 
Policy 8 – 02: TYPES OF ASSISTANCE
FEDERAL PELL GRANT
The Federal Pell Grant is a need-based program that is available to undergraduate students who have not obtained a Bachelor’s Degree. Federal Pell Grants do not need to be repaid. Pell Grant amounts are determined by a student’s enrollment status and Expected Family Contribution (EFC). The actual amount that a student receives will be determined after the add/drop period of each semester.
FEDERAL SUPPLEMENTAL OPPORTUNITY GRANT (FSEOG)
FSEOG is a need-based program and is awarded to students showing the greatest need based on their EFC. Those with a zero EFC will receive these funds first. FSEOG is a grant that does not need to be repaid. Students must be enrolled at least half-time (6 credits per semester) to receive this award. Funds are limited and are awarded on a first come, first served basis.
MASSGRANT
MassGrant is a need-based program that is awarded to eligible students by the Office of Student Financial Assistance via roster to Massachusetts residents who had their Free Application For Federal Student Aid (FAFSA) processed by May 1, 2007. Students must be enrolled full-time (at least 12 credits) to receive the MassGrant.
MASSACHUSETTS PART TIME GRANT
The Mass Part Time Grant is a need-based program awarded to Massachusetts residents enrolled in at least 6, but not more than 11 credit hours. These students must also be Pell eligible. Funds are limited and are awarded on a first come, first served basis.
FEDERAL PLUS LOAN
The Federal Plus Loan is not guaranteed. It is a credit-based loan, based on your parents’ credit. The parent is the borrower and is responsible for repayment. Repayment begins 60 days after the second disbursement of the loan.
FEDERAL SUBSIDIZED STAFFORD LOAN
The Federal Stafford Loan Program is need-based and must be repaid. To be eligible, a student must be enrolled at least half-time (6 credits each semester). The Federal Government pays the interest that accrues while the student is in school and during the periods of deferment. Repayment begins six months after a student ceases to be enrolled at least halftime in an eligible institution. The interest rate is variable and is set annually on July 1 st of each year. New students must complete a Loan Entrance Counseling Session and fill out a Master Promissory Note (MPN) in order to receive these funds. Returning students that have borrowed previously do not need to complete another loan session but will need to fill out a new MPN. It is the student’s responsibility to return the MPN to our office so that we may process your loan. Our office cannot certify loans without a student’s completed MPN.
FEDERAL UNSUBSIDIZED STAFFORD LOAN
The Unsubsidized Stafford differs from the Subsidized Stafford Loan in that the student is responsible to pay the interest that accrues while in school and during deferment periods. A student may request repayment of the interest until entering repayment on the Subsidized loan.
CHOICE OF LENDERS
Students may choose their lender provided the lender is guaranteed by American Student Assistance. All banks must charge the same interest rate as established by the federal government each July 1st. Other loan incentives and benefits will vary by lender. Students should explore which options will be right for them.
FEDERAL WORK STUDY PROGRAM
This is part-time employment program. Wages are paid directly to the student for actual hours worked. The current rate of pay is $8.40 per hour. Positions are both on and off campus. Students must interview for each position. This is a need-based program but not all students with need will receive work-study assignments, as funds are limited.
ACADEMIC COMPETIVENESS GRANT (ACG)
This grant is for eligible students who graduated from high school in a rigorous academic program after January 2005. Students earning a G.E.D. are not eligible and students who graduated prior to January 2005 are not eligible. An official high school transcript will be required to confirm a student’s eligibility. Funds are limited.
ALTERNATIVE LOAN SOURCES
Students requiring additional financial assistance may inquire at the financial aid office regarding information concerning alternative loan sources. Eligibility is determined by the lender and is based on the applicant’s credit worthiness.
INSTITUTIONAL AID
A number of privately funded scholarships are available to qualified Quincy College students each year. A selection committee from the college community solicits and selects finalists. Many of the scholarships are named for founders of the college, instructors, and charitable organizations. Scholarships are also awarded to deserving high school seniors at the President’s discretion. For additional information contact the Financial Aid office.
BOOK VOUCHERS
Book vouchers are available one week prior to the start of and two weeks into each traditional semester (Fall and Spring 15 week semesters only). Students having financial aid funds exceeding the cost of all tuition and fees should check with our office to see if they are eligible. The amount of each voucher will vary depending on individual awards and enrollments. Plymouth students may have vouchers faxed to the Plymouth campus on request. Due to the short length of the terms, book vouchers are NOT available for any non-traditional semesters including all: 10-week, 7-week, 5-week, Double-ups, Tandems, Summer Sessions or Intersession.
SUMMER FINANCIAL AID AWARDS
Students planning to attend summer sessions should contact our office beginning in April of 2007 to have their file reviewed for any financial aid that may be available to use for summer. Summer sessions are a “trailer” to the academic year and therefore only funds that were not used during Fall and Spring can be awarded in the summer. Students will be notified by mail of their summer award package.
DISBURSEMENTS
All financial aid disbursements will be posted to students’ accounts no sooner than 45 days after the start of each semester. The Business Office will generate refund checks automatically to those students with a credit balance after all charges have been applied.
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