Financial Aid

Office of Financial Aid Mission Statement

Our mission in the financial aid office is to assist you and your family in meeting the cost of our associate degree education, and to make it possible for every qualified applicant to enroll at our college. This goal is met through the awarding of grant and job aid when available, and low-interest student loans, and by providing you and your family with appropriate counseling with respect to college costs and the application for and awarding of financial aid.

How to Apply

To apply for financial aid, you must complete the Free Application for Federal Student Aid (FAFSA). Completion of the FAFSA is required for consideration of federal, state and ANY Labouré College financial aid. The quickest and easiest way to apply is online at www.fafsa.ed.gov.

To fully utilize the online application, you (and your parent if applicable) should obtain a PIN from the U.S. Department of Education so that you may electronically sign your application. Otherwise, you will need to print, sign and mail a signature page at the end of the FAFSA on the Web process, and this will significantly increase the amount of time required to process your application. You may obtain a PIN at www.pin.ed.gov.

If you don't have Internet access at home, you may use the college library or the skills lab. Many high schools and public libraries have Internet access, as well. You may also contact the Financial Aid Office at (617) 322-3531 for assistance. You must provide the college’s federal school code of 006324 when you complete the FAFSA. Remember to read all instructions and answer questions accurately. Please respond in a timely manner to requests for information by the financial aid office. You may be required to submit verification forms and a copy of your federal tax return transcript from the IRS, and other information. We will notify you in writing.

Deadlines

Priority Deadline is April 1. You must meet this deadline to receive maximum consideration for all types of financial aid. Applications received after this deadline will be considered for financial aid on a funds available basis. This is a priority deadline, not an absolute deadline. You may complete the FAFSA after the priority deadline, but you will be considered for financial aid on a funds available basis. All students are strongly encouraged to complete the FAFSA by the priority deadline.

 

Types of Aid

Labouré College Financial Aid
The FAFSA must be completed to receive consideration for ANY financial aid.

Labouré College Scholarship for Steward Health Care Employees
Students in degree or certificate programs who work at least 16 hours per week at a Steward Health Care or designated Catholic facility receive a scholarship for 25 percent of the cost of their courses.  Degree students who work, on average, 8 to 15 hours each week receive a scholarship for 10 percent off the cost of their courses.  Verification of employment required. 

LPN Scholarship
For those students seeking an associate's degree holding the LPN credential, this scholarship covers 25 percent of the cost of professional courses.

Catholic High School Scholarship
This scholarship is awarded to two Catholic high school graduates each year. It covers 50 percent of the cost of all courses in a student’s chosen major. Generally, the student must enter Labouré in the fall following graduation from high school. In addition to completion of the FAFSA, there is a separate application for this scholarship. Please contact the admissions office for information.

Labouré College Scholarship Program
Students apply by separate application that is made available in the fall. Students must meet eligibility requirements as described on the application.

Alumni Tuition Benefit
Associate degree graduates of the college who return to complete an additional associate degree or professional certificate program receive a scholarship for 50 percent of the cost of required courses.

Grant Aid

Federal Pell Grant
For exceptionally needy students who have not earned a bachelor’s degree, this grant is funded by the U.S. Department of Education. The amount of the grant is determined by federal government regulations. Maximum Pell Grant for 2013/2014 is $5,645.

Federal Supplemental Educational Opportunity Grant (FSEOG)
A companion grant to the Federal Pell Grant, this is also for exceptionally needy students who have not earned a bachelor’s degree. Students must be at least half-time (six credits). Limited funding.

MASSGrant
This program is for full-time students who are Massachusetts residents, have exceptional need, and meet other eligibility criteria determined by the Commonwealth of Massachusetts. Must file the FAFSA prior to May 1.

Part-time Massachusetts Grant Program
This program is for part-time (6 to 11 credits) students who are Massachusetts residents, have exceptional need, and meet other eligibility criteria determined by the Commonwealth of Massachusetts. Students should file the FAFSA by the college’s priority deadline to receive maximum consideration. Limited funding.

Massachusetts Gilbert Grant
Funded by the Commonwealth of Massachusetts and awarded by the college to needy, full-time students who are residents of Massachusetts and have not earned their bachelor’s degree.

