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Frequently Asked Questions

Financial Aid section Topics

  1. Applying for financial aid
  2. Information about the FAFSA regarding parents
  3. Verification
  4. Determining financial aid awards
  5. Loans
  6. Tuition and money matters
  7. Paying for classes, books and supplies
  8. Withdrawing from classes

Financial aid specific questions and concerns

What is financial aid? Who can receive financial aid?
How do I apply for financial aid at MCC?
Do I need to submit other documents to MCC?
I'm moving out of my parents' house and will support myself from now on. Do my parents still have to fill out the financial aid application?
How can I get the best financial aid award package?
What happens if I apply for financial aid after MCC's first processing date?
How will I know that MCC has received my application?
What is a student loan?
What kinds of loans are available?
How do I apply for a student loan?
What is the difference between the two types of Federal Stafford loans?
What is the interest rate?
Are there any other costs associated with these loans?
Am I eligible for these loans?
How will I know what types of aid I will be receiving?
Do I have to reapply for financial aid each year?
What kinds of aid can I expect to see on my award letter?
What steps do you follow to determine my eligibility?
How do I accept an award?
What if my family's situation changes after we apply for aid?
My parents refuse to give me the information I need to fill out my financial forms.
My parents are separated/divorced. Whose information should be given on the FAFSA?
Am I required to use my parent(s) information on the FAFSA?
What is Verification?
What is Federal Work-Study?
After I've returned all my paperwork, what happens next?
I have a bachelor's degree. Am I completely out of luck?
How is my expected family contribution (EFC) determined?
What if my financial situation has changes after filing my FAFSA?
Why can't you tell my spouse, parents or outside agencies what kind of aid I have been awarded?
How are financial aid funds awarded?
When will I receive my money?
How do I pay for my classes?
How do I pay for my books?
What is an official withdrawal?
What affect does withdrawing from school have on my financial aid?

 


What is Financial Aid?

Financial aid is money available to assist students with the costs of attending college. Financial aid comes from the federal government, state government, the College and from private sources in the form of scholarships. Grants and scholarships are assistance you don't have to pay back. Federal Work-Study allows you to work and earn money to help pay for school. Loans are borrowed money that you must repay with interest. The Federal Student Guide provides greater detail on Federal Student Aid.

Who can receive financial aid?

In general, all U.S. citizens and eligible non-citizens who are enrolled in an approved degree or certificate program are eligible for financial aid. Refer to the student eligibility criteria listed on the front of the Free Application for Federal Student Aid (FAFSA).

APPLYING FOR FINANCIAL AID

How do I apply for financial aid at MCC?

Apply using your personal FSA ID username and password by logging onto FAFSA as soon as possible.  When in doubt, call or visit the Financial Aid office.

Do I need to submit other documents to MCC?

If you are selected for verification, you must submit all documents that are requested. Remember to include your name and MCC student ID on all documentation submitted, including parent documents. Keep copies of all forms completed and any materials used to prepare the forms, such as tax return transcripts.

When should I apply for financial aid?

Apply for financial aid as soon as possible.  FAFSA applications for 2017- 18 academic year,
fall 2017 
through 2018 summer are currently being accepted.
The FAFSA is available Oct. 1, 2017 for 2018-19 academic year,  fall 2018 through summer 2019.

How can I get the best financial aid award package?

Apply early for the best financial aid award packet; some grants are awarded on a first-come, first-served basis. Note: Grant funds are need-based and are awarded to students with the most need first. 

What happens if I apply for financial aid after MCC's first priority deadline?

You may apply for financial aid at any time throughout the academic year. If your file is completed after April 1 of the award year, the funding in some programs may already be depleted.

How will I know that MCC has received my application?

You will receive a Student Aid Report (SAR). An electronic version of your SAR will also be sent to MCC. Review the information listed for accuracy and be sure that MCC is listed in the college choice section (MCC's school code is 004432). If you do not receive a SAR within four weeks of filing, you must follow up with the processor by calling 1-800-4-FED-AID (1-800-433-3243).

If you provide a valid e-mail address on your FAFSA application, you will receive an e-mail that contains a secure link so you can access your SAR on the web. You'll get this link in one to five days. Be sure to print a copy for your records.

If your application has been selected for a process called verification, MCC will notify you and request the additional documentation that is needed to complete your processing. MCC does not require that you submit your SAR to our office if you have listed MCC on your FAFSA. If you did not originally list MCC on your FAFSA, you can add MCC's school code, 004432.

