Financial Aid and Scholarships
An Affordable Way to Reach Further
Elmhurst College recommends that prospective students plan early for financing their graduate education, as there is limited scholarship and grant aid available based on prior academic achievement and financial need.
Graduate students may also apply for federal student loans to cover the cost of their graduate study. Additionally, because many employers offer tuition reimbursement programs, students should also consult their human resources department regarding their company’s tuition benefits.
To apply for student loans, graduate students applying for admission should complete the Free Application for Federal Student Aid (FAFSA).
The Elmhurst Graduate Award is a need-based award. Eligibility is determined by the Office of Student Financial Services based on the information received from the student’s FAFSA. These awards are limited and granted to students demonstrating high financial need.
Students offered admission to the following master’s degree programs will be considered for the Graduate Fellowship by their program director: Early Childhood Special Education, Special Education, Teacher Leadership, Industrial/Organizational Psychology and Computer Information Technology. Selection will be based on the application materials submitted. Completed applications must be received by May 1 to be considered.
Students offered admission to the following master’s degree programs will be considered for the Graduate Scholarship by their program director: Industrial/Organizational Psychology, Geographic Information Systems, Data Science, MBA, Project Management, Supply Chain Management, and Nursing. Selection will be based on the application materials submitted. Completed applications must be received by May 1 to be considered.
Available for graduate students in the Teacher Leadership program who have completed 30 hours of graduate work at Elmhurst College, and graduates of Elmhurst’s Early Childhood Special Education program who plan to earn the ESL endorsement on their professional educator license at Elmhurst College. Applicants must have a graduate GPA of 3.50 or higher on a 4.00 scale.
Note: One graduate course to be used within two years
Some academic departments offer additional scholarships for graduate students, such as the scholarships listed below.
Available for graduate students who have been admitted to the Master of Science in Communication Sciences and Disorders program who have completed all prerequisite SLP requirements, including ASHA sciences, and who are involved with NSSLHA or show leadership potential.
This scholarship is offered to one graduate student enrolled in the Graduate Certificate in Market Research and one graduate student enrolled in the Master of Business Administration with a specialization in Market Research.
- Applicants must have a graduate GPA of 3.50 or higher on a 4.00 scale and be pursuing a career in market research.
- Students must also submit an essay.
Completed applications must be received by August 1 to be considered.
Occupational Therapy Fellowship
Available for graduate students who have been admitted to the Master of Occupational Therapy program and have fulfilled all prerequisite requirements. The student must demonstrate a sustained record of outstanding academic achievement, demonstrate leadership skills and community service.
Master’s Entry in Nursing Practice Fellowship
Available for graduate students who have been admitted to the Master’s Entry in Nursing Practice program and have fulfilled all prerequisite requirements. The student must demonstrate a sustained record of outstanding academic achievement, demonstrate leadership skills and community service.
Things to Keep in Mind
- Non-degree seeking students are not eligible for Elmhurst College scholarships.
- The Office of Admission makes the scholarship decision at the time of admission based on the credentials and supporting materials you submit when you apply.
- To renew a scholarship, GPA requirements represent a cumulative Elmhurst College GPA.
Applying for Financial Aid
To apply for a federal student loan, students must complete the Free Application for Federal Student Aid (FAFSA).
- It is recommended that the FAFSA be completed within two weeks of submitting an application for admission.
- The FAFSA can be filed beginning Oct. 1.
- The Elmhurst College code (001676) must be entered on the FAFSA.
- Students interested in loans may be required to complete additional steps.
All forms and information about financial aid, including grants and loans, can be found on the Office of Student Financial Services website. You may also contact the Office of Student Financial Services at (630) 617-3015.
The Office of Student Financial Services sends award notices to students after they are admitted to a degree program and have filed the FAFSA.
- Award notices are sent to new students beginning in January.
- After March 1, returning graduate students will receive an email notifying them that their award notice is available online at My Elmhurst Campus Portal.
- The awarding process continues through the summer, as the College admits applicants and determines their aid eligibility.
- In general, graduate students are awarded Federal Direct Loans, with a very limited number of institutional grants and scholarships.
The files of about 35 percent of students who file a FAFSA are randomly selected for verification by the U. S. Department of Education. If your file is selected, you will be required to supply Elmhurst College with the documentation necessary to verify the information submitted on the FAFSA. Students selected for verification will be notified by mail or email. No federal financial aid can be credited to the student’s account until verification is complete.
