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Miles Community College Financial Aid

Miles Community College Financial Aid. Funding your way through education. Where do I start?. Apply for a PIN at www.pin.ed.gov . Free Application for Federal Student Aid (FAFSA) www.fafsa.gov . AVOID www.fafsa.com – scam website! Priority Deadline March 1, 2012.

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Miles Community College Financial Aid

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  1. Miles Community College Financial Aid Funding your way through education

  2. Where do I start? • Apply for a PIN at www.pin.ed.gov. • Free Application for Federal Student Aid (FAFSA) • www.fafsa.gov. • AVOID www.fafsa.com – scam website! • Priority Deadline March 1, 2012. • Uses data from the 2011 tax returns – try to use the IRS data retrieval process if at all possible. • Make sure all social security numbers, dates of birth, and names are correct to prevent delays. • Eligibility: Need to have a GED or high school diploma.

  3. www.fafsa.gov

  4. www.fafsa.com – SCAM!!!!!!

  5. Types of Grant Aid at MCC • Pell Grant ($5,550 maximum for 12-13) • Supplemental Educational Opportunity Grant (SEOG) • Montana Higher Education Grant • Baker Grant • Acce$$ Grant

  6. Work-Study • Work-Study is awarded first come, first serve. • Federal and State Work-Study. • 10-15 hours per week, $7.65 per hour. • Work program on and off campus. • If you accept work-study, you will get a packet in July. Depending on the supervisor, the jobs are either assigned or you will be responsible for interviewing for a position. Contact Dana with work-study questions.

  7. Loans • Stafford Subsidized and Unsubsidized • Freshmen Loan Limits (don’t have 30 credits yet): • $3,500 Subsidized and/or Unsubsidized • $2,000 Additional Unsubsidized (Dependent Students); $6,000 Additional Unsubsidized (Independent Students) • Aggregate Loan Limits: $31,000 (no more than $23,000 can be Subsidized) • Subsidized 6.8% (President Obama’s FY13 budget does have the interest rate at 3.4% if passed) • Unsubsidized 6.8% • Loan Fees .5% (if you fail to make your first 12 payments on-time, you will be charged the full 1%)

  8. PLUS Loans • Parent loans for dependent students. • Interest Rate 7.9% • Loan Fees 4% • Credit check is performed, however, if parental credit is denied, dependent student can receive $6,000 unsubsidized loan for the year ($4,000 if the dependent student has already taken out the $2,000 unsubsidized loan prior to parents applying for PLUS). • Repayment begins 60 days after loan has been fully disbursed for the year. • Deferment options do exist for parent if the student for whom the loan has been taken is enrolled at least half-time. Check with your servicer for more details.

  9. Real Cost vs. Cost of Attendance • Real Cost • Tuition and Fees • Room, Board, Technology Fee • Other Fees (program fees, science lab fees, online fees, etc.) • Books and Supplies • Cost of Attendance: • Tuition and Fees • Books and Supplies • Room and Board • Transportation • Miscellaneous

  10. Scholarships • Miles Community College Scholarships • Deadline was March 15, 2012. • We have made final decisions on all fall scholarships, so if you have questions, please stop by and visit with us today! • Deadline for spring is December 15, 2012.

  11. Disbursement of Funds • All fall semester financial aid will be disbursed on fee payment in September. • You MUST have Entrance Counseling and Master Promissory Note signed to receive loans at fee payment. • www.milescc.edu

  12. Entrance Counseling and MPN

  13. Direct Loan Website, Cont.

  14. Direct Loan Website, Cont.

  15. Satisfactory Academic Progress (SAP) • Federal regulations require MCC to establish minimum academic standards that students must maintain to be eligible for federal, state, and institutional aid. The following policy reviews students progress each semester of attendance at MCC. Students who fail to meet any of the requirements in the SAP policy will lose their eligibility to receive financial aid.

  16. SAP – Warning • Must maintain a minimum 2.00 cumulative grade point average (GPA) after each semester. Failure to maintain a 2.00 GPA will place a student on financial aid warning. • Students must pass no less than 67% of attempted credits. Failure to maintain pace of progression will place a student on financial aid warning. • Students on warning will receive financial aid for one subsequent semester (warning period). • A review will be performed after the warning period. Any student who doesn’t have a cumulative 2.00 GPA or has not passed at least 67% of cumulative credits attempted will no longer be eligible for financial aid at MCC.

  17. SAP – Suspension • Students not meeting SAP after a warning period will be placed on suspension. • Students exceeding the maximum timeframe allowed (150% of required credits for the degree program) will be placed on suspension. • Students who withdraw for any reason will be placed on financial aid suspension for all subsequent semesters. Repayment of federal funds could be a result of this situation. • Students who receive no passing grades for the semester are considered unofficially withdrawn and placed on financial aid suspension. Repayment of funds could be a result of this situation.

  18. SAP – Regaining Eligibility • A student may qualify for reinstatement of financial aid by enrolling at his/her own expense and bringing his/her cumulative GPA above 2.00 or by completing the appropriate percentage of credit hours attempted to meet the 67% cumulative pace progression rate. • A student may also appeal his/her financial aid suspension.

  19. SAP – Financial Aid Appeal/Probation • A student may appeal his/her financial aid suspension if extenuating circumstances (death of relative, injury or illness of the student, or other mitigating circumstance) exist. There is a very specific process the student must follow – please refer to the policy for appeal steps. • If a student’s appeal is granted, he or she will be placed on financial aid probation for ONE payment period and will receive his or her federal, state, or institutional aid. At that point, the student must meet MCC’s SAP policy or meet the requirements of an academic plan that was established on an individual student or else he or she will lose financial aid eligibility.

  20. Additional Information • Enrollment Status • Repeat Coursework • Multiple Degrees • Dual Degree Seeking Students • Change of Major • Remedial Course Work • Courses Not Financial Aid Eligible • MCC Refund Policy • Return of Title IV Funds

  21. Student Assistance Foundation • Josh Sloan, Campus Outreach Manager, assists us with the following: • Debt Management • Entrance Counseling Completion • Master Promissory Note Completion • 406-874-6197, 406-853-3821 • www.smartaboutcollege.org • jsloan@safmt.org

  22. Still have questions? • You can always call our office! • 1-800-541-9281 or 406-874-6208 • Dana Niedge, Financial Aid Administrative Assistant, niedged@milescc.edu • Loren Lancaster, Director of Financial Aid, lancasterl@milescc.edu • Jessie Dufner, Dean of Enrollment Services, dufnerj@milescc.edu

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