Financial Aid FAQ's

Applying for Financial Aid

1. Do I need to send my taxes and/or W2s to the Financial Aid Office?

A. You do not need to submit additional information, such as tax forms, to the Financial Aid Office unless we specifically request this information. Should we need to request additional documents from you, we will indicate this to you in writing. You will also be able to check the status of documents on your MYCC account.

2. Do I need to reapply for financial aid every year?

A. Yes, if you are interested in receiving need-based aid, you must complete the FAFSA every year.

3. How do I know if my application for financial aid is complete?

A. Students with incomplete files will be notified by letter if any forms or information is missing from their files. Students can also log in to their MYCC account and check for any missing forms.

4. What financial aid opportunities are available to international students?

A. Unfortunately, need-based financial aid is not available to international students, as consideration is limited to U.S. citizens, permanent residents, and eligible non-citizens.

5. What forms do I need to complete?

A. All applicants for financial aid must complete the Free Application for Federal Student Aid (FAFSA) at studentaid.gov and all other steps on the first page. Additional information may be required of some applicants. The Financial Aid Office will notify you of any missing documents or additional requirements once your Free Application for Federal Student Aid has been received. You may also log in to your MyCC account to check for additional information needed.

6. How many credits do I have to enroll in to receive aid?

A. Undergraduates must be enrolled in a minimum of six credits to receive financial aid. Graduate students must be enrolled in a minimum of four credits to receive financial aid.
Important! Classes enrolled must be within your program of study in order to be used in determining eligibility.

5. When will I receive a credit balance refund?

A. Your aid may result in a credit balance if your billed tuition and fees are less than the amount of aid applied to your student account. If you have a credit balance on your student account after all charges have been paid in full, a credit balance refund will automatically be issued by the Student Accounts Office. Normally, credit balance refunds are available 14 business days after a credit balance occurs, and the resulting refund check is mailed to your permanent home address.

6. Is it true that drug convictions might affect my ability to get federal student aid?

A. No, your eligibility won’t be suspended. Drug convictions no longer affect your federal student aid eligibility. When you complete the FAFSA form, you will be asked whether you had a drug conviction for an offense that occurred while you were receiving federal student aid. If the answer is yes, you will be provided a worksheet. Please answer the questions correctly; however, they won’t impact your eligibility.

Financial Aid Awards

1. What if I withdraw or take a leave of absence from my undergraduate program?

A. A tuition refund or adjustment of financial aid may be required. These are governed by federal regulations and College procedures. You must contact the Registrar’s Office and complete the withdrawal/leave of absence form.

2. How do I decline or revise my aid offer?

A. If you wish to decline or revise your aid, you may write the adjustments on the award letter and mail it to the Financial Aid Office or e-mail your revisions to the Financial Aid Office at sfs@cambridgecollege.edu. We encourage you to consider your educational expense needs and to limit borrowing if possible.

3. How many times can I repeat a class?

A. You may repeat a class once and have it count towards your eligibility. Classes repeated more than once will be excluded for the purpose of determining eligibility.

4. When will my aid funds be posted to my account?

A. Financial aid funds do not post to your student account until the Monday after add drop.

5. I've changed my enrollment plans. Will it affect my aid?

A. Your financial aid award will be based on your intended enrollment. Most aid programs require that you enroll at least half-time in a semester (six credits for undergraduate students, four credits for graduate students) in order to receive aid for that semester. Changes in your enrollment can affect the amount of aid you may receive and the periods of time you may be eligible to receive it. If you change your plans, please notify the Financial Aid Office in writing or by email to sfs@cambridgecollege.edu in order to avoid delays in your scheduled financial aid disbursements. We will review your current eligibility and make any necessary changes.

Loan Repayment

1. When do I have to begin repaying my loans?

A. After you graduate, leave school, or drop below half-time enrollment, you have one six-month period before you must begin repaying your loans. This is called the grace period. Your repayment period begins the day after your grace period ends. Your loan servicer will notify you of the date your payment is due and send a billing notice to the address on file. However, you must make payments even if you do not receive a bill or repayment notice.

2. Whom do I contact with questions or problems with my loans?

A. Your loan servicer can help with questions about your loan, as well as address or name changes, estimated repayment information, repayment plan changes, deferment, and forbearance. For your loan servicer's contact information, see the National Student Loan Data System website.

3. What if I have problems repaying my federal loans?

A. If you think you might have a problem making a scheduled repayment, contact your loan servicer immediately. They will work with you to help you avoid the costs and consequences of delinquency or default. There are several options available to help you avoid default, including changing repayment plans, deferment, or forbearance. You may be eligible for a deferment if you are:

• Pursuing at least half-time study at an eligible school
• In a graduate fellowship program approved by the U.S. Department of Education
• In a rehabilitation training program for individuals with disabilities, approved by the U.S. Department of Education
• Conscientiously seeking but unable to find full-time employment (for up to three years)
• Experiencing economic hardship (for up to three years). Get more information on deferment and forbearance from your loan servicer.

4. What are the different Direct Stafford Loan repayment plans?

A. There are four to choose from, offering different monthly payments and repayment periods. See them at Federal Direct Stafford Loan Repayment Plans.

5. What is your average student debt?

A. Cambridge College's most recent student debt rates are as follows. The average amounts of debt are computed only for those students who leave with debt. These figures include only federal student loans, and the average amounts include any loans that students may have incurred before coming to Cambridge College.

6. What is your three-year cohort Financial Aid default rate?

A. Cambridge College's most recent financial aid default rates are:

The previous three years can be viewed as a PDF or found here.