Applying for Financial Aid

Financial Aid Process

To apply for financial aid, students must complete the steps shown below. Failure to complete all steps will delay your receiving financial aid. 

See video: The Financial Aid Process

STEP 1: Create your FSA ID (Federal Student Aid ID, consisting of a username and password)

Your FSA ID must be used to log in to certain U.S. Department of Education websites. It confirms your identity when you access your financial aid information and electronically sign Federal Student Aid documents. If you do not already have an FSA ID, go to studentaid.gov, click on the FSA ID link, and follow instructions to create your FSA ID. The FSA ID has replaced the former PIN. If you have a Federal Student Aid PIN, you will be able to enter it and link it to your new FSA ID.

STEP 2: Complete the Free Application for Federal Student Aid (FAFSA) form.  Cambridge College's school code is 021829.

See video: Filling out the FAFSA

For additional assistance, please call the FAFSA hotline at 800-433-3243.

STEP 3: Complete the mandatory Entrance Counseling. All new students must complete entrance loan counseling prior to loans being disbursed to their account. Go to studentaid.gov — sign in, click on Entrance Counseling and follow online instructions.

Entrance counseling is a federal requirement, even if you have borrowed at other schools.

STEP 4: Complete the Master Promissory Note for the William D. Ford Federal Direct Loan

Go to studentaid.gov, sign in, click on Sign Master Promissory Note, and follow online instructions. For assistance, call Direct Loan Applicant Services at 1-800-557-7394.

Please complete the application thoroughly. If you do not, your loan will be delayed.

Awarding Policies

Accepting Your Award - Once all of your information has been submitted and reviewed by our office, an offer of financial assistance will be created for you that outlines the financial aid that you are eligible to receive for the specified academic year. We do not require that you officially accept your offer of assistance. We will assume that you accept the entire aid package unless you specifically notify us that you wish to decline all or part of the award. Please pay close attention to the language contained in the financial aid award letter as it will provide important information about the paperwork and processes that are necessary to obtain certain sources of financial aid.



Declining Your Award
 - Should you decide to decline any part of your award, we ask that you send an email to your financial aid counselor from your Cambridge College email address (@go.cambridgecollege.edu) indicating the type of aid and amount you would like canceled.

How Funds are Disbursed

Financial aid awards are posted to student accounts beginning on the Monday after the Add/Drop deadline. Loan agency funding may take up to 10-14 business days from their disbursement date before Cambridge College receives your funds. Cambridge College receives/posts federal funding on Mondays. From the date it is posted to your account, Cambridge College has 14 business days to refund any eligible excess funds.

Reporting Outside Assistance

If you will be receiving any forms of assistance not listed on your offer (such as a scholarship from an outside organization), you need to notify us of this additional resource.



Reduction in Enrollment


A reduction to your course load may result in a reduction or cancellation of your aid. 



Verification

Any student may be selected for verification by the federal government or the Financial Aid Office. The verification process allows financial aid counselors to review the information reported on the FAFSA, checking for accuracy against documents you provided.