Financing Options for Graduate Students | New England College
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Financing Options for Graduate Students

Loan Opportunities

Federal Direct Stafford Loan

A Federal Stafford Loan is a low interest, federal student loan. The interest rate is 6.00% for the Graduate level Unsubsidized Stafford Loan. Repayment begins after the six month grace period expires. In order to be eligible for the supplemental Unsubsidized Stafford loan, a student must be either independent by federal standards or for dependent students, parents must receive a credit denial for the PLUS loan.

To receive a Stafford Loan, students must complete the Master Promissory Note and Entrance counseling interview at www.studentloans.gov

Federal Direct PLUS Loan

The Graduate PLUS Loan for Graduate level students has a fixed interest rate of 7.00% for loans disbursed July 1, 2017 through June 30, 2018. A graduate student may apply for the PLUS loan at www.studentloans.gov and may borrow up to the cost of attendance less financial assistance awarded.

Repaying Your Loans

Sample Loan Repayment Schedule

National Student Loan Data System

Federal loans are submitted to the National Student Loan Data System (NSLDS) and may be accessed by schools, lenders and guarantee agencies determined to be authorized users of the data system.

Students may review their complete loan history and loan services on NSLDS.

National Student Loan Data System

Federal loans are submitted to the National Student Loan Data System (NSLDS) and may be accessed by schools, lenders and guarantee agencies determined to be authorized users of the data system. Students may review their complete loan history and loan services on NSLDS.

Private Loan Programs

We strongly encourage you to pursue all state, federal, and institutional aid available to you first in financing your New England College education. If you need additional financing after exhausting these sources or if you do not qualify for federal loans there are several lenders who offer alternative/private education loans. The terms and conditions of private loans may be less favorable than federal loans. Approvals of private loans are typically based on your credit rating and debt-to-income ratio and may require a co-signer.

New England College does not maintain a preferred lender list. The below list represents the private lender programs used by our students during the previous school year. New England College will process your financing options from any participating lender program.

We encourage you to thoroughly research lenders to ensure you receive the best rates and services that meet your needs. Make sure to compare borrower benefits ranging from origination and default fees that can reduce the initial cost of the loan as well as benefits to save money during repayment such as auto-debit interest rate reductions. Interest rates are typically variable, which means they can change monthly and rates vary amongst private lenders. For current Prime and London Interbank Offered Rate (LIBOR) information, please go to www.bankrate.com.

Private Student Loan Historical List*

Citizens Bank Student Loans, www.citizensbank.com/student-loans, 800.708.6684

Credit Union Student Choice Loan, www.studentchoice.org

Discover Student Loans, www.discoverstudentloans.com, 800-STUDENT

EDvestinU, www.edvestinu.com, 855.887.5430

Massachusetts Educational Financing Authority Loan, www.mefa.org, 800.266.0243

The Maine Loan, www.mela.net, 800.922.6352

New Jersey Class Loan, www.hesaa.org, 800.792.8670

Rhode Island Student Loan, www.risla.com, 800.758.7562

Sallie Mae Smart Option Student Loan, www.salliemae.com, 877.279.7172

SunTrust Student Loans, www.suntrusteducation.com, 866.232.3889

Union Federal Private Student Loan, www.unionfederalstudentloans.com, 866.513.8445

VSAC Vermont Advantage Loan, www.vsac.org, 800.642.3177

Wells Fargo Collegiate Loan, www.wellsfargo.com/student, 800.437.8234

*Used by NEC students during the 14/15 academic year. This is not an endorsement by the College; you are welcome to choose any private lender.

Work Opportunities

There are two types of student employment opportunities available to New England College students – Federal Work Study and Institutional Work Study. For more information on work opportunities please click here.

Repaying Your Loans

Loan Servicers are the companies that handle the billing and other services for Federal Student Loans. To view your loan servicer(s) visit www.studentloans.gov.

The National Student Loan Database System will list all of the Federal Student Loans that you have borrowed as a student. If you borrowed private loans, you will need to contact the private lender(s) for billing/repayment options for the private loans.

There are several repayment options and options for deferment or forebearance if you experience difficulties with repayment of your Federal Loans. Remember to keep in touch with your loan servicer(s) regarding your circumstances to review all of your options and avoid default. More information regarding loan repayment and default may be found at www.studentaid.gov/repay-loans.

If you have student loan questions, please contact Student Financial Services at 603. 428.2226 or sfs@nec.edu. We can assist you with navigating your options.

Code of Conduct

The Code of Conduct applies to New England College employees, agents and officers. We strictly prohibit revenue sharing arrangements with any lender. We will not offer funds for private loans to students in exchange for providing concessions or promises to a lender of volume or preferred lender arrangements. We will process certifications from any lender timely. Financial Aid staff will not accept any compensation for any type of consulting arrangement or contract to provide services to or on behalf of a lender relating to educational loans. Financial Aid staff will not accept compensation for service on an advisory board, commission or group established by lenders or guarantors, except for reimbursement for reasonable expenses as allowed.

Contact us

Student Financial Services
E-Mail: SFS@nec.edu
Phone: 603.428.2226