For over 100 years, Massachusetts Maritime Academy has been preparing women and men for exciting and rewarding careers on land and sea. As the nation's finest co-ed maritime college, MMA challenges students to succeed by balancing a unique regimented lifestyle with a typical four-year college environment. As a member of the cadet corps you will live, study, sail, work and play in an atmosphere that encourages you to be your best.
Financial Aid for Graduate Students
The following financing options are currently available to students enrolling in the MSEM or MSFM programs:
Massachusetts National Guard Tuition and Fee Waivers
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. Students are required to obtain a Certificate of Eligibility each semester for the credits they are taking in that given semester and submit it to the MMA Financial Aid Office. The Financial Aid Office will send a bill to the National Guard. Students are encouraged to contact their National Guard unit for details. Questions can also be directed to Cathy Kedski, Director of Financial Aid at email@example.com or 508-830-5042.
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. PLEASE NOTE: THE BAH IS BASED ON THE BUZZARDS BAY, MA ZIP CODE AND NOT THE WALTHAM ZIP CODE. This is because MMA does not have a physical campus in Waltham and it is not recognized by the VA as an actual campus. The only facility code assigned to MMA is for the Buzzards Bay address, since this is our only physical campus. Attempts to change this have been denied by the VA. Visit www.gibill.va.gov for details on how to apply. Once approved, the student will receive a letter called a Certificate of Eligibility from the VA, which must be forwarded to the MMA Financial Aid Office. Questions regarding this benefit can be directed to Cathy Kedski, Director of Financial Aid at firstname.lastname@example.org or 508-830-5042.
Federal Direct Unsubsidized Stafford Loans
Graduate students may borrow up to $20,500 per year, based on their costs, through the William D. Ford Federal Direct Unsubsidized Stafford Loan Program. Students are awarded on an annual basis. The loan is approved for the total cost of the first year of the program. Students must re-apply for aid in the late spring/early summer (by filing a new FAFSA) for the second year of their program and will be awarded additional loan to assist with second year costs.
- 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, as of July 1, 2017 is fixed at 6% 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 www.fafsa.ed.gov. 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 the Federal Direct Unsubsidized Stafford Loan 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 at www.studentloans.gov.
For those students who do not wish to pursue the Federal Direct Unsubsidized Stafford Loan, there are a number of private, credit-based loans available. 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. Private alternative loans also do not have the same deferment/cancelation provisions provided by the Federal Direct Unsubsidized Stafford Loan. 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.
MMA and its employees do not recommend any lenders, or receive any reimbursements, kickbacks or gifts of any kind from student loan lenders.