Financing Aid for MBA Degrees at Minneapolis Community And Technical College
What is financial aid?
Financial aid is money that is available to help you cover school expenses, including tuition, fees, books and supplies. Most financial aid is based on need and is intended to supplement the difference between the cost of education and what your family can pay. The amount of financial aid you receive depends on each family’s circumstances.
There are several types of financial aid:
Grants – money that you do not have to pay back.
Scholarships – money that you do not have to pay back.
Loans – money that you must pay back.
Work study – money you earn through employment.
Apply for financial aid
To receive financial aid at MCTC, you must be a student pursuing a certificate, diploma or degree in an approved program with at least 16 credits. In addition, you must:
Have a GED, a high school diploma or passed an approved Ability to Benefit (ATB) test.
Be a U.S. citizen or eligible non-citizen, and have a valid Social Security number.
Not be in default on a student loan.
Register (or have registered) for Selective Service, if you are a male between the ages of 18 and 25.
You need to complete the FAFSA application to get a grant, loan or scholarship, or to determine your eligibility for a work study award.
MCTC Financial Aid Application Process
The financial aid process will take several weeks to complete. It is highly recommended that you complete these steps as soon as possible to insure any financial aid you are eligible for will be available as soon as possible.
Apply for a PIN number at www.pin.ed.gov. The PIN is used each year to electronically sign for federal student aid and to access your U.S. Department of Education records online.
Complete the Free Application for Federal Student Aid (FAFSA) and submit it to the federal governmentwww.fafsa.ed.gov. MCTC SCHOOL CODE : 002362
Two to four weeks following submission of your FAFSA, you will receive a Student Aid Report (SAR) from the federal processor; verify that the information on the SAR is correct and make correction if needed. MCTC will notify you by mail (tracking letter) once we have received your SAR. Additional documents may be needed if you are selected for verification by the federal processor. Log into E services. Once you logged in using your student id and pin number, click on Financial Aid to check your status.
Submit any required documentation requested to the Financial Aid Office as soon as possible. If you have attended any colleges previously, you must submit an academic transcript from each school attended regardless of grades received or courses completed. The Financial Aid Office will review these forms and inform you if additional documentation is needed.
The Financial Aid Office will process the forms and send you an award letter. The letter will inform you of all eligible financial aid, such as grants, loans and work study funding.
If you choose to apply for a loan, complete the loan application online after you register for 6 or more credits at www.minneapolis.edu/prospectivestudents/financingyoureducation/loans.cfm. The loan process will take approximately 3 weeks.
You may charge books against your financial aid award if there is a balance available after tuition and fees are paid. If you have not applied for loans or your loans are not processed (certified), you will not be able to use the loans to purchase your books.
After tuition and fees are paid, any remaining funds will be mailed to you or direct deposited into your bank account beginning three weeks after the start of each term. You are responsible for keeping your address and phone number up-to-date. Refer to this link for a direct deposit form www.minneapolis.edu/documents/students/directdepositauthorization.pdf
You must attend classes! If you stop attending or never attend your classes, you will be responsible for paying back a portion or all of your financial aid. Refer to our website to find out more about financial aid policies.
Dates to apply for financial aid
You can apply for financial aid by submitting a Free Application for Federal Student Aid (FAFSA). You can fill out a FAFSA application online by visiting http://www.fafsa.ed.gov/.
You can file your FAFSA application anytime after January 1 to be considered for financial aid for the upcoming fall and spring semesters.
Summer financial aid is based on remaining eligibility from the award year.
Podcast on financial aid
Listen to the MCTC Financial Aid staff regarding the process and helpful hints pertaining to financial aid.
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