Financial Aid Process
To apply for financial aid, new students must complete the following five steps. Failure to complete all steps will delay your receiving financial aid.
Step 1: Apply for a PIN (Personal Identification Number)
You will need your PIN to sign in to the studentloans.gov website, and complete all further steps. You will need to provide your name, address, social security number and date of birth. You will also select and answer a challenge question. You will receive your PIN in approximately three to four days by e-mail or postcard.
Step 2: Complete the Free Application for Federal Student Aid (FAFSA) form for the current award year. You will need information from your federal tax return and W-2 forms for 2011 to apply for the 2012-2013 academic year. (For the 2013-2014 academic year, you will need your tax return and W-2 for 2012.) For assistance, please call the FAFSA hotline at 800-433-3243. Cambridge College's school code is 021829.
Step 3: Complete the mandatory Entrance Counseling Subsidized/Unsubsidized Stafford Loan. All new students must complete entrance loan counseling prior to loans being disbursed to their account.
- New students -- sign in with your PIN and click on Entrance Counseling Subsidized/Unsubsidized Stafford Loan and follow online instructions.
The session will take about 25 minutes to complete, and the Financial Aid office will receive electronic confirmation. Entrance Counseling is a federal requirement even if you have borrowed at other schools.
Step 4: Financial Literacy Counseling All new students and students entering a new program must complete financial literacy counseling prior to loans being disbursed to their account. Go to www.saltmoney.org, create an account and sign in, click on Get Money Smart and complete the following required courses:
- Loan Repayment: Repay your Way
- Financial Goals: Make it Happen
Each course has an exam at the end. You must achieve a score of 80, or re-take the course and exam until you do.
Step 5: Complete the Master Promissory Note
Whether or not you have borrowed before at other schools, you must complete a new promissory note. The Cambridge College direct loan code is G21829.
- New students--MPN for the William D. Ford Federal Direct Loan Program
Go to www.studentloans.gov and click on "Sign Master Promissory Note." For assistance, call Direct Loan Applicant Services at 1-800-557-7394.
Please complete the application thoroughly. If you do not, your loan will be delayed.
- Continuing Students
Continuing students must reapply every year to be considered for continuing financial aid. Only step 2 above is needed. However, if you have not taken out a federal student loan in prior years at Cambridge College, you will need to complete all steps, as a new student.
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 Cambridge College receives your funds. Cambridge College receives/posts federal funding on Mondays. From the date it is posted to your account, Cambridge College has 14 business days to refund any eligible excess funds.
Accepting Your Award - Once all of your information has been submitted and reviewed by our office, an offer of financial assistance will be created for you that outlines the financial aid that you are eligible to receive for the specified academic year. We do not require that you officially accept your offer of assistance. We will assume that you accept the entire aid package unless you specifically notify us that you wish to decline all or part of the award. Please pay close attention to the language contained in the financial aid award letter as it will provide important information about the paperwork and processes that are necessary to obtain certain sources of financial aid.
Declining Your Award
- Should you decide to decline any part of your award, we ask that you send an email to your financial aid counselor from your Cambridge College email address (@go.cambridgecollege.edu) indicating the type of aid and amount you would like cancelled.
Reporting Outside Assistance
If you will be receiving any forms of assistance not listed on your offer (such as a scholarship from an outside organization), you need to notify us of this additional resource.
Reduction in Enrollment
A reduction to your course load may result in a reduction or cancellation of your aid.
Any student may be selected for verification by the federal government or the Financial Aid Office. The verification process allows financial aid counselors to review the information reported on the FAFSA, checking for accuracy against documents provided by you. The U.S. Department of Education has instituted some changes to the verification process for the 2013-2014 award year. Learn more about the changes here.