How Do I Pay for Graduate School?
Financial Aid Process • Payment Plans
Payment Options
We know that paying for your graduate degree is an important factor when choosing a school. Contact the Graduate Information Office to talk more about the key factors to consider – or, read on to learn about the different ways you can finance your graduate degree.
Financial Aid Process
Applying for Financial Aid
Complete all steps below to apply for financial aid.
Note: There are financial aid options that are not based on need. Most students in our online programs use financial aid to pay for their program. We recommend that you complete these steps as soon as possible to make sure that your payment arrangements are in order by the first night of class. For help, please contact the Financial Aid Office at (516) 323-4200 or financialaid@molloy.edu.
Students should submit the 2023-2024 form. You will need your 2021 Federal Tax Return, your FSA ID (https://studentaid.gov/fsa-id/sign-in/landing), and Molloy University’s School Code (002775). Graduate students are considered independent for financial aid purposes.
Review your Student Aid Report (SAR) for accuracy
You will receive this form 7-10 days after the FAFSA is submitted. If there are any errors on your SAR, log back into your FAFSA to make corrections.
You will receive your financial aid award letter from Molloy once you have been academically accepted.
This lists the financial aid you will qualify for. If you wish to decline all or a portion of the award, notify the Financial Aid Office in writing. Be sure to contact the Financial Aid Office if you have any questions on your award.
Complete Loan Entrance Counseling and the Master Promissory Note
Entrance Counseling is only required for first time Federal Direct Loan borrowers; all borrowers must complete a Master Promissory Note. Both can be completed at http://studentaid.gov (you will need your FSA ID from Step 1).
Students Receiving Financial Aid
Federal Loan Requirements
To be eligible to borrow funds under the Federal Direct Loan Program, you must:
- File the Free Application for Federal Student Aid (FAFSA)
- Be a U.S. Citizen or permanent resident
- Not be in default on prior educational loans
- Maintain satisfactory academic progress
Enrolling in a Pay-As-You-Go Payment Plan
The Monthly Payment Plan at Molloy University allows you to pay your education expenses in smaller, more manageable monthly installments. Payment plans are done by semester, with five monthly payments each semester due on the 25th of each month. Payment plans are interest free, and require a $45 enrollment fee.
For more information and to enroll go to https://www.molloy.edu/admissions-aid/bursar/#accordion1. You can also contact the Office of the Bursar by phone at (516) 323-4100 or by email at officeofthebursar@molloy.edu.
Payment plans go through Transact: https://www.molloy.edu/admissions-aid/bursar/#accordion1
The Federal (Title One) Teacher Loan Forgiveness Program
If you and your school qualify, this program may provide loan forgiveness for eligible Federal Direct Loans. This is a separate program requiring separate forms and processes. The U.S. Department of Education will determine your eligibility for this program; Molloy University is not responsible to verify your eligibility for this program. Please do not based your enrollment on this program, as it can be difficult to ensure qualification for government programs which are subject to reform and funding changes.
You must call 1-800-4-FED-AID to verify your eligibility or visit https://studentaid.gov/sa/repay-loans/forgiveness-cancellation/teacher for an application.
Important Notes:
- We will work with students who receive tuition reimbursement from their employer.
- If you are using financial aid to pay for tuition, you must be enrolled and admitted to the program of your choice before your student loan funds can be released. You may be required to make payments until your financial aid funds are released.
TEACH Grant
Program provides up to $4,000 a year in grant assistance to students who are completing coursework towards certain high-need fields. In order to be eligible for a grant, a student must submit a FAFSA form and sign an Agreement to Serve as a full-time teacher at certain low-income schools and within certain high-need fields for at least four academic years within eight years after completing (or ceasing enrollment in) the course of study for which the candidate received a grant. The U.S. Department of Education and Student Financial Services Office will determine your eligibility for this program. The TEACH Grant converts to an unsubsidized Direct Loan if the student fails to complete any part of his or her obligation. This loan, plus interest, must be repaid.
Eligible programs: SWD Adolescent, SWD Childhood, and TESOL
For more information, visit https://studentaid.gov/teach-grant-program.