FAQs

• What is Financial Aid? 
• What are the requirements to apply for Financial Aid? 
• When should I apply? 
• How do I apply? 
• What is satisfactory academic progress? 
• Can I apply on the Internet? 
• Will I qualify for a Pell Grant? 
• What types of Aid are available? 
• Are scholarships available? 
• Should I search for scholarships on the Internet? 
• What is the SAR (Student Aid Report)? 
• What paperwork is required if I only want to borrow? 
• Can I borrow funds to purchase a computer? 
• What is the Master Promissory Note (MPN)? 
• What is an exit interview? 

What is Financial Aid?

Financial Aid is the difference between the cost of your education and what you are able to pay.

Your cost of attendance budget includes the following: tuition, books, supplies, transportation

Minus the expected family contribution — determined by the Department of Education from information you provided on your Free Application for Federal Student Aid (FAFSA).

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What are the requirements to apply for Financial Aid?

Applicants must meet all the following requirements:

• Citizens of the United States / Trust Territories or permanent residents who are not in default on federal student loans.
• Must have a high school diploma or G.E.D.
• Enrolled at Cambridge College in a degree or an eligible certificate program
• Male students must be registered with the Selective Service (if required)
• Must have a valid Social Security number

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When should I apply?

As soon as you know you will be attending school. The Department of Education will use your financial information to determine your aid eligibility; when applying for state grants, it is important to apply before April 15.

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How do I apply?

You must complete the Free Application for Federal Student Aid (FAFSA), which is available through the Financial Aid Office, and submit it and other required documents listed on the Financial Aid Folder Checklist.

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What is satisfactory academic progress?

Satisfactory academic progress is the successful completion of an established number of credits each semester in correlation to the number of courses attempted. Visit our page about satisfactory academic progress policy for financial aid recipients.

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Can I apply on the Internet?

The Department of Education has established a website that allows students to complete an electronic FAFSA on the Web. After completing the application, students must download the signature page, sign it, and mail it to the Department of Education Central Processing System.

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Will I qualify for a Pell Grant?

Your Pell Grant eligibility will be determined by the Department of Education if you are an undergraduate student earning your first undergraduate degree. Your enrollment status assists in determining the amount of your Pell Grant award.

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What types of aid are available?

• Federal and state grants, which do not have to be repaid
• Federal Family Education Loan Programs:
• Subsidized Federal Stafford Loans
• Must be repaid
• Loan with interest variable rate capped at 8.25%
• Government pays the interest while student is enrolled in school.
• Unsubsidized Federal Stafford Loans
• For borrowers who do not qualify for the subsidized loan program or need more than the maximum subsidized amount of $8500
• This is a non-need based loan
• Federal Work Study opportunities can be on or off campus. The maximum allowable work hours are 20 hours per week. Students are paid weekly. Positions are posted on the student lounge bulletin board.
• Federal Perkins Loan Program
• Alternative Loan Programs

For more information visit our web page on types of financial aid opportunities available.

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Are scholarships available?

Cambridge College has several scholarships available to students. Some scholarships are associated with specific programs. Awards range from $1,000 to $5,000. Contact the Cambridge College Financial Aid Director for additional information.

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Should I search for scholarships on the Internet?

There are many free scholarship opportunities advertised on the Internet. Often you may be asked to pay a fee to apply. Please be aware that there are many scholarship scams offered through the mail and on the Internet; do your research on any offers you receive.

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What is the SAR (Student Aid Report)?

After you have filed a FAFSA, you will receive a Student Aid Report anywhere from four to six weeks later in the mail. Please review all of this information carefully. If there are NO changes that need to be made, please keep for your records. DO NOT submit the SAR to the Financial Aid office unless requested. If there are any corrections to be made, please contact the Financial Aid Office for instructions.

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What paperwork is required if I only want to borrow?

All paperwork listed on the folder checklist.

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Can I borrow funds to purchase a computer?

Effective with the Fall 2001 term, students who wish to purchase or rent a personal computer for academic purpose and be reimbursed with a federal loan must first provide proof of purchase or rental to the Financial Aid Office before the loan will be written. The printed receipt must show the amount paid, the student's name, and the date of purchase ( no more than 60 days prior to the beginning of the term). An invoice is not acceptable.

Computer purchase request form and a list of specifications are available from the Financial Aid Office.

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What is the Master Promissory Note (MPN)?

The Department of Education has created a Promissory Note that will allow students to receive multiple loans without having to sign an additional Promissory note. The same note can be used for the subsidized and unsubsidized programs.

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What is an Exit Interview?

All borrowers of federal student loans must participate in a federally mandated exit interview with the Financial Aid Office prior to graduating or dropping to less than half-time enrollment status. Exit interviews are conducted to help prepare students for repayment of their students loan. Participating in an exit interview provides an opportunity to discuss your student loan obligations and to raise questions about repayment. Failure to attend an exit interview will result in the retention of your degree, diploma and access to official transcripts. If you have questions about this interview, contact the Financial Aid Office.

Graduating students can go to the collegexit.com website to complete their exit interview form.

To schedule a counseling session, please contact:

Gerri Major, Ph.D., Financial Aid Director
Cambridge College
1000 Massachusetts Avenue
Cambridge, MA 02138-5304.
Or call (800) 877-GRAD or (617) 868-1000,
Ext. 137,148,149 and 151.

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