Types of Aid
Students who attend Merrimack College may qualify for Federal Pell Grants, Supplemental Educational Opportunity Grants (SEOG), Perkins Loans, Work-Study, and the Federal Family Education Loan Program (FFELP): Parent (PLUS) Loans and Student Loans.
State
State-funded grants are available from the Commonwealth of Massachusetts and from other states that have reciprocal agreements. Applicants for Massachusetts State Grants must have been permanent residents of the state for at least one year. Processing deadline for the FAFSA was April 30, 2008.
Educational Loans:
Perkins Loan
Federal Perkins Loans are funded by Merrimack College and the federal government. Interest rates are set at 5% with repayment deferred until nine months after graduation. There is no loan application but students will sign a promissory note provided by the college.
Federal Family Education Loan Program
Merrimack College participates in the Federal Family Education Loan Program (FFELP) offering parents and students a wide variety of banking options. For fast and efficient loan processing, Merrimack has partnered with American Student Assistance (ASA), one of the nation’s leading loan guarantors. Please refer to the following detailed brochure for a list of our recommended lenders as well as for the 2008-2009 loan rates for the FFELP loans.
Note: There is an update as of August 1, 2008 for the Student Stafford and Parent PLUS loans brochure. The 0.50% reduction at payment is no longer a benefit offered by Citibank for either the Citibank Student Stafford or the Citibank Parent PLUS loans.
2008-2009 Student-Parent Federal Loans Updated 8-1-08.pdf
Parent (PLUS) Loans
Merrimack College is pleased to recommend the following lenders for student Stafford and parent PLUS loans for the 08-09 financial aid year:
J.P. Morgan Chase Bank
CitiBank
RBS, Citizens
Wachovia Educational Finance
Key Bank
Instructions for parents and students on the Stafford, PLUS and Alternative Loan application process, how to sign electronic promissory notes and information on student entrance counseling was mailed to incoming students the week of June 16th. Returning student award letters will be mailed along with the loan information/instructions very soon.
Please note that you are not obligated to obtain a loan through one of these lenders.
Refer to the Parent Loan Application & E-Signature Process document
FA 2008 NEW Parent MPN and E-Sign.pdf
Link directly to Parent PLUS Loan Application ASA Link (conditions.asp).
Federal Stafford Loan for Students
Merrimack College is pleased to recommend the following lenders for student Stafford and parent PLUS loans for the 08-09 financial aid year:
J.P. Morgan Chase Bank
CitiBank
RBS, Citizens
Wachovia Educational Finance
Key Bank
Instructions for parents and students on the Stafford, PLUS and Alternative Loan application process, how to sign electronic promissory notes and information on student entrance counseling was mailed to incoming students the week of June 16th. Returning student award letters will be mailed along with the loan information/instructions very soon.
Please note that you are not obligated to obtain a loan through one of these lenders.
Refer to the Student Loan Processing paperwork to sign the Master Promissory Note and to complete Entrance Counseling.
FA 2008 NEW Counseling and ESign Letter.pdf
FA 2008 New Student Loan Processing Letter.pdf
NOTICE TO PREVIOUS MEFA LOAN BORROWERS
The Massachusetts Educational Finance Authority (MEFA), a non-profit lender has notified schools and previous borrowers that they will no longer be processing educational loans for the 2008-2009 academic year. To ensure that parents and students have access to available funding options, Merrimack College has identified well-known reputable lenders to assist families meet their educational expenses. Please review the lender list above (2008-2009 Student and Parent Loans.pdf) for comparison information. Families are not restricted to these lenders and may select any lender of their choice.
Students who had used MEFA in the past for their Stafford Loans and parents who used MEFA in the past for their PLUS loans must select a new lender and sign a new master promissory note for 2008-2009. All Stafford Loans will be originated in mid-August for students who have “accepted” their student loans on their Merrimack Award Notification Letter and returned it to the Office of Financial Aid. Detailed information on how to sign an electronic promissory note and how to select a lender was mailed with your award letter or, can be found in the above links. Additional assistance regarding Stafford and PLUS loan processing should be made to American Student Assistance (ASA) the loan guarantor at 1-800-999-9080 x 5015.
FOR ADDITIONAL INFORMATION
The Office of Financial Aid is located on the campus of Merrimack College in Room 15B of Austin Hall. Our summer business hours are Monday - Thursday 8:30 am to 4:30 pm and Friday 8:30 am to 1:00 pm. We can be reached by telephone at (978) 837-5186, by fax at (978) 837-5067 or e-mail the Office of Financial Aid at financialaid@merrimack.edu