How will I know what types of aid I will be receiving?

You will receive a Financial Aid Award Letter from the Financial Aid office detailing all aid for which you are eligible for the entire school year. You may not receive aid in excess of your cost of attendance.

How do I accept an award?

When the Financial Aid office sends you an award letter, you are asked to indicate the financial aid you would like to accept. Look carefully at your options and make sure you accept only what you need. A good approach is to:

  • First, accept free money (scholarships and grants), which you don’t have to pay back.
  • Then, accept earned money (work-study), which are funds you will earn through a job.
  • Finally, accept borrowed money (student loans), i.e., money you have to pay back with interest.

Once you have decided the award options that best suit your needs, log onto your Student Self-Service portal in My Way and accept or deny your awarded aid. If you do not want to accept the full amount of an award, you can reduce the amount in your Self-Service portal, before you accept the award. You do not have to return the Financial Aid Award Letter to the Financial Aid office.

What kinds of aid can I expect to see on my Award Letter?

The kind of financial aid you receive is based upon your level of need and your application's completion date. You will receive an aid package that may be a combination of Federal and state grants and/or Federal Work-Study. Grant dollars are limited, so apply early. Federal Work-Study employment opportunities are available beginning July 1 of each academic year. Federal Work-Study jobs are posted on the financial aid website Work Study page.

What is Federal Work-Study (FWS)?

Federal Work-Study provides part-time employment for students who demonstrate financial need as determined by the FAFSA. Positions are available both on and off campus. A separate application process is required. In order to be considered for work study, students must have submitted their FAFSA by April 1, and be in good standing for Financial Aid Standards of Progress. Refer to the MCC Financial Aid website at mccneb.edu/fa for additional information.

What is the cost of ATTENDANCE?

Cost of Attendance is the average annual costs (tuition, books, fees, room and board, transportation, etc.) determined to be necessary to attend MCC. These figures are subject to change.

How is my expected family contribution (EFC) determined?

Your (and your spouse's, if married) income, assets, number in household, number in college and your state of legal residence are used in determining the Expected Family Contribution. The formula applied to your information is determined by the federal government.

What if my financial situation has changed since I filed my FAFSA?

You may request a form from the Financial Aid office that will allow our office to reevaluate your financial aid eligibility due to unemployment, loss of benefits, divorce or other special circumstances.

Since financial aid may not cover my entire living and educational costs, what else can I do?

Seek non-work study employment. Use savings. Ask clubs, organizations, churches to which you belong if they have any scholarship funds. Apply for scholarships. You may look for scholarship source books in the library or check at the Financial Aid office. Consider living at home or with relatives to save on rent and utility costs.

Why can't you tell my spouse, parents, or outside agencies what kind of aid I have been awarded?

The Family Educational Rights and Privacy Act (FERPA) (20 U.S.C. § 1232g; 34 CFR Part 99) is a federal law that protects the privacy of student education records. The law applies to all schools that receive funds under an applicable program of the U.S. Department of Education. Schools are not required to provide copies of records unless, for reasons such as great distance, it is impossible for parents or eligible students to review the records. Schools may charge a fee for copies. For more information on your rights under FERPA, go to the Department of Education website.

Do I have to reapply for financial aid each year?

Yes, you will need to reapply for financial aid each year. However, once you have filed a FAFSA, you may be able to file a Renewal FAFSA the next year. It won't be nearly as complicated the second, third or fourth time around. The Renewal FAFSA contains about 75 percent of the information on the form pre-filled and the same as the information you filed the year before. Be sure to correct any information that has changed since the previous year, especially new financial data.

Information About The FAFSA regarding parents

Am I required to use my parent(s) information on the FAFSA?

The instructions in the FAFSA application will explain whether or not you must include parent information. If you have been declared independent by a financial aid administrator in the past, or if you think your special situation merits a review, request to meet with a Financial Aid specialist to see if you qualify to complete a Request for Dependency Override Form.

My parents refuse to give me the information I need to fill out my financial aid forms.

Contact the Financial Aid office at the College if your parent refuses to provide financial information. A staff member can review your circumstances and explain your options.

My parents are separated/divorced. Whose information should be given on the FAFSA?

On the application, information should be given for the parent you lived with the most in the last 12 months. If you don't live with either parent, or lived with both parents for an equal number of days, information should be given for the parent who provided the greater amount of support to you during the last calendar year. FAFSA instructions have information that will be helpful if you have questions about providing information from separated or divorced parents.

