Because of recent legislative changes impacting the Stafford Loan Program, Tufts will no longer be able to offer loans under the FFELP program that are to be disbursed after June 30, 2008.
Tufts Federal Stafford Loan Program
Tufts University became a lender under the Federal Stafford Loan Program (FFELP) in 2003 so that it can offer its graduate and professional student borrowers some of the lowest cost FFELP Stafford loan terms available today. The Tufts Federal Stafford Loan Program is offered to all graduate and professional students enrolled in any Tufts school or program.
Zero Fees on Graduate Loans for Tufts Federal Stafford Loan Borrowers...
Under this program Tufts will be offering students zero fee loans. Tufts will pay the 1.5% origination fee and has arranged for the 1% default fee to be paid on the students’ behalf. This means borrowers will get the entire amount of the loan toward college costs at the time it is disbursed, rather than a reduced amount. For example, the immediate savings on $20,500 borrowed is $512.50. So $20,500 will be applied to your college costs rather than $19,987.50. For students in the health professions who have higher loan limits, these initial savings could exceed $1,000. Additional savings are offered during in school and repayment periods. These are outlined below under Loan Features.
Loan Features
- 0% Origination Fee
- 0% Default Fee
- 0.30% Interest Rate Reduction (IRR) at first disbursement for Unsubsidized Stafford Loans (available during uninterrupted periods of in-school, grace and approved deferment status)
- During repayment an immediate 0.75 percentage point IRR for making monthly payments using automatic debit. Borrowers must remain enrolled in automatic debit to retain this benefit.
- 1.00% IRR after the first on time payment (Sub and Unsubsidized Stafford Loans). To receive this benefit, borrowers must register before repayment begins to receive account information by email.
- Interest Capitalization - Accrued interest on Unsubsidized Stafford loans capitalizes ONCE at repayment (following uninterrupted periods of grace and/or deferment.
- Back on Track benefit which allows borrowers who fail to make any single payment on time to earn back the 1% IRR after 24 on schedule payments. This reinstatement may occur only once.
Other Features
All loans granted through this program will be serviced by Sallie Mae and will be sold to Sallie Mae within a few months after final disbursement. The sale of the loans will not impact the borrower benefits as described above. Any net revenues that are generated through this program are to be used to fund need based grants for students at Tufts.
How to Apply
Please contact the financial aid office for your school at:
Medford Financial Aid Office: telephone: 617-627-2000; email: studentservices@tufts.edu; or website: http://finaid.tufts.edu/
Dental School Financial Aid Office: telephone: 617-636-6640 or website: http://www.tufts.edu/dental/financial_aid/
Medical School Financial Aid Office: telephone: 617-636-6574 or
Veterinary School Financial Aid Office: telephone: 508-839-8733 or website: http://www.tufts.edu/vet/admissions/financial.html
