Loan & Financing Options
When considering which loan to use to assist in paying for college, Lasell College recommends that all students complete the Free Application for Federal Financial Aid and apply for need based aid, and the Federal Stafford loan first, before pursuing any other more expensive loan options.

Federal Stafford Loan: This loan will be included in all award packages for students who go through the application process. The amounts are limited by the class year of the student:
Freshman (0 – 29 credits earned) $3500
Sophomore (30 – 59 credits earned) $4500
Junior (60 – 89 credits earned) $5500
Senior (90 credits and above) $5500
Graduate students up to $18,500 if enrolled in at least 6 credits per semester

NOTE: Undergraduate students may receive an additional $2000 in the form of an Unsubsidized Federal Stafford Loan. We will not automatically award this, students must inform us of their interest in borrowing this additional sum in writing. Email to finaid@lasell.edu from your Lasell College email account to let us know you wish to borrow this additional funding.

In order to receive this funding, a student must complete the Master Promissory Note (MPN). You may begin the process of reviewing and selecting a lender to borrow with online at www.afford.com/lasell and select the BorrowSmart tab. If you choose to borrow with one of the lenders presented, you should click on the link provided which will redirect you to that lenders website to complete the MPN. The financial aid office will be notified upon the successful completion of this form. This only needs to be done once as an incoming student.

Students who are borrowing on the Stafford Loan program for the first time, also need to complete the Stafford Loan Entrance interview online at http://www.mappingyourfuture.org/oslc/. This takes approximately 20 minutes and the financial aid office will be notified automatically when it has been successfully completed. This only needs to be done once as an incoming student.

Parent Loans for Undergraduate Students (PLUS): This loan program is available to parents to borrow up to the cost of attendance less the other aid the student is receiving. In order to research this loan, the lenders available and to begin the application process for this loan, parents should go to www.afford.com/lasell and select the BorrowSmart tab. If you choose to borrow with one of the lenders presented there, you should click on the link provided which will redirect you to that lenders website to complete the PLUS application. We require that parents apply and be approved for this loan before we will add it to the award package and allow it to appear as a credit on the students’ 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, we recommend you contact Student Accounts at 617-243-2103.

Private/Alternative loans for students: These loans are usually borrowed in the students’ 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, go to www.afford.com/lasell and select the BorrowSmart tab. If you choose to borrow with one of the lenders presented there, you should click on the link provided which will redirect you to the lenders website to complete the application. 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, we recommend you contact Student Accounts at 617-243-2103.

A note about our preferred lender list:
Lasell College, through the collection of data via a Request for Information from our lending partners, has identified a selection of lenders we have chosen to present to you in the form of our preferred lender list. These are lenders we feel will provide both competitive benefits and terms on the loans, but also timely delivery of funds and excellent customer service both while the student is in school as well as in repayment. Borrowers are not required to borrow through these lenders and may choose any lender that participates in these programs. Our lender list is presented on the website www.afford.com/lasell.

Application Timeline:
Stafford Loan Master Promissory Note and Entrance interview for new students: After May 1, 2009
Parent loans for new or returning students: After May 1, 2009
Private Student Loans for new or returning students: After May 1, 2009
Monthly Payment Plan: Set up payments for the 10 month plan beginning in June by going to http://www.afford.com/lasell