Federal Title IV Aid

Federal Title IV Aid

Federal Pell Grant Program

The Pell Grant is given with no repayment expected. This program is designed to provide a “floor” upon which other financial aid programs are built. Any student wishing to receive a Federal Pell Grant at this institution must meet the eligibility requirements established by the U.S. Department of Education.

To receive a Federal Pell Grant a student must complete the Free Application for Federal Student Aid (FAFSA). The FAFSA may be completed on-line at studentaid.gov .  The school code is 012967, Mid-East CTC - Adult Education. 

After the FAFSA has been processed by the Dept. of Education, a Student Aid Report (SAR) will be issued. This report will contain a number referred to as the EFC (Effective Family Contribution). The school uses this number to determine the amount of the student's award as set forth by the U.S. Dept. of Education.

NOTE:  Full awards are made only if the student is attending a program of at least 900 clock hours. A student entering a program of less than 900 hours will receive a prorated reduced award. We are considered a 1st year school even if you have attended other schools.

William D. Ford Direct Loan Program – Stafford Loans

NOTE: Federal student loans will not be certified until a student's FAFSA information has been received and the student’s financial aid file is complete.  This is LOAN MONEY AND MUST BE PAID BACK!
 
Factors in Amount a Student may borrow:
  • Student dependency status:   Dependent verses Independent will be a factor in the amount of loan money a student may borrow. 
  • Program Length:  Programs that are less than 900 hours will receive a prorated down payment based on the number of hours in the designated program. 
  • EFC--Estimated Family Contribution:  This may determine which loan you may be able to obtain.
  • Current Loan Amounts and Types:  If you have been to college before, this may be a determining factor in amount and type of loan you may be able to get.
ORIGINATION FEES TAKEN BEFORE MONEY IS DISBURSED TO SCHOOLS:
Interest Rates and Origination Fees:  See https://studentaid.gov/understand-aid/types/loans/interest-rates for complete information.  Interest rates change July 1 and origination fees change for as stated below.

Direct Subsidized and Unsubsidized Federal Stafford Loans:
1.057% on loans first disbursed on or after 10/1/2021 and before 10/1/2022
 
Parent Plus
4.228% on loans first disbursed on or after 10/1/2021 and before 10/1/2022 

Mandatory processes required to request student loans!   Complete the following at  https://studentaid.gov/
 
1.  Student Loan Acknowledgement Form.  This will give the student a view of how much they currently owe in federal student loans, and acknowledge that they have seen this amount BEFORE a school can make the first disbursement of the Direct Loan the borrower receives for a particular award year!    New for 2021-2022 school year.
1a.  Parent Plus Loan: If a parent is borrowing money on a Parent Plus loan for a dependent student, they must also complete the acknowledgement form for that loan.

2.  Entrance Counseling:  Which can be found under the Complete the Process.  This must be completed for each school year along with exit counseling at the end of the school year.

3.  Master Promissory Note:  This is also found under Complete the Process.  A master promissory note is good for 10 years, so if you have had a Federal Direct Stafford Loan in the past several years, you may not have to complete it.  If in doubt, complete it.  The system will automatically link up to the active note.
 
LOAN REPAYMENT:
In order to achieve a better understanding of loan repayment amounts, go to https://studentaid.gov and click on Manage  Loans.  Once there, you can log in with your FSA ID and all the information needed regarding the loans you currently have or even your previous loans.  Everything in one spot!


  Look for this symbol on eligible program.



Subsidized/Unsubsidized Federal Direct Stafford Loans:  Review the two different types of loans that can be made directly to students: Click this link to understand the difference between the two types of loans.


Federal Direct Parent Loan to Undergraduate Dependent Student (PLUS): PLUS loans are meant to provide additional funds to dependent students for expenses. Parents may borrow up to the cost of education, minus other aid received by the student. Repayment begins approximately sixty days after final loan disbursement is made, or parents may choose a deferment option. Interest begins from the date of the first disbursement until the loan is paid off.  For more information on Parent PLUS loans click this link.
NOTE:  One of the student's parents must:  complete the required paperwork for the school, Student Loan Acknowledgement form, a Parent Plus application and Master Promissory note in order to be considered for approval for a Parent Plus loan.


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