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 Direct Loan Program for Parent (PLUS) Loans and Student Stafford Loans. Be sure to file the Free Application for Federal Student Aid at www.fafsa.gov. If you have questions about filing the FAFSA, please contact the Office of Financial Aid at 978-837-5186. To view a FAFSA tutorial, check out this link.
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, 2010.
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.
William D. Ford Federal Direct Loan Program
2010-2011 Parent and Student Loan Information
Merrimack College participates in the William D. Ford Federal Direct Loan Program as of July 1, 2010.
Please refer to the News About Loans page for further information.
Federal Direct Parent (PLUS) Loans
Parents may apply for the parent PLUS loan at www.studentloans.gov web site for an educational loan to cover the student's billing. Parents must enter their social security number, date of birth and FAFSA PIN when applying for the parent PLUS loan. Our loan officer will certify all approved loans. Once the loan is certified, students may view their financial aid or billing statement on myMack to view the PLUS loan showing as pending aid. Parents may apply for up to their students cost of attendance minus any aid the student is receiving.
2010-2011 Fixed Interest Rates for Federal Direct Parent PLUS loan are as follows:
Direct Subsidized = 7.9% with a 4% fee
Federal Direct Student Loans
Students must complete entrance counseling and electronically sign the master promissory note (MPN) at www.studentloans.gov. When the student logs into this web site they must use their social security number, date of birth and FAFSA PIN.
Student loan borrowers must accept the stafford loan(s) (Direct Subsidized; Direct Unsubsidized) before Merrimack College can initiate the loan.
2010-2011 Fixed Interest Rates for Federal Direct Subsidized and Federal Direct Unsubsidized loans are as follows:
Direct Subsidized = 4.5% with a 1% fee
Direct Unsubsidized = 6.8% with a 1% fee
Annual Student Loan Limits
|
Year
|
Base Limit
|
Additional
|
|
Freshman
|
$3,500
|
$2,000
|
|
Sophomore
|
$4,500
|
$2,000
|
|
Junior
|
$5,500
|
$2,000
|
|
Senior & 5th Year
|
$5,500
|
$2,000
|
Note: Returning student financial aid award letters will be mailed by the end of June.
Student/Parent Alternative Loan information can be found on this link.
SCHOOL FOR ADVANCED STUDIES FINANCIAL AID
Please read the brochure linked below for information regarding financial aid opportunities for students enrolled in the School for Advanced Studies.
2010-2011 School for Advanced Studies - Financial Aid Brochure
Students looking for financial assistance may apply via the Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov. Please be sure to add the Merrimack College Federal School Code 002120. Once you have filed the FAFSA, contact the Office of Financial Aid at 978-837-5186 to indicate that you are a recent FAFSA filer and an accepted degree-seeking candidate through the School for Advanced Studies or enrolled in one of the Master of Education Programs.
An email will be sent to students who have contacted our office and informed us of their FAFSA filing indicating their eligibility for the student Stafford loan. New and first-time borrowers at Merrimack College will first need to accept the Stafford loan(s) (Subsidized/Unsubsidized) before we can initiate the loan.
GRADUATE STUDENT LOAN LIMITS
- $8,500 Subsidized Loan
- $12,000 Unsubsidized Loan
- Total $20,500 for the academic year
FOR ADDITIONAL INFORMATION
The Office of Financial Aid is located on the campus of Merrimack College in Room 15B of Austin Hall. Our business hours are Monday - Friday 8:30 am to 4:30 pm. The College closes at 12 (noon) on Fridays during the summer months. 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