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Financial Aid Information at MCI
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.
School Code: 042075
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.
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How much can I receive? The award amount changes yearly. The current award year is 2024-2025 and the maximum grant award is $7,395.
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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 Student Loans
The William D. Ford Federal Direct Loan (Direct Loan) Program is the U.S. Department of Education’s loan program, where the federal government is your lender. There are four types of loans available:
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Direct Subsidized Loans: These loans are offered to eligible undergraduate students who demonstrate financial need. They help cover the cost of higher education. The key benefit: the government pays the interest while you’re in school.
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Direct Unsubsidized LoansThese loans are available to eligible undergraduate students, regardless of financial need. You are responsible for paying the interest on these loans while you're in school.
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Direct PLUS Loans
These loans are available to parents of dependent undergraduate students. They help cover education expenses not already paid by other financial aid. Eligibility is not based on financial need, but a credit check is required. If the borrower has an adverse credit history, additional requirements may apply.
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Direct Consolidation Loans
If you have multiple federal student loans, you can combine them into a single loan with a single loan servicer for easier management.
How to Get Started
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Complete the FAFSA: To apply for both the Pell Grant and federal student loans, you must complete the FAFSA. Visit the official FAFSA website to get started.
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Stay Eligible:
You will need to complete the FAFSA each year you are enrolled to maintain eligibility for financial aid.
Need Help?
If you have questions about financial aid or need assistance completing the FAFSA, contact our Financial Aid Office at 732-695-1190.
Program Costs 2024-2025
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Net Price Calculator
In accordance with the Higher Education Act of 1965 (HEA), as amended on October 29, 2011, each postsecondary institution participating in the Title IV federal student aid programs is required to post a net price calculator on its website. The calculator, using institutional data, should provide estimated net price information to current and prospective students and their families based on a student’s individual circumstances.
The calculator also should allow students to calculate an estimated net price of attendance at the institution (defined as cost of attendance minus grant and scholarship aid) based on what similar students paid in a previous year. The net price calculator is required for all Title IV institutions enrolling full-time, first-time degree- or certificate-seeking undergraduate students.
Institutions may meet this requirement by using the U.S. Department of Education’s Net Price Calculator template or by developing their own customized calculator that includes, at a minimum, the same elements as the Department’s template.