|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
MACC is authorized to participate in the Federal Pell Grant Program, the Federal Stafford Loan Program (Subsidized and Unsubsidized), the Federal College Work-Study, Federal SEOG, Access Missouri Grant, Marguerite Ross Barnett Scholarship and Bright Flight. General Eligibility
Requirements
To receive financial aid from federal and state programs the student must:
Grants
Grants, which do not have to be repaid, are awarded to students on the
basis of financial need.
ACADEMIC
COMPETITIVENESS GRANT
An Academic Competitiveness Grant will provide up to $750
for the first year of undergraduate study and up to $1,300 for the second
year of undergraduate study to full-time students who are U.S citizens,
eligible for a Federal Pell Grant, and who had successfully completed a
rigorous high school program, as determined by the state or local education
agency and recognized by the Secretary of Education. Second year students
must also have maintained a cumulative grade point average (GPA) of at least
3.0. The program will be available for first year students who graduated from
high school after January 1, 2006 and for second year students who graduated
from high school after January 1, 2005. The Academic Competitiveness Grant award
is in addition to the student's Pell Grant award. If you can answer YES to all
of the following questions, you may potentially be eligible to
receive an Academic Competitiveness Grant.
If you could not answer YES
to all of the above questions,
you do not qualify to receive an Academic Competitiveness Grant. However, you
may still qualify to receive other types of federal student financial aid. If
you have not completed a FAFSA (Free Application for Federal Student Aid),
please go to www.fafsa.ed.gov
and apply today. If you answered YES to all of the above questions, you meet the initial requirements for the grant. Please
choose one of the options below.
Loans
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Access |
Contact the Financial Aid Office each year for PLUS Loan information and application materials. You must reapply for the PLUS Loan each year that you wish to receive it. |
Origination
Fees for Federal
Federal Stafford Loan awards have origination fees. Subsidized and
Unsubsidized
Student
Loan Exit Counseling
Federal regulations require that students who benefited from a student loan must complete student loan exit counseling when they graduate or drop below ˝ time status. To complete this requirement please go to http://www.mappingyourfuture.org . The Financial Aid Office will receive electronic notification when this requirement has been met. Please be advised that MACC transcripts will be on hold until the counseling requirement has been met.
Loan
Repayment
No matter which loan program you choose, remember to borrow only what you
absolutely need--what you borrow today you will need to pay back after you
graduate or withdraw (with interest)! You may not need to borrow as much,
if at all, if you are able to cut costs (personal, miscellaneous) or work.
Many students wisely maintain a lower-cost student lifestyle in order to
borrow the least amount necessary to cover their college costs. The result is
lower debt and loan payments that will be easier to manage after graduation.
“It is better to live like a student when you are a student than to
live like a student after you graduate.”
Alternatively,
you may refer to the General Loan Repayment Chart below to see how loan funds
borrowed today affect how much you need to pay back after you graduate or
withdraw from school.
General Loan Repayment Chart
10 years (120 months)
As you can see from the chart below, it is important to carefully consider
your need for loans and to realize how loan debt will affect your cost of
living budget after you leave MACC.
|
Loan Amount |
Monthly Payment |
||
|
|
5% Interest |
8% Interest |
8.25% Interest |
|
$5,000 |
$53 |
$61 |
$63 |
|
$10,000 |
$106 |
$121 |
$127 |
|
$15,000 |
$159 |
$182 |
$190 |
|
$20,000 |
$212 |
$243 |
$253 |
|
$30,000 |
$318 |
$364 |
$380 |
|
Example: If you borrow $10,000 at 8% interest, you will need to pay $121 per month for 10 years to pay off your loan. |
|||
Repayment Estimates for Federal
MOHELA's Loan Repayment Calculator
Bachelor's Degree:
The average amount borrowed by a student receiving a bachelor's degree is
$13,200. The chart below shows the monthly payments and the total amount
repaid under three different repayment options at the debt level.
|
Repayment Plan |
Term |
Initial
Monthly |
Total Payments |
|
Standard Plan |
120 (10 years) |
$162 |
$19,428 |
|
Extended Plan |
180 (15 years) |
$128 |
$23,051 |
|
Graduated Plan |
180 (15 years) |
$91 |
$25,312 |
|
*Interest rate of 8.25% |
|||
Loan Consolidation:
· Allows you to combine your federal loans so that you make only one monthly payment.
·
You can consolidate any or all of your
federal loans you choose which ones to consolidate (
· There is no cost to you to consolidate.
· You can usually lower the interest rate on your Stafford Loans if you consolidate during your grace period.
· The Student Loan Servicer will assist you with the loan consolidation process.
· Applications and information about consolidation are available at your Student Loan Servicer.
Glossary of Loan Terms
Capitalization:
Adding accumulated interest to the loan principal rather than having the
borrower make interest payments. Capitalizing
interest increases the principal amount of the loan and the total cost of the
loan over time.
