Terms and Conditions of Your Financial Aid Award

General Requirements

• Aid is only applicable to attended courses; receiving funds for unattended classes may cause you to owe money to MassBay.
• Financial Aid does not cover Audited classes or CLEP/Challenge exams.
• Keep your name and address current with the Registrar’s Office.
• Inform MassBay Financial Aid Office of any external scholarships or grants to avoid affecting eligibility for federal/state aid.
• You cannot receive financial aid from multiple colleges; choose one institution for aid if you are attending multiple schools. Attending two schools requires a Consortium Agreement.

Determining Aid

• Your financial aid package is based upon financial need and the availability of funds.
• Our policy is to award grant aid (funds you do not have to pay back) before awarding a student loan.
• Loans are offered when you are not eligible for grant aid and/or we cannot cover your bill with grant aid or the funding is no longer available.

Anticipated Aid

• Anticipated financial aid refers to awarded aid not yet disbursed. You should compare your financial aid award to your bill to ensure you have enough to cover your outstanding balance. You can view both your Award Letter and Bill through Bay Navigator.
• Financial aid is awarded based on a full-time schedule (12+ credits). If you are registered for less than 12 credits, your aid will be adjusted at the end of the Add/Drop period for all classes you are enrolled in.
• Remember, Financial Aid is always disbursed 45 days after classes start and attendance has been verified.
• If you have a student loan, you must complete the Master Promissory Note and Loan Entrance Counseling at studentaid.gov before loans can be disbursed.

Withdrawal Policy

• Your financial aid award is based on anticipated costs for each term. If you stop attending classes, you may not be eligible for all of the aid awarded. You may be also responsible for returning aid for classes not attended. Click here for more information about the Withdrawal and Refund Policy.

Satisfactory Academic Progress (SAP)

• In order to receive financial aid, you must remain in good academic standing and continue making satisfactory progress while pursuing your degree or certificate. The MassBay Financial Aid Office will monitor your progress and academic standing at the end of each academic year or semester (if you are in a certificate program or on Financial Aid probation). Failure to successfully complete the courses attempted may result in a loss of financial aid. Click here to view our SAP Policy.

Repeat Coursework

• A student may repeat a previously passed course one time in an attempt to receive a better grade.
• A course that was previously not passed, may be repeated up to two times.

Paying My Bill

• Your financial aid award will automatically be applied towards your bill. If your financial aid award is not enough to cover tuition and fees, you are responsible for the balance of your bill. For inquiries regarding your bill, please contact the Student Accounts Office at 781.239.2540.

Excess Aid Refund

• If you have financial aid funds remaining after paying your bill, the excess aid will be disbursed to you. The college begins disbursing excess cash after the 45th calendar day in the semester. Late disbursements occur throughout the year as files are completed and awarded. Please contact Student Accounts Office at 781.239.2540 for more information on Refund Checks.