Financial Aid FAQ
Q: What can I apply for/what am I eligible for?
A: You can apply for all types and sources of financial aid available. Other places to find information are the financial aid bulletin board, student handbook, the campus library, local public libraries, churches, service organizations, etc. The only way to find out if you are eligible is to apply.
Q: How much financial aid will I get if I attend less than full time?
A: The Pell Grant is prorated depending on your eligibility and the number of credit hours for which you are registered.
12+ hours = 100 percent
9 - 11 hours = 75 percent
6-8 hours = 50 percent
1-5 hours = 25 percent
Q: Why is financial aid calculated on a prior year's income when this year is when the money will be spent?
A: Prior year’s income for most people is the best predictor of their financial situation. Using the prior taxable year's income makes it easier to provide accurate information on the FAFSA. If your current income is significantly less than the prior year, contact the Financial Aid Office to see if you qualify for ‘‘Special Circumstances.’’
Q: How do I receive my financial aid?
A: When you receive your Financial Aid Award Notice from MTC listing your financial aid and have registered for classes, your financial aid is automatically accepted and applied towards your tuition.
If your financial aid is less than your tuition and fee charges, you must pay the difference. If your financial aid is more than these charges, a check for the difference will be mailed to you approximately 30 days after the term begins.
A new loan recipient must first complete a hard copy Loan Request Form and complete both Entrance Counseling and Master Promissory Note (both online) before these funds can be disbursed. Students must be enrolled/registered in at least 6 credit hours for the term in which they plan to use the loan.
Q: How often do I apply for Financial Aid?
A: Every academic year. The academic year begins with fall and continues through the summer term. The Renewal Applications and FAFSA's are available October 1st for the next academic year.
Q: How do I apply for a student loan?
A: The FAFSA must be processed and on file in the Financial Aid Office. You complete the online steps for applying for a Direct Loan at https://www.mtc.edu/future-students/financial-aid/. The entire process can take up to 4 weeks, so students should plan accordingly.