Types of Financial Aid
Our Undergraduate financial aid package is a combination of need based grants from federal, state and institutional resources, academic or merit awards, along with self-help aid such as loans and Federal Work Study. Based on the information provided on the FAFSA and on the tax returns provided to our office, we will determine the financial need of the student and meet as much of that need as possible with a combination of Lasell College funding, federal and state funding from both grants and loans, and with Federal College Work Study. Academic awards are determined separately.
Lasell College offers a variety of institutionally funded scholarships.
For the 2015-16 academic year, incoming first-time, full-time students will be considered for the following scholarships based on academic merit:
- The Lasell College Presidential Scholarship: $16,000 per year for students with a recalculated high school GPA of 3.5 and above.
- The Lasell College Deans Scholarship: $12,000 per year for students with a recalculated high school GPA of 3.1 to 3.49.
- The Lasell College Founders Scholarship: $10,000 per year for students with a recalculated high school GPA of 2.7 to 3.09.
- The Lasell College Achievement Award: $8,000 per year for students with a recalculated high school GPA of 2.4 to 2.69.
For the 2015-16 academic year, transfer students will be considered for the following scholarships based on academic merit:
- The Lasell College Trustee Scholarship: $14,000 per year for students with a GPA of 3.5 and higher.
- The Lasell College Deans Scholarship: $12,000 per year for students with a GPA of 3.0 to 3.49.
- The Lasell College Founders Scholarship: $10,000 per year for students with a GPA of 2.5 to 2.9.
- The Lasell College Laser Scholarship: $5,000 per year for students with a GPA below 2.49.
For students who wish to be considered for additional institutional financial assistance, we require students complete the Free Application for Federal Student Aid. For the 2015-16 academic year this form will become available on January 1, 2015. Students should complete the FAFSA at www.fafsa.ed.gov. Students who demonstrate additional financial need for assistance may be offered Lasell College Grant funding in addition to any federal and state grants and loans they may qualify for. See our Federal Aid page for more details.
By completing the FAFSA, all students are automatically considered for all forms of need based financial aid offered by Lasell College, the federal and state governments. The FAFSA may be filed anytime after January 1st but should be received by Lasell College no later than March 1st for priority consideration.
Pell Grants are 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. For the 2014-15 academic year, the maximum Pell grant is $5730 and the minimum is $400.
SEOG is grant funding provided to the college by the federal government to award to significantly needy undergraduate students. It is a limited pool of funding, and Lasell College usually reserves this funding for the neediest students and those who receive the Pell Grant. If Lasell College determines that a student should receive this grant it will be in the financial aid package.
Federal Direct Loans:
Direct Stafford Loan
Students will also be considered for the Federal Direct Stafford Loan. 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 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.
Federal Perkins Loan
Some undergraduate students may also be offered the Perkins Loan in their financial aid package. This funding is very limited and is offered to the neediest students. Students must sign a promissory note and perform and entrance interview each year the loan is offered.
Federal College Work Study
This program is funded through the federal government and Lasell College, 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.
The funding is available to students to earn by working a part time job on campus. Jobs can range from working in the Athletic Department with a team to working in the dining hall or in an academic department or administrative office. All jobs that are available are listed on our student intranet under Campus Life and Jobs on Campus.
Students are responsible for researching the jobs and securing employment. Lasell College 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. It is the students' responsibility to research and pursue the available jobs on campus. Students can view available positions by going to MyLasell, under Employment and Internship Opportunities.
Once employed students are paid a bi-weekly paycheck for the time they worked. This money does not go toward paying the bill; it is for use by the student for personal and miscellaneous expenses. 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.
Note: Lasell College currently does not participate in any off-campus work study contracts. All work study funds are to be earned by working on campus. It is not available to be used for internship work or at off campus job sites.
Several states in the New England region offer state grants or scholarships that may be used while attending Lasell College. 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 College cannot make up for the loss of this funding in the financial aid package. It is advisable to file the FAFSA as soon after January 1st of each year as possible in order to ensure consideration and eligibility for all forms of financial aid. Students hould consult the FAFSA instructions for the specific deadline for their state of residence. Regionally, the following states have reciprocal agreements with Massachusetts:
- Rhode Island
- New Jersey
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.
Gift aid funded by the State of Massachusetts. Funds are awarded to Pell eligible students who meet Massachusetts state residency requirements.
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: See Federal Aid Section for amounts.
Approximately 67% of first time, full time students who matriculate through to graduation borrow on the Federal Direct Stafford Loan. Students who borrow the maximum amount available, and graduate within four years, can expect to borrow $27,000 in the Federal Direct Stafford Loan program. The students who graduated from July 1 2013 to June 30, 2014 borrowed an average of $25,840 in Federal Student loans and an average of $37,302 in student loans from all sources. The 3 year draft cohort default rate for students who separated from the college between July 1, 2011 and June 30, 2012 is 5.1%. This loan is a STUDENT loan, and if you wish to use these funds toward your costs here at Lasell College this year, you will need to complete the Master Promissory Note (MPN) and Entrance Counseling. These should be completed online at the StudentLoans.gov website.
Federal Direct Parent Loans for Undergraduate Students (PLUS): 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 StudentLoans.gov. In order to apply, you will need to log into this site with YOUR social security number, and the pin you used to sign the Free Application for Federal Student Aid (FAFSA). If you do not have a pin or have forgotten yours, you may get one assigned to you by first going to www.pin.ed.gov and requesting one. Once you have the pin, 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 students' 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 Stafford loan funding in the following amounts:
- Freshman and Sophomore students: additional $4000 for the year Unsubsidized Stafford Loan
- Junior and Senior students: additional $5000 for the year Unsubsidized Stafford 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 617-243-2103.
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, 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 lenders' 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, we recommend you contact Student Accounts at 617-243-2103.
Lasell College 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.
- Stafford Loan Master Promissory Note and Entrance interview for new students: After May 1.
- Parent loans for new or returning students: After May 1.
- Private Student Loans for new or returning students: After May 1.
- Monthly Payment Plan: Set up payments for the 10 month plan beginning in June by going to www.afford.com/lasell
Information regarding repayment of loans: As students graduate or separate from college for other reasons, they will need to be aware of their repayment options in the Federal Stafford Loan programs. More information and guidance can be found at http://www.studentloanborrowerassistance.org/ or at the National Student Loan Database System.
There are several options for paying your bill. Please refer to the Payment Information section of this site for more information.