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We urge students to become familiar with each of the programs described here. In order to ensure that financial aid requests are not delayed, we recommend that you supply all pertinent information in advance of the deadlines.
Financial aid awards are posted to student accounts beginning on the Monday after the Add/Drop deadline. Loan agency funding may take up to 10-14 business days from their disbursement date before the college receives your funds. The college receives/posts federal funding on Mondays. From the date it is posted to your account the College has 14 business days to refund any eligible excess funds.
Subsidized and Unsubsidized Federal Stafford Loans
The Stafford Loan is the primary funding source for many Cambridge College students. It is administered through the Financial Aid Office in cooperation with participating lending institutions. Eligible graduate students can apply for up to $8,500 in subsidized loans and $10,000 in unsubsidized loans per academic year through these federal low-interest loan programs. Subsidized and unsubsidized Stafford Loans can be obtained at a variable interest that has been capped at 8.25%. You must be enrolled at the College at least half time to be eligible for Federal Stafford Loans. (Graduate students must carry a minimum of four credits per semester; undergraduate students, at least six credits.) Eligible undergraduates may apply for federal or state grants based on their year in college and other criteria.
All students must demonstrate satisfactory academic progress and good academic standing to maintain financial aid eligibility.
To begin the process, students must complete the Free Application for Federal Student Aid (FAFSA). Students will also need to provide other documentation, including copies of the previous year's federal income tax forms. The Department of Education will determine the official expected family contribution and each student's eligibility to participate in federal aid programs. When eligibility has been determined, the Financial Aid Office will forward the promissory note to the lender and send a financial aid award letter to the student.
There is no mandated credit check for the Stafford Loan; however, if you have defaulted on a previous student loan, you may not be eligible for federal funding until your unpaid balance is satisfied. Federal authorities pay close attention to the repayment of such loans. Repayment of the Stafford Loan ordinarily does not begin until six months after graduation; there are deferment provisions for full-time study, unemployment, or disability.
Graduate and professional degree students are now eligible to borrow under the PLUS Loan Program up to their cost of attendance minus other estimated financial assistance. The terms and conditions applicable to Parent PLUS Loans also apply to Graduate/Professional PLUS loans. These requirements include a determination that the applicant does not have an adverse credit history, repayment beginning on the date of the last disbursement of the loan, and a fixed interest rate of 8.5 percent in the FFEL program. Applicants for these loans are required to complete the Free Application for Federal Student Aid (FAFSA). They also must have applied for their annual loan maximum eligibility under the Federal Subsidized and Unsubsidized Stafford Loan Program before applying for a Graduate/Professional PLUS loan
TO APPLY: VISIT WWW.AMSA.COM AND CLICK ON ASA DIRECT. YOU WILL BE ABLE TO APPLY FOR A GRAD PLUS LOAN DIRECTLY WITH ASA. IF YOU HAVE ANY PROBLEMS CALL ASA AT 1-800-999-9080. You may also apply directly with the lender of your choice, but this may cause a delay in the disbursement of your loan.
Work-study funding is available in the form of stipends for students who work for the college or for off-campus, nonprofit organizations. Inquiries about these work opportunities should be directed to the Financial Aid Office at tina.johnson@cambridgecollege.edu.
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To apply for alternative loans please go to: www.elmselect.com
Many companies offer full or partial reimbursement of tuition costs. Students should check with their company's personnel office to ascertain reimbursement policies.
Students eligible for the veteran benefit G.I. Bill assistance should contact their regional Veterans Administration Office, or lisa.zhou@cambridgecollege.edu.
If you experience any problems when using this site, please contact the IT department.
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