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Loan Options

Federal Loan Information

Direct Unsubsidized Stafford Loan

After our office has reviewed your FAFSA and Student Information Form, we will mail you your financial aid award letter. For more information about the FAFSA and Student Information Form, visit this section of our website.

Once you receive the award letter, you will be asked to complete additional steps. To secure the Direct Unsubsidized Stafford Loan, you must complete the following two requirements:

  • E-sign a Master Promissory Note (MPN)
  • Entrance Counseling

Both the MPN and Entrance are completed on the Direct Loan website:

http://www.studentloans.gov

Failure to complete the MPN and Entrance Counseling by the start of the semester may result in the delay of loan disbursement or cancellation of the loan.

The Direct Unsubsidized Stafford Loan is for students who are US citizens or Permanent Residents. This loan is not based on financial need. The interest rate is fixed at 6.21% with a 1.072% origination fee. The federal government does not pay the interest on this loan, and interest accrues while the student is in school. The interest can either be paid quarterly or can be capitalized at repayment, meaning the interest would be added to the loan amount borrowed.

Repayment begins six months after graduation (or dropping below half-time enrollment) and continues for up to ten years. There are no penalties or fees if the student prepays their loan in part or in full.

Direct Graduate PLUS Loan

The Graduate PLUS Loan is a federally funded loan that enables graduate students to borrow up to the full cost of attendance less any other financial aid received. Here are details about this loan program:

  • The interest rate on a PLUS loan is 7.21% with a 4.288% origination fee.
  • Disbursements are made in equal installments over the semesters within an academic year.
  • Interest accrues after the first disbursement, but the first payment is not due until approximately 60 days after the loan fully disburses.
  • The repayment period is ten years. There are extended and graduated plans also available.
  • The principal payment may be deferred for up to 4 years while the student is enrolled on at least a half-time basis. Interest will accrue during deferment and can be paid quarterly or capitalized.
  • Loans will not be certified for a partial period of enrollment (i.e., single semester) unless it is the student's final period of enrollment for that academic year.

To apply for the PLUS Loan, you will go to the Direct Loan website and follow these three steps:

  • Grad PLUS Loan Application
    1. Sign into the Direct Loan website by using the borrower's federal PIN
    2. Choose "Complete PLUS Request Process"
    3. Select "Graduate PLUS"
    4. Complete the requested information and submit the application
  • Grad PLUS Loan Master Promissory Note (MPN)
    1. Sign into the Direct Loan website by using the borrower's federal PIN
    2. Choose "Complete Master Promissory Note"
    3. Select "Graduate PLUS"
    4. Complete the requested information and submit the MPN (print a copy and keep for your records)
  • Entrance Counseling
    1. Sign into the Direct Loan website by using the borrower's federal PIN
    2. Choose "Complete Entrance Counseling"
    3. Select that you are a student
    4. Complete the requested information and submit the Entrance Counseling (the counseling session will take approximately 30 minutes)

If you need assistance determining the amount to request for the PLUS Loan that would incorporate the 4.288% origination fee, please contact your assigned financial aid officer.

Students who are denied a PLUS Loan will have two options:

  • You can contest the credit decision on your PLUS Loan application by appealing directly to the Direct Loan program. More information is available by logging into the Direct Loan website or calling Applicant Services at 800.557.7394 (8 AM- 8 PM ET, Mon-Fri).
  • You can choose to add an endorser to your PLUS Loan application in order to get credit approved. To add an endorser, you and your endorser can do so submit endorser information the Direct Loan website. For assistance, you may contact Applicant Services at 800.577.7394 (8 AM- 8 PM ET, Mon-Fri).

Alternative Loans

Alternative loans are available through several lending agencies. Most loans carry a variable interest rate, but there are a few that offer a fixed interest rate. Simmons College strongly recommends securing a loan with a fixed-interest rate. Interest rates can also vary widely from lender to lender for the same borrower. We recommend that students interested in an alternative loan compare rates carefully and know what their monthly repayment schedule will be. 

NOTE: Simmons College does not recommend any particular lender or group of lenders to its students.

There are many lenders available who offer alternative loans. To help you find a lender, we recommend reviewing these sites:

  • FinAid.org provides a list of the more popular lenders. Be advised that the FinAid.org list is very limited and will not provide you with a comprehensive list of all available lenders.

You may find the following tools helpful in researching alternative loans:

Your Financial Aid Counselor

The first letter of your last name determines your Financial Aid Counselor.

Andrea Teague
617-521-2032

Amanda Galban
617-521-2037

Leslie Czwakiel
617-521-2885

Michael Gearan
617-521-2011

Mehrdad Kermani
617-521-2022

2014-2015 Financial Aid Forms

Find more forms on our Forms & Publications page »

Net Price Calculator

Use our Net Price Calculator to find out how affordable your Simmons Education really is.

Questions?

Have questions about Form 1098T, billing, or financial aid? We have answers to these and other common questions »

Need Help?

Please contact us at sfs@simmons.edu or 617-521-2001. More information can be found in our help section. This includes detailed contact information, FAQs, and links to other important sites and dates.

Hours of Operation (Fall/Spring)

  • Mon—Tue: 8:30 AM - 4:30 PM
  • Wed—Thu: 8:30 AM - 6:00 PM
  • Fri: 8:30 AM - 4:30 PM

Cashier's Window (Fall/Spring)

  • Mon—Fri: 9:00 AM - 4:00 PM

Hours of Operation (Summer)

  • Mon—Fri: 8:30 AM - 4:30 PM

Cashier's Window (Summer)

  • Monday and Friday: 9:00 AM - 1:00 PM
  • Tuesday and Thursday: 12:00 PM - 4:00 PM
  • Wednesday: Closed

Office Closed  

  • Labor Day (September 1)
  • Columbus Day (October 13)
  • Veteran's Day (November 11)
  • Thanksgiving Holiday (November 26-28)
  • Winter Break (December 24 - January 4)