FINANCIAL AID AWARD INFORMATION - Curry College

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Federal Direct Loan ProgramThese loans are administered by the U.S. Department of Education andthey are federally funded. These loans, known typically as Stafford Loans(for students) and PLUS Loans (for parents of dependent undergraduatestudents or graduate students) require repayment of the full amount ofthe loan. You can decline a Federal Direct Stafford Loan offered on youraward letter without impacting any other forms of aid offered to you byeither completing and signing the reverse side of the award letter indicatingyour intention to decline the offered loan or by sending a signed,written request by mail, fax or email to the Student Financial ServicesOffice. Each Federal Direct Stafford borrower is entitled to a six-monthgrace period which begins the day you graduate, withdraw** or becomeenrolled less than half-time. While the borrower is in a grace period, nopayment is made. For loans made after July 1, 2012, interest will accrueduring the grace period.**Note: Official withdrawal is made with the Registrar’s Office orContinuing Education Office at the College. Additionally, you should visitthe Student Financial Services Office to discuss your status change and how itimpacts your student loans.Federal Direct Subsidized Stafford LoansA federally funded and administered loan awarded by the institutionto students who demonstrate need, meet eligibility requirements andare enrolled at least half time in a degree program. A Free Applicationfor Student Aid (FAFSA) must be filed with the school. This loan is afederally subsidized loan which means there are no interest charges whilethe student is enrolled. First-time borrowers at the College must completeEntrance Counseling and sign a Master Promissory Note (MPN)before funds can be disbursed. Loan funds come directly from thefederal government and are paid by crediting the student’s tuition account.For first-time enrolled students, the amount of the loan awarded will becredited to the student’s Curry College tuition account approximately 30days after the start of the semester. For all other students, loan funds willbe credited to the tuition account no earlier than ten days prior to thestart of the semester. Please note: graduate students are no longer eligible forsubsidized loans after July 1, 2012.Terms:• Fixed interest rate of 6.8%• Interest is subsidized by the government untilthe student ceases to be enrolled at least half-time• Repayment begins 6 months after the student graduates,withdraws or stops attending school at least half-time• Up to a 10 year repayment period - $50 minimum monthlypayment• A 1% fee may be deducted from loan proceeds prior todisbursementFederal Direct Unsubsidized Stafford LoansA federally funded loan, not need-based, available to eligible studentborrowers, enrolled at least half time. A Free Application for FederalStudent Aid (FAFSA) must be filed with the school the student plansto attend. First-time borrowers at the College must complete EntranceCounseling and sign a Master Promissory Note (MPN) before funds canbe disbursed. For newly enrolled students, the amount of the loan awardedwill be credited to the student’s Curry College tuition account approximately30 days after the start of the semester. For all other students, loanfunds will be credited to the tuition account no earlier than ten days priorto the start of the semester.Terms:• Interest and principal may be deferred until student ceases tobe enrolled• Interest accrues during in-school deferment and grace periods• Fixed interest rate of 6.8%• Interest is not paid by the government. Borrower is responsiblefor all interest payments• Repayment begins 6 months after the student graduates,withdraws or stops attending school at least half-time with a$50 minimum monthly payment• Up to a 10 year repayment period• A 1% fee may be deducted from loan proceeds prior todisbursementANNUAL AWARD AMOUNTS FOR DEPENDENT STUDENTSFreshman (0-29.5 credits) $5,500 $3,500of which may be subsidizedSophomore (30-59.5 credits) $6,500 $4,500of which may be subsidizedJunior & Senior (60-120 credits) $7,500 $5,500of which may be subsidizedANNUAL AWARD AMOUNTS FOR INDEPENDENT STUDENTSFreshman (0-29.5 credits) $9,500 $3,500of which may be subsidizedSophomore (30-59.5 credits) $10,500 $4,500of which may be subsidizedJunior & Senior (60-120 credits) $12,500 $5,500of which may be subsidizedANNUAL AWARD AMOUNT FOR GRADUATE STUDENTS- Maximum of $20,500, (unsubsidized) not to exceed the cost of attendanceAGGREGATE LOAN LIMITS – Federal Direct Stafford LoansDependent Students $31,000 $23,000of which may be subsidizedIndependent Students $57,500 $23,000of which may be subsidizedGraduate Students$138,500 ineligible for subsidizedloans*Please note: If a dependent student’s parents are denied the Federal DirectPLUS loan, the student’s annual and aggregate loan limits will increase.Entrance CounselingFederal Direct Loan Entrance Counseling is a federal requirement forall students borrowing a Federal Direct Subsidized and/or UnsubsidizedStafford Loan for the first time at Curry College. Students arerequired to complete Federal Direct Loan Entrance Counseling online atwww.StudentLoans.gov before the proceeds from the Federal Direct Loancan be disbursed to the student account.Master Promissory NoteThe Federal Direct Stafford Loan Master Promissory Note (MPN) is alegally binding agreement to repay the student loan. This agreement isbetween the student and the Department of Education. A parent cannotcomplete the Federal Direct Stafford Loan Master Promissory Note (orEntrance Counseling) on the student’s behalf. Once the student borrowersigns the MPN for enrollment at Curry College, she/he will not need tosign again as long as she/he remains continuously enrolled at the Collegein a degree program.4
