At Nichols College, we are committed to providing you with the most resources for financing a Nichols College education. We require only one financial aid form, The Free Application for Federal Student Aid, better known as the FAFSA. Nichols College does not require the CSS Profile. We use the FAFSA information to determine your eligibility for federal, state and institutional need-based financial aid. You can file your FAFSA after January 1st. Our priority deadline for filing the FAFSA is March 1st. Each state has a FAFSA filing deadline. It is important to meet the March 1st filing deadline since filing your FAFSA late can affect the amount of financial aid you will receive. Late applicants may miss opportunities for state or other sources of aid.

Important Change to Loan Processing for 2009/2010

As we begin our awarding season for new and returning students, we want to inform our families of some changes in the way we process Federal Stafford loans. Nichols College has chosen to participate exclusively in the William D. Ford Direct Loan program for all of our Federal Stafford Subsidized and Unsubsidized Student Loans as well as Federal Parent Loans (PLUS). Our decision is based in part on the current lender issues regarding their continued participation in the Federal Family Education Loan program (FFELP). We believe that this change will provide a more stable and predictable borrowing experience as Direct Loans are offered by the US Department of Education.

Will this change impact me?
Yes, if you are a new or a continuing student or parent borrower who plans to borrow a federal loan after July 1, 2009; this change will affect you. For the 2009/2010 academic year, ALL Federal Stafford, Federal PLUS, and Federal Grad PLUS loans will be processed through the Direct Loan program. You will be receiving information in your award packages about how to complete you Master Promissory Notes, Entrance Counseling, and Parent Loan Pre-Approvals. New web links will be posted to our Financial Aid page as well.

What are the benefits in the Direct Loan Program?
There are several benefits in the Direct Loan Program, including;

• A guaranteed source of funding for student loans.
• The option of an income-contingent repayment plan or an income-based repayment plan when a student enters repayment. This means a student has the option of ensuring that the loan repayment amount will always be affordable based on what the borrower's income will allow. Optional deferment for Parent PLUS Loans.
• Students in the Direct Loan Program who enter into public service jobs can have any remaining balance on the loans forgiven after 10 years of repayment while in public service work. (While this option does not exist in the FFEL Program, students who borrowed in that program can consolidate their loans into the Direct Loan Program in order to take advantage of this forgiveness.)
• The interest rate for the parent loan and for the graduate student loan is 7.9 percent in the Direct Loan Program compared to 8.5 percent in the FFEL Program.
• Should a student make payments late under the Direct Loan Program, the late fees charged are less than the late fees charged by lenders in the FFEL Program.