I'm moving out of my parents' house and will support myself from now on. Do my parents still have to fill out the financial aid application?

Students under 24 years of age are considered dependent on their parents by federal law, no matter where they live (there are limited exceptionsplease note them in the FAFSA instructions). If your parents do not provide their information on your application, you probably cannot be considered for aid. If you have special circumstances which make it impossible for your parents to complete the application, contact the Financial Aid office and discuss it with them.

What if my family's situation changes after we apply for aid?

Give the new information to the Financial Aid office. That office can determine if the change will affect your eligibility for assistance.

Verification

What is Verification?

Verification is a process, initiated by the U.S. Department of Education or by the Financial Aid office, requiring you to verify the information that you provided on the FAFSA. About 30 percent of all financial aid applicants at MCC are selected at random each year for verification when their application is processed. If you are selected for verification, you will be notified by U.S. mail.

To avoid unnecessary delays, please submit all required documents promptly. Also, be sure you have filled out the Verification Worksheet completely and that all documents are signed by the appropriate parties. Documents with blanks and missing signatures will be returned.

After I've returned all my paperwork, what happens next?

When the Financial Aid office receives your documents, we compare the information on these documents to the information you provided on your original FAFSA. If information from documents you submit conflicts with your FAFSA, we may require additional information to clear up the discrepancy. The Financial Aid office will contact you by mail to request additional information. Responding quickly to any requests for additional information will help avoid further delays.

In some cases, the changes made during verification require resubmission of data to the U.S. Department of Education. If these changes affect your eligibility for assistance, you will receive a revised Financial Aid Award Letter.

Note:  After verification is completed, household size and number in college cannot be adjusted.

Determining Financial Aid Awards

What steps do you follow to determine my eligibility?

First, we assign you a Cost of Attendance budget based on your dependency status. This budget is based on the full-time cost of tuition, books and supplies and an estimated cost for living expenses. Second, we subtract the EFC that was reported on your Student Aid Report. The result is your Estimated Financial Need. You will receive funding, as available, up to this remaining need amount.

How are Financial Aid funds awarded?

The Federal Pell Grant is subtracted from the remaining financial need. If there is remaining need, funding may be awarded:

  • NSG - Nebraska Scholarship Act Grant
  • FSEOG - Federal Supplemental Educational Opportunity Grant
  • BGTG - Board of Governors Tuition Grant
  • FWS - Federal Work-Study

All of these funds are limited and are awarded until they are depleted. In addition, there is a maximum limit for each award. This means that it is possible for you to have remaining need even after all funds have been awarded.

I have a bachelor's degree. Am I completely out of luck?

No, you are not out of luck for financial aid. Students with bachelor's degrees usually qualify for federal student loans.

Loans

What is a student loan?

A student loan is money borrowed for educational purposes and must be paid back with interest. The specific sum of money borrowed is called the principal. Interest is a percentage of the principal which is paid as a fee for borrowing. When it comes time to pay back the principal and interest, it is usually paid in monthly installments. If a borrower fails to repay (or default), the government may penalize the borrower.

What kinds of loans are available?

All qualified financial aid students may borrow through the Direct Loan Program. Federal Direct Stafford Loans allow the student to borrow money from the U.S. Department of Education via the Direct Loan Program to help pay for education costs. Under this program, Direct Loans will make a loan directly to you through the school. The Federal Direct Stafford Loan Program includes Subsidized loans and Unsubsidized loans.

Parents can borrow a Direct PLUS Loan (Parent Loan) to help pay education expenses if the student is a dependent undergraduate student enrolled at least half-time in an eligible program at an eligible school. Also, parents generally will be required to pass a credit check. If parents don't pass the credit check, they might still be able to receive a loan if someone, such as a relative or friend who is able to pass the credit check, agrees to endorse the loan. An endorser promises to repay the loan if the parent fails to do so. Parents might also qualify for a loan without passing the credit check if they can demonstrate that extenuating circumstances exist. Students and parents must also meet other general eligibility requirements for federal student financial aid.

What is the difference between the two types of Federal Stafford loans?

