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Massachusetts Maritime Academy - Alternative Funding Options Financial Aid - Alternative Funding Options
If, after your financial aid is considered, you anticipate needing additional funds, the following options are provided for your convenience.
 

The following information is not listed in any particular order.  Students and their families are encouraged to research these resources and choose one that best meets their individual needs and circumstances.


 
PARENT LOANS FOR UNDERGRADUATE STUDENTS (PLUS) – This credit-based loan is available for parents of dependent students enrolled at least half-time (6 credits).  Parent PLUS Loans are Federal Loans and processed through the MMA Financial Aid Office. This loan is in the parent's name only, with repayment being the sole responsibility of the parent, not the student. The interest rate is based on the 10 year Treasury Bill with a cap of 10.5%.  The current rate is 7.21%. There is a 4.292% origination fee taken from the loan when the funds are disbursed to the student's MMA account. Repayment can begin sixty days after the final loan disbursement for the loan period.  The parent can request that the loan be deferred as long as the student is enrolled at least half time. You may contact the Direct Loan Applicant Services Center at 1-800-557-7394 for information on deferring a PLUS loan.   Please note that if the student is not making Satisfactory Academic Progress, the parent will not be able to apply for this loan, as it falls under the same federal regulations as the Stafford Loan. 

To apply for the Parent PLUS Loan, please download the Parent PLUS Loan Application and fax it to 508-830-5077 or mail it the the MMA Financial Aid Office, 101 Academy Drive, Buzzards Bay, MA  02532. 

 
MMA recommends that students complete the FAFSA and apply for all low, fixed interest Federal Direct Stafford Loans before considering private alternative loans.  The Financial Aid Office provides a list of things to consider when borrowing.

For students who are not meeting the minimum standards of our Satisfactory Academic Progress Policy, there are some private alternative loans that you may apply for.  Please note that the lenders MEFA, Discover, RISLA and Student Choice currently require Satisfactory Academic Progress. 
 
ALTERNATIVE LOANS - Students applying for a private, alternative loan should have a credit worthy co-signer. Also, please be advised that private alternative loans typically have a variable interest rate and are often the most expensive way to finance an education.  Final decisions on fees and interest rates are dependent upon the credit-worthiness of the borrower and co-signer.


You may want to check if your state has a State Sponsored Loan Authority.  These non-profit loan authorities may be able to provide you with cost effective loan options.

The Financial Aid Office is pleased to offer you a website that allows you to read about your various loan options and at the end make an educated choice on a student alternative loan.  Please visit the FASTCHOICE website to receive valuable information on financial assistance as well as get a list of lenders to choose from.
Alternative loans may not be used as credit against your tuition bill until all paperwork has been submitted and finalized with the lender and certified by the MMA Financial Aid Office. This process can take any where from a few days to a few weeks, depending upon the lender.  Once the lender notifies the MMA Financial Aid Office that all necessary paperwork has been submitted, the loan will be certified by the MMA Financial Aid Office and notification will be sent to the Office of Student Accounts (Business Office). Student Accounts will then use the loan as pending credit toward the bill. Students are encouraged to begin the application process as soon as they determine that additional funds are needed to avoid late fees on their billed charges.  For the fall semester, this should be done no later than early July, for the winter semester, no later than early November and for the spring semester, no later than early January.
 
MMA and its employees do not recommend any lenders, or receive any reimbursements, kickbacks or gifts of any kind from student loan lenders.

Please contact Marissa Barros, MMA Loan Coordinator by email at mbarros@maritime.edu or at 508-830-5222 with any questions.

last updated 8-18-2014 by ckedski@maritime.edu