Financial Aid

Financial Aid

Prior to enrolling at MCI, all applicants are encouraged to explore the availability of financial aid through federal agencies. Financial aid information and application assistance are provided by the institution Financial Aid Director to help each student and his/her family clearly understand their financial situation before entering into a contractual agreement/ o apply for federal student aid, such as federal grants, work-study, and loans, you need to complete the Free Application for Federal Student Aid (FAFSA). 

Types of Aid

  • Pell Grants

  • Subsidized Federal Stafford Loan

  • Unsubsidized Federal Stafford Loan

  • Federal Parent PLUS Loan

  • Alternative Loan Programs

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How to Apply

  • To file a FAFSA, visit studentaid.gov/

  • Create your FSA ID by creating an account.

  • Follow the steps to create an FSA ID. 

  • Medical Career Institute's school code is 042075.

Verification Process

Your FAFSA could be selected for verification, which means you and/or your parents will have to obtain a free IRS tax transcript, which will be submitted to the MCI Office of Financial Aid in order to verify your information. 

Federal Parent Loans (PLUS) 

Parents of dependent students deemed by the FAFSA application may apply for loans to supplement their childtt financial aid. The parent may borrow funds to cover up to the full cost of attendance. Parent plus loans are the financial responsibility of the parents, not the students. Also. it should be noted that students who are selected for verification must complete the verification process before any aid. including the PLUS loan. can be applied to their account. 

Eligibility 

Eligibility for a Direct PLUS loan is determined by a credit check. Parents determined to have adverse credit will no be denied a PLUS loan may apply with a qualified endorser. An endorser is someone who agrees to repay it. 


Only one parent needs to apply for a PLUS loan. If a parent is denied a PLUS loan. a student will be eligible to receive Stafford Loan that an independent student would be eligible for. 

The custodial parent and the noncustodial parent are eligible to borrow horn the PLUS loan program, provided the combined amounts borrowed do not exceed the cost of attendance. 

Parents may apply for a PLUS loan if: 

 

  • They are United States citizens or eligible non-citizens.

  • They are not in default on a federal student loan.

  • They do not owe a refund on a federal education grant.
     

How to Apply 

The PLUS loan is a two-step process:

  1. Visit the Student Loan (click to visit) wehsite and the Pare. must sign in with their SSA ID.

  2. Select "Apply for a Direct PLUS loan.

  3. Under the direct PLUS Loan Request for Parent BIM-rowers section towards the bottom. select Direct PLUS Loan Application for Parents START.

  4. Make sure the Parent is the borrower and the Student is in the student section. 

  • If the Parent is approved that parent must complete a master promissory note as well.

  • Select "Complete Loan Agreement (Master Promissory Note)

  • Select PLUS MPN for Parents

  • Make sure the parent's information is in the borrower section.

  • if the Student is the borrower on the PLUS application,. application is invalid and nothing will happen wilt the application.

  • Please note the PLUS loan credit expires 180 days after approval date.

  • In order for the approved loan to be certified by our office, we must have the approved PLUS application and signed MPN completed before the end of the semester to which the PLUS loan applies.