Grants and Loans

Federal and State Grant Programs

Federal Pell Grant
The Federal Pell Grant program is available to very needy undergraduate students. A Pell-eligible student may receive a Pell Grant for less than half-time enrollment. The amount of the grant varies from year to year. For the 2007-2008 year, the grant amount ranged from $400 to $4,310. Application to the Pell Grant Program is made by completing the FAFSA form.

MassGrant
The MassGrant is the Massachusetts State Scholarship provided to eligible Massachusetts state residents. The student must be enrolled full-time and meet all other eligibility requirements. Application to the MassGrant program is made by filing a FAFSA prior to the state deadline of May 1st.

Massachusetts Part-Time Grant
The Massaschusetts Part-Time Grant is available to very needy undergraduate students who are enrolled part-time (between 6 and 11 credits per semester.) Because funding is limited, this grant is awarded on a first-come, first-serve basis.

Loans

Student Federal Loans

Stafford Loan
The Stafford Loan program is a federally funded loan program. The maximum loan amount varies depending on year in school. The interest rate is fixed a 6.8%. Repayment of the Stafford Loan begins 6 months after the student graduates, withdraws from school or is enrolled less than half-time. Application for the Stafford Loan is made by completing the FAFSA. First-time borrowers must complete a Stafford Loan Master Promissory Note (MPN) and a Stafford Loan Entrance Counseling form.

Subsidized and Unsubsidized
There are two types of Stafford Loans, the Subsidized Stafford Loan and the Unsubsidized Stafford Loan. The Federal Subsidized Stafford Loan is awarded based on demonstrated financial need. The federal government will pay the interest on a Subsidized Stafford Loan while the eligible student is enrolled in school at least half-time. The Federal Unsubsidized Stafford Loan is awarded to students who do not demonstrate financial need. The student is responsible for the interest on the Unsubsidized Stafford Loan while in school. The student has the option of making quarterly interest payments on the Unsubsidized Stafford Loan while in school or deferring the interest until repayment.

Stafford MPN
First-time Stafford Loan borrowers must complete a Stafford Loan Master Promissory Note (MPN). By completing the promissory note, the student is agreeing to repay the loan. After the financial aid office certifies the Stafford Loan, the student will be directed to use the above link to complete the MPN on-line, using the FAFSA pin number for the electronic signature.

Stafford Entrance Counseling
First-time Stafford borrowers must complete a Stafford Loan Entrance Counseling (also known as Entrance Interview) form. The Entrance Counseling form informs you of your rights and responsibilities as a Stafford Loan borrower. You may use the above link to complete the Entrance Interview form.

Alternative Education Loans
An alternative education loan is not a federal loan. It is an education loan funded by a private company. It is advisable to apply for a Stafford Loan before borrowing through an alternative education loan program. Generally, an undergraduate student needs a credit-worthy co-signer when applying for a loan. Following is a list of some available alternative education loans:

CitiAssist Loan
Key Alternative Loan
Key Career Loan
Chase Select Loan

Tuition Management Systems
Financing Options Nichols College participates in monthly tuition payment plans through Tuition Management Systems. A monthly payment plan helps to stretch your remaining balance over time. For more information click here.

Outside Scholarships
It is not advisable to pay any company to assist you with scholarship searches or assistance with completion of financial aid applications. These services can usually be obtained free of charge. We recommend the following searches on the Internet:
For additional help with applying for scholarships, you may visit the following website: www.scholarshiphelp.org, www.finaid.org and www.fastweb.com.

You may also look for scholarships by visiting your local library. Ask the librarian for assistance. Remember, every little bit helps. Good Luck!