The purpose of this advisory is to outline the costs associated with Elon's Master of Education degree and to provide you with the available financing options to assist in meeting those costs. If, after reading this advisory, you should desire additional information, please contact Lynette Lorenzetti in Elon's Office of Financial Planning at lorenzet@elon.edu, 336-278-7640 or 800-334-8448 ext. 2.
Elon's M.Ed. program is offered at a substantially reduced cost when compared to paying for individual courses. The cost of your three years of study is fixed at the beginning of your first summer session. Elon offers several options for dividing payments; financial aid is available in the form of Stafford loans. Visit the Financial Aid Web site to learn more
The Summer Cohort Program is offered at a fixed reduced price:
Cost of Summer Cohort Program for Cohort XII (2012-2014)
These fees are payable in three installments:
If you do not choose to enroll in the summer cohort, cost is calculated on at a per hour rate of $462/semester hour.
If you intend to apply for the Federal Stafford Loan for this current summer, we encourage you to submit your FAFSA at the time you apply for admission. For example, if you plan to enroll summer 2012, you will fill out the 2011-2012 FAFSA.
The primary source of financial assistance for M.Ed. students attending Elon University will be the federal Stafford Student Loan Program. Beginning July 1, 2012, a Stafford Loan will no longer be awarded on the basis of need. The student will charged interest from the time the loan is disbursed until it is paid in full. If the interest is allowed to accumulate, it will be capitalized – that is, the interest will be added to the principal amount of the loan and will increase the amount the borrower will have to repay. If the choice is made to pay the interest as it accumulates, the total interest charges paid during repayment will be considerably less. The maximum unsubsidized loan for graduate and professional study is $20,500 per year.
The total amount a graduate or professional student may borrow from all Stafford Loans combined is $138,500 (no more than $65,000 of this amount may be in subsidized loans). The graduate borrowing limit includes any Stafford Loans received for undergraduate study.
Under current law, the interest rate charged on Federal Stafford Loans is fixed at 6.8 percent. There are also origination and guarantee fees associated with each loan up to 1.0 percent. These fees are deducted up front and thus lower the actual amount of each disbursement.
Repayment of Stafford Loans begins six months after graduation or withdrawal from the M.Ed. program. This is called the grace period. During the grace period on a subsidized loan, no payment of any principal is due, and no interest will be charged.
Federal Stafford Loans are disbursed in two payments; one at the start of the academic term and one at the midpoint of the term. The loan funds will be sent to the university in equal disbursements.
1. Complete and submit to the Office of Financial Planning the 2012 Elon Financial Aid Application for M.Ed students.
2. Complete and submit the 2011-2012 Free Application for Federal Student Aid (FAFSA). The FAFSA should be filed electronically online at www.fafsa.gov.
Elon’s Federal Title IV School Code is 002927.
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