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Massachusetts Maritime Academy - Graduate Students Financial Aid - Graduate Students
The following financing options are currently available to students enrolling in the MSEM or MSFM programs:

members of the MA National Guard may qualify for full tuition and fee waivers to assist with the expenses of the Graduate Degree Programs at MMA.  This program covers all expenses with the exception of the lodging, food and book/supplies portion of the bill.  National Guard members are encouraged to contact their NG unit for details.

POST 9/11 GI BILL:  Veterans may qualify for the Post 9/11 GI bill to assist with their expenses.  Depending upon time served, a portion, up to 100% of the tuition and fees are covered by this benefit.  Lodging, food and books/supplies are not paid directly to MMA and the student would be responsible for paying this portion of the bill to MMA.  Students may qualify for a book and housing allowance, paid monthly by the VA.  Visit for details.

-  Graduate students may borrow up to $20,500 through the William D. Ford Federal Direct Unsubsidized Stafford Loan Program.
  • Unsubsidized - Interest is the responsibility of the student from the very beginning.  Interest not paid while in school is capitalized and added to the principal amount at the end of the 6 month grace period.  The interest rate is based on the 10 year Treasury Bill and is variable-fixed, with a cap of 9.5%.  The current rate is fixed at 6.21% for the life of the loan.
To apply for the Federal Direct Unsubsidized Stafford Loan, students must file the FAFSA (Free Application for Federal Student Aid) at  Be sure to include MMA's federal school code # 002181 so the results will be sent to us.

ENTRANCE COUNSELING/ MASTER PROMISSORY NOTE FOR FEDERAL LOANS - All Graduate students that are awarded Federal Loans from MMA must complete an online entrance counseling session as well as electronically sign a Master Promissory Note.  Both of these steps can be completed at the Department of Education's website .  The student should have their PIN number available, which is the same PIN used to complete the FAFSA.  Entrance Counseling/Master Promissory note results will be sent electronically to MMA.

The following options provide information regarding other sources of aid to assist with meeting your educational expenses.  These resources are not listed in any particular order.  Students are encouraged to research the option that best meets their individual needs.

It is always most beneficial for a student to pursue financing options through the standard financial aid application process first.  The terms and conditions of federal loan may be more favorable to a borrower than the provisions of a private education loan.

The Federal Graduate PLUS Loan is available to cover costs in excess of the $20,500 that you may borrow through the Federal Stafford Loan Program.  The Graduate PLUS Loan is a credit-based loan. The interest rate is variable-fixed, based on the 10 year Treasury bill, with a cap of 10.5%. The current rate is fixed at 7.21%. Students may apply by clicking here.

ALTERNATIVE LOANS - Fees and Interest rates vary, depending on the credit worthiness of the applicant.  The stronger the credit, the lower the rates will be.  Most alternative loans allow for deferred repayment until after you complete school, however, interest will accrue during this time. Most alternative loans have a variable interest rate. Your lender will notify the Financial Aid Office when a loan is approved. Alternative loans will be certified by the Financial Aid Office and notification will be sent to the Graduate Division after the student has completed all necessary paperwork with the lender.  Students are encouraged to consider a number of things before committing to an alternative loan.  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.

 MEFAThe Massachusetts Education Finance Authority is a non-profit organization that assists students with their financing needs for Massachusetts state colleges and universities.  Please visit for further information on their current rates and how to apply. You may also call them at 1-800-449-6332.

Note:  Students applying for a private, alternative loan should have strong credit or have a credit worthy co-signer. Also, please be advised that most private alternative loans have a variable interest rate, with no cap and are often the most expensive way to finance an education.  A few lenders offer loans with fixed rates to very strong credit worthy applicants.
IMPORTANT:   Federal Regulations require the completion of a self-certification form by any student applying for an alternative loan. Many alternative loan lenders will include this form with the original application and promissory note. Please make sure that all forms have been completed with the lender.
Alternative loans may not be used as credit against your tuition bill until all paperwork has been submitted and finalized with the lender. This can take any where from a few days to upwards of 2 weeks, depending upon the lender.  Once all papwork is finalized with the lender, the loan will be certified by the MMA Financial Aid Office and notification will be sent to the Graduate Division. They will then use it 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.
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, Loan Coordinator, at, or 508-830-5222 with any questions.

last updated 2-5-2015 by