Simmons University administers a comprehensive financial aid program, which includes institutional, federal, and state grants; loans; and work opportunities. Simmons makes its educational opportunities available to as many capable, promising students as possible and welcomes applications from students who could not meet their college expenses without assistance.
The primary responsibility for educational financing belongs with the family. Financial aid eligibility is determined through the evaluation of a family’s ability to contribute toward educational expenses. Simmons University and/or the federal government may award funds to supplement the family’s ability to pay. At Simmons, both academic excellence and financial need are used to determine a student’s financial aid package. The cost of attendance is re-established each year, and family resources are re-evaluated annually.
Scholarships and Grants
Merit Scholarships: Simmons University offers scholarships based on academic excellence, achievement in leadership, community service, and co-curricular activities. Non-need-based funding is awarded upon entrance to Simmons and has varying grade point average requirements for renewal in subsequent years. Students must also meet Satisfactory Academic Progress requirements in subsequent years in order to receive this funding. Please see Merit Scholarship Programs for a description of these opportunities.
Simmons Need-Based Grants: Simmons University offers grants based on financial need as determined each year by the FAFSA and a student’s ability to meet the requirements of Satisfactory Academic Progress. If a student receives a Simmons need-based grant as part of her aid package, it may be adjusted during the academic year to include support from one of Simmons’s special, endowed funds; however, the total grant amount will not change. Endowed scholarships/grants are part of the pool of need-based funds made possible by the generosity of alumnae and friends of Simmons who believe in providing opportunities for needy students at Simmons.
Federal Pell Grant: This grant is offered by the federal government, based on high financial need. Pell grant ineligibility is not an indicator of ineligibility for other federal aid programs.
Federal Supplemental Educational Opportunity Grant (SEOG): This grant is provided to Simmons University by the federal government and is awarded to the neediest undergraduate students.
State Scholarship/Grant: This award is offered by a student’s state of residence. Massachusetts, Vermont, and Pennsylvania currently offer funding to students attending schools in Massachusetts. Each state has its own application procedure and deadline.
Loans: Federal and Institutional
Unlike scholarships and grants, loans must be repaid. Students are required to sign a promissory note for all loans. Repayment begins after graduation or when a student drops below a half-time registration status.
If a student is borrowing a federal loan at Simmons University for the first time, federal regulations require that she complete loan entrance counseling before any loan funds can be credited to the student’s account.
Federal Perkins Loan: Federal Perkins Loan funds are provided to Simmons University by the federal government and are reserved for the neediest students. Repayment of the principal (at 5 percent interest) begins nine months after the student is no longer enrolled at least half-time. There are no interest charges on a Perkins Loan while a student is enrolled at least half-time. Depending on the amount a student borrows, the repayment term can extend up to 10 years. This loan program has been discontinued by the Federal Government and new borrowers are no longer being accepted.
Subsidized Federal Direct Loan: This federally subsidized loan is made available by the federal government. Students who demonstrate financial need are eligible for this loan. The maximum annual loan for first-year students is $3,500; for sophomores, $4,500; and for juniors and seniors, $5,500. The cumulative maximum for undergraduate study is $23,000. The rate of interest is set annually. The interest is paid by the federal government while the student is enrolled at least half time in a degree seeking program. Repayment begins six months after a student ceases to be enrolled at least half-time. The standard repayment term is 10 years and may be extended through various repayment options.
Unsubsidized Federal Direct Loan: This loan is available to students in addition to the subsidized loan and to students who do not qualify on the basis of need for subsidized loan funds. Eligibility is the difference between the annual maximum and the amount received in subsidized loan. Total loan limits for both subsidized and unsubsidized programs, either singularly or combined, are $5500 for first-year students; $6500 for sophomores; and $7500 for juniors and seniors. Independent undergraduates, and dependent students whose parent is unable to borrow through the Federal Plus Loan Program, may borrow an additional $4,000 (first-year students/ sophomores) or $5,000 (juniors/ seniors) annually. The amount received each year in combination with other awards cannot exceed the students cost of attendance. The rate of interest is set annually. Accrual of interest begins immediately and is capitalized when the student graduates or ceases to be enrolled at least half-time. Similarly, repayment begins six months after a student ceases to be enrolled at least half-time.
