Labouré College Financial Aid

The FAFSA should be completed to receive consideration for any financial aid. The College FAFSA code is 006324.

At Labouré College, there are four basic types of aid, including scholarships, grants, loans, and work-study employment. Since many students are eligible for several types of assistance, the Department of Financial Aid usually offers a combination of these in a financial aid package.

Financial aid can be merit-based (awarded on the basis of standards such as academic achievement) or need-based (awarded on the basis of financial need as determined by the FAFSA). Most scholarships are merit-based, while grants, loans, and work-study are generally need-based.

Scholarships are based on academic merit or talent criteria and, in some cases, financial need. These awards do not have to be repaid and are most often renewable. Students are considered for scholarships upon acceptance to the College. All awards are based on continuous full-time enrollment.

Grants are based on need and do not have to be repaid. When awarding policies and funds permit, the financial aid package includes grant funds. Federal Pell Grants are based on exceptional need. They are awarded to first-degree undergraduate students who are citizens or eligible non-citizens. The maximum Pell Grant award is $6,195 for the 2019-2020 award year. Students who file the FAFSA are automatically considered for a Pell Grant. Eligibility is determined by the federal government. Award amounts depend on a student's Estimated Family Contribution (EFC) and whether enrollment is full-time or below.

Loans allow students to postpone paying some of the costs of their education until they have completed school. A financial aid offer generally includes a long-term, low-interest loan. Borrowers must realize their commitment and responsibility to repay according to repayment schedules. Before accepting a loan, students should assess their total educational debt and ability to repay after graduation. Eligibility is based on a minimum enrollment of 6 credits per semester.

Federal Work-Study Program (FWS) is intended to stimulate and promote part-time student employment and is awarded based on the FAFSA. Awarding FWS does not guarantee a student a job on campus. The Department of Financial Aid publishes campus positions and students must apply directly through the online portal. Students employed through FWS provide essential services to the College and community, and have the opportunity to hold jobs that may relate to their educational objectives or enable them to gain valuable work experience.

Scholarships

Students are responsible for completing the necessary paperwork for any College scholarships. For questions regarding this process, contact the Welcome 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.This benefit cannot be combined with any other scholarship or discount.

Catholic High School Scholarship

This scholarship is awarded to four Catholic high school graduates each year. It covers 25% 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 Department of Financial Aid. This scholarship cannot be combined with any other scholarship or discount.

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. This scholarship cannot be combined with any other scholarship or discount.

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 Welcome 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 2019-2020 is $6,195. 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, 2018 and October 1, 2019 is 1.062%. For the 2019-2020 award year, the interest rate will be fixed at 5.05. 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 the student is attending classes at least half-time and qualifies for a subsidized loan by having need. 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 while enrolled in classes. One may pay the interest while a student or may capitalize the interest and pay it when it is time to repay the loans. 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 2019-2020 year the interest rate is a fixed 7.60%. 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, 2018 and October 1, 2019 is 4.248%. 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.

Students may visit Private Loans - ELM to utilize a lender comparison tool. We want to ensure that you are aware that you are not required to use the lenders listed on the ELM site. Labouré College does not recommend or prefer any one lender over another and will process all eligible loan applications received, even if applied through the lender's site directly, as opposed to ELM. The lenders shown on the ELM site have been used by Labouré College students within the past three years. Please make sure you compare all of your lending options and read carefully through the terms and agreements to find the lender that works best for you.

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 Department of Financial Aid has a list of available openings. For further information, please contact the Department of Financial Aid at financialaid@laboure.edu.