Default: Failure to repay a loan according to the terms of the
promissory note.
Deferment: A deferment means you may postpone making payments on your
loan under certain conditions. For need-based loans, interest doesnąt accrue
during periods of deferment.
Forbearance: If you're unable to make payments on your loan for
reasons such as unexpected personal problems or poor health and you don't
qualify for a deferment, you may request forbearance of loan payments.
Grace period: A period before the first payment must be made on a
loan. Usually, the grace period begins the day after the borrower ceases to
be enrolled at least half-time.
Principal balance: The amount owed on a loan or loans at any given
time. The principal balance may include capitalized interest.
Repayment period: The period during which a borrower is obligated to
make payments on his or her loan.
How the Student Loan Process Works at MACC:
1. Complete the FAFSA
2.
Complete student loan entrance counseling, if you
have never borrowed a loan at
3. Complete the Student Loan Data Sheet available on the Financial Aid Forms Page
4. Sign a Master Promissory Note (MPN). If you previously completed a MPN, and have had loans within the past year at MACC, you will not be expected to complete a new one. MACC will ask that you report your previously lender and guaranty agency on the loan data sheet in these cases.
5. Return the Loan Data Sheet and the MPN to the Financial Aid Office for processing and electronic submission to the guarantee agency.
6. The Financial Aid Office will send you a new award letter accompanied with information about your approved loan type/s, amount and expected disbursement dates.
7. Two disbursements are issued for each loan. The first disbursement will occur 30 days after the semester starts, and the second disbursement should be at the min-point of the requested loan period.
8. When MACC receives your loan disbursements, they are applied against your student account. Tuition, fees, authorized book charges will be paid first. If a credit balance occurs on your account, the Business Office will issue you a refund check within fourteen (14) days.
9. If you have a refund check, you must complete a "Class Attendance Verification and Notification of Borrowers Right to Cancel" form within the two (2) days preceding the day you receive your funds.
The Federal College Work-study Program (CWSP) provides on-campus jobs for
qualified students. Students are hired in offices, maintenance, the library,
Learning Center Tutors, and as various faculty aids. Federal College Work Study
jobs pay minimum wage.
MACC may arrange jobs on campus or at a non-profit organization off campus.
Eligible students may be employed but are limited to an average of ten to 20
hours per week. A student must have a valid Student Aid Report (SAR) on file
to be considered.
Students interested in participating in this program should contact the
Financial Aid Office for an application and a list of current openings.
Please
see the Student's
Guide to the Federal Work-Study Program for all eligibility requirements
and application procedures.
The
A+ Schools program provides post-secondary financial benefits for students
who graduate from a public
The benefits include reimbursement of tuition, and
most fees for eligible students attending full-time at any
The A+ funding will be initiated when the student submits an official high
school transcript to the Office of Student Services. See the
A+ Checklist
To learn more about the A+ program visit the Department of Elementary and Secondary Education homepage!
Hope Scholarship
and Lifetime Learning Credits:
The
Hope Scholarship is a tax credit of up to $1,500 per tax year for each eligible
student for up to two tax years. The actual amount of the credit depends on
the family's income, the amount of qualified tuition and fees paid and the
amount of certain scholarships and allowances subtracted from tuition. This
credit is student-based.
The Lifetime Learning credit is a tax credit of up to $1,000 per tax year
(until January 1, 2003 ) and $2,000 (after that
date) for the taxpayer, taxpayer's spouse or any eligible dependents for an
unlimited number of tax years. Like the Hope credit, the actual amount of the
credit depends on the family's income, tuition and the amount of certain
scholarships and allowances subtracted from tuition. This credit is
family-based (e.g., $1,000 per family), rather than student-based.
The Hope credit applies to expenses paid on or after January 1, 1998 for
education furnished after that date. Students and families who pay for
expenses after January 1 could be eligible for the Hope credit.
The Lifetime Learning credit applies to expenses paid after June 30, 1998 for
education furnished after that date.
Satisfactory
Academic Progress Standards
for Financial Aid
Students
who receive funds from federal or state sources must maintain satisfactory
academic progress. For further information, please see the Satisfactory
Academic Progress Guidelines.
Financial assistance is awarded on a one-year basis with renewal dependent on
satisfactory academic performance and continued financial need.
