INTERNATIONAL Financial Aid

The primary responsibility for paying for educational expenses rests with the student and the student’s family.

Students are required to notify the Financial Aid Office at MSPP of the receipt of all external assistance.

Late submission of loan applications may delay processing. If your loan check arrives after the tuition due date in September or January as a result of your tardiness, you will be assessed a finance charge on your unpaid balance.

Misrepresentations, omissions of assets, or failure to submit required documentation may result in the cancellation of any financial assistance for which you have applied.Please keep the Financial Aid Office informed of your current local mailing address.

This information is designed to familiarize you with the types of financial assistance that are available to international students through the Financial Aid Office at MSPP, to explain eligibility criteria for each type of assistance, and to outline application procedures and deadlines.

Please read the information carefully. If you have any questions related to these materials, contact the MSPP Financial Aid Office: elaine_toomey@mspp.edu or 617-327-6777 x259 or toll free at 888-664-MSPP x259.

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Types of Assistance

The Financial Aid Office at MSPP administers two types of student financial aid programs for International students: alternative loan programs, and MSPP institutional grants. International students are not eligible to apply for federal Stafford loans and Graduate PLUS loans. Information about alternative loans and MSPP grants is provided in the sections that follow.

Other sources of educational funding for international students include paid field placements, teaching assistantships, and campus employment. Students should understand that these opportunities are limited in availability.

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Alternative Loans

Because federal Stafford loans and Graduate PLUS loans are available only to U.S. citizens and Permanent Residents, MSPP encourages international students to investigate alternative sources of funding. The following commercial loan programs are available to all MSPP students. Please be advised that the terms of these loan programs are subject to change. (More loan programs are listed on the back of the Sources of Financial Assistance brochure. Call or check lender website for information.)

TERI Alternative Loans
www.teri.org | 800-255-TERI

The Education Resources Institute (TERI) is a private, non-profit corporation offering higher education financing and information services. TERI loans are made available through the private capital of participating lenders. To receive a list of participating lenders, students should contact TERI.

TERI Alternative loans enable creditworthy students to borrow from $500 up to the cost of education (minus any other financial aid that is received). Eligibility is determined on the basis of a cash flow analysis (debt-to-income ratio) and credit check. TERI lenders may have different program policies and charge different interest rates. Students should visit TERI websites for comparative information about various lenders. TERI charges a guarantee fee of the total loan amount.

Students have the option of deferring payment of both principal and interest while they are enrolled in school. Depending on the total amount borrowed, up to 20 years is allowed for repayment. There is a cumulative educational debt limit of $195,000.

For more information about TERI Alternative or Graduate loans and participating lenders, contact The Education Resources Institute [330 Stuart Street, Boston, MA 02116; 1 800 255-TERI, www.teri.org]. Application brochures are also available in the Financial Aid Office at MSPP.

GradEXCEL Loans Loan Programs
www.nelliemae.com | 800-EDU-LOAN

Nellie Mae offers higher education financing programs for students and families who are not eligible for federal programs. Nellie Mae’s supplemental loan programs serve a growing number of international students in need of affordable ways to pay for college. GradEXCEL loans enable international graduate students who are enrolled on at least a half-time basis (6 credits or more) to borrow up to the cost of education (minus any other financial aid that is received). A guarantee fee applies. Students must have a creditworthy U.S. citizen or Permanent Resident co-borrower. Please note that in order to be eligible for GradEXCEL loans through Nellie Mae, international students and required U.S. citizen or Permanent Resident co-signers must all have U.S. social security numbers.

There are several repayment options for GradEXCEL borrowers, and the repayment period can range from 4 to 20 years depending on the amount that is borrowed.

For more information about GradEXCEL loans, students should contact Nellie Mae [50 Braintree Hill Park, Suite 300, Braintree, MA 02184; 1 800 634-9308, www.nelliemae.com]. Application brochures are also available in the Financial Aid Office at MSPP.

Citibank Graduate Loan Programs
www.studentloan.com | 800-967-8677

CitiAssist loans are credit-based loans to supplement other forms of financial assistance. To qualify, international students must be enrolled at least half-time (6 credits or more) and must apply with a creditworthy U.S. citizen or Permanent Resident as a co-borrower.

