Types of Financial Aid

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Merit-Based Aid

We recognize students not only for their academic achievements from high school, but also for the potential that they bring to Benjamin Franklin Institute of Technology. We offer four merit-based scholarships.

  • The Trustee’s Scholarship: Awarded to students who demonstrated outstanding academic accomplishments while in high school. The scholarship ranges from $1,000-$5,000 per academic year.

  • The Presidential Leadership Scholarship: Awarded to students who held leadership positions in high school or who have a history of community service. The scholarship ranges from $1,000-$2,000 per academic year.
  • The Benjamin Franklin Scholarship: Awarded to students who demonstrate potential but may not have realized it while in high school. The scholarship ranges from $1,000-$3,500 per academic year.

  • The Women in Technology Scholarship: Awarded to female students planning to major in an engineering program. The scholarship ranges from $1,000-$3,000 per academic year.

Federal and State Grants


The Pell Grant

This program provides need-based grants to low-income undergraduate students to promote access to a higher education. These grant amounts vary, dependent upon several factors, such as family income and cost of attendance, as well as enrollment status. They are intended to be the “base” of a financial aid package. The Pell Grant award will vary from $577-$5,550 for the academic year.

The Supplemental Educational Opportunity Grant (SEOG)

You may be offered the SEOG if you are eligible for the Federal Pell Grant and are a full-time undergraduate with proven need, as determined by your FAFSA.

Massachusetts State Aid

Massachusetts offers state grants to Massachusetts residents. These grants are the Gilbert and MASS Grants. These programs provide grants to undergraduate students who demonstrate exceptional financial need. The Massachusetts Office of Student Financial Assistance sets the guidelines for the grants. Note: Other states may allow students to export state grant funding.

Loans


Massachusetts No Interest Loan

The Massachusetts No Interest Loan (NIL) is awarded to eligible, full-time, high-need Massachusetts residents. The loan has 0% interest and is used to assist students in meeting educational costs. Students have a period of 10 years to repay the loan back after they graduate, withdraw or drop below half-time status. Award varies from $1,000-$4,000 per academic year.

Direct Stafford Loans

These government-backed loans do not have to be repaid until six months after the student leaves school. To eligible for them the student needs to be enrolled at least half-time. They have a fixed interest rate and minimal origination fee. For 2012-2013 academic year the interest rate for both loans is 6,8% and the origination fee is 1%. There are two types of Stafford Loans:

1. Subsidized loans do not accrue interest while the student is enrolled in college at least half-time. A student's eligibility for subsidized loan funds is determined by financial need.
2. Unsubsidized loans do accrue interest even while the student is enrolled in college. These loan funds are not based on financial need.


 Annual Stafford Loan Limit
       
 Grade Level
 Freshman  Sophomore  Junior  Senior
 Dependent
 $5,000  $6,500  $7,500  $7,500
 Independent  $9,500  $10,500  $12,500  $12,500


When taking out a Stafford Loan, students are required to complete the Master Promissory Note and the Entrance Loan Counseling. This process can be done at the www.studentloans.gov. The process only takes a few minutes to complete, but will provide you with valuable information regarding your rights and responsibilities when borrowing a student loan, loan repayment options, deferment and forbearance possibilities.

Direct Parent PLUS Loan

Parent PLUS loan is a loan applied for by a parent. It is subject to a credit check, but not a debt-to-income ratio. Parents can borrow up to the cost of attendance minus any financial aid awarded. The Parent PLUS Loan has an fixed interest rate of 7.9% and an origination fee of 4%. The PLUS loan goes into repayment 60 days after the first disbursement, however families can request a deferment. To access and apply for the Parent Plus Loan visit: www.studentloans.gov.

If the parent is declined the Parent Plus loan then the student is eligible for an additional Unsubsidized loan. They can receive up to $4000 if the student is a Freshman or a Sophomore and $5000 if the student is a Junior or a Senior.

Alternative Student Loans

These private loans are offered by different lending institutions and are applied for by the student with a credit-worthy co-signer. They require a credit check and in many instances a debt-to-income ratio check as well. Fees vary and interest rates vary and are tiered, based on credit. Please visit www.elmselect.com for a list of lenders.