Financial Aid

Federal Financial Aid Programs

Federal Financial Aid Programs **Who is Eligible?Eligibility CriteriaAward Amounts *Application Instructions
Federal Pell GrantUndergraduate 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 $598 to $5,815, 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 www.fafsa.ed.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 $100 to $2,000, depending on the cost of attendance and the amount of need per student.Must file the FAFSA.
Federal Work-Study ProgramCollege 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 on their award letters 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 www.studentloans.govAn 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 and indicate interest in a student loan on the FAFSA ; eligible students will be offered loans in the award letter with instructions to accept and sign a promissory note.
(2) UnsubsidizedAvailable to those unable to demonstrate need, but will accumulate interest during periods of enrollment. Current interest rate is available at www.studentloans.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 and indicate interest in a student loan on the FAFSA ; eligible students will be offered loans in the award letter with instructions to accept and sign a promissory note.
Federal Direct Parent Loan for Undergraduate Students (PLUS)Parents of dependent undergraduate students. Interest rate is 7.9%. Good credit histories.Student's total cost of attendance minus financial aid.Go to www.monroecc.edu/go/
finaid/ forms to download a Federal Direct Parent Loan Request Form.
Veterans Administration & Montgomery G.I. BillEligible veterans and children of deceased veterans or service-connected
disabled veterans.
Contact any regional Veterans Administration Office for information, details and forms or contact MCC's Veterans Counselor at 292-2294.Varies.Contact any regional Veterans Administration
Office in your area or call 1-888-838-7697.
Aid to Native American IndiansU.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.