State of Maryland Grants and Scholarships
Graduate students may be eligible for some State of Maryland grant and scholarship programs such as: Delegate Scholarship Program, Senatorial Scholarship Program, Workforce Shortage Student Assistance Grant Program, Hal and Jo Cohen Graduate Nursing Faculty Scholarship and Living Expenses Grant, Edward T. Conroy Memorial Scholarship Program & Jean B. Cryor Memorial Scholarship Program.
For more detailed information see www.mhec.state.md.us
Grants from states other than Maryland
Federal Direct Student Loans for Graduate and Doctoral Students
Stevenson University offers enrolled students financial aid for online master’s programs as a participant in the Federal Direct Student Loan Program. Our unsubsidized low-interest student loans are available as long as you enroll at least half-time. Graduate students need at least 3 credits or more per semester. The terms and conditions of all loans are explained in the Master Promissory Note that all borrowers must complete and sign. Instructions for completing the Master Promissory Note can be referenced here.
A loan must be repaid. Therefore, when deciding whether to borrow, you should examine your need for assistance and your future ability to repay. Generally, you will have from 10 to 25 years to repay your loan, depending on the repayment plan you choose. Your monthly payment amount will be based on how much you borrowed and how long you take to repay.
|Graduate and Doctoral Student Loan Limits|
|Annual limit||$20,500 in unsubsidized|
|Maximum total debt from subsidized and unsubsidized loans when you graduate||$138,500 (maximum $65,500 subsidized)|
Alternative/Private Education Loan
Alternative Student Loans, also commonly referred to as Private Education Loans, are consumer loans offered by banks, credit unions and other private lenders to cover the cost of college not covered by financial aid.
Before applying for an Alternative Student Loan, the student and parent of a dependent student should compare the terms of the loan with loan assistance available through the Federal Direct Student Loan and Federal Direct Parent PLUS Loan Programs. Most Alternative Student Loan Programs are not competitive with the Federal Loan Programs and are only intended to provide supplemental education financing after all federal options are exhausted.
If you live in the following states, you should also review information about your state’s Private Education Loan Programs: Alaska, Connecticut, Iowa, Maine, Massachusetts, Minnesota, Montana, New Jersey, New York, North Dakota, Rhode Island, South Dakota South Carolina, Texas, Vermont, Wisconsin, and Wyoming.
Stevenson University does not provide a Preferred Alternative Student Loan Lender List, but we are able to provide you with a list of banks and credit unions that have made loans to our students in the past. Please be advised that Stevenson University does not recommend, promote, or endorse the loan products of the lenders on these lists. You are free to borrow from any lender of your choice.
(Please check the lender’s web site for up to date contact information regarding an alternative/ private student loan.)
Stevenson University provides Alternative Student Loan Counseling through the FASTChoice website. The FASTChoice website is powered by Great Lakes Student Loan Services and will provide you with general information about loan types, loan terms, and conditions and borrower responsibilities.
For our larger volume lenders, you will be able to use the FASTChoice comparison tool to view individual bank loan details, including eligibility requirements, interest rates, loan limits, and borrower benefits. Since most credit unions have specific membership requirements, we would suggest that you contact them individually to determine their membership requirements.
It is very important that you pay close attention to the information you receive about a private loan and the repayment of the loan and that you retain the information you receive. It will apply when you have to begin repayment of your loans. Private loans may not have the same flexibility and options available with Direct Loans. You do not want unwelcome surprises and issues when you begin repayment.
If you are planning to use an Alternative Student Loan to pay your charges, please allow sufficient processing time. Most lenders will agree that using a credit-worthy cosigner may speed up the application process, help lower the interest rate, and increase the chance of approval.
When applying for this loan, please be sure to request the funds you need for both the Fall and Spring semesters. Your requested amount will be divided equally between the two semesters.
When the lender has determined whether the student meets the approval criteria, the lender will contact Stevenson for the school certification. After the certification has been provided, the lender will issue a disclosure statement detailing the loan agreement. If you request to borrow an amount that exceeds eligibility, Stevenson will reduce the requested amount to comply with federal guidelines.
Private Education Loan Applicant Self-Certification
The Higher Education Opportunity Act was signed into law on August 18, 2008. The Act requires all colleges to adopt a College Loan Code of Conduct. Stevenson University has adopted the College Loan Code of Conduct proposed by the Attorney General of the State of Maryland.
Stevenson University welcomes the application of qualified graduate students for graduate assistantships. These assistantships are to be awarded for a two-year period to outstanding applicants to programs of Stevenson University Online.
Eligibility criteria for application for a graduate assistantship are:
- Acceptance into a Stevenson University Online graduate program.
- Maintenance of a full-time graduate course load as defined by the respective graduate program.
- A cumulative GPA of all past academic work of at least a 3.0.
In addition, applicants should have good computer skills, an ability to work independently, and be able to work some occasional evening hours if necessary. Individual graduate assistantship positions may have additional qualifications.
Compensation and Benefits
Tuition waiver for full-time course loads, as defined by the respective graduate programs, for a maximum of two academic years or until completion of the student’s desired Master’s program, whichever is sooner.
Semester Stipend of $4,000, for a total of no more than four semesters.
Duties and Responsibilities
Graduate students offered assistantships will agree to work for Stevenson University in the capacity of the designated assistantship for an average of 20 hours a week in a 16-week semester for no more than four consecutive semesters.
Application for Graduate Assistantship
Please visit our Human Resources Employment page for available positions.