Types of Financial Aid

Lawrence Memorial/Regis College, following its Financial Aid Code of Conduct, is committed to helping qualified students reach their educational goals by providing a variety of financial aid programs and resources, including:

Grants

Pell Grant Need-based from the federal government

To qualify, the student must have significant financial need and not have a prior bachelor’s degree.

Amount is based on the student’s EFC (Expected Family Contribution, as determined by the student’s submitted/processed FAFSA) and enrollment status.

Supplemental Educational Opportunity Grant (SEOG) Need-based from the federal government Awarded to Pell Grant recipients on a very limited basis.
Mass Grant Need-based from the Commonwealth of Massachusetts

To qualify, the student must be a Massachusetts resident, enrolled full-time (12+ credits), complete the FAFSA by May 1, not have a prior bachelor’s degree.

Amount is based on the student’s EFC (Expected Family Contribution, as determined by the student’s submitted/processed FAFSA).

Massachusetts Gilbert Grant Need-based from the Commonwealth of Massachusetts To qualify, the student must be a Massachusetts resident, enrolled full-time (12+ credits), not have a prior bachelor’s degree.


Awards are made on a funds-available basis.

Massachusetts Part-Time Grant Not need-based, from the Commonwealth of MassachusettsAmount is based on the student’s EFC (Expected Family Contribution, as determined by the student’s submitted/processed FAFSA) and enrollment status.

To qualify, the student must be a Massachusetts resident, enrolled part-time (6-11 credits) and not have a prior bachelor’s degree.

Awards are made on a funds-available basis.

Third-party/outside scholarships

Scholarships are a wonderful source of funding as they do not need to be repaid.  The key to obtaining scholarships is to seek them out actively and once identified, invest the time to apply.   

Locally and nationally, a wide array of for-profit and non-profit organizations offer scholarships.  For example, one student shared that they applied for and received a scholarship from a national non-profit group whose members are other adoptees from their birth country.  This same student also applied for and received a scholarship from their town’s scholarship foundation. 

The take-away 

Look near and far to identify scholarships for which you are eligible to apply.  Consider: your or your family members workplace(s); organizations to which you and your family members belong (houses of worship; community centers; arts organizations; sports organizations; etc. etc.) — the possibilities are countless! 

Where to start 

The US Department of Education has a useful guide:  https://studentaid.gov/understand-aid/types/scholarships 

Links to third-party/outside scholarship search engines 

Disclaimer: By providing these links, Lawrence Memorial/Regis College is in no way endorsing these sites or providers and cannot be held liable for the information contained therein. 

Educational loans

Federal Direct Stafford Loan

To qualify, the student must be enrolled at least half-time (at least six credits).

Subsidized loan
Available to students who demonstrate financial need. The interest is paid (subsidized) by the federal government while the student is in school.

Unsubsidized loan
Available to any student. The student is responsible to pay the interest on the loan from when the loan starts while the student is in school to when it is fully paid off.

Maximum annual loan limits
First-year student: $5,500 (if dependent); $9,500 (if independent) Second-year student: $6,500 (if dependent); $10,500 (if independent)

Requirement for first-time borrowers
All first-time borrowers must complete the Master Promissory Note and Entrance Counseling at www.studentaid.gov/entrance-counseling

Federal Direct Parent Loan for Undergraduate Students (PLUS)

To qualify, the student must be enrolled at least half-time (at least six credits) and be a dependent of their parents. Loan not based on financial need. Parents must be credit-worthy and can apply at https://studentaid.gov/plus-app/parent/landing

Private Educational Loans

We encourage students to borrow with federal loans before applying for private educational loans because the interest rates may be more favorable.

Students who have borrowed up to their limit of federal loans may want to consider borrowing with a private educational loan. Keep in mind that interest rates typically vary based on the borrower’s credit rating. Consider adding a co-signer with a strong credit history, as it typically results in a lower interest rate and a higher chance of approval.

Click here for a list of private loans.

Work-Study

Federal Work Study (FWS) is a federally subsidized program that provides job opportunities to help students with educational expenses.

To qualify, the student must have completed the FAFSA and demonstrate financial need.

Tuition discounts & reimbursements

Tufts Medicine employees and their immediate family members (spouse and children) may qualify for a tuition discount.

Also, many employers offer tuition reimbursement.

For more information, please see: Tuition Discounts & Reimbursements

Questions?

For more information, contact the LMRC Financial Aid Office at LMRCFinaid@tuftsmedicine.org