Loans

Federal Direct Stafford Loan – Subsidized and Unsubsidized
This is a low-interest government loan program. The Direct Stafford Loan is the basic undergraduate loan in the United States. The money comes from the federal government, and there is no credit check. The interest rate changes once per year, on July 1. The Department of Education may keep an origination fee that will be deducted from your loan proceeds. The origination fee for Direct Stafford Loans in 2013-2014 is 1.05%. There are lifetime Direct Stafford Loan limits. For Independent students, the lifetime limit is $57,500 with no more than $23,000 in subsidized loans. For Dependent students, the lifetime limit is $31,000 with no more than $23,000 in subsidized. Repayment of your loans starts six months after you cease to be a half-time student (this is called a 6 month Grace Period). Generally, you will have ten years to repay your Direct Stafford loans, there are various payment plans available that may allow a borrower to increase the ten year period, You may also pay them off more quickly with no prepayment penalty, and you will save money in interest charges

Subsidized means the government pays the interest while you’re a half-time student and you must qualify for a subsidized loan by having need. For the 2013/2014 award year the interest rate will be a fixed 3.86 percent. By regulation, the annual amount you may receive for Labouré’s degree programs is $3,500 as a first year student, $4,500 as a second year student, or $5,500 as a third year student or higher.

Unsubsidized means you are responsible for the interest. You may pay the interest while you are student or you may capitalize the interest and pay it when you enter repayment on your loans. The 2013/2014 fixed interest rate is 3.86 percent. You do not have to have financial need to qualify for an unsubsidized loan. Independent students may borrow annually $6,000 in unsubsidized loan as first and second year students. Combined with the subsidized amount, this is $9,500 in Direct Stafford Loans per year for first year students, 10,500 in Direct Stafford Loans per year for second year students. Third years students and beyond can borrow up to $7,000 per year for a combined total of $12,500 in Stafford loans per year. Dependent students may borrow annually $2,000 in unsubsidized loan. This means that first year dependent students can borrow up to a total of $5,500, second year students can borrow up to a total of $6,500 and third year or higher students can borrow up to a total of $7,500 in Stafford loans a year Also, dependent students whose parent cannot obtain a Federal Direct PLUS loan may borrow up to and additional $4,000.

Federal Direct PLUS Loan
This is a low-interest unsubsidized federal loan for the parent of a dependent student. For the 2013/2014 year the interest rate is a fixed 6.41 percent. There Department of Education may keep an origination fee that will be deducted from the loan proceeds. The origination fee for Direct PLUS loans in 2013-2014 is 4.20%. There is a credit check on the borrower. The funds come from the federal government. If a dependent student’s parent cannot obtain a Direct PLUS loan, then the dependent student may borrow up to $4,000 in unsubsidized Stafford loan. This is an excellent educational financing option for dependent students.

Federal Perkins Loan
This is a fixed rate (5 percent) federal loan that gets repaid after a nine month grace period. The monthly payment will be at least $40 per month, perhaps more depending on amount borrowed. It is awarded to students who are exceptionally needy, and you must be receiving the maximum Stafford loan available to you in order to also receive a Perkins loan. If you decline or cancel your Stafford loan, then your Perkins loan will be cancelled. Limited funding.

Nursing Student Loan
This is a fixed rate (5 percent) loan through the Department of Health and Human Services specifically for nursing majors. You must have need and meet other eligibility criteria to qualify. Repayment begins after a nine month grace period, and the monthly payment is $40 per month, perhaps more depending on amount borrowed. Limited funding.

Alternative Loan
This is known as a private loan. Students apply directly to financial institutions and must be credit worthy or have a credit worthy co signer. Private loans are often used by students who need assistance in addition to the Federal Stafford Loan, who need money for living expenses, or who don’t have access to the Federal Stafford Loan.

Job Aid

Federal Work-Study
This is a federal program that provides funding for part-time jobs on campus. Students must be enrolled at least half-time and have financial need. Students typically work up to 20 hours per week and get paid directly biweekly. The Financial Aid Office has a list of available openings.

For further information, please contact Financial Aid at (617) 322-3531.

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