Federal aid programs
A private education at New England’s Mount Ida College is affordable and within reach, especially when you consider federal aid programs in your financial aid plan. Federal grants like PELL must be renewed annually. Federal loan programs do require repayment. Also, federal loan programs accrue interest at a lower rate than other private loans.
Administered by the U.S. Department of Education, these loans require repayment of the full amount of the loan borrowed. Students may decline a Federal Direct Loan, which is offered on the award letter without impacting any other forms of aid. Notification of such intent should be sent to the Financial Aid Office in writing. For questions about your Rights and Responsibilities or the terms and conditions of your loan, please contact the Office of Financial Aid at (617) 928-4785 to speak to the Loan Manager.
Federal Direct Stafford Loan Entrance Counseling
If you are borrowing a Federal Direct Subsidized and/or Unsubsidized Stafford Loan for the first time at Mount Ida College, it is a federal requirement for you to complete Federal Direct Stafford Loan Entrance Counseling before the proceeds from the Federal Direct Stafford Loan can be disbursed to your tuition account. Entrance Counseling must be completed online at www.studentloans.gov.
Federal Direct Stafford Loan Exit Counseling
Once you cease enrollment requirements for the Federal Direct Stafford Loan(s) at Mount Ida, you must complete the Exit Counseling process online at www.nslds.ed.gov. Information regarding your loan exit requirements will be sent to you directly. Mount Ida College will provide information to the National Student Loan Data System (NSLDS) which is accessible by lenders, guarantee agencies and other higher education institutions who are authorized users of the NSLDS data system. You may access NSLDS for information related to your educational loan records.
The loan repayment calculator will help student loan borrowers calculate monthly principal and interest payments under the different payment plans available at www.studentaid.ed.gov/repay-loans/understand/plans.