Types of Aid
When combined with free scholarship and other financial aid opportunities, grants can significantly decrease, if not completely cover, your financial needs. Unlike loans, grants do not need to be repaid. Unlike federal work study and assistantships, there is no labor involved. When you submit a Free Application for Federal Student Aid (FAFSA), you are automatically considered for government need-based grants.
- Pell Grant: The Pell Grant is one of the most popular types of federal financial aid. You are not required to pay back a Pell Grant after you graduate.
- CAP Grant: The College Access Program (CAP) provides grants to students enrolled in eligible programs at Madisonville Community College. CAP Grants are awarded to Kentucky residents enrolled for at least six semester hours (half time). Eligibility is determined by the date the Free Application for Federal Student Aid (FAFSA) was filed and funding allocated by the state. Student are encouraged to file the FAFSA as soon as possible since funding is limited.
- FSEOG Grant: A Federal Supplemental Educational Opportunity Grant (FSEOG) is for undergraduates with the lowest Expected Family Contribution (EFC). You are not required to pay back an FSEOG after you graduate. Not every eligible student will receive an FSEOG. Students at Madisonville Community College will be awarded an FSEOG based on availability of funds. The amount of your FSEOG award will vary depending on when you apply, your level of need, and your other financial aid awards.
Federal Work Study
Based on your financial need, the Federal College Work-Study Program can provide you a job, allowing you to earn money to help pay education expenses. The program encourages community service work and work related to your course of study whenever possible. Most work study jobs are on-campus, but some work-study jobs are located in private nonprofit organizations or public agencies.
Madisonville Community College will process your Federal College Work-Study eligibility and present it to you in a financial aid package. Your Federal College Work-Study wages will be at least the current federal minimum wage. Your total Federal College Work-Study award depends on when you apply, your level of need, and the program funding level for the academic year.
Federal loans are the largest source of student loans. These loans have more favorable
terms than private loans; therefore, you should try to obtain federal loans before
looking into private loans whenever possible.
The Federal Stafford Loan Program provides financial assistance through lenders to expand higher education opportunities for undergraduate, graduate, and professional students attending postsecondary schools at least half-time.
Applying for a Student Loan
You must first complete the Free Application for Federal Student Aid (FAFSA). You must also complete a Stafford Loan application and return it to the Financial Aid Office. Upon receiving a Stafford Loan, you must visit studentloans.gov and complete the following:
- Online Entrance Counseling
- Electronically sign your Master Promissory Note (MPN).
- Accept any portion of student loan via their self-service account.
When do I have to repay my loan?
You receive a six-month grace period before starting repayment on Stafford Loans after dropping below half-time study, graduation from college, or leaving school for other reasons.
What is the interest rate on a student loan?
The rate can change per year; however, the rate should not rise above 8.25%
A variety of scholarships are available to all enrolled students. Scholarships can be based upon academic progress and success, the program you are pursuing, or your financial need.
Applying for a scholarship
Each student must complete the MCC Scholarship Application. You should submit the application, a one-page essay, and three letters of recommendation. Incomplete applications cannot be processed, making you ineligible for scholarships.
What types of scholarships are available at MCC?
We provide a variety of scholarships based on academic performance, financial need, academic program, and/or your county of residence. The scholarship office will determine which scholarship best fits your need.
Can I apply for other scholarships besides what MCC has to offer?
Yes, and we strongly encourage students to do so. Check with your high school guidance counselor for opportunities.
I still have questions?
For more information about MCC's Federal Work Study opportunities, Scholarships, or Student Loan Options please contact the Student Service Center toll free at (855) 55GO-MCC.