Graduate Need Based Aid
Academic Year 2009-2010
Need-Based Financial Aid
The Federal Stafford Loan Program
The Federal Stafford Loan program provides funds for students through banks and other lending agencies. Graduate students may borrow up to $20,500 each academic year. The interest rate is fixed at 6.8%. Repayment begins 6 months after graduation or after the borrower drops below half-time enrollment. Loan origination and guarantee fees totaling up to 4 % will be deducted from the loan before the funds are sent to the University.
There are two types of Federal Stafford Loans - subsidized and unsubsidized. Of the $20,500 an eligible student can borrow each year, no more than $8,500 can come from the subsidized program. Both loans accrue interest while the student is enrolled, but in the subsidized program the interest is paid by the federal government until repayment begins. Under the unsubsidized loan program, the interest that accrues during school and the repayment grace period is the student's responsibility. The interest may be paid during school or deferred then capitalized (added to the principal) when repayment begins.
Unless you reject this loan, Bentley University will automatically process your Federal Stafford Loan electronically through American Student Assistance (ASA), a state guaranty agency. We will process a loan for the amount shown on your award notification unless you decline or reduce the amount by returning the notification to us with your instructions.
IMPORTANT: You are now able to complete a single master promissory note (MPN) that will be used for as long as you attend Bentley University and continue to use the same lender. Detailed instructions on how to e-sign your MPN will be sent to you after we process your loan. If you borrowed previously and do not use our preferred guarantor (ASA), you are responsible for obtaining a loan application from your lender. Special instructions are included with your award if we are aware that you have previously chosen not to utilize our automated system.
Federal Stafford Loan applicants borrowing for the first time are required to complete loan counseling to learn about their rights and responsibilities as borrowers. This counseling can be completed on the web at the Mapping Your Future website. No loan funds will be disbursed until this requirement is met. Failure to complete loan counseling may result in the cancellation of your loan.
Bentley Graduate Need Grant
This award is made available through Bentley and does not have to be repaid. It is available only to full-time students (at least 9 credits per semester) who complete an aid application prior to the priority deadline and demonstrate need as defined by our institutional formula. Students in the Five-Year Program are required to file a CSS Profile Form with parent information to be considered for institutional need-based grant assistance. Please see our application instructions for more details. Please note that the availability of Bentley Graduate Need Grant funding is limited. As a rule, a lesser percentage of need is covered by grant funding. You can expect your financial aid package to be heavily weighted towards federal loans.
Satisfactory Academic Progress
Federal aid recipients must demonstrate academic progress by maintaining a grade point average of at least a 2.0 and by successfully completing (finishing with a passing grade) at least 66 percent of all attempted courses. An attempted course is one in which the student is enrolled after the second week of classes. Failure, withdrawal after the second week, or an incomplete (I) in a class constitutes an attempted course which is not successfully completed. Repeated courses will be counted in measuring this standard. In addition, federal aid recipients may not attempt more than 150 percent of the number of credits required for their degree. For instance, if your degree requires 120 credit hours, you may not attempt more than 180 credit hours to achieve this degree. Additional information about this policy, how students are notified if they lose eligibility, and the current appeal process can be found in the Bentley University Catalogue.
Refund Policy for Federal Aid Recipients
If you withdraw from all classes after the semester begins, you could still be responsible for a portion of tuition, room, and board for which you have been charged. Bentley University is responsible for adhering to guidelines established by the federal government that determine the amounts of federal assistance a student is allowed to keep toward prorated University charges. Detailed information about the federal refund policies is currently printed in the Bentley University Student Handbook and the University Catalogue.
