| Campus Notices: | No Notices |
 |
| Financial Aid Information & Resources | |||||||||||||
IRS DATA RETRIEVAL TOOL There is an easier, faster way to provide tax information for the FAFSA—it is called the IRS Data Retrieval. The retrieval process will display your tax information directly from the IRS and allow you to transfer it automatically to your FAFSA. The Financial Aid Office encourages you to use the IRS Data Retrieval tool as the fastest and most accurate way of providing your (and your parent’s, if required) tax information. To do so, an individual must have filed their 2011 federal tax return electronically at least 2 weeks prior to using the IRS Data Retrieval tool –OR– have mailed their tax returns at least 6 to 8 weeks prior to using the retrieval tool. If you indicate that your tax return is “Already Completed” when filling out the FAFSA online, you will be asked a series of questions that will help determine if you (or your parent) are eligible to use the tool. Some individuals may not be eligible to use the IRS Data Retrieval tool. You can also choose not to use the tool. However, if you (or your parent) are eligible and use the IRS Data Retrieval tool, it is important that you do not change any of the retrieved information after the process has completed and you submit your FAFSA! NEW VERIFICATION REQUIREMENTS Due to changes in Federal Regulations, The Financial Aid Office is changing its process of verifying Financial Aid applications (FAFSA) for the 2012-13 academic year. We can no longer accept copies of signed tax returns in the verification process. Therefore, Massasoit is strongly encouraging students and families to utilize the IRS Data Retrieval Tool while filling out their FAFSA to avoid federal verification. If your FAFSA is selected for verification, and you don't use the IRS Data Retrieval option or you changed the IRS data, you will be required to request a Tax Return Transcript from the IRS and submit it to the Financial Aid Office. Click here for additional information. FEDERAL PELL GRANT ELIIBLITY IS NOW LIMITED Once you have received a Pell Grant for 12 semesters, or the equivalent, you are no longer eligible for additional Pell Grants. • You are eligible to receive a Pell Grant for up to 12 semesters or the equivalent. If you have exceeded the 12-semester maximum, you lose eligibility for additional Pell Grants beginning in 2012-13 school year. Equivalency is calculated by adding together the percentage of your Pell eligibility that you received each year to determine whether the total amount exceeds 600%. • For example, if your maximum Pell Grant award amount for the 2010-2011 school year was $5,550, but you only receive $2,775 because you were only enrolled for one semester, you would have used 50% of your maximum award for that year. If in the following school year, you were enrolled only three-quarter time, you would have used 75% of your maximum award for that year. Together, you would have received 125% out of the total 600% lifetime limit. - Learn more about the Pell Grant limit. CHANGES TO FEDERAL DIRECT STUDENT LOANS Effective, July 1, 2012, the up-front rebate that has been provided to Direct Loan borrowers at the time of their loan disbursement will no longer be offered. As a result, the 0.5% origination fee for the Direct Stafford Loans will be 1% for loans taken out after July 1, 2012, resulting in less loan funds applied to student accounts. The origination fee is the up-front charge by the U.S. Department of Education for processing the loan . Direct Subsidized loans are not eligible for an interest subsidy during the six-month grace period. • Subsidized loans are loans for which the borrower is not responsible for the interest while the student is enrolled in college on at least a half-time basis, when the loan is in the six-month grace period after the student is no longer enrolled at least half time, or if the loan is in a deferment status. This provision eliminates the interest subsidy provided during the six-month grace period for subsidized loans for which the first disbursement is made on or after July 1, 2012, and before July 1, 2014. If you receive a subsidized loan during this timeframe, you are responsible for the interest that accrues while your loan is in the grace period. You do not have to make payments during the grace period (unless you choose to) but the interest will be added (capitalized) to the principal amount of your loan when the grace period ends. This provision does not eliminate the interest subsidy while the borrower is in school or during eligible periods of deferment. Subsidized loans made to undergraduate students. • Subsidized loans for which the first disbursement is made on or after July 1, 2012, and before July 1, 2013 have a 3.4% fixed interest rate. The U.S. Department of Education can no longer offer borrowers repayment incentives. • Effective for loans first disbursed on or after July 1, 2012, the Department of Education is prohibited from offering any repayment incentives to Direct Loan borrowers, except interest rate reductions to borrowers who agree to have payments automatically electronically debited from their bank account). Financial Aid at Massasoit Community College Massasoit Community College recognizes the need for financial assistance on the part of some students to help pay the cost of their higher education - one of the most important and valuable investments anyone will ever make! The Financial Aid Office staff is looking forward to helping you with your questions and financial decisions. We have workshops to help you fill out the FAFSA on-line, and computers for your use in our office. Click here to view the brochure, An Introduction to Financial Aid  Financial aid can help you pay the costs of attending Massasoit including, tuition and fees, books, and other related educational costs, such as room and board, transportation, and personal. We award millions of dollars in federal, state and institutional funds each year to eligible students. Many Massasoit students receive some sort of financial aid, so we encourage you to apply.Massasoit Community College will attempt to provide financial assistance to all students with demonstrated need. All programs are administered without regard to race, color, handicap, religion, sex, national origin or age. The information links on this page will provide an overview of the financial aid programs and financing options available at Massasoit. Part Time/Full Time Students can be enrolled either full or part time and be eligible to receive