Federal Loan Programs

Federal Loan Programs and the FAFSA

The first step to applying for any federal aid is completing the Free Application for Federal Student Aid (FAFSA).

  • The FAFSA for next year will be available as of October 1st. You do not need to wait to submit it since the FAFSA requires prior-prior year tax information. You can find the FAFSA online at studentaid.gov.  
  • Be sure to include our school code (G21636) on your application as one of the schools to receive the results.

William James College is a participant in Title IV Federal Direct Student Loan Programs and a proud participant in the Veteran’s Administration Yellow Ribbon Program and provides matching grant assistance to eligible veterans.

Here are resource links to help you complete the FAFSA:

If you are a first-time borrower at William James College, you are required to complete an online self-paced “Entrance Loan Counseling” exercise that is designed to help you successfully manage the repayment of your loans. This can be accomplished online at studentaid.gov and usually takes 10–15 minutes to complete.

What to Expect After You Complete Your FAFSA

Your FAFSA results will determine your eligibility for Federal Loans. William James College will determine the Cost of Attendance (COA) and your loan limits. For information on current interest rates and origination fees, please go to studentaid.gov

Shortly after an offer of admission to William James College, if you have submitted your FAFSA, you will receive an award letter that will detail the types and amounts of federal and/or institutional assistance, which will include grants, scholarships and on-campus employment from William James College. 

All students must reapply each year for financial assistance and must maintain Satisfactory Academic Progress (SAP). If you are applying for admission to William James College with prior federal education loans, you must obtain a loan deferment request form from the lender(s) or school(s) that originated the loan. Please complete the borrower section and deliver/or email the form to our Registrar for certification. Your loan deferment request will be processed after you have officially registered for the semester.

Please address all written financial aid correspondence to financialaid@williamjames.edu 


Guidelines for Federal Aid for Graduate Students

Federal student aid programs available to you include the Stafford Loan and Graduate PLUS Loan. To become eligible for these programs, you must be officially admitted into a degree granting program on at least a half-time basis and making Satisfactory Academic Progress.

The Stafford Loan requires a Master Promissory Note (MPN) for first time borrowers. This MPN, which can be accessed at studentaid.gov, contains your rights and responsibilities as a student borrower.

Through the Stafford Loan, you may be eligible for the following amounts:

Master’s programs and PsyD in Leadership Psychology: $20,500 per academic year
PsyD in Clinical Psychology: $33,000 per academic year

Graduate PLUS Loan applications require a credit check which is good for up to 180 days.  If you’re applying for a PLUS loan to cover additional costs (tuition in excess of the Unsubsidized loan amount, living expenses, etc.), we ask that you wait until you’re registered and billed to determine how much to request so you don’t over-borrow. 

Through a Grad PLUS Loan, you may be eligible for the following amount:

Cost of Attendance (COA) – all other aid (unsubsidized loan, scholarships, etc.) = max PLUS loan amount

The COA includes both billed costs (tuition and fees) and other costs such as books, living expenses, etc. Your aid cannot exceed your COA.


Guidelines for Federal Aid for Undergraduate Students

The Federal Pell Grant provides grants to undergraduate students demonstrating exceptional financial need. Award amounts are determined by the federal government based on your family contribution and your cost of attendance. For the 2022–2023 award year, the maximum award is currently projected at $6,895 for full-time attendance. 

The Federal SEOG Grant provides grants to undergraduate students demonstrating exceptional financial need. The award amounts are determined by the school. The allowable federal award range is $100–$4,000 per year.

The Massachusetts Grant Aid program provides need-based aid to full-time undergraduate students who demonstrate exceptional financial need and meet the Massachusetts residency requirements as detailed by the Massachusetts Office of Student Financial Assistance. Award amounts are determined by the state government and are estimated until final state appropriations. In order to be considered for a Mass Grant, you should submit your FAFSA to the Federal Central Processor by May 1.

Federal Direct Student Loans are a federally funded educational loan for undergraduate students. The fixed interest rate and fees are defined by the federal government. The type and amount for the loan varies each year depending on many how many credits you have completed toward your degree, your dependency status, your need, and other factors. More information about the Direct Student Loan program can be found at studentaid.ed.gov/sa/types/loans.

The Parent PLUS Loan is a federally funded loan that enables parents of dependent undergraduate students to borrow up to the cost of attendance. The fixed interest rate and fees are defined by the federal government. More information can be found at studentaid.ed.gov/sa/types/loans.

How to Finance Your Education

Join us for an upcoming webinar hosted by our Financial Aid Department to learn about tuition, financial aid and repayment options.

Register here