Financial Aid Programs - Massasoit Community College

Federal Pell Grant: The Federal Pell Grant Program provides need-based grants to low-income undergraduate students who have not earned a bachelor’s or a professional degree. Amounts can change yearly, and are based on a student’s cost of attendance, enrollment status, and expected family contribution (EFC) from the FAFSA.
- For the 2023-2024 award year (July 1, 2023 to June 30, 2024), the maximum annual Pell award is $7,395.
- Students may receive the Federal Pell Grant for no more than 12 full-time semesters of enrollment. Students may not receive Pell Grants from two schools for the same payment period.
Federal Supplemental Educational Opportunity Grant (FSEOG): The FSEOG program is a campus-based program that provides awards for students with exceptional financial need. Priority consideration will be given to students that meet published application deadlines and have an expected contribution of $0.
- Selection of students for FSEOG awards
  - In selecting among eligible students for FSEOG awards in each award year, an institution shall select those students with the lowest expected family contributions who will also receive Federal Pell Grants in that year. Therefore, FSEOG awards will initially be made only to those students that meet the published priority deadlines and have an expected family contribution (EFC) on the Free Application for Federal Student Aid (FAFSA) of $0 and are receiving a Federal Pell Grant in the Fall and/or Spring semesters. This applies to all students, regardless of program, dependency status, and enrollment status.

If Massasoit has FSEOG funds remaining after giving FSEOG awards to this first selection group, the institution shall award the remaining FSEOG funds to students with a $0 EFC that did not meet published priority deadlines. It is unlikely that limited FSEOG funding will remain after this group is awarded. However, if funding is available, priority will then be given to students with the lowest EFC’s that are also receiving a Federal Pell Grant without respect to the priority deadlines.

Federal Direct Loans are loans made available to student borrowers through the federal government. Students who are enrolled in at least six credits may borrow a Federal Direct Loan to assist with their educational expenses.

Federal Direct Subsidized Loans: The Federal Direct Subsidized Loan is a federal student loan available to students with financial need, as determined by the FAFSA. Subsidized loans are among the least expensive loan options for students because the federal government pays the interest while the student is attending college on at least a half-time basis, during the six month grace period prior to repayment, and during other periods of authorized deferment.

Fixed Interest rate of 5.50% for the 2023-2024 academic year
Cumulative lifetime undergraduate loan limit of $23,000
No payments required while enrolled in school
Loan origination fee of 1.057% for loans disbursed on or after October 1, 2020 and before October 1, 2024

Federal Direct Unsubsidized Loans: The Federal Direct Unsubsidized Loan is a federal student loan that is not based on financial need. Interest accrues on unsubsidized loans from the time the loan is disbursed by the school. If the borrower does not pay the interest as it accrues, it is capitalized (added to the loan balance). The interest is not paid by the federal government. This is the key difference between subsidized and unsubsidized student loans.

Fixed Interest rate of 5.50% for the 2013-2024 academic year
Borrow up to $10,500 per year, depending on grade level and dependency status
Cumulative loan limit of up to $31,000 for dependent undergraduate students, and up to $57,500 for independent undergraduate students
No payments required while enrolled in school
Loan origination fee of 1.057% for loans disbursed on or after October 1, 2020 and before October 1, 2024

Federal Direct Parent Plus Loans: Federal Direct PLUS loans are federal loans that parents of dependent undergraduate students can use to help pay education expenses. The U.S. Department of Education makes Direct PLUS Loans to eligible borrowers through schools participating in the Direct Loan Program. To apply for a PLUS loan, the student must complete a FAFSA application, and the parent borrower must submit a PLUS loan application and credit check release, both of which are available in the “Forms” section of the Financial Aid website, or which can be requested from the Student Central.

Fixed Interest rate of 8.05% for the 2023-2024 academic year
Interest is charged from the time the loan is disbursed
The maximum loan amount is the student’s cost of attendance minus any other financial aid received
Must be used for educational expenses only
Loan origination fee of 4.228% for loans disbursed on or after October 1, 2020 and before October 1, 2024
Borrower must be the student’s biological or adoptive parent or the student’s stepparent, if the biological or adoptive parent has remarried at the time of application. Parent PLUS Loan borrowers cannot have an adverse credit history (a credit check will be done). In addition, parents and their dependent child must be U.S. citizens or eligible non citizens, must not be in default on any federal education loans or owe an overpayment on a federal education grant, and must meet other general eligibility requirements for the Federal Student Aid programs.