Applying for a Loan
To apply for Federal Direct Loans, complete the FAFSA and accept/reject your loans on BlueNet. Students must be enrolled in at least six credit hours to be eligible to borrow Federal Direct Loans.
There are two types of Federal Direct Loans—unsubsidized and Grad PLUS.
A student must be enrolled at least half-time (six semester hours per term) to be eligible for federal student loans.
- Unsubsidized loans are not based on need. Principal payments are deferred until six months after the student graduates or drops below half time enrollment, but interest accrues while the borrower is in college. The graduate annual unsubsidized loan limit is $20,500. The interest rate for graduate unsubsidized loans disbursed between July 1, 2018 and June 30, 2019 is 6.60% fixed. Interest rates for new loans borrowed in following years may vary. For more information about student loan interest rates click here.
- Because federal loans have annual maximums, amounts borrowed for Summer Term are part of the annual allocation of the previous year.
- If a student has not previously borrowed a direct loan, he/she must complete a Master Promissory Note and entrance counseling at studentloans.gov. Direct Loan Master Promissory Notes are valid for ten years form the initial date of acceptance.
- Grad PLUS loans are available to graduate students whose cost of attendance is higher than their annual unsubsidized loan limit. Grad PLUS loans disbursed between July 1, 2018 and June 30, 2019 have a fixed rate of 7.60%. Interest rates for loans borrowed in following years may vary. For more information about interest rates click here.
- Students may apply for a Grad PLUS loan online. In addition, a Grad PLUS Master Promissory Note and completion of entrance counseling online are required.
- Graduate unsubsidized loans have a federal origination fee of 1.062%, and graduate PLUS loans have a federal origination fee of 4.248%. The actual amount of the loan credited to the student’s account is reduced by the origination fee amount.
- When the student graduates or drops below half time, exit counseling must be completed at the StudentLoans.gov website.
- View a Direct Loan repayment calculator
- Learn more about Direct Loans
Alternative, or private, loans are offered by private lenders to assist with educational and living expenses not covered by other financial aid.
It is important that you carefully review your expenses before deciding if you need to borrow. Be sure to consider first that you may qualify for loans or other assistance under federal programs.
Alternative loans are generally more expensive than the federal student loans and therefore should not be considered until after you have exhausted all federal loan options. Most of these alternative loans must be certified by the Office of Student Financial Services.
All of these loans must be considered part of your financial aid package.
Alternative loans are credit based, often require co-signers, and cannot be consolidated with your federal student loans. The terms and conditions of federal loans may be more favorable that the provisions of alternative loans.
Elmhurst College has open relationships with many lenders and service agencies across the country. Because we want to emphasize how important it is for the student to choose a lender, we do not state any preferences for any lender over another and hence do not have a preferred lender list. Research and shopping around for the best loan is a good idea. Taking advantage of established relationships with lending institutions and the Internet are two good places to start.
For more information, please contact the Office of Student Financial Services at (630) 617-3081.
Tuition Payment Plan
The College offers a number of payment plans for its students. For more information, contact the Office of Student Financial Services at (630) 617-3015.
Employer-Supported Tuition Programs
Some employers reimburse employees for tuition costs at the end of the term. To participate in a tuition reimbursement plan, students must submit an approval letter from their employer to the Office of Student Financial Services for each term of registration.
Students on a tuition reimbursement plan are given six weeks after final grades are posted to make payment to Elmhurst College.
Note: A fee per term may be assessed to participate in the reimbursement program.
When your employer or other agency authorizes a billing under its tuition benefit plan and will pay tuition directly to Elmhurst College, service charges relating to the payment will be waived or removed provided the payment is received within six weeks after the end of the term.
Under such plans, payment of the charges cannot be dependent upon grades or course completion.
Graduate Terms and Conditions
Changes in a Student’s Status
A student must be enrolled at least half time to borrow Federal Direct Loans. If a student withdraws from one or more courses, financial aid is adjusted according to institutional and federal guidelines.
Satisfactory Academic Progress
- Failure to make satisfactory academic progress in courses can result in a loss of eligibility for financial aid.
- View the complete Satisfactory Academic Progress policy