Financial Aid
Financial Aid Information for the ¾Ã¾ÃÈÈ Clinical Mental Health Counseling Program
Federal Unsubsidized Loan
The primary source of financial assistance for students attending ¾Ã¾ÃÈÈ will be the Federal Unsubsidized Student Loan. Graduate students may borrow up to $20,500 through the Unsubsidized Loan program. The student will be charged interest from the time the loan is disbursed until it is paid in full. If the interest is capitalized (allowed to accumulate) it will be added to the principal amount of the loan and will increase the amount the borrower will have to repay. If the choice is made to pay the interest as it accumulates, the total interest charges paid during repayment will be considerably less. The maximum unsubsidized loan for graduate and professional study is $20,500 per year.
The total amount a graduate or professional student may borrow from all loans combined is $100,000, not including ¾Ã¾ÃÈÈ debt.
Under current law, the fixed interest rate charged on Federal Unsubsidized Loans is set each year by the Department of Education at the beginning of July. There are also small origination and guarantee fees associated with each loan. These fees are deducted up front and thus lower the actual amount of each disbursement.
Repayment of Unsubsidized Loans begins six months after graduation or withdrawal. This is called the grace period. During the grace period on an Unsubsidized loan, no payment of any principal is due.
The Federal Unsubsidized Loan is disbursed once per term. For more information, visit elon.edu/finaidborrow. First-time borrowers are required to complete student loan entrance counseling and a Master Promissory Note, which are available at .
Private Loan Options
For students who need financial assistance beyond the $20,500 federal Unsubsidized Loan maximum, there are various private lender loan options. These loans allow for the deferment of repayment while the student is enrolled in the CMHC program. The maximum amount a student may borrow for any of the private loans options is the Estimated Cost of Attendance for the CMHC Program; less any federal Unsubsidized Loans and other forms of financial aid a student may be receiving.
You can find a listing of the most popular private loans our current students are using at the . Be sure to look at the loans carefully as the lenders are free to set interest rates and repayment options individually so each one will be different.
How to Apply for Student Loans
- Complete the Elon Financial Aid Application and submit to the Office of Financial Aid. This is found in your student portal.
- Complete and submit the Free Application for Federal Student Aid (FAFSA). The FAFSA should be filed electronically online at .ÌýElon’s Federal Title IV School Code is 002927.
Contact Information