Frequently Asked Questions
What is Financial Aid?
Financial Aid is any money to help you and your family pay for educational expenses. This includes grants, loans, and scholarships.
How do I apply for financial aid?
Start by filling out the Free Application for Federal Student Aid (FAFSA)
What is the Free Application for Federal Student Aid (FAFSA)?
The FAFSA is the basis for all financial aid. It determines eligibility for federal, state and college financial aid programs: scholarships, grants and loans.
What documents will I need to fill out the FAFSA?
The list of documents you will need can be found here.
Does the information I submit need to be accurate/correct?
Yes. All information needs to be accurate. The information that you supply can be verified by your school, your state, or by Federal Student Aid. You may be asked to provide U.S. Federal income tax return transcripts and other information. If you cannot or do not provide these records to your school when asked, you may not get federal student aid. If you get federal student aid based on incorrect information, you will have to pay it back. You may also have to pay fines and fees. If you purposely give false or misleading information on your application, you may be fined $20,000, sent to prison, or both.
How much financial aid will I get if I attend less than full time?
The Pell Grant is prorated depending on your eligibility and the number of credit hours for which you are registered. To determine how much you will receive, multiply the amount of Pell Grant listed on your award notice by the following percentages. If this calculation is less than $295, you are not eligible for Pell assistance. 12+ hours = 100 percent; 9 - 11 hours = 75 percent; 6-8 hours = 50 percent; 1-5 hours = 25 percent. You can receive a student loan as long as you are enrolled for at least 6 credit hours.
How do I apply for student loans?
You can apply for a Direct Student Loan by visiting MTC’s Financial Aid webpage and following the link there.
What is the difference between a loan and a grant?
A loan needs to be paid back, a grant does not.
What is the difference between a subsidized and an unsubsidized loan?
The interest on a subsidized loan is paid by the Department of Education while student is in school. An unsubsidized loan accrues interest even while in the student is enrolled.
When do I apply for financial aid?
The best time to apply is at the time you complete your tax returns or no later than April 15th.
How many times do I need to fill out the FAFSA?
You only need to apply ONCE per academic year.
What is the academic year?
The academic year begins with summer term and ends at the end of spring term.
Do I have to accept my aid every term?
No, aid no longer needs to be accepted online. Enrollment for classes will constitute acceptance of financial aid.