The Interactive Media program cost for the 2020-2021 academic year is $42,621. For additional information about financial aid and student loans, please download Elon’s guide to Financing the Interactive Media Master’s Degree.
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 $6,000 to $15,000 are available to prospective Interactive Media students. Every admitted student will be considered for a scholarship. The recommended scores for scholarship consideration at the $6,000 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 $60,204 (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 Aid.
When to Apply for Financial Assistance
Students should apply as early as possible, and certainly no later than mid-June 2020, to ensure loan proceeds will be available at the commencement of the 2020 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 2020-2021 academic year, students will receive a bill from the Bursar’s Office in early June that will be due in July 2020. A second bill will be sent in early January that will be due in February 2021.
If you intend to apply for the Federal Stafford Loan for the 2020-2021 academic year, we encourage you to submit your FAFSA at the time you apply for admission. For example, if you plan to enroll fall 2020, you will fill out the 2020-2021 FAFSA.
1. Complete and submit to the Office of Financial Aid the 2020-2021 Graduate Financial Aid Application. The application may be submitted by fax or mail only. Emailed applications will not be accepted.
2. Complete and submit electronically the 2020-2021 Free Application for Federal Student Aid (FAFSA).
Elon’s Federal Title IV School Code is 002927.