Financial Aid Information

How to Apply

To apply for financial aid, students complete the Free Application for Federal Student Aid (FAFSA). By completing the required FAFSA, students may be considered for federal, state, and Labouré College financial aid. The quickest and easiest way to apply is online at www.fafsa.ed.gov.

To fully utilize the online application, students (and their parents, if relevant) may obtain Federal Student Aid (FSA) user name and passwords from the US Department of Education to sign in and then complete the FAFSA application electronically. Students can obtain FSA user names at https://fsaid.ed.gov.

If students do not have Internet access at home, they may use the College library or computer lab. Students may also make an appointment with the Office of Financial Aid for assistance with completing the FAFSA. Students will be asked to provide the College’s Federal School Code (006324) when completing the FAFSA. Students should read all instructions carefully and answer questions accurately. Students should respond in a timely manner to requests for information by the Office of Financial Aid. Students may be required to submit verification forms, copies of their federal tax return transcripts from the IRS, and other information. The Office of Financial Aid will notify students via the student’s Labouré College email, or for prospective students, the email address provided on the FAFSA, if they are required to supply further verification or if they have been awarded financial aid.

Financial aid status can also be viewed on the financial aid website: https://financialaid.laboure.edu. This site can be used to view and download any missing documentation as well as to view, modify, and accept financial aid awards.

Deadlines

The priority deadline is May 1 for fall semester financial aid, November 1 for spring semester financial aid, and April 1 for summer semester financial aid. Students are required to meet these deadlines to receive maximum consideration for all types of financial aid. Students may complete the FAFSA after the semester priority deadline, but they will be considered for financial aid on a funds-available basis. All students are strongly encouraged to complete the FAFSA by the priority deadline.

Satisfactory Academic Progress (SAP)

The U.S. Department of Education requires all students who receive financial aid to make satisfactory academic progress toward completion of their programs of study. SAP is the measure of a student’s overall progress. Students who fail to meet SAP standards may not receive financial aid, including loans. A student’s entire academic history will be reviewed for the purpose of determining satisfactory academic progress, including credits not covered by financial aid. To view or print the College’s SAP Policy, visit http://www.laboure.edu/tuition-financial-aid.aspx and click on Satisfactory Academic Progress Policy.

Discussing Financial Aid

While students are not required to make appointments during open office hours, the Office of Financial Aid strongly urges students to do so. To schedule appointments, contact the One-Stop Student Service Center at (617) 322-3517.

Labouré College Financial Aid

The FAFSA should be completed to receive consideration for any financial aid.

Scholarships

Students are responsible for completing the necessary paperwork for any College scholarships. For questions regarding this process, contact the One-Stop Student Service Center at (617) 322-3517.

Alumni Tuition Benefit

Associate degree graduates of the College who return to complete an additional associate degree receive a scholarship for 50% of the cost of required courses.

Catholic High School Scholarship

This scholarship is awarded to two Catholic high school graduates each year. It covers 50% of the cost of all courses in a student’s chosen associate degree program. Generally, the student has to enter Labouré in the fall semester following graduation from high school. In addition to completion of the FAFSA, there is a separate application for this scholarship. The scholarship cannot be combined with any other Labouré College scholarship, and the scholarship can only be applied once per course. The scholarship may be discontinued if you stop attending. If you are planning on taking a semester off, please make sure you notify the Office of Financial Aid.

Labouré College Scholarship for Steward Health Care Employees

Students in degree or certificate programs who work at least 16 hours per week at a Steward Health Care facility receive a scholarship for 25% of the cost of their courses. Degree students who work between 8 and 15 hours each week receive a scholarship for 10% of the cost of their courses. Verification of employment is required.

LPN Scholarship

For students holding the LPN credential and seeking an associate degree, this scholarship covers 25% of the cost of professional courses.

Retention Scholarship

Students who have completed 24 credits toward their current program, possess a GPA of 2.5 or higher, and demonstrate exceptional financial need may be eligible for a retention scholarship. Applications are available on the financial aid website or at the One-Stop Student Service Center. Limited funding is available for this scholarship. Applications are due by August 1 for the fall semester and by December 1 for consideration for the spring semester.

Labouré College Scholarship Program

These scholarships are available each fall through the Office of Institutional Advancement. Students have to meet eligibility requirements as described on the application.

Grant Aid

Federal Pell Grant

For students with exceptional financial aid needs who have not earned a bachelor’s degree, this grant is funded by the US Department of Education. The amount of the grant is determined by federal government regulations. Maximum Pell Grant for 2018-2019 is $6,095. The actual grant award is determined based on financial need and the total number of credits registered for each semester.

Federal Supplemental Educational Opportunity Grant (FSEOG)

A companion grant to the Federal Pell Grant, this is also for students with exceptional financial aid needs who have not earned a bachelor’s degree. Students have to be at least half-time (six credits) status and demonstrate exceptional financial need. There is limited funding for this grant.

MASSGrant

This program is for full-time (12 or more credits) students who are Massachusetts residents, have exceptional need, and meet other eligibility criteria determined by the Commonwealth of Massachusetts. Applicants have to file the FAFSA prior to May 1. Eligibility is determined by the Massachusetts Office of Student Financial Assistance (OSFA) and students will be notified by OSFA via mail.

Part-time Massachusetts Grant Program

This program is for part-time (six to eleven credits) students who are Massachusetts residents, have exceptional need, and meet other eligibility criteria determined by the Commonwealth of Massachusetts. Students should file the FAFSA by the College’s priority deadline to receive maximum consideration. There is limited funding for this grant.

