Student Financial Services
Undergraduate Loans
Need-Based Loans
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. Recipients are required to sign a promissory note prior to the loan being disbursed each semester. Failure to sign the promissory note will result in cancellation of the loan. Contact us at Student Financial Services for more information about completing a Perkins promissory note.
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. Students who are awarded a Stafford Loan will receive information from Sallie Mae regarding the completion of a Master Promissory Note (MPN) and Entrance Counseling.
Simmons College offers Bank of America and Citizen’s Bank as preferred lenders for the Stafford Loan. These lenders use Sallie Mae to service their loans. We have selected them as our preferred lenders based on the excellent terms and borrower benefits offered to students and families. In addition, their customer service meets the college’s expectations and is reviewed on an annual basis. The borrower benefits of these lenders are competitive, providing students with fee waivers, interest rate reductions, and other repayment benefits. These lenders also disburse funds electronically to our school, allowing the funds to be posted directly to your student account, eliminating the need to sign a check.
Please be aware that you have the option of choosing a lender other than our preferred lenders. This decision requires you to inform us by contacting our office. You must also obtain a loan application with your lender’s mailing address for approval and guarantee. Refer to your preferred lender regarding their benefits. If you have any questions about choosing your own lender, email us at sfs@simmons.edu or call us at (617) 521-2001.
Non-Need-Based Loans
Simmons GATE Loan
This is a private loan offered by the College and American Education Services (AES). Students must apply for financial aid in order to be awarded a Simmons GATE loan. The maximum annual GATE loan is $4,000. A student needs to be in half-time status to be eligible. Once the College determines a student is eligible, the loan application is sent to AES for approval. If a student does not qualify for the GATE Loan due to credit reasons, AES will notify the student. Recipients are required to sign a promissory note prior to the loan being disbursed. Failure to sign a Simmons GATE promissory note will result in cancellation of the loan. Contact us at Student Financial Services for more information about completing a Simmons GATE promissory note.
Federal Unsubsidized Stafford Student Loan
This is a federally funded educational loan available through private lenders. Students who do not demonstrate sufficient need for a subsidized loan may receive this loan.The current rate of the Unsubsidize 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. Students who are awarded a Stafford loan will receive information from Sallie Mae regarding the completion of a Master Promissory Note (MPN) and Entrance Counseling.
Dependent students whose parents have been denied a PLUS Loan may receive an Unsubsidized Stafford Loan. Contact our office if your parent has been denied a PLUS Loan to determine if we can add an Unsubsidized Stafford Loan to your package.
Simmons College offers Bank of America and Citizen’s Bank as preferred lenders for the Stafford Loan. These lenders use Sallie Mae to service their loans. We have selected them as our preferred lenders based on the excellent terms and borrower benefits offered to students and families. In addition, their customer service meets the college’s expectations and is reviewed on an annual basis. The borrower benefits of these lenders are competitive, providing students with fee waivers, interest rate reductions, and other repayment benefits. These lenders also disburse funds electronically to our school, allowing the funds to be posted directly to your student account, eliminating the need to sign a check.
Please be aware that you have the option of choosing a lender other than our preferred lenders. This decision requires you to inform us by contacting our office. You must also obtain a loan application with your lender’s mailing address for approval and guarantee. Refer to your preferred lender regarding their benefits. If you have any questions about choosing your own lender, email us at sfs@simmons.edu or call us at (617) 521-2001.
