Mount Ida College

New students who are awarded any of the following loans as part of their financial aid award will be provided with the required promissory note(s), instructions and entrance counseling information from the Student Loan Office. These documents will be available at the beginning of the semester.

Returning students who signed Master Promissory Notes previously at Mount Ida College and are awarded Stafford Loans will not have to sign Promissory Notes for the award. The funds will automatically be posted as soon as the student is eligible to receive these funds. If a student is awarded Stafford Loans and wishes not to borrow, they must provide written notification directly to the Loan Office.

Federal Stafford Student Loans are federally supported, low-interest loans available to eligible students.

Subsidized Stafford Loan

Students who demonstrate financial need according to federal regulations are eligible to borrow through the Subsidized Loan Program. With the Subsidized Loan, the federal government pays the interest while the student is in school. Therefore, no payments are required while the student is enrolled in school (at least 1/2 time, minimum 6 credits) and no interest on the loan will accrue. Loan amounts are as follows: $2,625 for a freshman, $3,500 for a sophomore. and $5,500 for a junior or a senior.

Unsubsidized Stafford Loan

Students who do not qualify for a Subsidized Stafford Loan may be awarded an Unsubsidized Federal Stafford Loan. With the Unsubsidized Stafford Loan, the federal government does not pay the interest while the student is in school. Therefore, interest does accrue and must be paid or capitalized. Loan amounts are as follows: $2,625 for a freshman, $3,500 for a sophomore, and $5,500 for a junior or a senior. Additional Unsubsidized Stafford Loans are available for qualified students in the amounts of $4,000 and $5,000.

Massachusetts No Interest Student Loan

Students who demonstrate financial need as determined by the Federal Student Aid Program and the Commonwealth of Massachusetts may be eligible to borrow under the Massachusetts No Interest Loan Program.

A student must be enrolled full-time in a degree granting program and be a permanent resident of Massachusetts. Loan amounts range from $1,000 to $4,000. There is no interest charged during the life of this loan. Students must first borrow under the Federal Stafford Loan Program before they qualify for the Massachusetts No Interest Loan. Massachusetts No Interest Loan cannot replace Stafford Loan. Funds are provided by the Commonwealth of Massachusetts and are subject to availability.