There are no guarantee fees associated with CitiAssist loans. Interest only is payable during periods of enrollment in school, but students have the option of postponing payments. If payments are postponed, the interest will be capitalized, or added to the principal loan amount, upon repayment. CitiAssist loans offer a 6-month grace period, a repayment period of up to 15 years, and flexible repayment options.

Citibank offers CitiAssist loans to all students at MSPP. Applications for CitiAssist loans through Citibank are available in the Financial Aid Office at MSPP.

International Education Finance Corporation
www.iefc.com | 888-296-4332

IEFC loans are credit-based loans. To qualify, international students must be enrolled at least half-time (6 credits or more) and must apply with a credit-worthy US citizen or permanent resident as a co-signer. Students may borrow up to the cost of education less other aid, if either the student or the co-borrower has income meeting their requirements.

A guarantee fee of 6% of the total loan amount will be deducted from the disbursement.

Canadian Higher Education Loan Program
www.iefc.com | 888-296-4332

You can borrow from $500 to $15,000, or up to the cost of education if you apply with a credit worthy co-signer.

A guarantee fee of 9% is deducted, but is reduced to 7%, if applying with a co-signer.

For more information about either of the above programs, please call 1-888-296-4332, or visit: www.iefc.com Applications may be obtained from the MSPP financial aid office.

Alternative Loan Application Procedures & Deadlines

MSPP students are expected to plan their finances well in advance of the academic year and to submit timely applications for the types of financial assistance that they will require. Please note that the deadline for applying for MSPP grants and scholarships will be strictly enforced.

Alternative Loans

To apply for an alternative loan:

1. Apply online, via phone or request a loan application directly from the lender or from the Financial Aid Office at MSPP.
2. Follow the directions that are included with the loan application materials

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MSPP Institutional Grants

MSPP grants are generally $1,000-$5,000 per year and are need based. MSPP’s participation in the School as Lender program has enabled MSPP to increase the amount of grants awarded. Over $209,000 in the form of grants and scholarships will be awarded in the 2007-2008 year.

MSPP grants and scholarships are intended to provide assistance to students who, without such aid, would have great difficulty pursuing their education at MSPP.

MSPP grants and scholarships are awarded to eligible students based on availability of funds, and to those students with financial need (as determined by the Foreign Student Financial Aid Application and other documentation) and demonstrated commitment to community service.

MSPP is committed to community service and appreciates student’s dedication to various projects. Please list on the last page of the application your past year’s service projects and approximate time spent, as well as expected commitment for the next academic year.

To be eligible for MSPP grants and scholarships, students are required to be registered on a full-time basis (as determined by enrolled program) and in good academic standing.

The maximum amount of an MSPP grant is currently $5,000.

MSPP grant and scholarship recipients will be notified upon acceptance to the program. Grants and scholarships will be awarded in two disbursements, after the drop/add period of each semester.

Institutional Grant Application Procedures & Deadlines

To apply for an MSPP Grant:

1) Foreign Student Financial Aid Application: Please provide all the information that is requested, including information about your parents. Return the completed application to the Financial Aid Office at MSPP (not to The College Board) by:

• PsyD applicants–February 14, 2008
• MA/CAGS and MA Counseling applicants–February 24, 2008.
• All returning students–April 16, 2008.

#30. Enter information for the current year and for all subsequent years. For example, entering students should enter information for all four years. If you are currently a third-year student, enter information for third year and fourth year only.

 

H. Please sign the Certification and Authorization statement. Parent signatures are not required. If you are married, your spouse’s signature is required.

 

2) MSPP Application for Financial Aid for 2008-2009: The application for Financial Aid must be completed in full and returned by

• PsyD applicants–February 14, 2008.
• MA/CAGS and MA Counseling applicants–February 24, 2008.
• All returning students–April 16, 2008.

All questions must be answered and the Statement of Certification must be signed. Use U.S. dollar figures. Please type or print using ink.

IMPORTANT! International students who do not meet the appropriate February and April deadlines will forfeit their eligibility for MSPP grants and scholarships. Both required items must be received by the Financial Aid Office deadlines.

Updated 12/4/07