Financial Aid Questions

Please read the following information on financial aid and the award process. It may help you better understand how aid is awarded.

How is financial aid determined?

The process starts with you completing FAFSA. This application collects information about your income, assets and household size. This information is evaluated by a standard formula that determines what your family could reasonably contribute towards your education. This information is summarized on the Student Aid Report (SAR).

The Financial Aid Office will consider your educational costs such as tuition, fees, books, supplies, and transportation, the Effective Family Contribution (the EFC on the Student Aid Report), and try to award you enough financial aid to assist you with those expenses. Financial Aid is based on your ability to pay for your education as well as the availability of funds at the college.

What are the different types of financial aid?

The federal and state government provides funds for grants (money that does not have to be paid back), student loans (borrowed money that is repaid with interest), and employment (work-study jobs where you work and earn money). The following is a brief description of the types of aid available.

  • Pell Grant – a federal grant for students who do not have a BS/BA degree. Amounts range from $400 - $3300 per academic year. The amount you receive depends on your EFC # (see the SAR), the cost of attendance at STCC, and whether or not you are a full or part-time student.
  • Supplemental Educational Opportunity Grant (SEOG) – a federal grant for students who demonstrate exceptional need and who do not have a BS/BA degree. Funding is limited.
  • College Work Study Program (CWS) – a federal work program that provides jobs to students to help pay for educational expenses. This program encourages community service and work related to your course of study. Community Service employment allows you to work in a non-profit agency, on or off campus, and encourages a sense of responsibility. If you accept a Community Service position you will be asked to evaluate your experience. Regular work-study positions are available on campus and every effort is made to place you in your field of study. You will be paid at least the minimum wage and can work 10-20 hours per week. Funding is limited.
  • Federal Direct Student Loan – a low interest loan awarded through the college. The interest varies but will not exceed 8.25%. There is both subsidized and unsubsidized loans available. A subsidized loan is awarded on the basis of need and the federal government will pay the interest on the loan while you remain in school. If you only qualify for an unsubsidized loan, you must pay the interest while attending school. Repayment for all student loans begins 6 months after you complete your studies, terminate your enrollment, or drop below half-time. More detailed information on loan borrowing is available in the Financial Aid Office.
  • Parent Plus Loan – a loan available to your parents to help meet your educational expenses. Parents are required to pass a credit check. Parents will begin repaying both the principal and the interest while you are still in school.
  • Mass Grant – a state scholarship for permanent residents of MA. You are a permanent resident if you lived in MA at least one year prior to the beginning of the academic year for which aid is being requested. You must be a full-time student who does not have a BA/BS degree. If you are a dependent student whose parents live in another state, you are not considered a resident of MA.
  • Part-Time Grant – a state grant for eligible MA residents. You must be enrolled for at least 6, but less than 12 credits.
  • Performance Bonus – awarded to students that have an EFC of zero, completed at least 24 college credits beyond high school, have a cumulative grade point average of 3.0 or higher and are eligible to receive the MA Grant.
  • Tuition Waiver – a waiver of all or part of your tuition. You must be an eligible MA state resident enrolled at least half-time. Funding is limited.
  • Springfield Technical Institution Aid (STIA) – a state grant for eligible MA residents. You must be enrolled at least half-time. This grant cannot exceed the actual tuition charges. Funding is limited.
  • Access Grant – This is not an additional grant but a comprehensive effort by the State to provide enough funding to reduce or eliminate mandatory tuition and fees. The intent of the Access Grant Program is to utilize increased state funding, existing federal grants and scholarships, and the new federal tax credits.

How will my bill get paid?

The Financial Aid Office will notify the Business Office of your financial aid award. If your financial aid award is enough to cover your tuition and fees, your bill will be cleared and your schedule will be mailed. If your award is not enough to cover your tuition and fees, you must pay the balance from your own resources.

What if I decide not to attend STCC before classes begin?

You are officially enrolled once you receive your goldenrod schedule. You must notify the college that you are not going to attend classes or you will be responsible for your tuition and fees.

What happens if I stop attending my classes?

You must officially notify the college that you are withdrawing from classes. If you are receiving Title IV federal financial aid, the college is required to determine how much financial aid you are actually entitled to receive up to the point that you stopped attending classes. If you completed more than 60% of the period of enrollment, then you have earned 100% of the aid awarded. If you completed 60% or less, a portion of the aid awarded must be returned to the appropriate funding agency.

The college will calculate the percentage of time enrolled and determine the amount of aid earned. All unearned aid will be returned to the Title IV program in the order specified by the law. You will be required to return the difference between the unearned aid and the amount returned by the institution.

In accordance with federal regulations, this refund policy is in effect as of Fall 2000. Samples of this refund policy are on file in the Financial Aid Office.

What if I don’t complete all of my courses during the academic year?

In order to receive financial aid, you must be in good academic standing and making satisfactory progress while pursuing your degree. You must maintain a minimum quality point average and you must successfully complete a minimum number of your attempted courses. Failure to meet the minimum requirements will result in a loss of your financial aid.

Can I receive financial aid from more than one school?

You CANNOT receive financial aid from two schools at the same time. If you are taking classes at two different colleges at the same time, you can only receive financial aid from one institution.

What if I transfer to or from another college during the academic year?

Financial aid awarded at one college is not transferred to your new college. If you were awarded a Pell grant and did not use your maximum award, you may be able to use the balance at the new school. If you are transferring into STCC for the Spring semester, you MUST submit a Financial Aid Transcript (FAT) from your previous school.