For the 2019 – 2020 academic year, 9.61% of Massasoit Community College Students borrowed a Federal or private student loan.

Massachusetts State Grant: The MASSGrant program provides need-based financial assistance to undergraduate students who reside in Massachusetts and are pursuing a degree in an eligible degree or certificate program. Award amounts range from $1000 – $2000 annually ($500 – $1000/semester), and are subject to change each academic year. To be eligible for a MASSGrant a student must:

Be a permanent legal resident of Massachusetts for at least one full year prior to the opening of the academic year.
Be a U.S. Citizen or non-citizen eligible under Title IV regulations.
Have applied for financial aid, using the standard Free Application for Federal Student Aid (FAFSA).
Not be in default of any federal or state Student Loans for attendance at any institution or owe a refund for any previous financial aid received.
Be enrolled full time (at least 12 credits or its equivalent) in a certificate, associates or bachelor’s degree program at an eligible institution.
Not have received a prior bachelor’s degree or its equivalent.
Be maintaining satisfactory academic progress in accordance with institutional and federal standards.
Demonstrate financial aid need as determined by the federal methodology need analysis criteria.
Have an Expected Family Contribution (EFC) between $0 and $6,656.

MassGrant Plus: This is a state funded grant available to both full-time (12 credits or more) and part-time (6 credits minimum) students who are residents of Massachusetts, have completed the FAFSA, and demonstrate financial need for tuition and fees after accounting for expected family contribution (EFC) and all forms of grant and scholarship aid. A book stipend is included based on level of enrollment. Pell eligible students will be prioritized. Priority FAFSA deadline is January 1, 2024 and awards are subject to available funds. MassGrant Plus funding is available for fall and spring semesters.

MassEducate: This is a state funded program to fund free community college for any student with no previously earned bachelor’s degree. For more information, please see our Free College webpage.

MassReconnect: This is a state funded program to fund free community college for adults 25 and older who do not already have a college degree. For more information, please see our Free College webpage.

Massachusetts Cash Grant/Access Grant: This state funded program provides need-based grants not to exceed the combined institutional tuition and fees charged for the payment period. Priority consideration is given to high need students that meet the published priority deadlines.

Need-based Tuition Waivers: Students with demonstrated need may be awarded a tuition waiver after the drop/add period for state-supported classes. Waivers cover the tuition cost only, and not course fees, are typically not available for courses taught by adjunct professors, or that are held in the evening and/or weekends. An individual student tuition waiver for an award period may not exceed the actual campus tuition charge or, in combination with other resources in the student’s financial aid package, exceed the student’s demonstrated financial need.

Categorical Tuition Waivers: Several kinds of tuition waivers are available to certain categories of Massasoit Community College students. These categories include, but are not limited to:

Veteran: As provided in M.G.L. Chapter 4, Section 7(43) including: Spanish War, World War I, World War II, Korean, Vietnam, Lebanese peace keeping force, Grenada rescue mission, the Panamanian intervention force, or the Persian Gulf.
- *For purposes of tuition waivers, the term “veteran” shall also include any individual who served in the army, navy, marine corps, coast guard or air force of the United States for not less than ninety days at least one of which was served in the theatre of operation for the Somalian mission known as “Operation Restore Hope” and whose last discharge or release was under honorable conditions.
Native American: As certified by the Bureau of Indian Affairs.
Senior Citizen: Persons over the age of 60.
Armed Forces: An active member of the Armed Forces (Army, Navy, Marine, Air Force or Coast Guard) stationed and residing in Massachusetts.
Clients of the Massachusetts Rehabilitation Commission or Commission for the Blind: As certified by the respective commission.

Waiver documentation must be submitted prior to the end of the semester for which the waiver applies, and while the student is still enrolled. Waivers will not be applied retroactively to semester that has already ended and will not be processed after a student is no longer actively enrolled.

Students will need to present documentation of eligibility and may need to certify they meet all waiver eligibility requirements prior to having their waiver accepted. Students eligible for waivers should obtain clarification from the Financial Aid Office before making course selections. Students eligible for the Senior Citizen Waiver need to certify US citizenship and MA residency and present proof of age 60 years or greater. Senior Citizen Waivers will not be accepted until one week before the start of the class, and enrollment of at least 15 students in the class is confirmed.