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Loan Information
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.
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.
Federal Family Education Loan Programs (FFELP) - Federal Perkins loans
These low-interest, long-term loans are available on the basis of financial need to undergraduate and graduate students to help pay their educational costs.
The repayment period begins nine months after a student is no longer enrolled at least half time and normally ends ten years later.
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.
Request More Information
Alternative Loan Programs
To apply for alternative loans please go to: www.selectyourlender.com/cambridgecollege
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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1000 Massachusetts Avenue, Cambridge MA 02138 ~ Nationwide: 1-800-877-4723
Cambridge College is accredited by the New England Association of Schools and Colleges. The College and all its degree programs are authorized by the Massachusetts Board of Higher Education. The College is authorized to operate and offer selected degree programs in their states by the California Bureau for Private Post-Secondary and Vocational Education, the Georgia Nonpublic Postsecondary Education Commission, the Council on Higher Education of Puerto Rico, and the Council of Higher Education for Virginia. Cambridge College is authorized for operation as a postsecondary education institute by the Tennessee Higher Education Commission in the state of Tennessee. |
