Financial Aid Information
MCI is approved to participate in student financial assistance programs authorized by Title IV of the Higher Education (U.S. Department of Education). These programs include Federal Pell Grant and Federal Student Loans.
Federal Pell Grant
Federal Pell Grants are awarded to students by the federal government who attend college or career schools. These grants generally do not have to be repaid. Students must apply for the FAFSA to determine eligibility for the grant.
How much can I receive? The award amount changes yearly. The current award year is 2023-2024 (July 1, 202 - June 30, 2024) and the maximum grant award is $7,395.
How do I apply? The federal government has created an online form, the Free Application for Federal Student Aid (FAFSA) to determine eligibility for pell grant and student loans. The FAFSA will be needed to be completed every year that you are in school in order to stay eligible.
Federal Students Loans
The U.S. Department of Education’s federal student loan program is the William D. Ford Federal Direct Loan (Direct Loan) Program. Under this program, the U.S. Department of Education is your lender. There are four types of Direct Loans available:
Direct Subsidized Loans are loans made to eligible undergraduate students who demonstrate financial need to help cover the costs of higher education at a college or career school.
Direct Unsubsidized Loans are loans made to eligible undergraduate, graduate, and professional students, but eligibility is not based on financial need.
Direct PLUS Loans are loans made to graduate or professional students and parents of dependent undergraduate students to help pay for education expenses not covered by other financial aid. Eligibility is not based on financial need, but a credit check is required. Borrowers who have an adverse credit history must meet additional requirements to qualify.
Direct Consolidation Loans allow you to combine all of your eligible federal student loans into a single loan with a single loan servicer.