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FINANCIAL AID - CONSUMER
INFORMATION
Based on a combination
of approvals. authorization, and accreditation, our
students are eligible to apply for and receive tuition aid and financial
assistance while attending the college. A list of these programs include:
Federal PELL 4lrant: Does not require repayment (FPELL)***
Federal Supplemental Education Opportunity Grant: Does not
require repayment (FSEOG) FDirect Stafford Loans Subsidize: Must be
repaid***
FDirect Stafford Loans
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Unsubsidized: Must be repaid*** FDirect Plus Loans: Must be repaid****
***denotes the programs available at this institution
GENERAL FINANCIAL AID INFORMATION:
If you wish to apply for financial aid or you have questions, or you need
sections of the handbook clarified, contact the financial aid office at the
school. Additional information regarding the student aid programs available
at MBC may be found in “The Student Guide” and the “Free Application for
Federal Student Aid” published by the U.S. Department of Education,
Additional information may be obtained by calling the Federal Student Aid
Information Center between 9:00 a.m. and 5:00 p.m. (Eastern Time), Monday
through Friday at 1 (800) 433-3243. (Internet access is also
available @
http://www.fafsa.ed.gov)
COMPLIANCE STATEMENT: The Federal Privacy Act of 1974 requires that
students be notified that the disclosure of his/her social security number
is mandatory. The social security number is used to verify students’
identities, to process
the awarding of
funds, the collection of funds, and the tracing of individuals who have
borrowed funds from federal, state or private programs.
FINANCIAL AID MECHANISM
Financial aid is a mechanism that reduces out-of-pocket
costs that students and/or parents must pay to obtain a specific
postsecondary education. Presented differently, financial aid is money made
available to help students meet the cost of college attendance. Financial
aid includes grants and loans. Grants do not have to be repaid. Loans
usually have low interest rates and must be repaid in accordance to the
individual loan program terms. Most of the loans can be arranged to require
payment after a grace period of several months upon graduation or upon the
student’s termination from the program or if a student’s attendance falls
below halftime. Financial aid is awarded to students who have “need”. Need
is the difference between the amount of money that the family will he
expected to contribute to meet student costs and the cost of education at
this school.
STUDENT Eligibility REQUIREMENTS
To be eligible for financial aid, a student must:
Be admitted as a regular student;
be enrolled or accepted for enrollment in an eligible
program on at lest a halftime basis:
‘
be a citizen or an eligible non-citizen:
‘
not owe a refund on a FPELL Grant or FSEOG at any school;
not be in default on a Perkins Loan or Stafford Loan/SLS/PLUS/Direct
Loan at any school; have financial need;
he making satisfactory progress (as defined by the school’s
policy) in the course of study; be registered for selective service (if a
male born on or after January 1. 1960):
• have signed a statement of’ educational purpose;
• have signed a statement of updated information;
• have a high school diploma. (or its equivalent) a GED,
or have demonstrated the ability-to-benefit;
agree to use any federal student aid received solely for
educational purposes.
THE U.S. DEPARTMENT OF EDUCATION STUDENT FINANCIAL AID
PROGRAMS:
The college is approved for, and does participate in the
following programs intended to defray the costs of attending for
those students eligible for financial aid considerations:
Federal PELL Grant: Does not require repayment (FPELL)
FDirect Stafford. Loans
-
Subsidize: Must be repaid
FDirect Stafford Loans
-
Unsubsidized: Must be repaid
FDirect Plus Loans: Must be repaid
APPLICATION PROCEDURES AND FORMS:
Financial aid applications for this institution consists of the following:
Free Application for Federal Student Aid (FAFSA) This
form needs to be
completed as
instructed on the form.
Documentation to substantiate the data entered on the form
may be required by the financial aid office. Forms and assistance in
completing them are available at this school during school hours.
In addition to the FAFSA, the institution requires a series
of forms as they apply to the individual student aid program and to the
student’s individual family circumstances.
Federal William D. Ford Direct Loan Program. Funds received
from either of the loan programs are subjected to repayment from the
student. Before a loan document is submitted to the USDE, students must be
fully aware of the financial responsibilities under this loan programs, the
rights that the student has under the individual loan program conditions,
and the consequences of a failure to meet the repayment obligations. Federal
Direct Subsidized Loan, Federal Direct Subsidized Loans are made directly to
students from the U.S. Department of Education. Subsidized loans are need
based. Students may borrow up to the amount of the student’s cost of
attendance less other expected financial assistance (not to exceed annual
loan limits).
The Federal Government pay interest subsidies while the
student is enrolled or during periods of deferment. Student would pay a
combined origination/guaranty fee of 3% rebated directly to the U.S.
Department of Education. Students may receive both subsidized and
Unsubsidized loans provided the combine amount borrowed does not exceed
applicable loan limits and that the student’s eligibility for a subsidized
Federal Stafford Loan be determined prior to determining eligibility for the
Unsubsidized loan. The law also stipulates that borrowers may apply for both
subsidized and unsubsidized loans using a single application and that such
borrowers must be given a single repayment schedule.
Federal Direct Stafford Unsubsidized Loan
These loans expand the ability of the U.S. Department of
Education to make “Unsubsidized” Federal Stafford Loans to students. These
loans carry many of the same terms and conditions associated with subsidized
Federal Stafford Loans with the following two exceptions:
(I) Unsubsidized loans are not need based. Students may
borrow up to the amount of the student’s cost of attendance less other
expected financial assistance (not to exceed annual loan limits).
(2) The Federal Government does not pay interest subsidies
to the lender while the student is enrolled or during periods of deferment.
Interest must be paid or capitalized, i.e., added to the principal.
DEADLINES: Applications need to be submitted at least 30 days before
the end of the loan period for which the loan has been requested. The
student is responsible in locating his or her own lender that participates
in the FFEL Loan Program.
DISBURSEMENT: Checks are issue to the school and credited to the
student’s tuition account. It is the student’s responsibility to submit all
required forms and documentation to the financial aid office before
disbursement. For
additional information, read the pamphlet “Direct
loan Entrance Interview”
Federal PELL Grant Program
Funds received under this program are not subject to
repayment from the student.
DEADLINE: FASFA applications must be received by June 30 in the year on
which the application is intended
for,
SAR or ISIR must be submitted to the financial aid office
by September 15, of the award year from which aid is requested from, or your
last day of enrollment in 2005-06, whichever comes first. A valid ISIR
requires signatures of student, spouse and/or parents, when the ISIR has
been corrected.
RENEWAL PROCESS: A FPELL Grant award receive for one award year (July 1 to
June 30 of the following year), and it is not automatically renewed for the
next award year. Students must re-apply for the FPELL Grant and submit a
copy of the new SAR
or ISIR to the
financial aid office.
DISBURSEMENT: They are made based on per payment period via a check
payable to the student or via a direct credit to the student’s tuition
account.
Federal Supplemental Educational Opportunity Grant (FSEOG)
Funds received under this program are not subject to
repayment from the student.
DEADLINE:
You may apply during the enrollment process, using the
FAFSA form. The school will provide you a letter listing the amount and
types of financial aid you will be awarded, including the FSEOG award.
DISBURSEMENT:
Made based on per payment period via a check payable to the
student or via a direct credit to the student’s tuition account. Priority
for FSEOG funds will be given to students eligible for Pell Grant. This
institution has a year-round enrollment. Therefore, funds will be awarded in
a manner that funds would be available to students enrolling through out the
entire year. If SEOG funds still available, a second priority will be given
to Non Pell recipient students with the lowest Expected Family contributions
enrolled
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