How to Apply
Should I Apply for Financial Aid?
How is financial need determined?
When do I get my financial aid?
Willl I automatically receive my aid each term?
Do I have to be a full-time student to receive financial aid?
Is it too late to apply for financial aid?
Should I Apply for Financial Aid?
If you don't have sufficient resources to attend Mesabi Range Community and
Technical College, you will want to apply for Financial Aid by filing a Free
Application for Federal Student Aid (FAFSA). The FAFSA will determine
the student eligibility for a Pell grant, SEOG grant, MN grant, workstudy
and loans.
You can still attend college without applying for financial aid, but you and your family will have the full obligation to meet expenses.
Students and their families have the primary responsibility to pay for the student's education. Financial aid programs are there to help when the student's and/or their family's resources are insufficient.
During the 2006-2007 year, Mesabi Range Community and Technical College was able to award more than $5million in financial aid.
How is financial need determined?
When you complete the Free Application for Federal Student Aid (FAFSA), your results are sent to Mesabi Range Community and Technical College. Various factors such as student income and assets, parents income and assets, family size, number attending college, etc. are used to determine the help that you and your family are expected to contribute toward your school expenses. This amount is called the Expected Family Contribution (EFC), and can be found in the upper right hand corner of your Student Aid Report (SAR).
Financial aid then is the difference between the costs of going to school and the EFC.The following should aid you in visualizing this:
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The Financial Aid Office will then package various types of financial aid awards to meet the financial need that the student has.
When do I get my financial aid?
If a student's financial aid record is complete, the student can anticipate
receiving their financial aid on the 10th day of each term. The exception
is for students who are first year, first time borrowers under the Federal Stafford
Loan Program. For those students the first loan check is not disbursed
until after the 30th day of the first term that they attend.
*Please note that for loans, the student must have completed entrance loan counseling at Mesabi Range Community and Technical College before a loan will even be processed.
Will I automatically receive my aid each term?
Aid will continue to be disbursed each term during the academic year as long
as the student is enrolled in a degree/certificate/diploma program at Mesabi
Range Community and Technical College and is maintaining Satisfactory Academic
Progress. Essentially, Satisfactory Academic Program (SAP) is having
a 2.0 Grade Point Average (GPA), and completing 67% of all classes taken. Students
who fall below SAP do have the ability to petition to maintain financial
aid. Petitions are available online on the Financial Aid page or you
may pick one up from the Financial Aid Office.
The aid is disbursed for the academic year only. Students must reapply for each academic year.
Do I have to be a full-time student to recieve financial aid?
Students who are enrolled at least half-time (6 or more credits per semester)
are eligible for most financial aid program. The Federal Stafford
Loan Program, and other loan programs are not available for students who
are enrolled less than half-time. However, students who may be enrolled
for less than half-time may be eligible for Pell and MN State Grants. The
student's Award Letter will show the amount that the student can receive
at a full-time status, a 3/4 time status, a 1/2 time status, and a less than
1/2 time status.
Is it too late to apply for financial aid?
The general answer is, "No, it's never too late to apply for financial aid."
However, certain programs have their own deadlines. For example,
the Free Application for Federal Student Aid for the 2008-09 academic year
must be submitted prior to June 30, 2009 (giving the student who
may attend only summer school some time to get everything in order).
The preferred method for filing your FAFSA is on the internet. There is less chance for errors and the application is processed by the Federal Processor and sent to the college within five days. You should anticipate a four-six week time delay from the time you mail in your FAFSA and when the college will receive the information from the Federal government. Therefore, if you anticipate starting the Fall term, you shoul dget your FAFSA in the mail no later than mid-July of that year. If you start the Spring term, you should get your FAFSA in the mai lno later than mid-November.
You can still start school without having completed your financial aid application. However, you must establish a payment plan using the ECASHIER program avalable on the college website.. When your financial aid application is finally processed, you will receive an award letter, and the Business Office will disburse your aid on the 10th day of the term based on your enrollment..
Please stop at the Financial Aid Office for any questions regarding this matter. Remember, when you fill out the FAFSA, the code for Mesabi Range Community and Technical College is: 004009.
Send comments about the MRC&TC Financial Aid Page to g.walters@mr.mnscu.edu