Student Financial Services
Frequently Asked Questions
General
Applying for Financial Aid
Financial Aid Awards and Appeals
Loans
PLUS Loans
Billing
Payments
Insurance
Health Center Fees
| General | |
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Q.
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How much does it cost per year to attend Simmons? |
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A.
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Please refer to the Cost and Fees page. |
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Q.
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Do I have to reapply for financial aid every year? |
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A.
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Yes. Students must reapply for aid each year. Every effort is made to maintain level funding of financial aid; however, the student’s demonstrated need is recalculated each year and award amounts are contingent upon the school’s level of allocated funds. |
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Q.
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What will happen if my family’s financial situation changes? |
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A.
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We understand that your financial situation may change and we accept appeals. However, you must first wait to receive your award letter before submitting an appeal. The paperwork listed below is required for an appeal. Note that the appeal process can take up to two weeks (or longer during peak times). Please note that an appeal in process does not guarantee additional funding nor does it excuse you from meeting payment due dates or making other payment arrangements: 1. Change in household size – Requires a letter explaining the reason for the change and a new list of family members. 2. Change in marital status of parent or student:
– For divorce/separation: Requires a copy of divorce or separation agreement, including child support provisions, OR a letter from your lawyer with proof of separate residence (i.e. utility bills), rent or mortgage statements. 3. Loss in income (job loss, reduced overtime, etc) – Requires a letter explaining the reason for the loss in income including an estimate for all sources of income received from January 1, 2007 through today and an estimate of all sources of income estimated from today to December 31, 2007 AND proof substantiating these numbers (copy of severance agreement, copy of unemployment benefits, copy of termination letter, copy of last pay stub from employer). 4. Extraordinary expenses – Requires completion of a monthly budget worksheet detailing expenses the family or student wishes us to consider. |
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Q.
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Do I have to do an entrance interview every year for the Stafford Loan? |
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A.
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No, you only need to complete it the first year that you receive the Stafford Loan; once as an undergraduate and once as a graduate student. |
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Q.
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If I apply for financial aid late, how does this affect my bill? |
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A.
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Financial aid processing can take up to six weeks from the date of your application. If you apply late you may have to pay for the fall semester out of pocket, and then be reimbursed later when your financial aid awards are funded. |
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Q.
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I’m changing some courses and will be taking fewer credits. How do I do this? How will this affect my aid? |
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A.
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Changes to your courses must be made through the Office of the Registrar using an add/drop form. Once the changes have been made, notify the Office of Student Financial Services in writing. A copy of the add/drop form is sufficient. Our office also runs a process each semester to confirm enrollment and, change awards when warranted. NOTE: Most sources of financial aid requires enrollment in at least 6 credits per semester for undergraduates and 5 credits per semester for graduates. |
| Applying for Financial Aid | |
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Q.
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How do I apply for financial aid? |
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A.
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Refer to the How To Apply section and on the right side of the page, select the type of student you are to find out more about the application process. |
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When will I be notified about the financial aid decision? |
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A.
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Award letters are mailed to freshmen and new transfer students on a rolling basis beginning in March. Continuing students with all requirements completed will receive their award letters in the spring and summer. |
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Q.
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What are some of the mistakes people make in applying for financial aid? |
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A.
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Four of the most common mistakes are:
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Should I wait to complete my tax return before applying for aid? |
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No. You and your parents should use your best estimates for current year income. The Office of Student Financial Services will update the information on your FAFSA when you complete your federal income tax returns and send copies to the office. |
| PLUS Loans | |
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Q. |
Are there any borrowing requirements my parents have to meet? |
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A. |
Yes. To be eligible to receive a PLUS loan, your parents generally will be required to pass a credit check. If they don’t pass the credit check, they might still be able to receive a loan if someone, such as a relative or friend who is able to pass the credit check, agrees to endorse the loan, promising to repay it if your parents should fail to do so. Your parents might also qualify for a loan even if they don’t pass the credit check if they can demonstrate that extenuating circumstances exits. You must meet the general eligibility requirements for federal student aid. Your parents must also meet some of these general requirements. For example, your parents must meet citizenship requirements and may not be in default or owe a refund to any Student Financial Assistance Program. |
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Q. |
How much can my parents borrow? |
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A. |
The yearly limit on a PLUS loan is equal to your cost of attendance minus any other financial aid you receive. For example, if your cost of attendance is $30,000 and you receive $10,000 in other financial aid, your parents could borrow up to, but not more than, $20,000. |
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Q. |
What’s the interest rate on PLUS loans? |
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A. |
The interest rate on PLUS Loan certified in 2007/2008 is 8.50% and it is fixed. The interest rate is adjusted each year on July 1. If your parents have a PLUS Loan with a variable rate (loans certified in 2005/2006 and before), they will be notified of interest rate changes throughout the life of their loan. Interest is charged on the loan from the date that the first disbursement is made until the loan is paid in full. |
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Q. |
How is the PLUS Loan paid? |
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A. |
The loan funds will be sent to Simmons College by the lender. In most cases, the loan will be disbursed in at least two installments (no installment can be greater than half of the loan amount). The funds will first be used to pay for your tuition, fees, room and board, and other Simmons charges. |
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Q. |
When do my parents begin repayment on a PLUS loan? |
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A. |
Generally, repayment must begin within 60 days after the final loan disbursement for the academic year. There is no grace period for these loans. This means that interest begins to accumulate at the time the first disbursement is made. Your parents must begin repaying both principle and interest while you’re in school. |
