Types of Financial Aid

  • Financial Aid Options

    Many types of financial aid are available to you to make your college dream a reality.  Our financial aid counselors are available to answer any questions or to walk you through any option. 

    Dean Scholarships and Grants

    Domestic students who apply and are accepted to the college are reviewed for merit scholarships. All students who successfully complete the FAFSA will be considered for need-based institutional grants.

    Federal Pell Grants

    Awards up to $6,095 per academic year for exceptionally needy applicants. The Pell Grant is funded by the federal government and is determined based on the information provided on the FAFSA and enrollment status.

    Federal Supplemental Educational Opportunity Grant (SEOG)

    Awards ranging from $1,000 to $1,500 are awarded to high need students. The SEOG grant is federally funded and is determined based on the information provided on the FAFSA and availability of funds.

    State Grants

    State grants are based on information provided on your FAFSA and may be offered to eligible students. The Department of Education in each state determines a student's eligibility. Many states have application deadlines which can be found on the FAFSA website. The State of Massachusetts awards grants to eligible students who meet residency and financial criteria. Students must also have a valid FAFSA on file by May 1 of each year. 

    The Massachusetts Gilbert Grant is awarded to full-time students who meet the criteria of the Massachusetts State Grant. Award amounts range from $1000-$1500 per academic year. The Gilbert Grant is contingent upon fund availability.

    Additionally, Vermont and Pennsylvania currently allows students to use state grant funds from their home state to attend schools in Massachusetts. We recommend you contact your state agency for more information.

    Federal Direct Student Loan

    Federal Direct Student Loans are long-term, fixed-interest rate federal student loans awarded based on a review of your FAFSA, Satisfactory Academic Progress (SAP), and your enrollment status. First-time borrowers must complete a Master Promissory Note (MPN) and an Entrance Counseling session online.

    Repayment of Student Loans begins six months after you graduate, withdraw, or drop below half-time enrollment status (six credits). The interest rate is 5.05%. There are two types of Student Loans:

    1. Subsidized: No interest accrues until you graduate, withdraw, or drop below half-time enrollment status.
    2. Unsubsidized: Interest begins to accrue immediately.

    Direct Stafford Loan Annual and Aggregate Loan Limits 

    First year (0-29 credits) $5,500 (max $3,500 Sub.) $9,500 (max $3,500 Sub.) 
    Second year (30-59 credits)$6,500 (max $4,500 Sub.) $10,500 (max $3,500 Sub.) 
    Third and beyond (60+ credits) $7,500 (max $5,500 Sub.) $12,500 (max $3,500 Sub.) 
    Aggregate Total Loan Amount $31,000 (max $23,000 Sub.) $57,500 (max $3,500 Sub.) 

    There are also limitations on the number of semesters you can receive Federal Student Loans. Please review the following link for more information: Time Limitation on Direct Subsidized Loan Eligibility for First-Time Borrowers.

    Click here for more information regarding Federal Student Loans. We also recommend all students read the Federal Student Basics to understand the terms and repayment options of their Federal Student Loans.

    Federal Loan Repayment

    All FFELP and Direct Loans (Stafford and PLUS) require repayment. Failure to repay your loan will result in a default status. Default is failure to repay a loan according to the terms agreed when you signed your promissory note. The consequences of default can be severe. If you are having trouble making your monthly payments, take the initiative to contact your servicer as you might be eligible for an alternative repayment plandeferment or forbearance.  You may also contact the Direct Loan Servicing Center for assistance at 800-848-0979. Remember, you are responsible for notifying your lender when you graduate, leave school or move. Not sure who your lender is, view your loan history online at the National Student Loan Data System. To access your information on this site you will need your FAFSA PIN.

    Each Stafford borrower is entitle to a six month grace period which begins the day you graduate, withdraw or become enrolled less than half-time.  While the borrower is in a grace period, no payment is made. Need help estimating your monthly loan payments? A Loan Calculator is available to help you estimate what your payments might look like.

    Work-Study Program

    Federal Work-Study is awarded to high need students at Dean College. Students may also choose to work in one of our community service positions. Most students work between 6 and 8 hours a week and their earnings are intended to cover personal or educational related expenses.

    At Dean College, we have designed on-campus employment opportunities that not only help you earn some additional money, but also help you grow personally and professionally.

    Eligibility for Work-Study is determined after completing the FAFSA and in conjunction with other financial aid programs. Students are paid biweekly for work performed, so it is a great way to offset day-to-day living expenses.

    If you are a current student, you can see available positions via DEAN CareerLink.

    Students who do not qualify for Work-Study may still find employment on-campus. Some campus offices employ non-Work-Study students in a variety of roles. In addition, many local businesses employ Dean College students.

    Private Scholarships

    Dean College encourages students to seek outside scholarships through various resources. At Dean, we always apply your outside scholarship to your unmet need. If your need is already met, we pledge to use additional resources to reduce loans first, and then self-help awards like work-study, before reducing institutional funding.

    You may also want to contact your town or city hall, high school guidance office, public library and local civic organizations to find out about scholarships or grants for which you may be eligible to apply.

    There are also several popular and reputable scholarship search engines that our students and families have found useful, including: www.fastweb.com, www.collegeboard.com and www.finaid.org.

    The College Scholarship Fraud Prevention Act of 2000 was passed to protect against fraud in student financial aid. We recommend you read our statement on preventing scholarship fraud so you know what to be aware of during the search process.

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