Financial Aid & Scholarships

Quinsigamond Community College participates in the William D. Ford Federal Direct Student Loan program administered by the U.S. Department of Education and QCC. This means that the loan listed on your award letter is a loan you will borrow directly from the federal government. Loans are financial assistance that must be repaid after you leave school or drop to less than six credits. Please read the following information carefully.

You are eligible to borrow up to the amount(s) listed on your award letter. If your loan is a Subsidized loan, the amount you choose to borrow does not begin to accrue (accumulate) interest until six months after you leave school or drop to less than six credits. Unsubsidized loans begin to accrue interest when the funds are disbursed. In both cases repayment of the principle begins six months after you leave school or drop to less than six credits.

You have the option of borrowing the entire amount offered, reducing the amount(s) offered, or declining the loan. Your decision about what and how much to borrow does not affect your future eligibility for financial aid or future loan amounts. In most cases, you may not borrow more subsidized funds than are shown, and dependent students may not borrow more unsubsidized funds than are offered.

Write a note on the Award Letter stating you are declining the loan, sign and date it, and return a copy of the Award Letter to the Financial Aid Office.

Change the amount offered to the amount you wish to borrow, sign this change and return a copy of the Award Letter to the Financial Aid Office.

Receiving Loan Funds

In order to receive these funds you must complete a promissory note. The promissory note is the legal agreement you make to borrow and repay this money. In addition to the completion of the promissory note, all first time borrowers at Quinsigamond Community College must complete an entrance counseling session.

Promissory note: You may complete your promissory note via the Direct Loan Servicing Center's Web site. To complete the MPN online, you will be required to use your Department of Education-issued PIN. If you do not have a PIN, you may request one from www.pin.ed.gov. You will also need to have available the complete names, addresses and telephone numbers of two adult references who live at different addresses (although one may live at the same address as you) and have known you for at least three years. These references are two individuals who will always know your current address and telephone number. If you would prefer to complete a paper copy of your promissory note, you may come to our office Monday through Thursday between the hours of 8 am and 4:30 pm and Friday from 8 am to 11:30 am. If you would prefer to have your promissory note mailed to you to complete, please contact our office at (508) 854-4261 or via e-mail at financialaid@qcc.mass.edu.

Entrance counseling: All first time Federal Direct Stafford Loan borrowers at QCC must complete an entrance counseling session. The entrance counseling session provides you with valuable information on your rights and responsibilities as a direct loan borrower. You may complete your entrance counseling requirement online. Please be sure to click on the option to complete a Stafford Loan Entrance Counseling and be sure to list QCC as the college to receive your completed counseling results. If you would prefer to complete a paper version of this requirement, you may do so by coming to the financial aid office Monday through Thursday between the hours of 8 am and 4:30 pm and Friday from 8 am to 11:30 am. Please plan to be in the office for at least 30 minutes to complete this requirement.

Students who do not complete the promissory note and entrance counseling (if required) within 30 days of the starts of the semester will have their loans canceled. Any charges on your account will then become your full responsibility.

Loan Disbursement

Once you have completed your promissory note and entrance counseling (if required) your loan will be processed. Loan funds are disbursed after all students' eligibility for financial aid funds have been verified and the business office applies financial aid funds to students' accounts. This is typically done around the middle of the semester. Students who have credit balances after their charges have been paid will be eligible for a refund check. The Business Office will notify students when refund checks are available. Please note that the amount of money that will be disbursed is approximately 1.5 percent less than the amount of the loan award. This guarantee fee is deducted by the Department of Education to help support the cost of this low interest loan. If you withdraw from the college or drop below six credits before your loan is disbursed, you may not be eligible for the loan funds. Check with the Financial Aid Office before withdrawing or reducing your course load to less than six credits.

This will begin the 6-month grace period leading to repayment of your loan(s). You must complete an Exit Interview. If you return to QCC or another school on a half-time or more basis you should file a deferment form which will tell the servicing agency that you are able to postpone repayment of your loan.

The Direct Loan Servicing Center will contact you at your last known address to inform you about going into repayment. They will also send you either a monthly statement or book of coupons to use each month. You are responsible for notifying the servicer and the Financial Aid Office of any changes to your name or address. Failure to make payments may result in a default that will affect your ability to obtain further financial aid at any school and will directly impact your ability to obtain consumer credit in the future.

Borrowing money for your education is a serious and binding legal obligation. You are advised to use care in determining if and how much you should borrow. Please do not hesitate to ask for assistance or advice in making this decision. Your loans are a part of your present and your future.

If you have any questions about the loan or loan processing, or do not understand the information provided, please contact the Financial Aid Office by calling (508) 854-4261 or by email at financialaid@qcc.mass.edu.