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Q. |
Is it ever possible to postpone repayment of a PLUS loan? |
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A. |
Yes. Under certain circumstances, your parents can receive a deferment or forbearance on their loan. The conditions for eligibility and procedures for requesting a deferment or forbearance are available from your lender or our guarantee agency, USAGroup. |
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Q. |
How do my parents pay back the loan? |
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The lender will arrange a repayment schedule. The schedule will provide for a minimum of $600 to be paid annually and a maximum repayment period of 10 years. |
| Billing | |
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Q. |
When will I receive my bill? |
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A. |
For the fall semester, undergraduate students will be billed in the first week of July and will be due on August 1st; graduate students will be billed mid-July and will be due August 15th. For the spring semester, bills will be issued in the first couple weeks of November and will be due on December 15th. |
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Q. |
How can I pay? |
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Simmons College requires that payment be made in U.S. currency and accepts personal checks, traveler’s checks, bank checks, money orders, wire transfers and online payments with American Express, MasterCard, and Discover credit card. Please refer to our Payment Options section of the site for more detailed information. |
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Q. |
There is a charge for insurance on my bill. What is this for? |
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A. |
Please refer to the Medical Insurance section on this page for detailed information about insurance. |
| Payments | |
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Q. |
What do I do if my employer is paying for my classes but they will not do so until the courses have ended? |
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You must complete an Employer Reimbursement Form (ERPA) and pay a $25 fee to defer the due date until 3 weeks after grades are in. |
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Q. |
What if I already filled out an ERPA last semester? |
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The Employer Reimbursement Form must be completed for each term in which payment is to be deferred, along with payment of the $25 fee. |
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Q. |
Do you take credit cards? |
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Yes. MasterCard, American Express, and Discover. |
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Q. |
Can I pay over the phone? |
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No, we do not take credit card payments by phone. |
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Q. |
Can I pay online? |
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Yes. You can click here to make an online payment. |
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Q. |
What do I do if I am using a teacher voucher to pay for my course? |
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A. |
1. Complete the middle section of the voucher (course info, etc.) 2. Have the bottom section signed by a representative of the Education Department at Simmons. This is often the same person who issued you the voucher. 3. Redeem the voucher in Student Financial Services. 4. Pay the activity fee, which is not covered by the voucher. |
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Q. |
What happens if I don’t pay on time? |
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Late fees may be charged (see below), grades and transcripts held, and registration for new courses may be prevented. |
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Q. |
Will there be penalties if I pay late? |
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If the account is unpaid by the due date, late fees will be charged. We will apply a $100 late fee for any balance that is unpaid. |
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Q. |
Will I be a charged a late fee if I’m still applying for or about to receive financial aid? |
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Possibly. There are no extensions of the due date for those who are still in the process of obtaining financial aid. Students and parents should pay the tuition bill up front, then get a refund after the loan has been applied; otherwise they risk a late fee charge. Those who are charged a late fee may have it reversed at our discretion, upon later review. |
| Insurance | |
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Q. |
I already have insurance but I was charged for it anyway. Why? |
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A. |
Massachusetts requires students taking 9 or more credits to be insured; therefore all such students are presumed to need insurance and are charged for it. If they have their own coverage, though, they can waive Simmons’ coverage. |
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Q. |
How do I waive insurance? |
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1. Go to the web site University Health Plans website 2. Click on Simmons College 3. Click on Waiver Form 4. Fill in all required information 5. Submit the form |
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Q. |
What do I do if I am not able to process the insurance waiver online (i.e., international student without a Social Security number, no access to the internet, etc.)? |
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Contact the Office of Student Financial Services at 617-521-2009. |
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Q. |
If I want the insurance, how do I pay for it? |
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A. |
Simmons College will bill for the cost of insurance and it appears as an item on your statement. Payment may be made to the College along with other costs (i.e. tuition and residence). If you are taking less than 9 credits, you must complete an enrollment card to purchase optional insurance. |
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Q. |
How much does the insurance cost? |
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The charge for 2007-2008 is $1630 for undergraduates, $2630 for graduates, $5300 for a spouse and $2600 for each child covered. |
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Q. |
Do I have to pay up front for the insurance or can I use loans or one of the payment plans? |
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Insurance must be paid up front. We will consider loan (and pending loan) funds as payment. However, students are discouraged from paying through a payment plan. If you insist on doing so, the cost of insurance must be paid in the fall portion of the payment plan – that is, the first 4 or 5 payments in an 8 or 10 month plan respectively, regardless of the total plan. |
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Q. |
What does the insurance cover? |
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A. |
One year’s worth of insurance runs from August 15 through the following August 14. For details on what the insurance covers and how to use it, please visit the University Health Plans website. |
| Health Center Fees | |
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Q. |
Why are undergraduates charged a Health Center Fee even if they don’t live on campus and/or have their own insurance? |
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A. |
The Health Center Fee is required because students may need medical attention while they are on campus attending classes or activities. |
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Q. |
Why was I charged for the Health Center when I waived insurance? |
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A. |
The Health Center and Health Insurance Fees are separate charges. Insurance may be waived, but the Health Center Fee is mandatory for full-time undergraduates and resident graduates. |
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Q. |
If I have insurance through Simmons, do I have to pay to use the Health Center? |
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A. |
Yes . Those who don’t fall into the group for whom the fee is mandatory may request access and pay the full fee ($624 for 2007-2008) or pay on a per-use basis. Insurance covers major costs (prescriptions, X-rays, etc.) not provided by the Health Center. |
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Q. |
If I do not have insurance through Simmons, and have not paid the Health Center Fee, what does it cost to use the Health Center on a per-use basis? |
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Please see the Health Center for their schedule of charges. |