  • Subsidized Federal Direct Stafford Loan is based on financial need. "Need" is determined by subtracting the Expected Family Contribution (determined by federal formula) and all other forms of aid from the Cost of Attendance. The federal government pays the interest for you while you are enrolled in school at least half time; during the six-month grace period after you stop attending school at least half-time; and during periods of authorized deferment.
  • An Unsubsidized Federal Direct Stafford Loan is not based on financial need and is available to you regardless of income. Because this loan is not subsidized by the government, you are responsible for all interest which accrues during in-school, grace and deferment periods. You may choose to make periodic interest payments to the lender or opt to have the accrued interest capitalized (added on to) the principal loan amount.

How do I apply for a student loan?

To apply for a Stafford Student Loan, you must complete the following steps:

What is the interest rate?

The interest rate is fixed at 4.45 percent for undergraduate subsidized and unsubsidized loans with the first disbursement of loans on or after July 1, 2017 and before July 1, 2018meaning, loans received for 2017-18 Award Year.

Undergraduate subsidized and unsubsidized loans with the first disbursement of loans on or after July 1, 2016 and before July 1, 2017 have a fixed interest rate of 3.76 percentmeaning, loans received for 2016-17 Award Year.

Are there any other costs associated with these loans?

All Federal Direct Loans are assessed a loan fee by the federal government. This fee helps reduce the cost of making these low-interest loans. The federal government will deduct the fee from the loan before the borrower receives any loan money; therefore, the loan funds received by the borrower may be less than the amount they will repay. For Subsidized and Unsubsidized loans originated  October 2017 - October 2018 the loan origination fee is 1.066 percent; Direct Plus loans originated October 2017 - October 2018 the loan origination fee is 4.264 percent.

Am I eligible for these loans?

To be eligible for these loans you must:

  • Have a completed Financial Aid file including determination of Pell Grant eligibility
  • Have a valid Master Promissory Note (MPN) on file
  • Be enrolled in an eligible program
  • Be attending at least half-time for the entire loan period
  • Not be in default on any federal student loan
  • Not owe a repayment on a federal grant
  • Be in compliance with the College's Financial Aid Standards of Progress
  • Complete Loan Entrance Counseling

Tuition and Money Matters

What if my tuition payment is due, but I haven't received any information about my application or my award letter/notification from MCC's Financial Aid Office?

As long as you have no balance owed to MCC from a prior quarter, you may register for classes. Your tuition and fees are deferred until the last day of the quarter. You are responsible for purchasing books and supplies. Once your Financial Aid has been awarded, it will be applied to the charges on your account for the current quarter.

Be aware that you may be prevented from registering for future quarters if you have an outstanding balance.

When will I receive my money?

Payment is based your enrollment as of the Census Date. Your financial aid will be disbursed to your student account electronically.
If your financial aid award exceeds your tuition, books and fees, a refund will be issued to you. If your award is less than tuition, fees and books, you must make up the difference. If necessary, you may consider applying for a Federal Stafford Loan.

How will my financial aid be disbursed?

Your financial aid will be disbursed to your student account electronically. If you are owed a refund, it will be issued to you in one of three ways:

  • Direct deposited in your personal checking account
  • Credited to your BankMobile Vibe Account
  • A check will be mailed to you at the address you have on file with the College, until a Refund Selection Kit has been sent to you by BankMobile. When your kit is received, a refund choice needs to be made by you. All refunds made after that will be sent according to the refund preference you chose.

Any questions pertaining to your account refund/or account balance, please contact Student Accounts at 531-MCC-2405. If you have questions regarding your card and/or card balance, please contact Bank Mobile’s Customer Care at the number in the Refund Selection Kit.

To view our institution's contract with BankMobile, a Division of Customer Bank, click here.

Paying For Classes, Books, and Supplies

How do I pay for my classes?

Cash, check, credit card, company billing, student loan or financial aid all are acceptable forms of payment for classes.

How do I pay for my books?

Cash, check and credit card all are acceptable forms of payment for books. If you have enough in financial aid, an account will be set up at the bookstore so you can charge your books against your financial aid.

Withdrawing From Classes

What is an official withdrawal?

An official withdrawal is an instance in which you withdraw from a class by calling Central Registration at 531-MCC-5231 and requesting that you be withdrawn from a class or all of your classes.

What affect does withdrawing from school have on my financial aid?

Depending on the time of the quarter when you withdraw, a withdrawal can seriously affect both your financial aid eligibility and your maintaining Satisfactory Progress.

Please contact the Financial Aid office before you withdraw to determine what effect your withdrawal may have on your financial aid.