We suggest Macbook or Macbook Pro users utilize Mozilla FirefoxWeb Browser to avoid complications signing in to StudentLoans.gov.Please note that Federal Direct Loan funds will not be disbursed to yourstudent account until you have completed the Entrance Counseling requirement,the Federal Direct Loan Promissory note and received confirmation fromthe Department of Education that both requirements have been satisfactorilycompleted.Any student who ceases to be enrolled at least half-time in a degreeprogram and who borrowed a federal student loan (FFELP and/or Federal Direct) subsidized and/or unsubsidized at any time whileenrolled at the College is required to complete Loan Exit Counselingeither online at https://www.nslds.ed.gov or in person with a representativeof the Student Financial Services Office. Information that youborrowed from the Federal Direct Loan Program will be sent to the NationalStudent Loan Data System (NSLDS), and will be accessible by guaranteeagencies, lenders and institutions determined to be authorized users of thedata system.Federal Loan Repayment (FFELP and Direct Loans)All FFELP and Direct Loans (Stafford, PLUS and GradPLUS) requirerepayment. To view information on Repayment Terms and Plans visithttp://studentaid.ed.gov/PORTALSWebApp/students/english/repaying.jsp. Failure to repay your loan will result in a default status. Default is failureto repay a loan according to the terms agreed upon when you signedyour promissory note. The consequences of default can be severe. If youare having trouble making your monthly payments, take the initiative tocontact your lender as you might be eligible for an alternative repaymentplan, deferment or forbearance. You may also contact the Direct LoanServicing Center for assistance at 800-848-0979.Remember, you are responsible for notifying your lender when you graduate,leave school or move. If you are not sure who your lender is, you canview your loan history online at the National Student Loan Data Systemhttp://www.nslds.ed.gov/nslds_SA/. To access your information on thissite you will need your FAFSA PIN.Each Stafford borrower is entitled to a six month grace period whichbegins the day you graduate, withdraw or become enrolled less than halftime.While the borrower is in a grace period, no payment is expected,however interest does accrue.Loan ConsolidationIf you have borrowed multiple federal student loans from different lenders,you might be eligible to consolidate them into a single loan. Note:you cannot consolidate private education loans with your federal loans.Consolidation allows you to combine multiple loans into one newloan. This process may assist you in reducing your monthly loan payment.Your new consolidated loan bears a fixed interest rate basedon the weighted average of your loans interest rates at the time youconsolidate and rounded up to the nearest one-eighth of a percent. Theconsolidated loan interest rate will not exceed 8.25%. There are no feesto consolidate. For additional information about loan consolidation visithttp://studentaid.ed.gov/PORTALSWebApp/students/english/consolidation.jsp?tab=repayingying.State ProgramsState grants are based on financial need and may be offered to eligiblestudents from their state of legal residence. Students should complete theFAFSA and follow any additional application requirements from theirhome state. Students should also be aware of any deadlines that are imposedby their home state. Many states such as New Hampshire, Vermont,Rhode Island, Maine, and Pennsylvania have reciprocal agreements withMassachusetts and provide funding to students who attend Massachusettscolleges. If you are eligible for state aid funds, your tuition account willbe credited once the College receives the funds from your state agencyfor the semester but no earlier than the end of the add/drop period forthe semester. Please contact your state agency for additional informationregarding eligibility.State GrantsThe Commonwealth of Massachusetts awards grants to Massachusettsresidents who demonstrate financial need, meet application deadlinesand award criteria. Other states that currently allow students to use stategrant funds at Curry College include Rhode Island, Vermont, Maine, NewHampshire, and Pennsylvania. These grants range in amounts from $200-$1,900 per academic year. The Commonwealth of Massachusetts alsooffers additional assistance to qualified eligible students who are parttimeor demonstrate high academic performance in their post-secondaryacademic courses. All of the grants provided by the Commonwealth ofMassachusetts are subject to an application deadline of May 1.Massachusetts Grants* - A Commonwealth of MA (state) source offinancial aid. Eligibility requires state residency and demonstrated financialneed. Additional information about grants from the Commonwealthis available at http://www.osfa.mass.edu/default.asp?page=aidPrograms.Mass State Grants* - Awards are based on exceptional financial needas determined from filing the FAFSA and availability of funds toMassachusetts residents enrolled as full-time degree-seeking students intheir first bachelor’s program. Awards range from $300 to $1,600 as set bythe Commonwealth. No separate application is necessary.Mass Part-Time Grants* - These grants are awarded by the Collegebased on a limited allocation of funds received from the Commonwealth.Awards are made to students based on exceptional financial need asdetermined from filing the FAFSA and availability of funds to undergraduateMassachusetts residents enrolled at least half-time but no morethan three-quarter time for the semester in a degree program seeking theirfirst bachelor’s degree. Awards are set by the Commonwealth.* Award amounts are ESTIMATED until final payment schedules areapproved by the Commonwealth of MassachusettsStudents who file the FAFSA may qualify for need-basedaid in addition to one these scholarships:• GI Bill Yellow Ribbon ProgramThis institutional and federal match program is open to eligible U.S.veterans and does not require that you file a FAFSA for consideration.Recipients must be in a degree-seeking, undergraduate program. You mustcontact the Veterans’ Certifying Official located in Curry’s Registrar’sOffice to have your eligibility for this program certified. The YellowRibbon Program is comprised of a Curry College Yellow Ribbon Grantand a federal Yellow Ribbon Match Award. You will need to complete anEnrollment Information Form available in the Student Financial ServicesOffice indicating your intended enrollment plans for the academic yearfor which you are seeking funds. Funding levels are very limited and availableon a first-come basis. Funds will be credited to the student’s tuitionaccount once the federal match component is received for the semester.Students must maintain eligibility and renewal criteria as outlined by theVeterans Administration.5
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