Massachusetts Gilbert Grant

This grant is funded by the Commonwealth of Massachusetts and awarded by the College to full-time students who have demonstrated exceptional financial need, are residents of Massachusetts, and have not earned a bachelor’s degree. There is limited funding for this grant.

Loans

Federal Direct Stafford Loan—Subsidized and Unsubsidized

This is a low-interest government loan program. The Direct Stafford Loan is the basic undergraduate loan in the United States. The money comes from the federal government, and there is no credit check. The interest rate changes once per year, on July 1. The Department of Education may keep an origination fee that will be deducted from loan proceeds. The origination fee for Direct Stafford Loans disbursed between October 1, 2017 and October 1, 2018 is 1.066%. After October 1, 2017, the rate will be 1.066%. There are lifetime Direct Stafford Loan limits. For Independent students, the lifetime limit is $57,500 with no more than $23,000 in subsidized loans. For Dependent students, the lifetime limit is $31,000 with no more than $23,000 in subsidized loans. Repayment of loans begins six months after one ceases to be a half-time student. Normally, students have 10 years to repay Direct Stafford Loans, but there are various payment plans available that may allow borrowers to extend the 10-year period.

Subsidized means the government pays the interest while one is a half-time student and qualifies for a subsidized loan by having need. For the 2017-2018 award year, the interest rate will be a fixed 4.45%. By regulation, the annual amount a student may receive for Labouré’s degree programs is $3,500 as a first-year student, $4,500 as a second-year student, or $5,500 as a third-year student or higher.

Unsubsidized means the borrower is responsible for the interest. One may pay the interest while a student or may capitalize the interest and pay it when it is time to repay the loans. The 2017-2018 fixed interest rate is 4.45%. A student does not have to demonstrate financial need to qualify for an unsubsidized loan. Independent students may borrow annually $6,000 in unsubsidized loan as first- and second-year students. Combined with the subsidized amount, this is $9,500 in Direct Stafford Loans per year for first-year students and $10,500 in Direct Stafford Loans per year for second-year students. Third-year students and beyond can borrow up to $7,000 per year for a combined total of $12,500 in Stafford Loans per year. Dependent students may borrow annually $2,000 in unsubsidized loans. This means that first-year dependent students can borrow up to a total of $5,500, second-year students can borrow up to a total of $6,500, and third-year or higher students can borrow up to a total of $7,500 in Stafford Loans a year. Also, dependent students whose parents cannot obtain a Federal Direct PLUS Loan may borrow up to an additional $4,000.

Federal Direct PLUS Loan

This is a low-interest unsubsidized federal loan for the parent of a dependent student. For the 2017-2018 year the interest rate is a fixed 7.00%. The Department of Education may keep an origination fee that will be deducted from the loan proceeds. The origination fee for Direct PLUS Loans disbursed between October 1, 2017 and October 1, 2018 is 4.276%. There is a credit check on the borrower. The funds come from the federal government. If a dependent student’s parent cannot obtain a Direct PLUS loan, then the dependent student may borrow up to $4,000 in unsubsidized Stafford Loan. This is an excellent educational financing option for dependent students.

Nursing Student Loan

This is a fixed-rate (5%) loan through the Department of Health and Human Services specifically for nursing majors. Students have to demonstrate need and meet other eligibility criteria to qualify. Repayment begins after a nine-month grace period, and the monthly payment is $40 per month, perhaps more, depending on amount borrowed. There is limited funding for this loan.

Alternative Loan

This is known as a private loan. Students apply directly to financial institutions and have to be credit worthy or have a credit worthy co-signer. Private loans are often used by students who need assistance in addition to the Federal Stafford Loan, who require funds for living expenses, or who do not have access to the Federal Stafford Loan.

Federal Work-Study

This is a federal program that provides funding for part-time jobs on campus. Students have to be enrolled at least half-time and have financial need. Students typically work up to 20 hours per week and get paid directly every two weeks. The Office of Financial Aid has a list of available openings. For further information, please contact the Office of Financial Aid at financialaid@laboure.edu.

Withdrawals and Financial Aid

Students who receive Federal or Title IV financial aid are subject to the Return of Title IV Funds regulations. Students who withdraw may keep earned aid. Unearned aid has to be returned to the appropriate aid programs. Earned aid is determined by the percentage of the semester that the student completed before withdrawing. For example, if a student completed only 30% of the semester, then the student may keep only 30% of aid. The remaining unearned aid would have to be returned to the appropriate aid programs. Students who complete 60% of the semester are eligible to keep their aid for that semester. Students who had aid disbursed to them for living expenses may be required to repay funds to the US Department of Education. For more information, please visit http://cdn2.hubspot.net/hubfs/1686215/R2T4_Policy.pdf?t=1498157214723

All students should be aware of the following:

• If a promissory note for any of the loan programs that the College offers has not been submitted before the withdrawal date, the loan(s) will automatically be cancelled in full;
• If an entrance interview has not been completed before the withdrawal date, the loan(s) will automatically be cancelled in full; and
• New students who are first-time borrowers who withdraw during the first thirty days of the semester are not eligible to receive subsidized or unsubsidized loans.

Massachusetts financial aid is returned in accordance with Commonwealth of Massachusetts regulations. Students who have questions about how withdrawing will affect their financial aid are encouraged to contact the Office of Financial Aid. Students may also contact Office of Financial Aid to learn about some examples of Return of Title IV Funds.