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 2024-25 federal loan processing. We have to wait for Department of Education and Smith systems to become operational for 2024-25 loan processing. Carefully review the timelines provided under each type of loan as premature submissions may not be able to be processed.*
Interest Rate: | 7.05% fixed interest rate for loans with first disbursement prior to July 1, 2024 |
Origination Fee: | 1.057% loan origination fee (98.943% 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: | https://studentaid.gov/ |
Application: | |
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 4/15/2024 & before 5/15/2024*. |
Requirements Deadline: | If you need a loan to cover billed fees, all requirements must be received by 6/1/2024 to attend SSW. |
Fulfill Requirements: | https://studentaid.gov/ |
Disbursement: | Direct to student account in two equal halves if there are two bill payment periods in your academic year |
Disbursement Timeline: |
Federal Direct Graduate PLUS Loan
With an early June start date, Smith College SSW is one of the earliest programs to start 2024-25 federal loan processing. We have to wait for the Department of Education and Smith systems to become operational for 2024-25 loan processing. Carefully review the timelines provided under each type of loan as premature submissions may not be able to be processed.*
Interest Rate: | 8.05% fixed interest rate for loans with first disbursement prior to July 1, 2024 |
Origination Fee: | 4.228% loan origination fee (95.772% 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 .95772 Round to Whole Dollar. |
Max Calculation | [$68,806 - $20,500 Unsub - $2,000 Grant] = $46,306 divided by .95772 = $48,350 |
More Details: | https://studentaid.gov/ |
Prerequisites: | Accepting the Federal Unsubsidized Direct Stafford/Ford Loan in full |
Application: | https://studentaid.gov, select Apply for a Grad PLUS loan |
Application Timeline: | If you need a loan to cover billed fees, complete requirements between 4/15/2024 & before 5/15/2024*. |
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 6/1/2024 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 4/15/2024 & before 5/15/2024* |
Requirements Deadline: | If you need your loan to cover billed fees, all requirements must be received by 6/1/2024 to attend SSW. |
Fulfill Requirements: | |
Disbursement: | Direct to student account in two equal halves if there are two bill payment periods in your academic year |
Disbursement Timeline: |
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:
Your actual educational-related personal expenses for the enrollment period are greater than the standard budget originally used to determine your loan eligibility, and
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: 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.
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.