Types of Financial Aid for Graduate Students

To help qualified students afford an MCAD education, several different types of financial aid options are available.

Financial Aid for MFA Visual Studies Students
 

MFA Grants

MCAD Opportunity Grants and MCAD Renewable Opportunity Grants

Grants are like gifts—they do not have to be repaid, and grants are usually awarded to students with the fewest economic resources.

MCAD Opportunity Grants and MCAD Renewable Opportunity Grants are awarded by MCAD to MFA students who show demonstrated financial need. To be considered for these grants, students must complete the FAFSA by the posted deadlines each year.

Yellow Ribbon Grant

The Yellow Ribbon GI Education Enhancement Program is a provision of the Post-9/11 Veteran’s Educational Assistance Act of 2008, also known as Post-9/11 GI Bill. Additional grant information and application form >

MFA Scholarships

Admissions MFA Trustees Scholarship

This scholarship competition is open to all entering graduate MFA students. The Trustees Scholarship is awarded based on the strength of the applicant's admissions file. Students must have all application materials submitted to MCAD by January 15 to be considered for this scholarship. This is a merit-based competition, so completion of the FAFSA is not necessary for this award.

Annual MCAD MFA Merit Scholarships

This scholarship program is designed for graduate MFA students presently enrolled full-time at MCAD. You should watch for information on the Merit competition in late January/early February for specific application procedures. Graduate faculty members of each division select the winners. A GPA of 3.0 or better is required.

External Scholarships

Outside scholarships, many of which are based on merit or special criteria, are an increasingly important source of funding for students. MCAD students bring in external scholarship money awarded by businesses, community groups, and religious organizations.

Loans

Federal Direct Stafford Loans

The Federal Stafford Loan program enables eligible students the option to obtain a long-term, low fixed-interest rate loan. This program will start repayment six months after a student withdraws, drops below half time or graduates from college. The amount awarded is based on a student's grade level and can be awarded in two forms: subsidized or unsubsidized.

Learn more about required loan counseling or interest rates, award amounts, and other loan information.

Subsidized Stafford Loans

A subsidized Stafford Loan is awarded on the basis of financial need, based on the information supplied on the FAFSA. The federal government "subsidizes" (pays) the interest until the loan goes into repayment.

Unsubsidized Stafford Loans

This is a non need-based loan, and awarded based on the information supplied on the FAFSA. Interest is not subsidized (or paid) by the federal government. Students have the option to pay the interest while attending school or have the interest accumulate and be capitalized at repayment.

Independent undergraduate students, as well as dependent students whose parent has been denied a Federal PLUS loan, may obtain additional loans through the Unsubsidized Stafford Loan program. Award amounts are based on the student's grade level.

Federal Direct Graduate PLUS Loans

The Federal Direct Graduate PLUS loan is available for students completing their MFA or MA degrees. Graduate students may borrow up to the cost of attending MCAD minus any other financial aid. More information on loan terms and interest rates can be found at http://www.direct.ed.gov/student.html.

Students need to complete an online Master Promissory Note (MPN) and loan request to borrow this loan.

Learn more about required loan counseling.

Alternative Loans

Alternative loan programs assist you in financing the cost of your education. Most alternative loans allow you to borrow the remainder of what the traditional financial aid programs did not cover. Alternative loan programs may require a co-signer if you have not established a credit score. Generally, alternative loan programs will wait until six months after you graduate, withdraw, or drop below half-time enrollment before going into repayment. Interest rates vary.



Review and apply for alternative loan options.

MFA Graduate Assistantships

Technical Assistantships

MCAD awards graduate technical assistantships to qualified MFA candidates. These assistantships are designed to provide graduate students with meaningful extracurricular experience and to help offset the expense of tuition.

Available both on and off campus, assistantships are for one academic year (two semesters) and may only be renewed in extraordinary or extenuating circumstances. All admitted and returning students will receive the graduate assistantship mailing in late spring or early summer prior to that academic year. Graduate assistantships are subject to financial aid regulations and, if you are hired, may result in a reduction of your Federal Stafford Loans. To apply, you must be an enrolled graduate student registered for no fewer than nine credits.

Installment Payment Plan

Monthly Payment Plan

You may be eligible to participate in a monthly payment plan. For more information, contact the business office.

 

Financial Aid for MA Sustainable Design Online Students
 

Scholarships

External Scholarships

Outside scholarships, many of which are based on merit or special criteria, are an increasingly important source of funding for students. MCAD students bring in external scholarship money awarded by businesses, community groups, and religious organizations.

Loans

Federal Direct Stafford Loans

The Federal Stafford Loan program enables eligible students the option to obtain a long-term, low fixed-interest rate loan. This program will start repayment six months after a student withdraws, drops below half time or graduates from college. The amount awarded is based on a student's grade level and can be awarded in two forms: subsidized or unsubsidized.

Learn more about required loan counseling or interest rates, award amounts, and other loan information.

Subsidized Stafford Loans

A subsidized Stafford Loan is awarded on the basis of financial need, based on the information supplied on the FAFSA. The federal government "subsidizes" (pays) the interest until the loan goes into repayment.

Unsubsidized Stafford Loans

This is a non need-based loan, and awarded based on the information supplied on the FAFSA. Interest is not subsidized (or paid) by the federal government. Students have the option to pay the interest while attending school or have the interest accumulate and be capitalized at repayment.

Independent undergraduate students, as well as dependent students whose parent has been denied a Federal PLUS loan, may obtain additional loans through the Unsubsidized Stafford Loan program. Award amounts are based on the student's grade level.

Federal Direct PLUS Loans

Graduate students may borrow up to the cost of attending MCAD minus any other financial aid.

All Federal Direct PLUS Loan borrowers must print and fill out the Federal Direct PLUS Loan Request Form and submit it to the financial aid office.

Learn more about required loan counseling.

Alternative Loans

Alternative loan programs assist you in financing the cost of your education. Most alternative loans allow you to borrow the remainder of what the traditional financial aid programs did not cover. Alternative loan programs may require a co-signer if you have not established a credit score. Generally, alternative loan programs will wait until six months after you graduate, withdraw, or drop below half-time enrollment before going into repayment. Interest rates vary.



Review and apply for alternative loan options.

Installment Payment Plan

Monthly Payment Plan

You may be eligible to participate in a monthly payment plan. For more information, contact the business office.