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 or 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 2013-14 academic year, the maximum Pell grant is $5645 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 automatically considered for the Federal Direct Stafford Loan. This loan will always appear on the financial aid package. 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. Please not that if declined this funding will not be replaced with any other financial aid such as grants or scholarships.
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 and be taking a minimum of 6 credits per term.
Amounts: $20,500 per academic year including summer. Maximum $8500 subsidized.
Repayment on these loans does not officially begin until 6 months after the student ceases attending college for any reason. Repayment is over a 10 year period and the minimum payment is $50 per month.
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 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.
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.