Steps for applying and accepting Financial Aid:
1. Complete The FAFSA: By completing the Free Application for Federal Student Aid (FAFSA), you will be automatically considered for all forms of need-based financial aid offered by Lasell and the federal and state government. Lasell University FASFA Code: 002158.
The FAFSA may be filed any time after October 1st but should be received by Lasell no later than March 1st for priority consideration. To maximize your eligibility for aid, be sure to apply by the appropriate deadline for your state of residence.
2. Complete a Mater Promissory Note and Entrance Counseling to obtain your federal student loans. Once you have deposited and if you are receiving your first Direct Subsidized Loan or Direct Unsubsidized Loan as an undergraduate, you are required to complete the two following items at Federal Student Aid: www.studentaid.gov. View more information about student loans here: https://www.lasell.edu/tuition-and-aid/types-of-financial-aid.html?area=5
Loan Types Awards:
Federal loans allow you to borrow money for college at low interest rates. When considering which loan to use to assist in paying for school, Lasell recommends that all students complete the Free Application for Federal Financial Aid (FAFSA) and apply for need-based aid and the Federal Direct loan first, before pursuing any other more expensive loan options.
This loan is a STUDENT loan, and if you wish to use these funds toward your costs here at Lasell this year, you will need to complete the Master Promissory Note (MPN) and Entrance Counseling. These should be completed online at the studentaid.gov website.
Direct Subsidized Loans are loans made to eligible undergraduate students who demonstrate financial need to help cover the costs of higher education at a college or career school. Direct Unsubsidized Loans are loans made to eligible undergraduate, graduate, and professional students, but eligibility is not based on financial need.
Students who wish to take advantage of this funding will be required to complete a Master Promissory Note and an entrance interview the first time they borrow through this program. If students do not wish to utilize this funding they should inform the Office of Student Financial Planning in writing that they wish to decline the loan. The Federal Direct Loan Program offers qualified students a competitive interest rate and multiple repayment options. Eligible students may qualify for the following amounts. Subsidized loans have the interest paid by the federal government for the borrower while in school and during the grace period (period of time after graduation but before repayment begins, usually 6 months). Interest begins accruing on unsubsidized loans at the time of disbursement.
Freshman (0 - 29 credits earned) $5500 (maximum $3500 subsidized)
Sophomore (30 - 59 credits earned) $6500 (maximum $4500 subsidized)
Junior (60 - 89 credits earned) $7500 (maximum $5500 subsidized)
Senior (90 and above credits earned) $7500 (maximum $5500 subsidized
Graduate students: To be eligible for a Stafford loan, graduate students must be admitted to one of the degree programs. $20,500 per academic year including summer.
Direct PLUS Loans are loans made to parents of dependent undergraduate students to help pay for education expenses not covered by other financial aid. Eligibility is not based on financial need, but a credit check is required.
This loan is available for parents to borrow to cover some or all of the out of pocket expenses for the year not covered by other financial aid being received by the student. This is a credit-based loan, and a parent begins the process by applying at studentaid.gov.
In order to apply, you will need to log into this site with YOUR Federal Student Aid ID used to sign the Free Application for Federal Student Aid (FAFSA). If you do not have a Federal Student Aid Id or have forgotten yours, you may get one assigned to you by first going to Create an FSA ID and requesting one.
Once you have the FSA ID, you may proceed with the application process. It takes approximately 24 hours for the credit decision to be processed. If approved, our office will be notified and we will add the loan to the student's package.
If you are denied the Direct PLUS loan, you may appeal that decision, apply with an endorser, or do nothing. If you choose not to appeal or apply with an endorser, your student will be eligible for additional Direct Unsubsidized loan funding in the following amounts:
Freshman and Sophomore students: additional $4000 for the year Unsubsidized Direct Loan
Junior and Senior students: additional $5000 for the year Unsubsidized Direct Loan
We highly recommend applying for enough to cover the cost of attendance for the full year. If you need assistance determining the amount to borrow, we recommend you contact Student Accounts at 617-243-2227.
Private loans are usually borrowed in the student's name with someone as a cosigner. The amount is limited to the cost of attendance less the other aid a student is receiving.
To research the loans, the lenders available, and to begin the application process for a loan, we recommend you research the education loan options by going to ELM Select. You will be able to research the lenders who offer private education loans, and follow the links to the lender's websites to complete the application online. We require that the application be completed and approved before we will add this loan to the award package and allow it to appear as a credit on the student's bill.
We highly recommend applying for enough to cover the cost of attendance for the full year. If you need assistance determining the amount to borrow, please contact Student Accounts at 617-243-2227.
Lasell has chosen ELM Select to present information regarding private loan lenders. Any lender with whom our students have previously borrowed, or who has provided their information to us to be listed appears on this list. We will process the application for a private student loan from any lender you choose. We are referring you to the ELM Select website for informational purposes only.