2008/2009
Current Application Deadline April 1, 2008
Scholarships
|
Application Guidelines |
Renewal GPA |
Award Amount |
Prorate |
Include DEV. Hours |
| Academic Department | 2.5 GPA; seeking an AA; faculty recommendation | Non-renewable | $300.00 | No | No |
| GED Score of 265 or above | 2.50 GPA | $300.00 | No | No | |
| Recommendation by Art Department | Non-renewable | $500.00 | Yes | Yes | |
| Athletic Scholarships | Selected by Athletic Department | Varies | No | Yes | |
| Basketball Manager | Recommendation by Coach | 2.00 GPA | $1000.00 | Yes | Yes |
| Board of Trustees | Top 10% of Graduating Class | 3.00 GPA | $600.00 | No | No |
| 2.5 GPA; Enrolled in a Vocational Program with a major in the applied for field | 2.50 GPA | $300.00 | No | No | |
| Must Audition | 2.00 GPA | 100% | Yes | Yes | |
| Educational Recognition | Top 1/3 of Graduating Class | 3.00 GPA | $400.00 | No | No |
| Graduating Seniors | |||||
| Journalism Award | Editor of Newspaper | Supervisor Recommendation | $300.00 | Yes | Yes |
| Lab Assistant | Recommendation by Dean | 2.00 GPA | $300.00 | Yes | Yes |
| New Traditions | Apply in New Traditions Office | 2.50 GPA |
$300.00 | No | No |
| Presidential Ambassador | Application to the President | 2.50 GPA | $500.00 | No | No |
| Student Body President | Election | 2.00 GPA | $350.00 | Yes | Yes |
| Superintendents | 2.5 GPA; Superintendent's Recommendation | 2.50 GPA | $300.00 | No | Yes |
| Theater Award | Recommendation by Theater Department | Non-renewable | $500.00 | Yes | Yes |
| Must Audition | 2.00 GPA | 100% | Yes | Yes |
Missouri Education and Training Voucher Program
The Missouri Education and Training Voucher Program offers funds to foster youth and former foster youth to enable them to attend colleges, universities and vocational training institutions. Students may receive up to $5000 a year for four years as they pursue higher education. The funds may be used for tuition, books or qualified living expenses. These funds are available on a first-come, first-served basis to students out of the Missouri foster care system.
WIA (Workforce Investment Act): 1-800-704-1179
Prospective students who will be pursuing a degree or a one-year vocational training program and have economic barriers to education may qualify for assistance through the Workforce Investment Act (WIA). Information may be obtained by calling 1-800-704-1179.
GAMM Vocational Training Program: 1-800-866-9021
Tuition and fee assistance grants are available to qualifying adult students who need to acquire a marketable skill through a community college. Grant amounts are determined by a sliding scale based on the client's income, family size and current employment status. More information may be obtained by contacting the Financial Aid Office or by calling 1-800-866-9021.
Participating counties include: Adair, Clark, Knox, Lewis, Macon, Marion, Monroe, Putnam, Ralls, Randolph, Schuyler, Scottland, Shelby and Sullivan.
VETERAN'S ADMINISTRATION - 1-888-442-4551
Veterans' Benefits: Veterans enrolled at the College who want to apply for the appropriate G.I. Benefits must fill out the Application for Education Benefits and submit a certified copy of their DD214. In addition to this application, a veteran is responsible for completing an enrollment notice each semester. These forms may be obtained in the Financial Aid Office. Veterans must also maintain satisfactory academic progress as defined by Moberly Area Community College 's academic policy. More information is available at the Financial Aid Veteran's Benefits page.
Vocational Rehabilitation: 1-573-882-9110
Students who have a disability which may preclude their having normal full-time employment may be eligible to receive benefits from the State of Missouri Rehabilitation Office. Students should contact the Division of Vocational Rehabilitation in Jefferson City, Missouri, or contact the Office of Student Services for more information.
For additional information, we also recommend the following links:
The Asian and Pacific Islander American Scholarship Fund
International Scholarship Search
Benjamin A. Gilman International Scholarship
College.gov was designed by students for students and features first-person accounts of students who overcame challenges to going to college such as peer pressure, lack of family support, and financial barriers. Learn why to go, how to go, and how to pay for college.
The SmartStudent Guide to Financial Aid
This web page is a good starting point and general resource for financial aid information, including loans, grants, scholarships and work. Look here for lists of answers to frequently asked questions about financial aid, tips on how to avoid scholarship scams, and general information on financial aid policies and procedures. Many other financial aid web sites can be accessed from here.
National Association of Student Financial Aid Administrators
This site has financial aid calculators, scholarship searches, scam alerts, EFC estimators and much more.
On this site you will find information to help you plan your career and pay for your education.
National Student Loan Data System
You can use the web site to make inquiries about your Title IV loans and/or Pell grants. The site displays information on loan and/or grant amounts, outstanding balances, loan statuses, and disbursements. It also has a Glossary of Terms, which contains information on terms relating to loans and grants.
Financial Aid Home | Getting Started
| Federal
& State Aid | Scholarships | Lenders & Servicers
Helpful Hints | Outside Resources | Veteran's Benefits | Forms | Consumer Information
| FERPA
This
page maintained by: MACC Financial Aid Dept. FinAid@macc.edu