Once eligibility has been established, the student will receive an Award Letter, explaining the "Financial Aid Package" which is comprised of all the funds the student will receive. The student may receive aid from one or more programs depending upon his or her need and the availability of funds. Available programs include:
- Grants
- Loans
- Need-Based Loans
- Non-Need Based Loans
- Scholarships
- Work-Study
These are gift aid programs. Repayment of funds is not required.
Federal Pell Grant: This grant is the foundation of all federal aid programs. It is money provided to help undergraduate students pay for their education beyond high school. The amount of money the student can receive through this program will depend upon the program funding for the year, the information the student provides on the application, and whether the student is enrolled full-time or part-time. The student must be enrolled for at least three credit hours in a program of six months length or longer. A student is eligible for the Pell Grant until a first bachelor's degree is earned.
Federal Supplemental Educational Opportunity Grant (SEOG): This is a federal grant for undergraduate students who have completed high school and have a financial need.
Connecticut Aid for Public College Students (CAP): This grant is for Connecticut residents who demonstrate financial need. Annual awards may not exceed the recipient's unmet financial need.
CTCC Grant-Institutional: This grant is for students who demonstrate unmet need.
Childcare Assistance: This may be available to eligible Middlesex students who have their children enrolled at the Middlesex Child Care & Preschool Center. For the current academic year, the student must be enrolled at least half-time (6 credits), to be considered for assistance. Students enrolled for 12 semester hours or more will receive 8 sessions per week; 9 to 11 semester hours, will receive 6 sessions per week, and 6 to 8 semester hours, will receive 4 session per week. There are no exceptions. If the student wishes to enroll their child in more sessions than financial aid will cover, they are responsible for paying any outstanding debts. To apply, the student must complete Financial Aid Application for Day Care Assistance each Fall and Spring semester, for which they wish to apply. Applications are available at the MxCC Day Care Office for the semester. You may contact Hphelps@mxcc.commnet.edu for more information. Financial assistance is available only when classes are in session and is not provided during the Winter or Summer sessions. Financial Aid for Day Care Assistance is not in addition to their financial aid award. Additional financial aid will be awarded to pay for the costs only. Students receiving Day Care Assistance should not expect to receive a financial aid refund check. Students who withdraw from classes and who choose to have their child(ren) continue to attend Day Care sessions will be responsible for expenses incurred as a result. Financial aid and Davy Care assistance is based upon the student's attendance of classes.
All loans must be repaid.
Need-Based Loans
Federal Family Education Loan Program (FFELP) The Subsidized Stafford Loan is designed for undergraduate students who demonstrate financial need and meet other loan eligibility guidelines. A lender such as a bank, credit union, or a savings and loan association grants the loan. The college will recommend lenders, and, based on the criteria of need, Financial Aid Services will also recommend the loan amount. This loan must be used for reasonable educational expenses. A maximum of $2,625 for the first year and $3,500, (30 completed credits), for the second year of a student's undergraduate education may be borrowed. Student's enrolled less-than-full-time may receive pro-rated loans. The aggregate maximum at Middlesex Community College for a first-year student, who has been determined an "independent student for financial aid purposes ", is $6,625, and for a second-year student, $7,500. The number of semester credits completed determines grade level and the recommended loan amount.
The maximum grace period before payment becomes due is 6 months after graduation or complete withdrawal from school. When the loan becomes due, the interest rate current at the time of the loan becomes effective. These rates change annually on July 1st.The lender deducts a maximum of up to 4 percent of the loan as an origination and insurance fee. The federal government pays the interest on the loan as long as you're in college at least half-time. Interest is also subsidized during the six-month grace period that starts when you leave or graduate from college, or your enrollment drops below half-time. Payment of principal and interest begin immediately after the grace period. All students applying for a loan must fill out a FAFSA in order for the Financial Aid Office to determine the need. Students must also complete a Stafford Loan application. A borrower has up to 10 years to repay this loan.
The Stafford Loan can be cancelled only if the borrower becomes totally and permanently disabled, or if he or she dies. Borrowers who do not repay their loans go into default and are not eligible for financial aid assistance. If this occurs, the guarantee agency can require the borrower to repay the entire amount immediately; including all interest and penalty charges, or it can sue to collect the amount of the loan. Credit bureaus will be notified of the default, and this may adversely affect the borrower's future credit rating. In addition, the Internal Revenue Service can withhold the borrower's income tax refund and apply it to the loan. If the borrower has difficulty repaying the loan, he or she should notify the lender immediately.
The borrower must also notify Middlesex if he or she graduates or withdraws from the college, transfers to another institution, drops below half-time status, or changes name, address, or social security number. Before the borrower leaves Middlesex, he or she must attend an exit interview.
Three branches of the military offer repayment plans for Federal Stafford Student Loans as an enlistment incentive:
- Army
- Army Reserve
- Army National Guard
Non-Need-Based Loans
Federal Unsubsidized Stafford Loan
The annual and aggregate loan limits, as well as the interest rate calculation for the Unsubsidized Federal Stafford Loan, are identical to the Federal Stafford Loan (refer to the Federal Stafford Loan).
The Unsubsidized Stafford Loan is for students who do not show financial need. Therefore, the federal government does not subsidize the interest on this loan. The interest begins to accrue immediately and is billed to you quarterly. You can pay the interest when billed, or choose to let the interest accrue and it will be added onto your loan when you enter repayment - upon leaving school or dropping below half-time status. The accrued interest is added to your loan only one time - when you enter repayment.
The first payment is due six months after the month in which the borrower ceases to be enrolled on at least a half-time basis at an eligible institution.
Interest accrues during the in-school period and period of authorized deferment, and may be paid monthly or quarterly, or, if agreed to by the borrower, capitalized no more frequently than quarterly.
A combination origination fee/insurance premium of up to four percent will be charged and deducted from the proceeds of the loan.
Federal Parent Loan for Undergraduate Students (FPLUS)
Federal Parent Loan Undergraduate Students (FPLUS) provides additional funding for educational expenses. The FPLUS loan is designed for parent borrowers. The maximum interest rate changes periodically.
FPLUS enables parents to borrow up to the cost of attendance less other financial aid for each child who is enrolled at least half-time and is a dependent student. Parents apply for this loan in the same way a student applies for the Stafford; however, the borrower is not required to show need, but will undergo a credit analysis. There is also an origination fee of 3 percent and a 1 percent insurance premium. Payment begins 60 days after disbursement; however, the borrower can defer the principal, during the time the student is enrolled, by applying for a deferment with his/her lender.
Helpful websites:
www.amsa.com, www.salliemae.com, www.nslds.ed.gov
All Middlesex Community College students receive information concerning scholarships awarded by the college. Interested and eligible students may obtain a scholarship application form through the Dean of Learning and Student Development Office.
Financial aid awards will not be reduced for students who receive private or Middlesex Community College scholarships, unless the combined amount of financial aid and student resources exceeds the student's financial need, as determined by the federal needs-analysis determination.
Resources:
www.fastweb.com, www.studentaid.ed.gov,
www.collegeboard.com (scholarship search), www.wiredscholar.com
Students may be awarded a Work-Study award as part of their financial aid package. The Federal and CAP Work programs provide funds for students to be employed while enrolled, at least half time per semester, in an eligible program of study. Students may gain part-time work experience through employment opportunities at the Middletown campus or Meriden Site, or through the Community Service Program (off-campus). Students may participate in the America Reads/Counts Program, where they tutor children in Reading and Arithmetic at area elementary schools. Students who are currently on Financial Aid Probation due to Unsatisfactory Academic Progress are not eligible to participate in this program.
