Masters/Graduate Programs

Federal Direct Loans are available to students who file the Free Application for Federal Student Aid (FAFSA) and are enrolled at least half-time (6 credits).

DIRECT UNSUBSIDIZED LOAN

• Annual Loan Limit  $20,500
• Current Interest Rate  5.28%  effective July 1, 2021 - July 1, 2022
• Current Loan Fee 1.057%  effective July 1, 2020 - July 1, 2022
• Resource for complete program information

Application Process

1. Accept loan in student portal inside.alma.edu  (select My Self-Service, Financial Aid Counseling - navigate to My Awards or Review & Accept your Financial Aid Award Package)
2. Complete a Master Promissory Note - (only if you have never completed one or it has expired)
3. Complete Entrance Counseling - Only if you have never borrowed through the federal program.
4. Complete Annual Student Loan Acknowledgment*

*Note:  the Annual Student Loan Acknowledgment should be completed after May 1st annually.

ALL steps must be complete before the loan can be disbursed to a students account.

IMPORTANT:  Any loans that are not accepted or steps are incomplete will be canceled after July 15th.  These can be reinstated after all steps have been completed but requires communication with the Financial Aid Office.

DIRECT PLUS LOAN (grad PLUS Loan)

• Current Interest Rate 6.28% effective July 1, 2021 - July 1, 2022
• Current Loan Fee 4.228% effective July 1, 2020 - July 1, 2022
• Resource for complete program information

Application Process

1. Complete the Graduate Plus Loan Application
2. Complete a Master Promissory Note for Direct PLUS Loans- (only if you have never completed one or it has expired)
3. Complete Annual Student Loan Acknowledgment*

Private loans can help bridge the gap between the actual cost of your education and the amount of financial aid you are receiving.  This type of loan may require a credit-worthy co-signer.

Selecting a Lender

ElmSelect is an interactive tool that allows you to compare loans offered by private loan lenders.  Please click the button below to launch this tool.  Please select graduate for your program type so you see only the loans available to you.

The Loan Process

1. The student applies for a loan with the lender of their choice.
2. If the loan is approved, the lender sends the college an electronic certification request.
3. Once received, the loan is applied to the student’s account as pending until the funds are received from the lender.
4. Funds will be disbursed to student accounts no earlier that two weeks before the start of classes.

Borrowing Limits

Students may borrow up to the school’s cost of attendance minus any other financial aid received including federal loans borrowed.

Loan Period Dates

Private loan applications require a requested loan period.  Use the following dates to indicate what semesters you are intending to borrow for.  Incomplete or extended loan periods may result in a delay in processing.

2021 - 2022                                    

Fall - Winter        6/17/2021 - 6/10/2022

Fall Only             6/17/2021 - 12/10/2021

Winter Only        12/27/2021 - 6/10/2022

IMPORTANT:  Federal student loans are typically less expensive and offer better terms than private student loans.  You should always exhaust your eligibility for federal student loans before using private loans.  

*Neither Alma College nor the Financial Aid Office promotes, endorses or recommends any of these loan products or lenders.

SCHOLARSHIP SEARCH ENGINES

• Unigo
• GoGrad
• Graduate School Scholarship Search
• Scholarship America

This online library contains forms and other resources that may be necessary or helpful during the financial aid process.

Consent Form for Disclosure

If you would like someone to be able to call on our behalf and discuss your account, please complete the form.  Add the names of those who have permission to receive this information.  Be sure to share your security answer and PIN with those individuals, as they will be required to provide this information before we can discuss your account in detail.

Financial Aid Secure Document Upload  

This is where you should upload any sensitive documents that have been requested.

File your FAFSA annually by March 1st.  Alma College’s School Code is 002236.

• Students who have filed a FAFSA will receive an electronic award offer by June 1st. This notice will be sent to your student e-mail account and the offer is viewable in your student portal.

MFA - Creative Writing Academic Calendar

MFA in Creative Writing  - Tuition and Fees Information

2021 - 2022 Financing Options

General Policy Notice

Alma College reserves the right to change its scholarship and aid policies at any time. Written or verbal representations by anyone contradictory to the policies stated here and in the Alma College academic catalog are not binding.

Alma College Student Consumer Information 

Satisfactory Academic Progress Policy  SAP