2004 Summer Financial Aid Newsletter
FINANCIAL AID SCAM
The U.S. Department of Education has recently reported that someone claiming
to be from the U.S. Department of Education has been calling students
offering them grants.
The caller tells the student he understands the student has student loans
and offers to replace the loans with an $8,000 grant. The caller then
explains that a processing fee must be charged and asks for the student's
checking account information. Once the checking account information is
obtained a student risks losing everything in the account. There
is no Federal Aid program to replace loans with grants and there is no
processing fee to obtain Federal grants from U.S. Department of Education.
A student who is a victim of this or a similar scam should take the following
steps:
- Immediately contact his or her bank, explain the situation, and request
that the bank monitor or close the compromised account.
- Report the fraud to ED's Office of Inspector General hotline at 1-800-MIS-USED
(1-800-647-8733) or oig.hotline@ed.gov. Special agents in the Office
of Inspector General investigate fraud involving federal education dollars.
- Report the fraud to the Federal Trade Commission (FTC). The FTC has
an online complaint form at www.ftc.gov/scholarshipscams and a hotline
at 1-877-FTC-HELP (1-877-382-4357; teletype for the hearing impaired:
1-866-653-4261). The FTC will investigate if the fraud is deemed widespread;
therefore, it is important that every student contacted by the person
or people in question lodge a complaint so the FTC has an accurate idea
of how many incidents have occurred.
- Notify the police about the incident. Impersonating a federal officer
is a crime, as is identity theft.
FEDERAL WORK-STUDY PROGRAM
The Federal Work-Study Program (FWS) is a Federal Financial Aid program
that provides an employment opportunity for students who demonstrate financial
need as determined by the results of completing a Free Application for
Federal Student Aid (FAFSA).
The average FWS award at MCC is $2000 per academic year. Students earn
at least the current minimum wage and are paid from their FWS award on
a bi-weekly schedule for the hours worked during that period.
FWS positions are available in most departments on the Brighton &
Damon City campuses, a complete list will be sent to eligible applicants.
The FWS program is a great way to earn money by working part-time on
campus. To apply for the Federal Work-Study Program, student must complete
a FAFSA and a MCC Federal Work-Study Program application.
DOWNLOAD FINANCIAL AID FORMS
Do you need a verification worksheet or a Direct Loan Request Form? If
so, you no longer need to go to the MCC Financial Aid Office to pick those
forms up. Students can now download many of the MCC financial aid forms
right from the MCC Financial Aid Web Page.
All a student needs to do is go to the MCC Financial Aid Web Page at
monroecc.edu/depts/finaid/ , and then click on “Forms” on the navigation
bar, and from there a student can download any of the forms that they
might be required to submit to the MCC Financial Aid Office.
NEW INTEREST RATES FOR THE FEDERAL DIRECT STUDENT LOAN PROGRAM
Interest rates for Stafford loans and Parent Loans for Undergraduate Students
(PLUS) will drop to historical low rates of 3.37% and 4.17%, respectively,
spelling continued good news for borrowers. Stafford loan rates for students
within the six-month grace period or in deferment will drop to 2.77% from
last year's 2.82%.
The rates for Stafford and PLUS loans are based on the yield for the
91-day Treasury bill that was set on May 28, plus a fixed margin. Treasury
bills, or T-bills, are marketable securities the U.S. government sells
in order to pay off maturing debt and raise the cash needed to run the
federal government.
Interest rates for the 2004-2005academic year for loans disbursed after
July 1, 1998 are as follows:
- Direct Subsidized & Unsubsidized Loans for in school school, grace,
and deferment periods = 2.77% (91 day T-bill + 1.7).
- Direct Subsidized & Unsubsidized Loans during repayment or forbearance
= 3.37% (91 day T-bill + 2.3).
- Federal Direct PLUS Loans = 4.17% (91 day T-bill + 3.1).
The interest rates for loans disbursed prior to July 1, 1998 will vary
according to when the loan was disbursed. Interest rates for Subsidized
& Unsubsidized Loans are capped at 8.25% and PLUS Loans are capped
at 9.00%.
FALL 2004 FINANCIAL AID REMINDERS
Student’s who still need to file their 2004-2005 Free Application for
Federal Student Aid (FAFSA) can do so in the financial aid lab. Student
must bring their completed FAFSA and their 2003 income information. Contact
the MCC Financial Aid Office or check the MCC Financial Aid web page for
dates & times for when the FAFSA filing workshops are scheduled.
Loan Entrance Counseling:
Students who are borrowing a student loan at MCC for the first time are
required to complete a Loan Entrance Counseling Session. To meet this
requirement, students must complete the loan entrance counseling session
online at monroecc.edu/depts/finaid. From there, click on the “Loan Entrance
Counseling” link on the navigation bar.
2004-2005 APTS Applications:
The 2004-05 Aid for Part-Time Study Applications are
now available in the MCC Financial Aid Office. If you are enrolled as
a part-time student (3-11 Credit Hours), you may be eligible to receive
financial aid through this program. The APTS application may also be downloaded
from the MCC Financial Aid web page.
Bookstore Credit:
Bookstore credit will be available to students for the 2004 Fall semester
who have completed the financial aid application process and will be eligible
to receive financial aid in excess of their tuition & fees for the
semester. This credit can be used by students to purchase books and other
necessary supplies for their courses. Student can use their bookstore
credit from August 23rd through the end of September.
2004
Spring Financial Aid Newsletter
2004
Winter Financial Aid Newsletter
2003
Fall Financial Aid Newsletter
2003
Summer Financial Aid Newsletter
2003
Spring Financial Aid Newsletter
2003
Winter Financial Aid Newsletter
|
