Student Financial Aid Resources

Financing College Education

Student and parent resources to help navigate financing college education.

Types of Financial Aid

Federal grants and loans can be applied by filling out the Federal Application for Financial Aid (FASFA) application.

Grants

A grant is a type of financial aid that doesn’t require repayment unless you fail to meet certain terms. There are a variety of federal grants are available, including Pell Grants, Federal Supplemental Educational Opportunity Grants (FSEOG), Teacher Education Assistance for College and Higher Education (TEACH) Grants, and Iraq and Afghanistan Service Grants.

Federal grants are applied for by completing the FASFA application.

Federal Pell Grant

To be eligible for a federal Pell grant, the student must be an undergraduate with financial need who have not earned bachelor’s or professional degrees. Annual award amount changes annually.

Federal Supplemental Educational Opportunity Grant (FSEOG)

The FSEOG is for undergraduates with exceptional financial need. Maximum award $4,000.

Federal Work-Study

Students can get part-time jobs that can be on-campus or off-campus through the school. Money is earned while attending school. Your total work-study award depends on when you apply, your level or financial need, and your school’s funding level.

Direct Subsidized Loan

For undergraduate students who have financial need; U.S. Department of Education generally pays interest while the student is in school and during certain other periods; a student must be enrolled at least half-time. Interest rates for new Direct Subsidized Loans can change every year. Students can borrow up to $5,500 depending on grade level.

Direct Unsubsidized Loan

For undergraduate and graduate or professional students; the borrower is responsible for interest during all periods; a student must be enrolled at least half- time; financial need is not required. Interest rates for new Direct Unsubsidized Loans can change every year.

Students can borrow up to $20,500 (less any subsidized amounts received for the same period), depending on grade level and dependency status.

Direct PLUS Loan

For parents of dependent undergraduate students and for graduate or professional students; the borrower is responsible for interest during all periods; a student must be enrolled at least half-time; financial need is not required; the borrower must not have an adverse credit history. The maximum amount is the cost of attendance minus any other financial aid received.

Note: This loan is in the parent’s name. The dependent student has no legal obligation for the repayment of this loan.

Teacher Education Assistance for College and Higher Education (TEACH) Grant

For undergraduate, postbaccalaureate, and graduate students who are completing or plan to complete course work needed to begin a career in teaching. To receive a TEACH Grant, a student must agree to teach for four years in a high-need field at an elementary school, secondary school, or educational service agency that serves low-income families. The maximum award amount is $4,000.

Iraq and Afghanistan Service Grant

For undergraduate students who are not Pell-eligible and whose parent or guardian died as a result of military service in Iraq or Afghanistan after the events of 9/11. The grant award can be equal to the maximum Federal Pell Grant amount (see above) but cannot exceed your cost of attending school.

Federal Loan Limits

Dependent undergraduate students

Independent undergraduate students

Graduate and professional students (unsubsidized only)

First year: $5,500 overall; $3,500 subsidized Second year: $6,500 overall; $4,500 subsidized
Third year and up: $7,500 overall; $5,500 subsidized Total limit: $31,000 overall; $23,000 subsidized
First year: $9,500 overall; $3,500 subsidized Second year: $10,500 overall; $4,500 subsidized
Third year and up: $12,500 overall; $5,500 subsidized Total limit: $57,500 overall; $23,000 subsidized
Annual limit: $20,500
Total limit: $138,500, including undergraduate loans

Scholarships

The first place to start looking for scholarships should be at the high school counselor’s office. They will be able to direct students to local scholarships and additional resources to find more. Many colleges often offer scholarships to new students as well, so when selecting the college your student wants to attend be sure to consider the scholarship funds they are offering.

For additional scholarship options, visit the Federal Student Aid resource page.

How MMCCU Can Help

Filling the gap between tuition and federal assistance

MMCCU partners with Sallie Mae’s Smart Option Student Loan program to help provide an option to students who are in need of student loans in addition to what is available through the Federal Government.

“While we are presently unable to offer student loans to our members, we acknowledge our members are in need of student loan options, and the Smart Option Student Loan program is a responsible option for students and their members to consider,” said David Murphy.

Once students have exhausted funds from grants and scholarships and available borrowings from Federal student loans and savings accounts, the Smart Option Student Loan fills in the gaps between tuition costs and the amount available to the student.

The student (or parent if they are applying for one of their Parent loans) would be referred over to Sallie Mae and would apply for a student loan through the program.  If approved, Sallie Mae would receive certification from the school the student is attending as to the cost of tuition, as borrowers are eligible to borrow up to 100% of the cost of attendance.

Once the certification has been transmitted, Sallie Mae would remit funds directly to the school to cover the outstanding tuition balance, and the student would work with Sallie Mae to pay back the borrowed funds.