encourage individuals to enter and continue to work full-time in public service jobs. Under this program, you may qualify for forgiveness of the remaining balance due on your eligible federal student loans after you have made 120 payments on loans under certain repayment plans while employed full time by certain public service employers.

Additionally, the Massachusetts Chapter of the National Association of Social Workers (NASW-MA) maintains information about loan forgiveness and repayment programs, including advice on applying and web links. You will find this information on their website.