Financial Aid for Graduate Students
Federal aid, private loans, scholarship opportunities and payment plans are among the options available for graduate students.
Graduate Student Financial Aid & Lending Options
Graduate school is a valuable investment in your career. To help you make informed decisions, we want to provide you with all the information you need about your primary federal loan option, the Federal Direct Unsubsidized Loan Program. On this page, we will show you how to use tuition/fees & cost-of-attendance (COA) estimates to plan your borrowing and compare lending options.
All graduate students, including international applicants, may be eligible for scholarships, depending on the strength of their application and the graduate program for which they are applying. In addition, some graduate programs offer graduate fellowship opportunities, which help to absorb the cost of tuition while providing valuable field experience.
Graduate Programs Designed to Stay Within Loan Limits
Many of the graduate programs at Merrimack College have a total annual tuition under the annual limit for the Federal Direct Unsubsidized Loan for graduate students ($20,500), not including other costs of attendance.
Visit the Graduate Tuition and Fees page for the most up-to-date information on tuition per credit.
Federal Graduate Student Loans: What You Should Know
You must file a Free Application for Federal Student Aid (annually) to be considered for the Federal loan programs for which you may qualify. Graduate and professional students are not eligible for subsidized federal loans, which means the government does not pay interest on your loan while you’re in school. There is a Legacy Provision for GradPLUS and ParentPLUS borrowers where if a borrower has a GradPLUS or ParentPLUS loan made before July 1, 2026, while enrolled in a credentialed program, the borrower can continue to borrow from the program for 3 academic years or the remainder of their expected time to credential, whichever is less. This option can be beneficial for students who started a graduate program prior to July, 2026. If you did not borrow a Federal GradPLUS loan prior to July 1, 2026, you will not be eligible for this program as it will be eliminated as of July 1, 2026.
Federal Direct Unsubsidized Loan — the “default” federal option after July 1, 2026
- This is the most common federal loan available to graduate students (non need-based).
- The annual limit for graduate/professional students is $20,500 meaning you can borrow up to that amount each academic year under the Federal Direct Unsubsidized loan program up to the aggregate lifetime limit of $100,000 for most students under Federal Direct Loan programs (students in professional programs such as medicine, pharmacy and dentistry, among others are allowed to borrow up to $50,000 annually with an aggregate lifetime limit of $200,000). Please note, this does not include any undergraduate loan borrowing. In certain health professions programs, the additional unsubsidized limit is higher under special rules.
- Important: Interest rates and fees for graduate Federal Direct Unsubsidized Loans differ from undergraduate loans which makes it essential to compare offers.
To ensure efficient processing, please complete your Free Application for Federal Student Aid (FAFSA) at studentaid.gov prior to the start of the semester. Please be sure to add Merrimack’s school code, 002120, to ensure your FAFSA is received. Please note that international students are not eligible for federal financial aid.
Tuition, Fees & Cost of Attendance (COA): Using Them to Estimate How Much You Need
This section has important considerations since many students forget to account for living costs, books, supplies, and other expenses toward completing educational programs.
What goes into “Cost of Attendance” (COA)?
The COA is the estimate of total costs you’ll incur while enrolled in an academic year. It typically includes:
- Tuition & required fees
- Housing & Food
- Books, supplies, equipment
- Transportation
- Personal expenses
- Loan fees, health insurance, other
Merrimack College provides information for your total estimated COA for an academic year on your financial aid offer notification, which is sent via email.
How do I use COA and my award package to estimate my “borrowing need”?
Here’s a step-by-step method to determine the loan amount you should seek:
- Start by creating a worksheet with all of your costs, amounting to the COA for a full academic year
- Subtract any grant aid, scholarships, assistantships, or institutional aid you are awarded
- Subtract what you or your family are able to pay (include other sources of funds if applicable)
- The remaining amount is your “funding gap,” which is the amount you may need to borrow
You can then compare that to the Federal Direct Unsubsidized annual limit ($20,500 for grads, currently) to see how much federal loans may cover.
