Pell Grant
The Pell Grant is a federally funded program which assists students with the cost of attending college. A Pell Grant does not have to be paid back. To receive a Pell Grant, the student must be an undergraduate who does not already have a bachelor’s degree. Awards are granted on a sliding scale ranging from $380 to $7,395 depending on the family financial position.
Supplemental Educational Opportunity Grant (SEOG)
SEOG awards are made available to students who demonstrate exceptional financial need. An SEOG award does not have to be paid back. To receive an SEOG, a student must be an undergraduate who does not already have a bachelor’s degree. Awards at MCC range from $100 to $800 per year.
Federal Work-Study (FWS)
The Federal Work Study Program (FWSP) gives the student an opportunity to earn money for educational purposes on a part-time basis, as well as to develop skills that are important in a workplace environment. Typically, students work in a variety of college offices within a support role under the supervision of a faculty or staff member. Some off-campus positions are also available. Whenever possible, students are placed in roles that complement their program of study. Students are paid at least the current minimum wage. Students who qualify for FWS are required to perform the assigned work in a responsible and professional manner. A confidentiality agreement must be signed for all work-study positions. In most cases, work-study hours are limited to a 12-15 hour work week. Eligible students must demonstrate need and be enrolled in at least six credits per semester.
Federal William D. Ford Direct (Stafford Loans)
Stafford Loans are low-interest loans made to the student by the U.S. Department of Education. Freshmen may borrow up to $5,500 per academic year and seniors may borrow up to $6,500 per academic year. Repayment begins six months after the date of graduation. Eligible students must demonstrate need and be enrolled in at least six credits per semester.
Alternative (Private) Loans
Some lenders may offer private, non-federal educational loans for students. These loans are credit-based and have various criteria in order for a student to be considered eligible. Please inquire about these loans at the Financial Aid Office.
Federal William D. Ford Parent Plus Loans
Federal Loans for Undergraduate Students are meant to provide additional funds for educational expenses. These loans are made to parents of undergraduate, dependent students. Parents of dependent undergraduates may borrow up to a student’s cost of attendance less estimated financial assistance. The interest rate for these loans is variable and set annually not to exceed 9%. Interested parents will be required to apply for this loan. This loan is credit-based.