2008-2009 Financial Aid Process

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.

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 2008-2009 academic year. You will need information from your 2007 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---Benefits are subject to change. Please contact the lender for the most up to date benefits

Wachovia
- Lender Code 830005
- 800-338-2243

Benefits
- 1% rebate at the start of repayment
- 1% rebate after 12 scheduled on time payments
- 1.5% rebate after 24 scheduled on time payments
- To qualify for repayment rebates, you simply need to make consecutive, on-time loan payments using automatic payment from your bank account
- 0% origination fee

Access Group
- Lender Code 808851

Benefits
- Immediate 0.80% interest rate reduction when borrower makes first scheduled payment as required; and second chance - borrower can regain 0.80% reduction by making the next consecutive payments on time
- Additional 0.25% interest rate reduction by authorizing auto-debit payments
- 0% origination and Federal Default Fees
- Non profit graduate loan specialist
- Access Group does not ordinarily sell its loans. However, we reserve the right to do so for business purposes. Access Group does not have any forward purchase agreements.

Citizens Bank
- Lender Code 817729-00

Benefits
- 3.3% principal credit or cash back after 33 consecutive on time payments
- 0% origination fee

Chase
- Lender Code 803000

Benefits
- zero guarantee fee
- zero origination fee
- .10% interest rate reduction at repayment

Edamerica
- Lender Code 831453-60

Benefits
- Zero origination fee
- Zero default fee
- 1% interest rate reduction for graduation at repayment
- 0.25% interest rate reduction for auto-debit
- 1% rebate after first 12 on-time payments
- 1% rebate after next 12 on-time payments
- Benefit repair option after 24 months of on-time payments

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.