Types of Financial Aid

Federal Financial Aid

Three basic types of federal student aid:  GRANTS (aid you do not have to repay unless you withdraw from school completely and owe a refund), WORK-STUDY (aid through work), and LOANS (aid you borrow which you must repay).  You must complete the FAFSA (www.fafsa.ed.gov) to be considered for federal student aid.

Federal Grants

• Federal Pell Grant (PELL):  For full and part-time undergraduate students who qualify.
• Federal Supplemental Educational Opportunity Grant (SEOG): Available to full and part-time students; priority is given to Pell Grant recipients.
• Academic Competitiveness Grant (ACG): Available to full and part-time students who qualify for Pell Grants Student must have graduated from high school after January 1, 2005 and must have completed a rigorous program of study.  Other limitations apply.   

Federal Work Study   

• Federal Work Study Program:  For qualified students who will be assigned jobs on campus and paid twice each month for work done. The student can work until the total amount reaches a preset level.

Federal Direct Stafford Loans

• Federal Direct Subsidized Loan:   Need-based loans for students enrolled for at least six hours.  A variable interest rate is set annually, not to exceed 8.25%. Maximum Annual Loan Limits depend on what year you are in school and whether you are a dependent or independent student.
• Federal Direct Unsubsidized Loan:  For students enrolled for at least six credit hours who have not had their expenses met through other financial aid.  Loan amounts, interest rates and repayment conditions are the same as for the Federal Direct Subsidized Loan. However, interest payments on this loan must be paid while the borrower is in school or be deferred and capitalized (added to the principal of the loan).
• All first-time borrowers are required to attend an entrance interview. Entrance interviews are designed to familiarize the borrower with his or her rights and responsibilities. Loan proceeds cannot be distributed until this requirement has been fulfilled.   You can complete your interview on-line at: https://www.dl.ed.gov/borrower/CounselingSessions.do?cmd=initializeContext
• All borrowers are required to complete a Master Promissory Note.  You can complete your MPN at https://dlenote.ed.gov/empn/StudentLoanSelector.jsp.
• You will use the same PIN to sign your MPN that you used to sign your FAFSA.  Get assistance with your pin at www.pin.ed.gov.

             Loan Amounts

             First Year Limit for Dependent: $ 5,500   First Year Limit for Independent: $ 9,500

             First Year = 0-29 completed credits toward your credential  

             Second Year Limit for Dependent: $ 6,500  Second Year Limit for Independent $ 10,500

             Second Year = 30 or more completed credits toward your credential

             Repayment begins 6 months after graduation or after enrollment  drops to fewer than 6 hours

All student borrowers are required to complete loan exit counseling when they graduate or fall below half-time enrollment.

• Federal Direct PLUS Loan:  For parents of dependent students. Loans are only for the expenses of education that other aid doesn’t cover. Applicants must complete a Parent Loan Data Sheet. An applicant with an adverse credit history is denied per program regulations.

Financial Assistance Programs for West Virginia residents

• West Virginia Higher Education Grant:  For full-time students who are West Virginia residents. Applicants must complete the FAFSA.  Find details on the West Virginia Higher Education Policy Commission Web site, www.hepc.wvnet.edu.
• West Virginia Higher Education Adult Part-time Student Grant (HEAPS): Awarded to eligible part-time students taking no fewer than six hours or more than eleven semester hours and who have been West Virginia residents for 12 months immediately preceding the date of HEAPS Grant application. All applicants must complete the FAFSA.  Find details at www.hepc.wvnet.edu.
• West Virginia PROMISE Scholarship:  For West Virginia high school graduates meeting eligibility standards. Find details at www.hepc.wvnet.edu.

MCTC Tuition Waivers and Scholarships

Scholarship/Tuition Waiver Types

• MCTC Scholarship
• Resident Tuition Rates for members of National Guard
• Employee, Employee's Spouse, and/or Employee's Dependent children
• Children and Spouses of Law Enforcement, Firefighter, National Guard, Reserve or Active Duty personnel killed in the line of duty
• WV residents at least 65 years old
• High school graduates in foster care 

MCTC Metro Tuition Waivers (LIMITED) 

Incoming high school freshmen from Lawrence County and Gallia County, Ohio.

Must apply through your High School counselor.

MCTC Endowed Scholarships

• Franklin Scholarship:  Awarded to an MCTC student with at least a 2.5 grade point average who is enrolled as a full-time student at MCTC. Applicants must complete an application and write an essay. This scholarship is awarded in the spring semester for the following fall.
• Redd Scholarship: Recipients of the scholarship must be from McDowell or Cabell County and be enrolled full-time at MCTC. The award will be given to an African-American student either currently enrolled or newly admitted. Applicants must complete an application and write an essay. The student must maintain at least a 2.0 grade point average.

MCTC Scholarship Application 2010-11

See our FORMS section for this application.  Priority deadline to submit your application is Wednesday, September 1, 2010 for the 2010-11 Academic Year.