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The Financial Aid Process for New Students:
New students who are interested in applying for financial aid must complete the following five (5) steps. Failure in completing all the steps will delay receiving a financial aid award package. If you need assistance completing any of the steps you may call NELNET College Planning center at 1-866-866-7372 who is working with Cambridge College to help you complete your financial aid process.
Step 1: Complete the Cambridge College Financial Aid Application.
This is an institutional application required of all students. The application can be found on our website under Financial Aid Forms.
Step 2: Apply for a PIN (Personal Identification Number)
A PIN allows you to electronically sign your Free Application for Student Aid (FAFSA) and Master Promissory Note (MPN) for the Stafford Loan. You can apply for a pin number by going to www.PIN.ed.gov. When applying for your PIN, 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 3: Free Application for Federal Student Aid (FAFSA)
This link will give you the FAFSA home page, www.fafsa.ed.gov, to complete the FAFSA form for the 2007-2008 academic year. You will need information from your 2006 federal tax return and W-2 forms to complete the financial part of the application. For assistance with completing the FAFSA, please call the FAFSA hotline at 1-800-433-3243. Cambridge College's school code is 021829.
Step 4: Mandatory Entrance Loan Counseling.
Click the first item on the site menu, Student Loan Counseling Interview; this will give you another menu where you will again click the first item, Stafford Entrance Counseling. At the bottom of the first page, select the state, Massachusetts and then select Cambridge College. The session will take approximately 25 minutes to complete and the Financial Aid office will receive an electronic confirmation. The Entrance Counseling is a Federal requirement for students who are borrowing Federal Student Loans. Even if you have borrowed at other schools, you are required to complete this step.
IMPORTANT--YOU MUST BE AWARDED BEFORE YOU CAN COMPLETE THIS NEXT STEP.
Step 5: Master Promissory Note.
Once you have chosen your lender you will go to American Student Assistance's (ASA) website www.amsa.com.
List of Lenders:
Disclaimer---Cambridge College does not endorse any of these lenders, but believe they give excellent benefits and customer service. You may choose any lender that is willing to lend to students at Cambridge College. Please contact the lender directly if they are not on this list.
Benefits are subject to change. Contact the lender for the most up to date benefits.
Wachovia
Lender code 830005
1% origination fee
1% default fee
Citibank
Lender Code 826878
1% origination fee
1% default fee
.50% interest rate reduction at repayment
.25% interest rate reduction for ACH
Access Group
Lender code 808851
1% federal default fee
1% origination fee
0.25% interest rate reduction for authorizing auto-debit payments
Extended Repayment Release Access Group will waive up to the last 12 monthly payments when a borrower chooses and utilizes extended repayment over 25 years
Combined billing with all other Access Group loans
Standard, Graduated and Income-Sensitive repayment plans also available
Citizens
Lender code 817729
1% Origination Fee
1% Default Fee
0.30% interest rate reduction for automatic payment
deduction from any bank account
Chase
Lender code 803000
0% Origination Fee
1% Default Fee
0.10% interest rate reduction at repayment
Ed America
Lender code 831453-60
1% Origination Fee
1% Default Fee
0.25% interest rate reduction with auto-debit
One point of contact for life-of-loan servicing
Combined billing available
There you will click on the link for ASA Direct. At this site you will complete the Master Prom Note for the Federal Stafford Loan. As a first time user, you will be instructed to create a user name and password. Please be sure to complete the application thoroughly. If you do not, it will delay the processing of your loans. If you have an issue completing the MPN call ASA at 1-800-999-9080. You will need your FAFSA PIN to act as your electronic signature.
The Financial Aid Process for Continuing Students:
Students must reapply every year if they wish to be considered for financial aid. Continuing students need only follow these steps (1 & 3):
Step 1: Complete the Financial Aid Application.
This is an institutional application and a required document for all students who wish to be considered for financial aid. You can find this application on our website under Financial Aid Forms.
Step 3: Free Application for Federal Student Aid (FAFSA).
If you applied in the prior year and are a continuing student, you will complete the Renewal FAFSA. Your PIN will bring up your file and you will update your financial information.
If you experience any problems when using this site, please contact the IT department.
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