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Federal Student Aid Program Definition of Aid
Federal Pell Grant The Pell Grant is a federal program designed to provide undergraduate students, who have not attained their first bachelor's degree, with a foundation of financial aid. Pell eligibility is determined by a formula developed by the United States Department of Education and applied consistently to all applicants. The award is to be used for education expenses which include tuition, fees, room and board, books, and supplies. The amount of Pell Grant the student receives depends on his /her enrollment status and the student’s estimated family contribution (EFC). Students do not have to be full time in order to receive Pell Grant funds.
Federal Supplemental Educational Opportunity Grant
(FSEOG)
These grants are available to those students who demonstrate exceptional financial need. Priority is given to students who have an EFC of 0. These grants have limited funding and are awarded first to those eligible students who meet the March 1st priority deadline.
Governors College Access Grant The Governors College Access Grant is awarded to Montana residents who have exceptional financial need, typically students with an EFC of 0. Students must be enrolled in at least six credits, and must be accepted into an A.A., A.S., or A.A.S. program of study. Annual awards will be split equally between Fall and Spring semesters. Awards will range from $100-$1,000 dollars per year, with the most common award being $1,000. The Governors College Access Grant does not need to be repaid.
Baker (MTAP) Grant The Baker (MTAP) Grant is available to undergraduate students who are Montana residents. Students must be full time and have student earnings reported on the FAFSA of more than $3,625 with an EFC of 0-8,050. Baker and MHEG have been classified by the U.S. Department of Education as eligible programs under the Leveraging Educational Assistance Partnership Grant (LEAP) Program. These grants are funded by the Federal Government, the State of Montana, and, where applicable, other contributing partners. The institution determines award amounts. Funds are limited and are awarded to first to those students who meet the March 1st priority deadline.
Montana Higher Education Grant (MHEG) The MHEG is available to undergraduate students who meet the following criteria: are Montana residents, have completed the FAFSA and are eligible for financial aid, have remaining need (Cost of Attendance (COA) – EFC = Need), and are enrolled in six or more credits per semester. Baker and MHEG have been classified by the U.S. Department of Education as eligible programs under the Leveraging Educational Assistance Partnership Grant (LEAP) Program. These grants are funded by the Federal Government, the State of Montana, and, where applicable, other contributing partners. These grants have limited funding and are awarded to those eligible students who meet the March 1st priority deadline.
Acce$$ Grant The Acce$$ Grant is designed to help aid students who have financial barriers affecting their access to higher education. The Acce$$ Grant is available to students who meet the following criteria: are Montana residents, have completed the FAFSA and are eligible for financial aid, have remaining need (COA – EFC = Need), are enrolled in six or more credits per semester, and have completed and returned the Acce$$ Grant application (available from the Financial Aid Office) to the Financial Aid Office. The money will be awarded until the Acce$$ Grant funds are liquidated for the year.
Federal and State Work-Study The Federal and State Work-Study programs give students the opportunity to work for their earnings. This money does not have to be repaid. Students must demonstrate need established by the FAFSA. Funds are awarded first to those students who meet the March 1st priority deadline. Students are paid on a monthly basis as they earn the work-study funds.
Direct Subsidized Loan The Direct Subsidized Loan must be repaid. These loans have a fixed interest rate of 3.4% for the 2011-2012 award year. Students must complete a FAFSA and demonstrate need in order to receive a subsidized loan. The Department of Education pays the interest on the subsidized loan while the student borrower is in school taking six or more credits and during grace and deferment periods. Repayment begins six months after the student drops below six credits, withdraws, or graduates from Miles Community College. Students must sign a Master Promissory Note before receiving the student loan. Award limits vary from $3,500 to $4,500 depending on grade level, cost of attendance, EFC and need. Entrance counseling is required of all students borrowing student loans at Miles Community College. Upon leaving Miles Community College, students must complete exit counseling.
Direct Unsubsidized Loan The Direct Unsubsidized Loan is a non-need based student loan that must be repaid. Students must complete a FAFSA in order to receive this loan. These loans have a fixed interest rate of 6.8% for the 2011-2012 award year. The student borrower is responsible for paying the interest that accrues on the loan. Repayment begins six months after the student drops below six credits, withdraws, or graduates from Miles Community College. Students must sign a Master Promissory Note before receiving the student loan. Award limits vary from $3,500 to $4,500 depending on grade level, cost of attendance, EFC and need. Independent students may qualify for up to an additional $6,000 of unsubsidized loans, dependent students may qualify for an additional $2,000. Entrance counseling is required of all students borrowing student loans at Miles Community College. Upon leaving Miles Community College, students must complete exit counseling
Direct Parent Loans for Undergraduate Students (PLUS) The PLUS loan is available to parents of undergraduate students. These loans have a fixed interest rate of 7.9% for the 2011-2012 award year. The parents enter repayment of both the principal and interest of the loan within 60 days of the loan being fully disbursed. Parents should contact the Financial Aid Office if they are interested in this loan. A Master Promissory Note and credit check of the parent are mandatory for this loan. Parents may borrow a loan for the amount of the cost of attendance less other financial aid. The loan money must be used for educational purposes. If parents do not pass the credit check, their dependent student may borrow up to an additional $6,000 of unsubsidized loans.
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