Financial Aid - Graduate
A free Federal Student Aid (FAFSA) or Renewal FAFSA application must be filed annually as of October 1st to apply for financial aid.
Direct Unsubsidized Student Loans
- Maximum Annual Amount: $20,500 per year
- Combined Undergraduate and Graduate total cannot exceed $138,500
- Based on registration for at least 4.5 credits as a matriculated student.
Direct Plus Loans for Graduate and Professional Degree Students
Loans are available to Graduate and Professional degree students. Applicants must not have an adverse credit history and must be enrolled at least half time (enrolled in minimum 4.5 credits and all credits must be required for degree). Maximum amount or eligibility is determined by the cost of attendance less any financial aid awarded to the student. You may request a Direct Loan Plus for Graduate/Professional Students at studentaid.gov. Once approved, you must also complete the Plus Graduate Loan Master Promissory Note (MPN) at the above website. For additional information, contact Molloy's Financial Aid Office.
Eligible students must file the FAFSA each academic year. In addition, the student must have utilized maximum yearly federal graduate unsubsidized loan eligibility. Students enter repayment 60 days after the loan is fully disbursed. Interest begins to accrue from the date proceeds are sent from the Department of Education to Molloy College. The interest rate and origination fees are established by Congress and are subject to change each academic year.
Graduate Certification Programs
Students enrolled in Post Master's (Graduate) Certification Programs are eligible for a Direct Unsubsidized Loan up to $20,500 per year. Applicants must be enrolled in a minimum 4.5 credits and all credits must be required for degree.
Nurse Faculty Loan
The Nursing Faculty Loan is a loan cancellation program with a service obligation. To be eligible for the maximum 85% cancellation, the borrower must obtain a full-time faculty position in a school for nursing within one year from graduation and serve for a consecutive four-year period.
To be eligible to receive a Nursing Faculty Loan, the student must be:
- An U.S. citizen or eligible non-citizen
- Enrolled full or part-time in an eligible program
- In good academic standing (GPA - 3.00) in an advanced nurse education program with the intent to obtain a full-time nursing faculty position to teach
To apply, contact the Graduate Nursing Department.
Teach Grant
The Teach Grant is available to full-time or part-time graduate students who are completing or plan to complete the necessary coursework to begin careers in teaching and who agree to serve for at least four years as full-time teachers in high-need fields in schools serving low-income students. Amounts are up to $4,000 per year. Renewal is contingent upon full-time or part-time status, a cumulative GPA of 3.25 and FAFSA renewal. In addition, students must renew the TEACH Grant service agreement and complete the TEACH Grant Entrance Counseling each academic year at studentaid.gov and must continue to be enrolled in eligible degree programs.
Tuition Discount - Education
In recognition of candidates' contribution to religious education, Molloy College offers a 30% tuition reduction in graduate education courses to those who are employed as full-time teachers in religious-affiliated schools. There is also a 30% tuition discount for any courses taken at the Extension site: St. John the Baptist High School in West Islip.
Contact the Office of the Bursar for more details.