Conway offers financial aid packages that combine federal loans (explained below) and modest Conway Grants, which are need-based. These two sources combined may equal up to the full cost of attendance, including tuition and living expenses. Applicants may also apply for outside scholarships, which can greatly reduce the need for loans. These scholarships often have deadlines in the winter and even the fall, so applicants are recommended to apply early to Conway.
The Conway School participates in the U. S. Department of Education’s Direct Loan Program. Stafford and Direct PLUS loans are available through this program.
- Stafford unsubsidized loans can fund up to $20,500 toward the cost of graduate education. These government loans are offered at fixed interest rates and repayment may be deferred while in school; loan payments need not begin until six months after graduation. Interest accrues on Stafford unsubsidized loans while a student is enrolled in school. The interest can be capitalized and deferred until repayment begins.
- Direct PLUS loans are available up to the total cost of attendance less any other financial assistance, including Stafford loans. These loans have an interest rate slightly higher than the Stafford loans and are subject to a credit check. Repayment of these loans begins as soon as the loan is fully disbursed; however, you may automatically apply an in-school deferment of your loan as long as you remain enrolled. There is no grace period on these loans when you stop attending school; however, you can request a six-month deferment from your graduation date. Both Stafford and Direct PLUS loans have a standard 10-15 year repayment term.
- Alternative or private student loans may also be available. It is important to keep in mind these factors:
- Alternative loans are usually credit-based and many loans require a co-signer.
- The interest rate is often based on your credit rating.
- Fees vary among programs.
- There is no federal interest subsidy on an alternative loan.
- Not all alternative loan programs have a grace period.
All students who are considering applying for financial aid must complete the Department of Education’s Free Application for Federal Student Aid (FAFSA). The Student Aid Report (SAR) generated from the FAFSA application will be used by the school to help determine loan eligibility. FAFSA can be done online any time after January 1.
Loans can be originated by the school only after a student has been accepted, confirmed attendance by coutersigning and returning the enrollment agreement, returned the signed financial aid award letter received from the school, completed the on-line financial aid entrance interview, and completed a Master Promissory Note(s).
To ensure that loan funds will be available when school begins in September, applicants can and are strongly advised to start financial aid applications at the same time they apply for admission.
FINANCIAL AID RESOURCES
The College Board
(800) 927-4302 or (609) 921-9000
Sallie Mae Student Loans
Discover Student Loans