College Policy 4.08
Financial Aid
Part 1. Provisions
Minneapolis Community and Technical College provides financial aid counseling to prospective and enrolled students. Financial Aid provides assistance to eligible students whose personal and family resources are insufficient to meet the minimum expense of attending Minneapolis Community and Technical College. Financial Aid is available in the form of grants (funding that does not have to be repaid), workstudy (programs that enable students to work, generally on-campus), and student loans (funding that has to be repaid.)
Part 2. Satisfactory Academic Progress
Please refer to MCTC's policy 4.13
Part 3. Ability to Benefit
Students who have not completed a high school diploma or GED must achieve acceptable scores on the Assessment for College Readiness Test. Acceptable scores are determined annually and are based on national norms.
Part 4. Return Policies
Federal Refund Policy (Title IV Funds 34 CFR 668.22):
The Return of Title IV Funds Policy applies to any student who receives Title IV funding and withdraws. The withdrawal process is defined as occurring when a student notifies the school, in written or oral form, of his or her intent to withdraw. Whether or not notification is given or whether or not the student begins the withdrawal process, the school will determine the date of withdrawal as the date the student ceased attendance. The Return of Title IV formula determines the amount of Title IV funds a student has earned at the time the student ceases attendance and the amount of Title IV funds a student must return.
The amount of Title IV funds earned by a student is based on the amount of time spent in attendance by the student for that term. The amount of Title IV funds a student earns is a proportional calculation based on the amount of time the student attends school through 60% of the term. If a student ceases to attend school after 60% of the term, the student earns 100% of the Title IV funds. If an unofficial withdrawal is determined (all failing and/or non credit grades), the 50% date of the term is used as the last date of attendance to calculate refunds.
If the amount of Title IV grant or loan funds disbursed is greater than the amount a student earned, unearned funds must be returned. If the amount the student was disbursed is less than the amount the student earned, the student is eligible to receive a post-withdrawal disbursement in the amount of the earned aid not received but otherwise eligible.
If it is determined that unearned Title IV funds must be returned, the responsibility is allocated between the school and the student. The responsibility as to who will return the unearned Title IV funds is determined according to the portion of the Title IV aid that could have been directly disbursed to the student once institutional charges were covered.
Title IV Funds Distribution Policy:
Return of Title IV funds will be distributed as follows:
- Unsubsidized Federal Stafford Loans
- Subsidized Federal Stafford Loans
- Federal PLUS Loans
- Federal Pell Grant
- Federal SEOG
- Other Title IV grant or loan assistance
Non-Federal Refund Policy:
Refunds for state aid programs and non-state aid programs are calculated on a proportional basis using the state mandated or institutional refund policy. To calculate the minimum refund due to the Minnesota State Grant Program, the SELF Loan Program, and other Aid Programs (with the exception of the State Work Study Program), the MHESO Refund Calculation Worksheet is used.
Date effective: 7/1/1999
Date last amended: 3/11/2004