Here is an example:
| Category | Amount |
|---|---|
| COA (tuition + fees + living + supplies) | $27,000 |
| Institutional aid / scholarships | – $2,000 |
| Personal/family contribution | – $5,000 |
| Loan Funding Needed | $20,000 |
In this case, the annual limit of $20,500 would cover the full funding gap needed for your education.
Private / Alternative Loans & Loan Comparison (ElmSelect Integration)
Depending on your COA, you may need additional loans beyond the Federal Direct Unsubsidized annual limit, which makes it important to compare private education loan options accurately.
What is ElmSelect & how do I use it?
- ElmSelect is a loan comparison portal widely used to evaluate private student loan products tailored to the school you are attending.
- Through ElmSelect, students can select their school and program, then view/filter lenders, see interest rate ranges, repayment terms, lender disclosures, and using the loan estimator, see expected monthly payments.
How do I make sure I have an “apples to apples” comparison of loan options?
- Interest rate ranges: The lowest rate listed is often only for borrowers with exceptional credit. Students should note both the lowest and highest possible rates, and plan around something in the middle until confirmed rates are determined.
- Fees, origination costs, and borrower benefits: Some loans may have origination costs, or may guarantee fees, or offer incentives such as autopay discounts.
- Repayment terms: Shorter repayment terms reduce total interest but increase monthly cost; longer terms reduce monthly cost but end up in a larger overall total payment.
- Protections / flexibility: Many private loans don’t offer income-driven repayment, forbearance, or forgiveness options — this is a major difference from federal loans and an important factor to consider for your budget.
- Loan ceilings and certification limits: Some alternative lenders won’t let you borrow more than your COA less other aid.
For additional guidance, please contact the Financial Aid office at [email protected].
Federal Financial Aid for Domestic Students
Domestic graduate students who wish to borrow under the Federal Direct Unsubsidized and/or Federal Graduate PLUS Loan programs should submit a Free Application for Federal Student Aid (FAFSA) at studentaid.gov.
To ensure efficient processing, please complete your FAFSA prior to the start of the fall semester. Please be sure to add Merrimack’s school code, 002120, to ensure your FAFSA is received.
Please note that international students are not eligible for federal financial aid.
Types of Federal Financial Aid
Federal Direct Unsubsidized Loans: Graduate students are eligible to borrow a maximum of $20,500 per academic year, or up to their yearly financial aid cost of attendance, minus any other aid received. For the 2023-24 academic year, Federal Direct Unsubsidized loans for graduate students carry a fixed interest rate of 7.05% and an origination fee of 1.057%, for loans disbursed on or after July 1, 2023 and before July 1, 2024.
Federal Graduate PLUS Loans: Graduate students are eligible to apply for this credit-based loan up to a maximum of their yearly financial aid cost of attendance, minus the Federal Direct Unsubsidized Loan awarded, and any other aid received. For the 2023-24 academic year, Graduate PLUS Loans carry a fixed interest rate of 8.05% and an origination fee of 4.228%, for loans disbursed on or after July 1, 2023 and before July 1, 2024.
Federal Financial Aid Eligibility
You must be accepted as a degree-seeking candidate in order to be considered for financial aid. For direct unsubsidized and graduate PLUS loans, you must enroll at least half-time (four credits per semester for graduate students).
Disbursement
All loan funds are disbursed at the end of the add/drop course period each semester. Any expected refund can be applied for after the date of the actual disbursement. Please note that it takes 4-6 weeks for refund checks to be available once requested.
New and first-time borrowers at Merrimack College will need to complete federal loan entrance counseling and electronically sign their master promissory note via studentaid.gov before loan funds can be disbursed.
Repayment
Repayment is not required to begin until after a student falls below half-time status, withdraws, or graduates.
Non-Federal Aid and Opportunities for International Graduate Students
All graduate students, including international applicants, may be eligible for scholarships, depending on the strength of their application and the graduate program for which they are applying. In addition, some graduate programs offer graduate fellowship opportunities, which help to absorb the cost of tuition while providing valuable field experience.
All graduate students also have the option of obtaining private loans and/or enrolling in an institutional payment plan.
