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To apply for financial aid, new students must complete the following five steps. Failure to complete all steps will delay your receiving financial aid.
Step 1: Download and complete the Cambridge College Financial Aid Application
2008-2009 application -- Summer 2009: NITE and other new students please use this form.
2009-2010 application -- Use this form for the academic year that begins in the Fall 2009.
Step 2: Apply for a PIN (Personal Identification Number)
A PIN will allow you to electronically sign your Free Application for Student Aid (FAFSA) and Master Promissory Note (MPN) for the Stafford Loan. To apply for a PIN, go to www.PIN.ed.gov/. 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: Complete the Free Application for Federal Student Aid (FAFSA)
This link will take you to the FAFSA home page, www.fafsa.ed.gov/, to complete the FAFSA form for the current award year. You will need information from your 2007 federal tax return and W-2 forms to complete this application. For assistance with the FAFSA, please call the FAFSA hotline at 800-433-3243. Cambridge College's school code is 021829.
Step 4: Complete Mandatory Entrance Loan Counseling.
Click the first menu item, 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 about 25 minutes to complete, and the Financial Aid office will receive an electronic confirmation. This Entrance Counseling is a federal requirement. Even if you have borrowed at other schools, this step is required.
Step 5: Complete the Master Promissory Note for the Federal Stafford Loan.
Whether you have borrowed before at other schools or not, you must complete a new promissory note.
Lenders and Disclaimer
See list of preferred lenders below, to compare the benefits they provide. You may also find another lender. Cambridge College does not endorse any lender, but we believe these give excellent benefits and customer service. You may choose any lender that is willing to make Stafford loans to students at Cambridge College. Please contact the lender directly if not on this list.
Benefits are subject to change; contact lenders for current benefits.
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% origination fee
1% default fee
0.25% interest rate reduction for authorizing auto-debit payments
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
Once you have chosen your lender, go to American Student Assistance's (ASA) website www.amsa.com/. Click on ASA Direct and complete the Master Promissory 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.
Continuing students must reapply every year to be considered for continuing financial aid. Only steps 1 and 3 are needed. However, if you have not taken out a federal student loan in prior years at Cambridge College, you will need to complete all steps, as a new student.
Step 1: Download and complete the Cambridge College Financial Aid Application
2008-2009 application -- Summer 2009: NITE and other new students please use this form.
2009-2010 application -- Use this form for the academic year that begins in the Fall 2009.
Step 3: Complete the Free Application for Federal Student Aid (FAFSA)
If you applied in the previous year, 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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