financial aid funds. Application Procedures & Eligibility Criteria (top) Students who wish to be considered for all forms of financial aid must file the Free Application for Federal Student Aid (FAFSA). The priority deadline is April 15th for each academic year (November 15tht for the spring term). Applications received after the priority deadline will be considered, based on available funding, but late applicants may not receive their award decisions prior to the start of classes. It is the student's responsibility to make sure that all forms are accurate and complete. Forms required: * Free Application for Federal Student Aid (FAFSA) * If you are chosen to verify the information provided on your FAFSA, documentation will be required to complete your file. Documentation may included, but is not limited to: Verification Form from the college, Federal Tax Return Transcripts, W-2s, official statements from the source of all non-taxable income received, i.e., AFDC, Social Security, Veterans Benefits, Workmen's Compensation, Child Support, etc. Student Aid Eligibility Eligibility for federal student aid is based on financial need and on several other factors. To receive federal student aid, you must:
If you have lost federal student aid eligibility due to a drug conviction, you can regain eligibility if you pass two unannounced drug tests conducted by a drug rehabilitation program that complies with criteria established by the U.S. Department of Education. Civil Commitment for Sexual Offenses - A student subject to an involuntary civil commitment after completing a period of incarceration for a forcible or nonforcible sexual offense is ineligible to receive a Federal Pell grant. Even if you are ineligible for federal aid, you should complete the FAFSA because you may be eligible for nonfederal aid from states and private institutions. If you regain eligibility during the award year, notify the financial aid office immediately. If you are convicted of a drug-related offense after you submit the FAFSA, you might lose eligibility for federal student aid, and you might be liable for returning any financial aid you received during a period of ineligibility. Award Process (top) You can complete the Free Application for Federal Student Aid (FAFSA) at any time after January 1 to receive funds for the following academic year, but apply as early as possible since some grant funds are distributed on a first-come, first-serve basis. You must complete a FAFSA each academic year. Every applicant for financial aid will first be considered for Pell Grant and Massachusetts Grant eligibility. Other scholarships, grants, tuition waivers and loans are then awarded on the basis of remaining financial need. Those with the highest remaining need will receive primary consideration. Federal Work Study funds are reserved for first-time degree candidates. Students who have already earned an associates degree from Massasoit Community College will be considered only after all other students have had the opportunity to apply. Employment awards are made to those who request such consideration by completing an application for Federal Work Study Employment at the Financial Aid Office. Unsubsidized Direct Student Loans will be awarded to those students meeting all eligibility requirements who do not exhibit financial need. We recommend you view your financial aid information on-line through your MyMassasoit login. Login information is given to you the first time you register. PLEASE NOTE: The entire financial aid process is quite long. First you must complete the FAFSA, which can take 1-3 weeks to process. The Financial Aid Office next reviews your application to determine if additional documents are necessary. If more information is required, we must wait until you respond to the request before we can continue working on your file. Once your file is complete, it can take 2-8 weeks (depending on the time of year) before you will receive an Award Letter. Although you can submit your FAFSA as early as January preceding the next fall semester, the Financial Aid Office will begin reviewing applications in April. The busiest time of year in the Financial Aid Office is June through September and November through February. It is not unusual for the entire process to take 12-16 weeks. You must plan ahead to receive financial aid by the time your bill is due. Cost of Attendance (top) The following Cost of Attendance is based on fulltime enrollment for the academic year. Cost of Attendance varies by student enrollment. Students who enroll in 12+ credits per semester are considered fulltime, 9-11 credits are considered 3/4 time, 6-8 credits are considered halftime, and 5 credits or less is considered less than halftime. Cost of Attendance will be prorated according to these enrollments. Tuition and fees are subject to increase or decrease within a given year, and are based on Board of Higher Education and Massasoit Community College Board of Trustee decisions. |
|||||||||||||
| During award year 2012-2013, the following student expense budgets will be used in the awarding of financial aid to full-time (12+ credits) students. | |||||||||||||
|
|||||||||||||
| Students with questions regarding the formulas used in calculating their financial aid awards may contact the Financial Aid Office at (508) 588-9100, ext. 1479, to request that information. | |||||||||||||
| Refund Policy (top) Recipients of financial aid funds who withdraw or walk away from their classes before 60% of the semester has elapsed will have their aid pro-rated in accordance with the Federal, State & Institutional Refund Policies. Please contact the Office of Financial Aid for further information. | |||||||||||||
| Award Notification Students are generally notified of a financial aid decision during the summer months. A complete application is required for consideration and an applicant is automatically reviewed for all possible forms of aid administered by the college. All appeals and requests for reconsideration must be made in writing to the Director of Financial Aid. Click here to view the brochure, Understanding Your Award Letter Confidentiality All information provided to the Office of Financial Aid is regarded as confidential and cannot be released without the written consent of the student applicant and/or parent. | |||||||||||||
| Disclaimer | Disclosure | Sitemap | Contact | Directions | Privacy & Usage Policy | Report Bugs | Last Update: April 17, 2013 |
| Copyright ©2013 Massasoit Community College | Call Toll Free: 1-800-CAREERS  |
Official Massasoit Page |