Graduate Satisfactory Academic Progress Standards
Federal regulations require that Merrimack College measure a student’s progress towards the completion of their degree program, which is called Satisfactory Academic Progress. The standards of Satisfactory Academic Progress apply to all Title IV, state, and some institutional funding. You must meet both the qualitative and quantitative standards below.
Qualitative Standards
Satisfactory academic progress requires a cumulative GPA of 3.0 or better by the end of each semester.
Quantitative Standards
Students must successfully earn 50% of their cumulative attempted credits. In addition, you will not be eligible to receive federal financial aid once you have attempted more than 150% of the normal credits required for your degree. For full-time students this means the student must complete their degree within 1.5 years. For instance, if your degree requires 30 credit hours, you may not attempt more than 45 credits to achieve this degree.
Additional Details
- All transfer, summer, and winter credits are calculated toward the satisfactory academic progress standard whether taken at Merrimack College or any other institution.
- Grades of F, W (including medical), unofficial withdrawal or N are considered attempted, but not earned credits.
- Students can repeat courses as many times as required to pass the course. However, if a student wishes to repeat a course to improve their grade, they can only receive aid for courses repeated one time.
Review of Satisfactory Academic Progress
Satisfactory Academic Progress (SAP) for federal and state financial aid will be reviewed for graduate students at the end of each semester. If the cumulative grade point average falls below the minimum standard and/or the student falls behind in earned credits, the student will be notified by the Office of Financial Aid, and may appeal in writing by completing the required process below. Once the appeal is received, the Office of Financial Aid will notify the student of future eligibility.
Warning
Graduate students who do not meet the minimum Satisfactory Academic Progress requirements for financial aid will be placed in a Warning status for one semester. Students are eligible to receive financial aid during their Warning term. Students who do not meet minimum Satisfactory Academic Progress standards at the end of their Warning term will be placed on Financial Aid Suspension.
Suspension
After a term on Financial Aid Warning, students who fail to meet Satisfactory Academic Progress, as described above, will lose all eligibility for federal financial aid. Students will be notified in writing by the Office of Financial Aid if they have lost eligibility.
Appeal
Students who do not meet the minimum Satisfactory Academic Progress requirements for financial aid have the opportunity to appeal when special circumstances exist. Conditions when a student may appeal include death of a relative, injury or illness of the student or other extenuating circumstances.
In order to appeal, a student must submit a completed Satisfactory Academic Progress appeal form, including personal statement and supporting documentation. In addition, the student must meet with The Center for Academic Enrichment or their Dean’s Office to develop an academic plan, outlining the steps required to meet Satisfactory Academic Progress standards.
If a student’s appeal is approved, they will be placed on financial aid probation, and will continue to receive financial aid while on probation. At the end of this probation period, the student’s academic record will be reviewed to evaluate progress and determine continued eligibility.
Denied appeals will result in the student being ineligible for financial aid until minimum Satisfactory Academic Progress standards are met.
Appeals will be granted only one time during your enrollment at Merrimack.
After an appeal is granted, if the student fails to meet the terms outlined in their academic plan, they will become ineligible for financial aid until the minimum standards for Satisfactory Academic Progress are met. All courses, including summer and transfer courses, are calculated toward Satisfactory Academic Progress whether they are taken at Merrimack College or any other institution.
Re-establishing Financial Aid Eligibility
A student may regain financial aid eligibility by successfully meeting the college’s SAP policy requirements or successfully meeting the requirements of an established academic plan.
Additional Details
The review of Satisfactory Academic Progress for financial aid purposes is based on a student’s entire graduate record, even if the student did not receive financial aid during previous semesters of enrollment. This includes all prior coursework (including remedial courses) taken at Merrimack as a non-matriculated student.
These courses will be calculated as part of the qualitative and quantitative calculations. If a student is placed on suspension, and wishes to appeal, they may provide documentation of coursework that is not applicable to their degree program, or is a result of changing their major, and these courses may be excluded from the SAP calculation.
If you have any questions about the financial aid process or your eligibility, please contact the Office of Financial Aid at 978-837-5186 or [email protected].