Financial Aid

Financial Aid Process

Planning to cover tuition, books, housing, meals, and miscellaneous expenses during graduate school requires advanced planning. Lynette Lorenzetti, Associate Director of Financial Aid for Graduate and Professional Programs, is available to provide you with information and options as you develop your financial plan. Feel free to contact her at 336-278-7640 or lorenzet@elon.edu. She can assist you with overall planning. Students who need financial assistance beyond their scholarship and apprenticeship stipend will want to talk with her about when, how and for what type of student loans to apply. Should you require a student loan, she can also advise you on how to minimize your debt.

When to Apply for Financial Assistance

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

How to Apply for Student Loans

If you intend to apply for the Federal Unsubsidized Loan for the upcoming academic year, we encourage you to submit your FAFSA at the time you apply for admission. For example, if you plan to enroll in fall 2026, you will fill out the 2026-2027 FAFSA. Go ahead and become familiar with loans by visiting the FAFSA website, where the current year’s application will be updated in early October.

Complete and submit the Elon Graduate Financial Aid Application in your student portal.
Complete and submit electronically the Free Application for Federal Student Aid (FAFSA). Elon’s Federal Title IV School Code is 002927.

Student Loan Programs

The Federal Unsubsidized Student Loan Program

The primary source of financial assistance for MHE students attending Elon University will be the federal Unsubsidized Student Loan Program. Graduate students may borrow up to $20,500 through the Unsubsidized 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 Unsubsidized Loans combined is $100,000 . The graduate borrowing limit does not include any federal loans received for undergraduate study.

Under current law, the fixed interest rate charged on Federal Unsubsidized 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 the loan. These fees are deducted up front and thus lower the actual amount of each disbursement.

Repayment of the Unsubsidized Loan begins six months after graduation or withdrawal from the MHE Program. This is called the grace period. During the grace period on an Unsubsidized loan, no payment of any principal is due.

Federal Unsubsidized 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 the Student Aid website.

For students who need financial assistance beyond the $20,500 Federal Unsubsidized Loan maximum, there are various private lender loan options. These loans allow for the deferment of repayment while the student is enrolled in the MHE program. The maximum amount a student may borrow for any of the private loans options is $43,485919 (Elon’s Cost of Attendance for the MHE Program); less any federal Unsubsidized Loans and other forms of financial aid a student may be receiving.

You can find a listing of the most popular private loans our current students are using at Fast Choice website. Be sure to look at the loans carefully as the lenders are free to set interest rates and repayment options individually so each one will be different.

The Federal Graduate PLUS Loan Program

For students who need financial assistance beyond the $20,500 Unsubsidized 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 MHE 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 will be Elon’s Cost of Attendance for the MHE program, less any Unsubsidized 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.

*Please note that the Graduate PLUS loans will only be available to new borrowers before July 1, 2026.

Private Loan Options

For students who need financial assistance beyond the $20,500 federal Unsubsidized Loan maximum, there are various private lender loan options. These loans allow for the deferment of repayment while the student is enrolled in the DPT program. The maximum amount a student may borrow for any of the private loans options is the Estimated Cost of Attendance for the MHE Program); less any federal Unsubsidized Loans and other forms of financial aid a student may be receiving.

You can find a listing of the most popular private loans our current students are using at the Fast Choice website. Be sure to look at the loans carefully as the lenders are free to set interest rates and repayment options individually so each one will be different.