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Financial Aid |
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Types of Aid Available Federal & State Grants Federal Pell Grant Federal Pell Grants are considered ‘need-based' gift aid. The Pell Grant is the foundation of many students' financial aid packages. Grants do not have to be repaid. The maximum Pell grant for the 2008-2009 academic year (July 1, 2008 to June 30, 2009) is $4731. The actual amount of this award is determined by a standard formula and funding established by Congress. The student must submit a FAFSA by July 1. Federal Supplemental Educational Opportunity Grant (SEOG) The Federal SEOG program provides up to $400 per academic year to students with exceptional need. Awards for this program are limited to the funds available. To apply, the student must submit a FAFSA. Federal Academic Competitiveness Grant (ACG) The Federal ACG is awarded to all students who completed a rigorous high school academic program as defined by the U.S. Department of Education. Students must also be enrolled full-time in an associate degree or career options program. They must be a U.S. citizen and be eligible to receive a Federal Pell Grant. Students who qualify for this grant will receive $750 for their first year of enrollment and, if they maintain a 3.0 GPA, will be eligible for $1,300 during their second year of enrollment. Iowa Vocational-Technical Grant The Iowa Vocational-Technical Grant Program provides need-based financial assistance to Iowa residents enrolled in a vocational-technical or career option programs at Iowa community colleges. Grants range from $600 to $1200, depending on your financial need and funds available. To apply, a student must submit a FAFSA by July 1. Iowa Grant The Iowa Grant is a need-based program to assist high-need Iowa residents. Recipients must demonstrate a high level of financial need to receive awards ranging from $100 to $1000. Awards for this program are limited to the funds available. To apply, a student must submit a FAFSA by July 1. Iowa National Guard Education Assistance Program This program is for members of the Iowa National Guard. Contact your Guard unit for application procedures. Scholarships State of Iowa Scholarship Program This program is designed to give recognition to Iowa's top students. Awards are given to students that are attending on full-time basis. These awards are for the freshman year of study only and are not renewable. To apply, contact you high school guidance counselor during your junior year of high school. Private/Community Based Scholarships There are many scholarships available in your communities and by private sources. Check with your high school guidance counselor for the scholarships available in your community. You can also enter national scholarship searches such as Fastweb.com. These free services can provide scholarship information based on your interests, course of study, or other specific information that you provide. Be cautious of any scholarship or grant search that charges a fee for its services! Federal Loans Federal Stafford Loan Program (FFEL Program) Subsidized Loans: Subsidized Stafford loans are low-interest loans where the federal government, on behalf of the student-borrower, pays the interest on the loan while the student is enrolled at least half-time (six credit hours) and during the six month grace period after leaving college. This loan will have a fixed rate of 6% for the life of the loan with loan disbursements made on or after July 1, 2008, and before July 1, 2009. Unsubsidized Loans: The unsubsidized Stafford program was established to allow students, regardless of income, to receive student loans. This loan is also a low-interest loan from the federal government available to MCC students who do not demonstrate any financial need for a subsidized loan. The key difference is the borrower is responsible for all interest that accrues during any enrollment, grace, or deferment period. This loan will have a fixed rate of 6.8% for the life of the loan with loan disbursements made on or after July 1, 2008 and before July 1, 2009. Dependent students can borrow a maximum of $3500 in subsidized/unsubsidized during their freshman year and $4500 during their sophomore year (once they've earned 28 credits). If you are an independent student (not required to provide parent information on the FAFSA), you may be eligible to borrow an additional $4000 under the unsubsidized Stafford loan program. The lender will disburse your loan in at least two installments directly to MCC; no installment will be greater than half the amount of the loan. Federal Parent PLUS Loan This program for parents provides a long-term loan to parents from the federal government up to the students cost of attendance less any financial aid. This loan will have a fixed rate of 8.5% for the life of the loan with disbursements made on or after July 1, 2008 and berfore July 1, 2009. The lender will disburse your loan in at least two installments directly to MCC; no installment will be greater than half the amount of the loan. |
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