Financing the M.Ed. Program
Elon’s summer cohort program is offered at a substantially reduced cost. Your cost for both years of study is fixed at the beginning of your first summer session. Elon also offers several options for dividing up your payments over the two-year period, and financial aid is available in the form of Stafford Loans.
The Elon Master of Education’s tuition cost for the summer 2020 cohort is $6,109 per year. Tuition will not increase for the student’s second year.
Student Loan Programs
The Federal Stafford Student Loan Program
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 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 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 summer term and one at the midpoint of the summer term. The loan funds will be sent to the university in equal disbursements.
For more information, visit the Office of Financial Aid. First-time borrowers are required to complete student loan entrance counseling and a Master Promissory Note, which are available at StudentLoans.gov.
How to Apply for Student Loans
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, for the upcoming summer 2020 enrollment, you will fill out the 2019-2020 FAFSA.
- Complete and submit to the Office of Financial Aid the 2019-2020 Elon Financial Aid Application.
- Complete and submit the 2019-2020 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.
Outside Scholarship Opportunities
SR Education Group $5,000 scholarship
In recognition of the contributions they make and the financial challenges they face, SR Education Group is awarding $20,000 in annual scholarships for teachers pursuing graduate degrees. Scholarships will be awarded 4 times a year in the amount of $5,000.
For more information, visit SR Education Group.
Federal Teacher Loan Forgiveness Program
The Teacher Loan Forgiveness Program is intended to encourage individuals to enter and continue in the teaching profession. Under this program, if you teach full-time for five complete and consecutive academic years in certain elementary and secondary schools, and educational service agencies that serve low-income families, and meet other qualifications, you may be eligible for forgiveness of up to a combined total of $17,500 on your Direct Subsidized and Unsubsidized Loans, and your Subsidized and Unsubsidized Federal Stafford Loans. If you have PLUS loans only, you are not eligible for this type of forgiveness.
For eligibility requirements and more information, visit the Teacher Loan Forgiveness Program.