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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.
Federal Direct Loans are available to all students who are enrolled at least half time. Federally subsidized loans are based on financial need. Unsubsidized loans are available to students who do not qualify for subsidized loans.
The interest on subsidized Federal Direct Loans is paid by the federal government while students are enrolled. Students may pay the interest on Federal Unsubsidized Direct Loans while enrolled or allow the interest to accrue. Accrued interest will increase the principal amount of the loan and result in higher monthly payments. Repayment begins six months after a student is no longer enrolled at least half time. Current rates for 2010/2011 are:
Undergraduate Subsidized Loan -- 4.5%
Undergraduate Unsubsidized/Graduate Subsidized and Unsubsidized -- 6.8%
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 Direct 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.
Undergraduate Programs -- At Cambridge College, 6 credits is considered half-time in the undergraduate program, 9 credits is considered 3/4 time and 12 credits is considered full-time. You must be enrolled at least half-time to qualify for federal and/or state aid.
2011-2012 Academic Year
Maximum amounts that a student may qualify for under the Federal Direct Loan and Unsubsidized Loan programs: Dependent undergraduates (excluding dependent
students whose parents can't get PLUS) | Subsidized | Total Subsidized
and Unsubsidized | | First year (0-29 credits) | $3,500 | $5,500 | | Second year (30-59 credits) | $4,500 | $6,500 | | Third year and beyond (60-120 credits) | $5,500 | $7,500 | Independent undergraduates and dependent
students whose parents can't get PLUS |
| | | First year (0-29 credits) | $3,500 | $9,500 | | Second year (30-59 credits) | $4,500 | $10,500 | | Third year and beyond (60-120 credits) | $5,500 | $12,500 | | Professional and graduate students (all years) | $8,500 | $20,500 |
Grad Plus Loans, with a fixed rate of 7.9%, are available to credit-worthy students. If a student is denied on the basis of an adverse credit history, the student may obtain a credit-worthy endorser who will be responsible for the loan. The Grad Plus is available to students only after they have borrowed the maximum on the subsidized and unsubsidized Direct 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.
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, and
the SOC contact person and veterans certifying representative at their Cambridge College campus or regional center.
See also Veterans Benefits
If you experience any problems when using this site, please contact the IT department.
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