Financing the M.A. in Interactive Media Program

The purpose of this advisory is to outline the costs associated with Elon's Master of Arts in Interactive Media 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.

Tuition

The cost of the Interactive Media program for the 2014-2015 academic year was $35,030. The 2015-16 tuition will be set in February. Included in the cost of tuition is a subscription to Adobe Creative Cloud that will be used in courses throughout the year. Also included in the program cost is the international travel as part of the Winter Term course.

For additional information about financial aid and student loans, please download Elon's guide to financing the Interactive Media Master's degree.
 

Scholarship Information

A number of scholarships are available to Interactive Media students who demonstrate an enthusiasm for learning, and a commitment to energizing media communication. Elon awarded the most recent class of Interactive Media students more than $132,000 in merit-based scholarships.

Merit-based scholarships between $4,000 to $12,000 are available to prospective Interactive Media students. Every admitted student will be considered for a scholarship. The recommended scores for scholarship consideration at the $4,000 amount are 3.2 GPA / 302 GRE / 415 MAT. To be considered for higher scholarship amounts, students should have scores above the recommended range. Significant work experience will also be factored into the review process. Students will be notified of their award at the time of acceptance if selected.

Student Loan Programs

The Federal Stafford Student Loan Program

The primary source of financial assistance for Interactive Media 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 fixed interest rate charged on Federal Stafford Loans is set each year by the Department of Education at the beginning of July. There are also small origination and guarantee fees associated with each loan 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 Interactive Media 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 in late July and one at the midpoint of the term in late January. The loan funds will be sent to the university in equal disbursements.

First-time borrowers are required to complete student loan entrance counseling and a Master Promissory Note, which are available at StudentLoans.gov. For information on how to obtain a Federal Stafford Student Loan, see How To Apply for Student Loans.

The Federal Graduate PLUS Loan Program

For students who need financial assistance beyond the $20,500 Stafford Loan maximum, there is the federal Graduate PLUS Loan program. The PLUS Loan allows for the deferment of repayment while the student is enrolled in the Interactive Media program. Under current law, the fixed interest rate charged on Federal Grad PLUS Loan is set each year by the Department of Education at the beginning of July. There are also small origination and guarantee fees associated with each loan these fees are deducted up front and thus lower the actual amount of each disbursement.

The maximum amount a student may borrow from the PLUS Loan program is $54,524 (Elon’s Cost of Attendance for the Interactive Media Program), less any Stafford Loans and other forms of financial aid a student may be receiving. Information about the Graduate PLUS Loan may be obtained from the Office of Financial Planning.

When to Apply for Financial Assistance

Students should apply as early as possible, and certainly no later than mid-June 2015, to ensure loan proceeds will be available at the commencement of the 2015 term. You do not need to wait until you have been admitted into the iMedia Program to begin the financial aid application process. However, students will not be notified of aid eligibility until they are admitted.

Billing and Payment Process

For the 2015-2016 academic year, students will receive a bill from the Bursar’s Office in early June that will be due in July 2015. A second bill will be sent in early January that will be due in February.

How to Apply for Student Loans

If you intend to apply for the Federal Stafford Loan for the 2015-2016 academic year, we encourage you to submit your FAFSA at the time you apply for admission.  For example, if you plan to enroll summer 2015, you will fill out the 2015-2016 FAFSA.

1. Complete and submit to the Office of Financial Planning the 2015-2016 Elon Graduate Financial Aid Application.

2. Complete and submit the 2015-2016 Free Application for Federal Student Aid (FAFSA). The FAFSA should be filed electronically online at FAFSA.gov.

Elon’s Federal Title IV School Code is 002927.