Financial Aid Process
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: Create your FSA ID (Federal Student Aid ID, consisting of a username and password)
Your FSA ID must be used to log in to certain U.S. Department of Education websites. It confirms your identity when you access your financial aid information and electronically sign Federal Student Aid documents. If you do not already have an FSA ID, go to fafsa.ed.gov, click on the FSA ID link, and follow instructions to create your FSA ID. The FSA ID has replaced the former PIN. If you have a Federal Student Aid PIN, you will be able to enter it and link it to your new FSA ID.
Step 2: Complete the Free Application for Federal Student Aid (FAFSA) form for the 2014-2015 award year. You will need information from your 2013 federal tax return and W-2. You can link to your tax information by entering your PIN and clicking on "link to IRS." For assistance, please call the FAFSA hotline at 800-433-3243. Cambridge College's school code is 021829.
Step 3: Complete the mandatory Entrance Counseling Subsidized/Unsubsidized Stafford Loan. All new students must complete entrance loan counseling prior to loans being disbursed to their account. Go to studentloans.gov-- sign in, click on Entrance Counseling and follow online instructions.
Step 4: Financial Literacy Counseling All new students counseling prior to loans being disbursed to their account.
Go to www.saltmoney.org, create an account and make sure to list Cambridge College on your profile. Sign in, click on Go to My Money 101 under the My Money 101 tab, and complete the following required courses:
- Credit and Debt Management
Each course has an exam at the end. You must achieve a score of 80, or re-take the course and exam until you do.
Step 5: Complete the Master Promissory Note for the William D. Ford Federal Direct Loan
Go to www.studentloans.gov, sign in, click on Sign Master Promissory Note, and follow online instructions. For assistance, call Direct Loan Applicant Services at 1-800-557-7394.
Please complete the application thoroughly. If you do not, your loan will be delayed.
Continuing students must reapply every year to be considered for continuing financial aid. Only step 2 above is 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.
How Funds are Disbursed
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 Cambridge College receives your funds. Cambridge College receives/posts federal funding on Mondays. From the date it is posted to your account, Cambridge College has 14 business days to refund any eligible excess funds.
Accepting Your Award - Once all of your information has been submitted and reviewed by our office, an offer of financial assistance will be created for you that outlines the financial aid that you are eligible to receive for the specified academic year. We do not require that you officially accept your offer of assistance. We will assume that you accept the entire aid package unless you specifically notify us that you wish to decline all or part of the award. Please pay close attention to the language contained in the financial aid award letter as it will provide important information about the paperwork and processes that are necessary to obtain certain sources of financial aid.
Declining Your Award
- Should you decide to decline any part of your award, we ask that you send an email to your financial aid counselor from your Cambridge College email address (@go.cambridgecollege.edu) indicating the type of aid and amount you would like cancelled.
Reporting Outside Assistance
If you will be receiving any forms of assistance not listed on your offer (such as a scholarship from an outside organization), you need to notify us of this additional resource.
Reduction in Enrollment
A reduction to your course load may result in a reduction or cancellation of your aid.
Any student may be selected for verification by the federal government or the Financial Aid Office. The verification process allows financial aid counselors to review the information reported on the FAFSA, checking for accuracy against documents you provided.