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 the following: 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. How do I apply?

A. You must complete the Free Application for Federal Student Aid (FAFSA), which is available through the Financial Aid Office, and submit it and other required documents listed on the Financial Aid Folder Checklist Please click here for a Financial Aid Application Packet.

Q. What is Satisfactory Academic Progress?

A. Satisfactory Academic Progress is the successful completion of an established number of credits each semester in correlation to the number of courses attempted. Please click here for a satisfactory academic progress policy for financial aid recipients.

Q. Can I apply on the Internet?

A. The Department of Education has established a website that allows students to complete an electronic FAFSA on the Web. After completing the application, students must download the signature page, sign it, and mail it to the Department of Education Central Processing System. Please click here to complete an electronic FAFSA on the Web

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 In School status, grace period, and authorized deferment periods.To qualify for a Federal Subsidized student loan, 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. What is the Maximum amount I can borrow?

A. Undergraduate students may borrow according to their year in school. First Year = 2625 Subsidized Loan - 4000 Unsubsidized Loan Second Year = 3500 Subsidized Loan - 4000 Unsubsidized Loan Third Year and Fourth Year 5500 Subsidized = 5000 Unsubsidized Loan. Graduate students may be eligible to borrow up to $18,500 per Academic Year.

Q. I have a defaulted loan, whom should I contact.

A. If the defaulted loan is a Federal Stafford loan, you should contact the holder or Service of the loan. If the loan is a Federal Perkins loan, you should 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 triage desk 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. Are scholarships available?

A. Cambridge College has several scholarship opportunities available to students. Some scholarships are associated with specific programs. Awards range from $1,000 to $5,000. Contact the Cambridge College Financial Aid Director for additional information.

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.

Q. What paperwork is required if I only want to borrow?

A. All paperwork listed on the folder checklist. folder checklist

Q. Can I borrow funds to purchase a computer?

A. Students who wish to purchase or rent a personal computer for academic purposes and be reimbursed with a federal loan, must first provide proof of purchase or rental to the Financial Aid Office before the loan will be written. The printed receipt must show the amount paid, the student's name, and the date of purchase ( no more than 60 days prior to the beginning of the term). An invoice is not acceptable.

Q. What is an Exit Interview?

A. All borrowers of federal student loans must participate in a federally mandated exit interview with the Financial Aid Office prior to graduating or dropping to less than half-time enrollment status. Exit interviews are conducted to help prepare students for repayment of their student loan. Participating in an exit interview provides an opportunity to discuss your student loan obligations and to raise questions about repayment. Failure to attend an exit interview will result in the retention of your degree, diploma and access to official transcripts. If you have questions about this interview, contact the Financial Aid Office. Go to: www.exitinterview.com/cambridgecollege

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