Financial Aid FAQs

The financial aid office welcomes your questions. To schedule an individual counseling session, please call the Financial Aid Office at (800) 877-4723 ext. 1440, or visit us at 1000 Massachusetts Avenue, Cambridge.

Q. What is Financial Aid?

A. Financial Aid is the difference between the cost of your education and what you are able to pay. Your cost of attendance budget includes: tuition, books, supplies, transportation, minus the expected family contribution - determined by the Department of Education from information you provided on your Free Application for Federal Student Aid (FAFSA).

Q. What are the requirements to apply for Financial Aid?

A. Applicants must meet all of the following requirements: Citizens of the United States / Trust Territories or permanent residents who are not in default on federal student loans. Must have a high school diploma or G.E.D. Enrolled at Cambridge College in a degree or an eligible certificate program at least half-time Male students must be registered with the Selective Service (if required) Must have a valid Social Security number

Q. When should I apply?

A. As soon as you know you will be attending school. The Department of Education will use your financial information to determine your aid eligibility; when applying for state grants, it is important to apply before April 15.

Q. Am I eligible for aid if I have filed for bankruptcy.

A. Students who have filed a Chapter 7, 11 or 13 bankruptcy are eligible for Federal Stafford Loans provided that they have not claimed in the bankruptcy a loan that was in default prior to filing the bankruptcy.

Q. What is the Expected Family Contribution?

A. When you complete the FAFSA, the Department of Education will use the information you provide to calculate your Expected Family Contribution (EFC). The EFC is the amount you are expected to contribute toward your education. The EFC is used to determine your eligibility for Federal, State and Institutional Aid. Your EFC is located in the upper right hand corner of your Student Aid Report. The Financial Aid Office will review your file and award appropriately.

Q. What is a Federal Subsidized Loan?

A. The federal government pays the interest on a federal subsidized student loan during your in-school status, grace period, and authorized deferment periods. To qualify, a student must demonstrate financial need.

Q. What is a Federal Unsubsidized Loan?

A. This loan does not qualify for federal interest subsidy. In most cases the interest that accumulates on an unsubsidized loan will be capitalized and added to the principal balance. A student who only qualifies for a portion of the subsidized loan limit may apply for an unsubsidized Stafford loan to cover remaining financial need up to the annual loan limit.

Q. I have a defaulted loan. Who should I contact?

A. If the defaulted loan is a federal Stafford loan, contact the holder or servicer of the loan. If the loan is a federal Perkins loan, contact the school from which you received the Perkins loan.

Q. Where can I have additional questions answered?

A. You may contact the Financial Aid Office hotline at 1-800-877- 4723 extension 1440.

Q. Will I qualify for a Pell Grant?

A. Your Pell Grant eligibility will be determined by the Department of Education if you are an undergraduate student earning your first undergraduate degree. Your enrollment status assists in determining the amount of your Pell Grant award.

Q. What types of aid are available?

A. Federal and State grants for undergraduate students (do not have to be repaid) Federal Family Education Loan Programs have a variable interest rate that is capped at 8.25% Subsidized Federal Stafford Loans with a variable interest rate capped at 8.25%. All loans must be repaid. The Government pays the interest while the student is enrolled in school. Unsubsidized Federal Stafford Loans are non-need based loans for borrowers who do not qualify for the subsidized loan program or for borrowers who need more than the maximum subsidized amount of $8500. The Government does not pay the interest on this loan. Interest accrues during in-school status. Federal Work Study opportunities can be on or off campus. The maximum allowable work hours are 20 hours per week. Students are paid weekly. Positions are posted on the student lounge bulletin board. Federal Perkins Loan Program Alternative Loan Programs For more information visit our web page on types of financial aid opportunities available.

Q. Should I search for scholarships on the Internet?

A. There are many scholarship opportunities advertised on the Internet. You should be cautious of scholarship advertisements that charge a fee for information.

Q. What is the Master Promissory Note (MPN)?

A. The Department of Education has created a Promissory Note that will allow students to receive multiple loans without having to sign an additional Promissory Note. The same note can be used for the subsidized and unsubsidized programs.

Q. What is the SAR (Student Aid Report)?

A. After you have filed a FAFSA, you will receive a Student Aid Report anywhere from four to six weeks later in the mail. Please review all of this information carefully. If there are NO changes that need to be made, please keep for your records. DO NOT submit the SAR to the Financial Aid office unless requested. If there are any corrections to be made, please contact the Financial Aid Office for instructions. please contact the Financial Aid Office for instructions.

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