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 firstname.lastname@example.org, (336) 278-7640 or (800) 334-8448 ext. 2.
The Summer Cohort Program, which offers three paths, Elementary Education, Gifted Education and Special Education, is offered at a fixed reduced price. The cost of the Summer Cohort Program for Cohort XIII (2014-2016) will total $10,160. The cost of the global experience to Costa Rica is included in the program cost. A payment plan is available.
The cost will be broken down over the course of the three summers:
Summer 1 - $3,900
Summer 2 - $3,900
Summer 3 - $2,360
The primary source of financial assistance for M.Ed. students attending Elon University will be the federal Stafford Student Loan Program. Graduate students may borrow up to $20,500 through the Unsubsidized Stafford Loan program. The student will be charged interest from the time the loan is disbursed until it is paid in full. If the interest is capitalized (allowed to accumulate) it 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 5.41 percent. There are also origination and guarantee fees associated with each loan up to 1.072 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 Stafford loan, no payment of any principal is due.
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.
For more information, visit www.elon.edu/finaidborrow. First-time borrowers are required to complete student loan entrance counseling and a Master Promissory Note, which are available at www.studentloans.gov.
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 2014, you will fill out the 2013-2014 FAFSA.
1. Complete and submit to the Office of Financial Planning the 2014 Elon Summer Aid Application for M.Ed students, which will be made available in March.
2. Complete and submit the 2013-2014 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.