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financial aid - grants and loans

Art College Loans and Grants

In addition to Montserrat's art college grants, we have listed a number of state and federal agencies providing art college loans and assistance. Please visit the links below for more information on specific loans or grants. 

Montserrat Grant

Montserrat College of Art grant aid is funded by the college and provides assistance to needy students. Annual awards range from $1,000 to $4,000. This grant is based on need and academic performance.

Institutional Grants:

• Students who are awarded institutional financial aid (Montserrat Grant) must be full time students, carrying a minimum of 12 credits, to receive the full award commitment from the College.
• Students who are awarded institutional financial aid (Montserrat Grant) and who are carrying less than 12 credits will have their institutional award prorated by their level of participation. For each credit dropped there will be a lessening of the institutional award by 16.66%
• Students must carry a minimum of 6 credits to qualify for institutional financial aid.

Questions? Contact:
Creda Camacho
Director of Financial Aid
23 Essex St.
Beverly, MA 01915
978.921.4242 x 1155
Fax 978.921.4241
ccamacho@montserrat.edu

Federal Pell Grant

The Federal Pell Grant awards ranged from $200 to $5,550 in 2010-2011. This grant is based on need and enrollment status.

Federal Supplemental Educational Opportunity Grant (FSEOG)

The FSEOG is a federal grant awarded through the college. Priority is given to Federal Pell Grant recipients. The typical award is $400.

MassGrant

Application for this award is made through the FAFSA. Eligible Massachusetts residents attending Montserrat can receive an award ranging from $200 to $1,900. Students can receive this award for a maximum of eight semesters.

Gilbert Grant

This state program is awarded to Massachusetts residents with extremely high need. Priority is given to students who have a 3.0 cumulative GPA.

Other State Scholarship Programs

Grants from Connecticut, the District of Columbia, Maine, New Hampshire, Pennsylvania, Rhode Island, and Vermont may be used for study at Montserrat. Students who are legal residents of these states should check with their high school guidance counselors or the state grant office for application requirements.

Federal Work-Study

Federal Work-Study is a program that provides eligible students with part-time jobs at the college. Wages are paid biweekly to the student.

Direct Stafford Loan

Freshmen may borrow up to $3,500 sophomores up to $4,500, and the annual loan limit for juniors and seniors is $5,500. While a student is enrolled at least half-time, the federal government pays the interest. Repayment begins six months after the borrower graduates, leaves school, or drops below half-time status.

Direct Unsub Loan

All students who complete a FAFSA and are eligible are awarded $2000. Students whose parents are denied a PLUS Loan are awarded an additional $4000. Students need to pay the interest or have it capitalized.

Direct PLUS Loan

The Federal PLUS Loan is a parent loan program. Parents may borrow up to the cost of education less any financial aid awarded. A credit check is required of all PLUS applicants. In most cases, PLUS borrowers must begin repayment immediately after funds are disbursed.

MEFA Loan

The MEFA Loan offers one of the nation's lowest fixed rate loan programs, and also one of the lowest variable rate loans.

Alternative Loans

Please log on to http://studentlendinganalytics.com/alternative_loan_options.html to research alternative loans, payment terms, interest rates, etc.

Massachusetts No-Interest Loan (NIL)

The NIL Program offers a zero interest, long-term loan to eligible Massachusetts residents. Awards range from $1,000 to $4,000.

Special note to students who are receiving federal or state financial aid: A student who is not making satisfactory progress as defined by the college's policy may not receive further aid. If a student is deemed not to be making satisfactory progress, but later meets the standards, his or her eligibility for aid will be reinstated.