Application Time Line:
Direct Loan Master Promissory Note and Entrance interview for new students: After May 1st
Parent loans for new or returning students: After May 1st
Private Student Loans for new or returning students: After May 1st
Monthly Payment Plan: Set up payments for the 8-month plan beginning in June by going to the Student Account Center
Information regarding repayment of loans:
As students graduate or separate from the university for other reasons, they will need to be aware of their repayment options in the Federal Direct Loan programs. More information and guidance can be found at http://www.studentloanborrowerassistance.org/ or at the National Student Loan Database System.
Students who have a subsidized or unsubsidized loan(s) under the Direct Loan Program must complete an Exit Loan Counseling session during their final semester or upon withdrawing from the University. Exit counseling provides important information to prepare you to repay your federal student loan(s).
You will need your Federal Student Aid ID. If you do not have one or forgot yours, go to Create an FSA ID. The entire counseling process must be completed in a single session. Most people complete counseling in 20-30 minutes.
Gift and Self-Help Awards:
Lasell University Awards
Lasell University Awards are given to incoming students based on a holistic review of each student’s application, including academic performance and portfolio review. Any additional scholarship, early action award, or need-based aid will also be included in the Lasell University Awards based on eligibility requirements or the results from the FAFSA application.
Awards are mailed out in early December and continue on a rolling basis.
All domestic students are reviewed for Lasell University Awards.
By completing the FAFSA, all students are automatically considered for all forms of need-based financial aid offered by Lasell and federal and state government. Grants are awarded based on financial need and do not have to be repaid.
The FAFSA may be filed any time after October 1st but should be received by Lasell no later than March 1st for priority consideration. Complete the FAFSA with Lasell University code 002158.
Lasell University Grant
Students who demonstrate additional financial need for assistance may be offered Lasell University Grant funding in addition to any federal and state grants and loans they may qualify for.
Federal Pell Grant
The Federal Pell Grant is offered to undergraduate students who apply for financial aid by completing the Free Application for Federal Student Aid, show significant financial need, and whose estimated family contribution (EFC) falls within a range determined by the federal government. If a student is eligible for this award, it will appear on the financial award package.
Federal Supplemental Educational Opportunity Act (SEOG)
SEOG is grant funding provided to the university by the federal government to award to significantly needy undergraduate students. It is a limited pool of funding, and Lasell usually reserves this funding for the neediest students and those who receive the Pell Grant. If Lasell determines that a student should receive this grant it will be in the financial aid package.
Several states in the New England region offer state grants or scholarships that may be used while attending Lasell. Most states use the FAFSA information to determine eligibility for this funding, and most have deadlines by which the FAFSA must be received for processing in order to qualify. If a student misses this deadline, Lasell cannot make up for the loss of this funding in the financial aid package. It is advisable to file the FAFSA as soon after October 1st of each year as possible in order to ensure consideration and eligibility for all forms of financial aid. Students should consult the FAFSA instructions for the specific deadline for their state of residence.
Regionally, the following states have reciprocal agreements with Massachusetts:
Massachusetts State Grant
Massachusetts residents must file the FAFSA by May 1st of each year in order to be considered for the Mass State Grant. If a student is eligible for this funding, it will appear in the financial aid package.
Grant aid funded by the State of Massachusetts. Students who are Pell eligible students and meet Massachusetts state residency requirements are considered for this funding.
Federal College Work-Study
This program is funded through the federal government and Lasell, and the award appears on the financial aid package if a student has financial need for assistance. This funding does NOT credit the student account, so it should not be counted toward paying the bill when trying to determine what the remaining balance due is for any given semester.
You will find many opportunities for on-campus employment at Lasell. We offer Federal Work-Study jobs as well as positions funded by the University to provide employment for students not eligible for Federal Work-Study funds.
Current Students: View all available jobs on MyLasell under On-Campus Student Employment in University Resources.
Types of Jobs
The funding is available to students to earn by working a part-time job on campus. Lasell employs over 500 students each year. Jobs range from working in the Athletic Department with a team to assisting at the dining hall or within an academic department or administrative office.
Students are responsible for researching and obtaining the available jobs on campus. Lasell does not place students in Work-Study positions, and we cannot guarantee that every student who receives an offer of Federal Work-Study in their financial aid package will find a job on campus. Students can view available positions by going to MyLasell, under On-Campus Student Employment in University Resources.
Once employed students are paid on a bi-weekly basis for the time they worked. If a student does not work on campus, he or she will not earn any money from this program. Students are not required to work on campus, but this funding will not be replaced by any other funding if declined or simply not used.
Changes To Your Family’s Financial Situation:
If you or your family’s financial situation has changed significantly from what is reflected on your federal income tax return (for example, if you’ve lost a job or otherwise experienced a drop in income), you may be eligible to have your financial aid adjusted. Complete the FAFSA questions as instructed on the application (including the transfer of tax return and income information), submit your FAFSA form, then contact the office to discuss how your current financial situation has changed.