Need-Based Financial Aid

• The amount you receive depends on your need.
• The amount and your need are determined by Clark University’s Office of Financial Assistance upon review of the Free Application for Federal Student Aid (FAFSA). This form is completed by the student, custodial parent, and submitted by the applicable deadline.

• $6,095 maximum (2018-2019)
• Your need is determined by your Free Application for Federal Student Aid (FAFSA).
• Your eligibility is determined by the U.S. Department of Education.
• You must be working toward your first bachelor’s degree.
• The amount of your grant is based on the number of courses for which you will register, as well as your calculated Student Aid Index (SAI).

• $2,500 maximum
• Available if you have demonstrated exceptional financial need
• Your need is determined by your FAFSA.
• Priority is given to Federal Pell Grant-eligible students.

• Only some states participate in state grant programs. Grants vary, depending on the state.
• You must be a legal resident of your home state.
• You must be a full-time student pursuing your first bachelor’s degree.
• Your eligibility and need are usually determined by your FAFSA.
• Important to note: You may need to file a FAFSA before Clark’s deadline.
• You will be notified of your eligibility by your state.

• $2,500 maximum
• Your need is determined by your FAFSA.
• You must be an eligible, full-time undergraduate student.
• You must be a permanent resident of Massachusetts.
• Funding is allocated by the Commonwealth of Massachusetts to Clark University for distribution.

• 2,000 maximum award
• Eligibility for FWS award determined by need level per FAFSA
• A work-study award is not a guarantee of employment or the amount you will earn. Your award offer is the limit of your potential earnings
• All students are able to work on campus regardless of FWS award. Students are notified in the summer when they can begin to apply for part-time employment
• Funds earned at jobs are not deducted from the bill; they can be used for personal expenses like books, supplies or saved for future billed charges.
• Earnings are taxable and are reported on the tax return you file
• Please visit our Frequently Asked Questions page for more information

By completing a FAFSA, you will be automatically considered for a Stafford Loan. Your FAFSA determines your Student Aid Index( SAI). If you are a new student, Clark will send your award letter by mid-March. Using your EFC, Clark University will recommend both your Stafford loan amount and type.

Your Stafford Loan amount (determined by your FAFSA):

• First-year students: up to $3,500
• Sophomores: up to $4,500
• Juniors and seniors: up to $5,500

The type of Stafford Loan you will receive (subsidized or unsubsidized):

Subsidized:

• Interest is subsidized by the federal government, meaning it is paid for you while you are in school.
• You will assume repayment of your loan six months after you cease to be enrolled at least half-time.

Unsubsidized:

• The federal government does not pay interest on the unsubsidized portion of the loan while you are in school.
• You will be responsible for interest payments.
• You can choose either to (1) make the interest payments while you are in school or (2) allow the interest to accrue and be capitalized prior to repayment.
• Principal repayment does not begin until six months after you leave school or drop to less than half-time enrollment.

You should not borrow more than you need or will be able to repay. If you are a first-time borrower of the federal Direct Loan Program, the federal government requires you to complete entrance counseling and a Master Promissory Note.

You will be notified over the summer regarding these requirements.

• Offered by the Commonwealth of Massachusetts through Clark University.
• Undergraduate students who are residents of Massachusetts are eligible.
• Due to limited funding, this loan generally is awarded to upper class students with high financial need.
• Your need is determined by your FAFSA and state funding. You must meet all eligibility criteria established by the Commonwealth.
• Your loan amount depends on your need and Clark University’s allocation from the state.
• No interest accrues.
• Repayment begins six months after you graduate or drop below half-time enrollment.