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Loan Options

Need-Based Loans

These federal loans are based on your Expected Family Contribution (EFC), which is a measure of your or your family's financial position. The EFC is used to determine your eligibility for federal student aid. To determine your EFC, complete the The Free Application for Federal Student Aid" (FAFSA). We've provided details on completing the FAFSA on our "How to Apply" page.

Federal Perkins Loans

The Perkins loan is a federally funded, low-interest educational loan. It carries no interest while the student is enrolled at least half time. Interest accrual and repayment begin nine months after the student graduates, withdraws, or otherwise ceases to carry at least a half-time course of study. The repayment of principal may be extended over a period of 10 years with interest at a rate of 5% per year.

Please note:

  • Recipients are required to sign promissory note prior to the Perkins Loan being disbursed each semester.  The promissory note will be made available to you in paper by Student Financial Services.  If you are eligible, the note will either be mailed to you, or you will be asked to visit Student Financial Services to sign the note. Failure to sign the promissory note will result in cancellation of the loan. 

Federal Subsidized Stafford Student Loan

The Stafford Loan is a federally funded educational loan available through private lenders. The federal government pays the accruing interest rate while the student is enrolled on at least a half-time basis and for up to 6 months after the student graduates or ceases to be enrolled on at least a half-time basis.

Please note:

  • Recipients are required to sign a Master Promissory Note (MPN) prior to the Stafford Loan being disbursed each semester. Failure to sign the promissory note will result in cancellation of the loan. 
  • In addition, you will need to complete Stafford Loan Entrance Counseling before loan funds can be credited to your account.

Massachussetts No Interest Loan (NIL)

The Massachusetts No Interest Loan (NIL) program was created to provide eligible, needy Massachusetts residents attending post-secondary educational institutions in Massachusetts with a state-funded loan. The NIL program offers zero interest loans to assist students in meeting educational costs. Students have a period of ten (10) years to repay their NIL loans. For details, visit the Massachusetts Department of Higher Education Office of Student Financial Assistance website.

Non-Need-Based Loans

Students who do not demonstrate sufficient need for a subsidized loan may receive the following loans.

Federal Unsubsidized Stafford Student Loan

This is a federally funded educational loan available through private lenders. The current rate of the Unsubsidized Stafford Loan is fixed at 6.80%. The accruing interest may be paid on a quarterly basis of capitalized interest while the student is enrolled on at least a half-time basis.

Please note:

  • Recipients are required to sign a Master Promissory Note (MPN) prior to the Stafford Loan being disbursed each semester. Failure to sign the promissory note will result in cancellation of the loan. 
  • In addition, you will need to complete Stafford Loan Entrance Counseling before loan funds can be credited to your account.

Alternative Loans

Students can borrow a loan through an outside lender with a credit-worthy co-borrower.  There are a handful of lenders that Simmons College recommends.  Most of them are listed on the ELM Select website, with benefits and direct links to the lenders' websites.  Preferred lenders not on the ELM Select website include MEFA (Massachusetts Education Finance Authority) and Wells Fargo.

If you wish to borrow an alternative loan, you will submit an application directly through the lender.  Once approved, the lender will notify Student Financial Services so that we can certify your loan.  The credit approval process usually takes 5 to 7 business days, although sometimes lenders require more time to review credit histories for the borrower and co-borrower.

How to Sign Your Federal Loan Promissory Note

Once you've been awarded a loan, go to dlenote.ed.gov and click the link to complete a new Master Promissory Note (MPN). Then, follow the instructions and prompts on each page until you are given the message "SUCCESS! Now Print Your MPN."

To sign the Master Promissory Note, you will need several pieces of information:

  • The borrower's PIN (a PIN can be obtained, or a duplicate requested, at www.pin.ed.gov)
  • The borrower's driver's license number
  • The names, completed addresses, and phone numbers for two references living at two separate addresses. One should be a family member.