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| Financial Aid Sources |
| Massasoit recognizes the need for financial assistance on the part of some students to help pay the cost of their higher education. This page will provide information regarding the types of financial aid available to students who wish to attend Massasoit, application proceedures, and eligibility. Financial Aid consists of : |
Pell Grants This federal program provides grants up to $3,300 for each undergraduate year. The award amount is based on the cost of attendance and length of study. Monies may available for study in the summer sessions if recipients attended less than full time during the Fall and Spring semesters. Supplemental Opportunity Grant For students with exceptional financial need. Mass Grant Provides assistance to Massachusetts residents who are studying full time. Award values range from $150 to $450 per semester. The Office of Student Financial Assistance sends award notifications directly to the student. Deadline to file FAFSA - May 1 each year. Part Time Grant Funded by the Commonwealth of Massachusetts, this program provides assistance to Massachusetts residents who are studying part time. Maximum award is $350 annually. Cash Grant Another state funded program, this grant is available for needy students on a first come/first serve basis. Tuition Waivers (top) The State Board of Higher Education has established a number of tuition waiver programs. The largest tuition waiver program is for needy students enrolled in state-supported classes. A state-supported class is one taught by faculty paid with state funds. As faculty assignments may be adjusted anytime through the start of classes, the status of a class as "state-supported" or "non state-supported" may change. A student's bill balance will be adjusted as a result. The maximum award is for the full tuition amount. Awarding of this tuition waiver is considered when a student's financial aid application is reviewed. Other Waivers Include: *Senior Citizen Tuition Waivers Individuals over 60 years of age may enroll in courses on a space available basis. Tuition and fees are covered 100% for day classes. Tuition only (100%) is paid for evening classes taken after 4:00 p.m. Evidence of age (driver's license, birth certificate) is requested at the time of registration. In addition to the age requirement, any student wishing to utilize the Senior Citizen Waiver must also be a Massachusetts resident, not be in default of any federal or state loan or owe a refund on any previously received financial aid, and may not have earned a bachelor's degree or it's equivalent. A fee of $7.00 will be required for non-credit courses. *State Employees Tuition Remission An employee of the Commonwealth of Massachusetts may qualify for 100% tuition remission for day classes and 50% tuition remission for classes taken after 5:00 p.m. Fees must be paid by the state employee. Guidelines and approval procedures are available at your Personnel Office. *Massachusetts Veterans Waiver Veterans may be eligible for tuition waivers. Contact the Office of Veteran's Affairs (508-588-9100 X 1477) for more information. A DD214 form must be submitted for proof of veterans status. *National Guard Waivers Members of the National Guard are tuition exempt in the day division (classes starting before 5:00 PM) upon submission of a Certificate of Eligibility. This Certificate of Eligibility must be presented at the time of registration to be entitled to this benefit. Certificates will not be honored after classes begin in a given semester and students in that case should not expect any refunds or reimbursements for classes paid for prior to the submission of the Certificate of Eligibility once classes have begun. |
| Loans(top) |
| Stafford Loans Students may borrow up to $2,625 each academic year from a lender. Students must demonstrate financial need and be enrolled in at least two courses (6 credits). The interest rate, which is capped at 8.25%, was 8.25% in 1999-2000. Interest starts to accrue after a student graduates or leaves school. Repayment begins six months after a student graduates or leaves school. Additional information on repayment and deferment provisions is available from the Office of Financial Aid or American Student Assistance (ASA - the Loan Guarantee Agency). Unsubsidized Stafford Loans Students may borrow up to $2,625 per academic year. This loan is not based on need, but students must send a FAFSA and submit a Massasoit Financial Aid application to the Office of Financial Aid to be considered as eligible candidates. The interest on this Federal loan is not subsidized and, therefore, will start to accrue while the student is in school. The interest rate which was capped at 8.25%, was 8.25% in 1999-2000. The students have the option to start paying the interest while in school or defer payment until graduation or the when student leaves school. Plus Loans For parent borrowers. These programs provide additional loan funds for educational purposes and are made by lenders. These loans have variable interest rates, adjusted each year. Plus loans are subject to credit approval. Further information on loan programs, repayment and debt management is available from the Office of Financial Aid. |
| Work / Employment (top) |
| Federal Work Study (FWS) is a federally funded student employment program. Students are placed with various academic and administrative offices throughout the College. There are also off-campus Work Study opportunities through our America Reads and Community Service programs. Student employees may not work more than 20 hours per week while classes are in session. The hourly wage is $7.00 per hour. Student employment guidelines and applications for the Federal Work Study are available in the Office of Financial Aid. Study Abroad A student's enrollment in a program of study abroad which is approved for credit by the home institution may be considered enrollment at the home institution for the purpose of applying for Title IV assistance. Students must contact the Registrar and the Director of Financial Aid to apply. Education Tax Credits Effective January 1, 1998, the Federal Government passed legislation to help students and/or parents with tax credits called the Hope Scholarship and The Lifetime Learning Tax Credit. If a student or their parents pay their tuition and fees upfront (they are not a recipient of grants or scholarships that paid their entire tuition), and their incomes fall in the established ranges ($80,000 joint filers/$40,000 single filers) they are eligible for this new tax credit the following year, and they must complete IRS forms with their taxes. With the Hope Scholarship, if they pay $2,000+ they get the maximum $1,500 tax credit. It's 100% of the first $1,000 paid and 50% of the second $1,000. The Hope Scholarship is available for the first two years of post secondary education. The Lifetime Learning Tax Credit is available beyond the first two years of college, and consists of a 20% tax credit for $5,000 (maximum) of tuition and fees paid each year through 2002, and for the first $10,000 thereafter. For more information contact: The Admissions Office at (508) 588-9100, ext. 1411 |
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