Financial Aid
Federal Financial Aid Programs
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Federal Financial Aid Programs ** | Who is Eligible? | Eligibility Criteria | Award Amounts * | Application Instructions |
|---|---|---|---|---|
| Federal Pell Grant | Undergraduate students who are pursuing their first bachelor's degree and meet federal need criteria. There is a lifetime limit of equivalent of 12 full time semesters effective July 1, 2012. | An expected family contribution that qualifies the student for an award, as determined by a system approved by Congress. | Annual awards may range from $657 to $6,195, depending on the cost of attendance and the amount of money appropriated in the federal budget. | Must file the Free Application for Federal Student Aid. (FAFSA) available on-line at http://studentaid.gov/ |
| Federal Supplemental Educational Opportunity Grant (FSEOG) | Undergraduate students who are pursuing their first bachelor's degree, and meet federal need criteria. | Students with high financial need. (Normally those who qualify for Federal Pell Grant.) | Awards may range from $400 to $2,000, depending on the cost of attendance and the amount of need per student. | Must file the FAFSA. Eligible students will receive offers in their Financial Aid award offer letter. |
| Federal Work-Study Program | College students in degree programs with financial need. Most jobs provided through departments on campus. | An expected family contribution that qualifies the student for an award, as determined by a system approved by Congress. | Varies, depending on hours and wage rate. MCC wage scale begins at minimum wage. | Must file the FAFSA. Eligible students will be offered Work Study information on their Financial Aid award offer letter with instructions on how to accept and find a job. |
| Federal Direct Loan Program (1) Subsidized | Based on demonstrated need. There is no interest charged while you attend school on at least a half-time basis and for six months afterward (grace period). Interest rate is available at http://studentaid.gov/ | An expected family contribution that qualifies the student for an award, as determined by a system approved by Congress. | Undergraduates limited to $3.500 for first year (0-23 credits), $4,500 for second year (24 + credits); cumulative borrowing limit of $23,000. Independent undergraduates may have additional unsubsidized eligibility of $4,000 for first and second years. | Must file a FAFSA; eligible students will be offered loans in the Financial Aid award offer letter with instructions to accept and sign a promissory note. First time borrowers will need to complete Entrance Loan Counseling at http://studentaid.gov/ |
| (2) Unsubsidized | Available to those unable to demonstrate need, but will accumulate interest during periods of enrollment. Current interest rate is available at http://studentaid.gov/. | Cost of attendance minus other financial aid. | Undergraduates limited to $3,500 for first year or $4,500 for second year minus subsidized loan. Dependent students can borrow an additional $2,000 annually (cumulative limit of $31,000 minus subsidized). Independent students can borrow an additional $6,000 annually (cumulative limit of $57,500 minus subsidized). | Must file a FAFSA; eligible students will be offered loans in the Financial Aid award offer letter with instructions to accept and sign a promissory note. First time borrowers will need to complete Entrance Loan Counseling at http://studentaid.gov/ |
| Federal Direct Parent Loan for Undergraduate Students (PLUS) | Parents of dependent undergraduate students. | Good credit histories. | Student's total cost of attendance minus financial aid. | Parents should go to http://studentaid.gov/ to complete a Federal Direct Parent Loan Application and Promissory Note. |
| Veterans Administration & Montgomery "GI Bill ®" | Eligible veterans and children of deceased veterans or service-connected disabled veterans. | Contact MCC's Veterans Services at 292-2248; Building 3 Room 108; or email veterans@v-lanterna.com. | Varies. | Contact MCC's Veterans Services at 292-2248; Building 3 Room 108; or email veterans@v-lanterna.com. |
| Aid to Native American Indians | U.S. Bureau of Indian Affairs offers grants to needy applicants who are at least 1/4 American Indian, Eskimo or Aleut. | Must meet eligibility requirements. | Awards may vary depending on need and availability of funds. | Applications are available from: U.S. Department of Interior, Bureau of Indian Affairs, Federal Bldg. Room 523, 100 South Clinton Street, Syracuse, New York 13202 |
** Additional information covering Federal Financial Aid Programs is provided in U.S. Department of Education Student Guide.