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.