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financial aid - grants and loans

Montserrat Grant
Montserrat 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.

Federal Pell Grant
The Federal Pell Grant awards ranged from $200 to $4,310 in 2007-2008. 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 $700 to $2,900. 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.

SLMA Career Education Loan
The SLMA Career Education Loan is intended for students who enroll in one class (3 credits), enroll in the Pre-College Program or have had financial aid suspended due to failure to achieve Satisfactory Academic Progress.

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.

Federal Stafford Loan (subsidized)
Freshmen may borrow up to $2,625, sophomores up to $3,500, 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.

Federal Stafford Loan (unsubsidized)
Combined totals of the subsidized Federal Stafford Loan and the unsubsidized Federal Stafford Loan are the same as listed above. Independent students and dependent students whose parents cannot borrow through the PLUS program may apply for additional unsubsidized funds. Freshmen and sophomores can borrow up to $4,000 each year; juniors and seniors can borrow up to an additional $5,000 each year. Interest is not paid by the government; the student borrower is responsible for all interest payments. Interest and principal payments may be deferred until the student graduates or is no longer enrolled.

Federal 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.

Signature Loan
The Signature Student Loan is a privately insured, credit-based loan. You have a choice of national and regional lenders.

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 $3,000.

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.