For over 100 years, Massachusetts Maritime Academy has been preparing women and men for exciting and rewarding careers on land and sea. As the nation's finest co-ed maritime college, MMA challenges students to succeed by balancing a unique regimented lifestyle with a typical four-year college environment. As a member of the cadet corps you will live, study, sail, work and play in an atmosphere that encourages you to be your best.
Other Funding Options
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Parent Loans for Undergraduate Students (PLUS)
- Credit based loan
- For parents of dependent students as determined by the FAFSA
- Student must be enrolled at least 1/2 time (6 credits)
- In parent name only
- Repayment is parent's responsibility only
- Interest rate based on 10 year Treasury Bill
- Interest rate changes every July 1
- 2020-2021 interest rate is 5.3%
- There is a 4.236% origination fee taken from loan
- Repayment begins 60 days following full disbursement of loan
- Can request deferment of payment as long as student is enrolled at leat half time
- Student must be making Satisfactory Academic Progress
- Student must file a FAFSA
When applying for Parent Plus loan, be sure to log in using the Parent's FSA User ID (not the student's) and follow the links for Parent Borrowers.
CITIZENS BANK: TRU-FIT LOAN - www.citizensbank.com/
COMMONBOND - www.commonbond.co
EDVESTINU - www.edvestinu.com
SALLIE MAE - www.salliemae.com
*WELLS FARGO - www.wellsfargo.com/
* Please note-Wells Fargo is accepting loan applications for 20-21 from existing borrowers only. (borrowers who have a previous loan with them)
Private Alternative Loans
- Credit based loan
- Student is primary borrower and will most likely need a credit-worthy co-signer for approval
- Interest rate is usually based on credit-worthiness of co-signer
- Most lenders require that the student is enrolled at least 1/2 time (6 credits)
- Interest rate is often variable
- Usually the most expensive way to finance an education
- Most lenders allow deferment of payment as long as student is enrolled at least half time
- Some states have a state sponsored loan authority. These non-profits may be able to provide you with cost effective loan options
WHERE DO WE BEGIN?
Student Financial Services is pleased to offer you the FASTCHOICE website which provides detailed and valuable information on different alternative loan programs. The FastChoice website has an easy to read chart that gives you important lender information including current interest rates. You can also click to apply with the lenders shown right from the chart.
- Alternative loans may not be used as credit against your tuition bill until all paperwork has been completed with the lender and certified by our loan coordinator.
- This process can take anywhere from a few days to a few weeks, depending upon the lender.
- Once the loan has been certified by MMA's loan coordinator, the loan will show as 'pending financial aid' on the student's e-bill.
- You are encouraged to borrow the full amount that you will need for the academic year.
- Students are encouraged to begin the application process as soon as they determine that additional funds are needed to avoid late fees on their billed charges
- If you choose to borrow on a semester by semester basis:
- For the fall semester, this should be done no later than early July
- For the winter semester, no later than early November
- For the spring semester, no later than early January
Please contact Marissa Barros, MMA Loan Coordinator by email at firstname.lastname@example.org or at 508-830-5222 with any questions.