FEDERAL DIRECT UNSIBSIDIZED STAFFORD LOANS -  Graduate students may borrow up to $20,500 through the William D. Ford Federal Direct Unsubsidized Stafford Loan Program.

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 www.studentloans.gov .  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.



FEDERAL GRADUATE PLUS LOANS -  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. Students may download the application  fax it to 508-830-5077 or mail it to the MMA Financial Aid Office, 101 Academy Drive, Buzzards Bay, MA  02532.

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 provides a helpful list to assist you with this process.

 MEFA: The Massachusetts Education Finance Authority is a non-profit organization that assists students with their financing needs for Massachusetts state colleges and universities.  Please visit www.mefa.org 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.

 

It is highly recommended that you very carefully research private lenders for all rates and fees and only after you have exhausted your eligibility for Federal Loans first.  One resource for researching private loans is Student Lending Analytics.

 

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 mbarros@maritime.edu, or 508-830-5222 with any questions.