Financial Services > Loans & Grants
Loans & Grants | Financial Services
The following are federal grants or loan programs and the requirements for applying and maintaining each form of financial assistance:
FEDERAL PELL GRANTS (PELL)
The Federal Pell Grant program provides direct assistance to eligible students. The amount of the grant will depend on the student’s and student’s family financial contribution, the cost of attending college, the period of time the student is enrolled during the academic year and the number of credit hours registered for each semester.
To apply, students need to complete the FAFSA application online at www.fafsa.gov. A Student Aid Report (SAR) will be mailed to the student in about 2-3 weeks. The previous years maximum grant amount was $5,645. A student applying for a Federal Pell Grant cannot charge tuition, fees, books, board and room or any other direct college expense until his/her results from the FAFSA application are received and validated by the college financial aid office.
FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT (FSEOG)
A Federal Supplemental Educational Opportunity Grant is money awarded to help the most needy students pay for their college education. The award is made directly to the student but is not an entitlement. This means there are no guarantees attached to it. Each year, the Department of Education gives each school a set amount of money to use for FSEOGs. When the money is gone, there are no more funds for that year.
A student may apply by completing a Free Application for Federal Student Aid (FAFSA). FSEOG funds will be awarded to students who have their FAFSA results to the respective campus Financial Aid Office before May 1st. Student applications processed with $0 (zero) EFC’s will be awarded FSEOG funds first.
NEBRASKA OPPORTUNITY GRANT PROGRAM (NOG)
NOG funds are provided to the college by the state of Nebraska. These funds may be awarded to full-time or part-time undergraduate students who are Nebraska residents enrolled in an eligible post-secondary educational institution and have an EFC below 5589. Priority will be given to students who have their FAFSA results to the respective MPCC Campus Financial Aid Office before May 1st.
FEDERAL COLLEGE WORK-STUDY PROGRAM (FCWSP)
The Federal College Work-Study Program provides jobs on campus to students who demonstrate financial need. Eligible students are paid at least the federal minimum hourly wage. If possible, jobs will be assigned to students in their area of interest. The college determines the number of hours that a student may work and a flexible work schedule is designed so it will not interfere with classes.
The average work-study award at any campus of the Area is approximately $1,200 to $2,300, an amount that can be earned by working six to twelve hours per week during the academic year. Students are paid once a month and should assume a normal employer-employee relationship under this program. Failing to do so can result in the loss of the work-study award.
College Work Study will be awarded to students who have their FAFSA results to the respective campus Financial Aid Office before May 1st. Funds will be awarded thereafter if funding is available.
FEDERAL DIRECT STUDENT LOANS
The Federal Direct Student Loan program enables students to borrow directly from the Government for educational costs after high school. The loan is insured by the federal government.
A student must complete a FAFSA and any needed supporting documentation before the Financial Aid Office can approve a Federal Direct Loan. All loans must be applied for annually for each school year.
The maximum amount a student can borrow for a Federal Direct Student Loan is the cost of attendance at the school less any financial aid received or other educational resources. If all eligibility requirements are met the dependent and independent undergraduate student can borrow a Subsidized Direct Loan of up to $3,500 the first year and $4,500 the second year, and an additional Unsubsidized Direct Loan of up to $2,000 each year. The student who is considered independent by Title IV definition may request additional unsubsidized loan funds beyond these limits.
The federal government pays the interest on Subsidized Direct Loans while the student is in school at least half-time and during deferment periods. The borrower is responsible for interest charges on Unsubsidized Direct Loans. Repayment on all Federal Direct Loans begins six months after graduation, withdrawal from college or dropping below half-time status.
FEDERAL DIRECT PARENT LOANS (PLUS)
The maximum amount a parent can borrow for a Federal PLUS Loan is the cost of attendance at the school minus all financial aid received by the dependent student.
Students must complete a FAFSA in order for their parents to apply for a PLUS loan.
Parents are responsible for interest that begins from the date the loan is disbursed. Repayment begins within 60 days after the final loan disbursement for the first school year, unless the parent is at least a half-time college student. Parents may contact the Federal Loan Services for other repayment options. There is no “grace period” for Federal PLUS Loans.
Applications for Federal “PLUS” Loans may be obtained from the financial aid office, and/or studentloans.gov. All loans must be applied for annually.