Federal Parent PLUS Loan: The Federal PLUS Loan for parents is one of the loan options families can choose to finance their remaining educational expenses. The interest rate and processing fee are set annually. Payment can begin after the loan is fully disbursed for the year or can be deferred until after the student ceases to be enrolled at least half-time. The standard repayment term is 10 years.
Institutional Loans: These institutional loans are awarded by Simmons University based upon financial need. Repayment begins after a student ceases to be enrolled at least half-time. The funds for these loans come from a variety of sources including endowed funds established by donors to provide low-interest loans to students.
Payment Plans
Simmons University is committed to assisting families in pursuing additional financing options. Monthly payment plans are a means of budgeting education costs over the academic year without borrowing, thereby allowing families to pay for current academic-year expenses out of current monthly income and savings. See Payment Methods and Policies for more information about monthly payment plans.
Part-Time Employment
Federal Work Study: A student’s financial aid may contain a federal work-study award, which is funded primarily by the federal government and administered by Simmons. These awards are made based upon need and a student responding ‘yes’ to having interest in work study on the FAFSA. A work-study award does not guarantee a job, but it offers the student an opportunity to apply and interview for a desired position.
Part-time General Employment: Simmons University also funds general employment to provide employment both on and off campus. General employment is available to students regardless of financial need. Through either source of funding, a student may work up to 20 hours per week in either on- or off-campus positions. Students receive a bi-weekly paycheck for hours worked. Students interested in all types of work opportunities should visit http://www.simmons.edu/about-simmons/work-at-simmons/student-employment/students for additional information.
Applying for Financial Aid
First-year Students
Prospective, first-year students interested in applying for financial aid should do so at the time of their application for admission or as soon as possible after October 1st. The admission process is separate, and the application for financial aid will not influence the decision for admission. All first-year students are required to submit the Free Application for Federal Student Aid (FAFSA) and the Simmons Student Information Form (SIF). The FAFSA becomes available on October 1st of the prior year at FAFSA.ed.gov and the SIF can be completed online at simmons.edu/sfs/forms. Simmons will contact the student via mail and/or email if additional documentation is needed. Detailed application instructions and deadline dates are available at simmons.edu/applyforaid. Award notifications for families who have submitted their FAFSA by December 1st are sent by the end of January for the fall semester and on a rolling basis for the spring semester.
Continuing Undergraduates
Current undergraduate students should submit the FAFSA by March 1st to assume timely notification of awards. Awards for students who submit an application on time, will be issued in mid-April if they plan to attend during the summer or in mid-June if they plan to return in the fall. To maintain financial aid eligibility, a student must demonstrate financial need, submit all necessary application materials by the requested dates, be enrolled at least half-time, and maintain satisfactory academic progress.
Transfer Students
Students transferring to Simmons University are also eligible for financial aid as described above. The admission process is separate, and the application for financial aid will not influence the decision for admission. All transfer students are required to submit the Free Application for Federal Student Aid (FAFSA) and the Simmons Student Information Form (SIF). The FAFSA becomes available on October 1st of the prior year at FAFSA.ed.gov and the SIF can be completed online at simmons.edu/sfs/forms. Simmons will contact the student via mail and/or email if additional documentation is needed. Detailed application instructions and deadline dates are available at simmons.edu/applyforaid. Notification begins in March for the fall semester and December for the spring semester.
Financial Aid for Dix Scholars
Newly enrolling Dix Scholars receive a Dix Scholarship of up to $5000. Dix Scholars working toward their first undergraduate degree are eligible to apply for federal, state, and Simmons grant funding. Students seeking a second degree are also eligible for aid on a limited basis. Any Dix Scholar is welcome to apply for financial aid by submitting the Simmons Student Information Form (SIF), the Free Application for Federal Student Aid (FAFSA), and all other requested documents. Students over the age of 24 are not required to submit their parents’ financial information as part of their application. Detailed application instructions and deadline dates are available at simmons.edu/applyforaid. Students should submit their financial aid applications concurrently with their applications for admission or as soon as possible after October 1st. Notice of awards will begin in March for the fall and summer semesters and in December for the spring semester.