Financial aid bridges the gap between the cost of your education and what you can afford to pay.
Almost three-quarters of MCTC students receive some form of financial aid to help cover their educational expenses. Do not assume that you will not qualify–apply!
Financial aid at MCTC can take the form of grants or scholarships (which you don’t need to pay back), federal student loans, or work study.
When to apply
Start now. You don’t have to wait until you have applied to the College or enrolled in courses. The earlier you complete your Free Application for Federal Student Aid (FAFSA), the earlier you will know the amount of financial aid you may be eligible to receive. You must reapply for financial aid every year. Financial aid is awarded for the academic year that begins in the fall.
- Submit a FAFSA as soon as possible after January 1 for the academic year that begins the following fall. The FAFSA is the first step in applying for financial aid. The information you are asked to provide on the FAFSA is used to determine your eligibility for grants, federal student loans and work study funds. Some of the information you provide comes from the previous year’s income tax filing and/or W-2s. On average it takes 4–6 weeks from the point of submission for your FAFSA to be completed and your award letter generates. Applying less than six weeks prior to the start of a term may require you to make a partial down payment on your tuition and/or purchase your books/supplies out of pocket before your financial aid is awarded.
- The FAFSA on the Web Worksheet tells you what documents (for example, your tax forms) you'll need to refer to as you fill out the FAFSA, and it shows you the FAFSA questions so you can fill in your answers in preparation for applying at www.fafsa.gov. The worksheet is an optional tool; you can go straight to the FAFSA website to apply if you prefer.
- We strongly encourage you to use the IRS Data Retrieval Tool to add your IRS tax return information to the FAFSA. This video contains instructions on using the IRS Date Retrieval Tool.
- Track your financial aid information on eServices. See Tracking Your Application.
- Requesting a student loan requires additional steps and processing time. Review the loan application process.
Summer Financial Aid
Returning Students (attended fall and/or spring): Summer financial aid eligibility is based on any remaining eligibility for the school year (previous fall and spring). Summer award letters will be generated within a week of registering for your summer courses.
New Students: Follow the steps to Apply for Financial Aid. Once your status shows “Ready for Payment” in eServices (see Tracking Your Application), a summer award letter will be generated within a week of registering for your summer classes.
Financial Aid Priority Dates
Fall Semester 2014: July 1, 2014
Spring Semester 2015: December 1, 2014
Submit the FAFSA and any requested documents by the priority date, and you will know your award before the start of the semester.
About financial aid
Types of awards
You may be offered one or more of these types of financial aid. Here’s what you need to know and do:
Is College Worth the Cost?
An op-ed piece in the Star Tribune discusses a recent report from the Pew Research Center showing the earnings gap between those with and without a college education is widening.
"Among 25- to 32-year-olds, the average annual income of college grads working full time is $17,500 more than those whose formal education ended with high school, Pew reported. College grads also are more likely to be working and more satisfied in their jobs. Those disparities “have never been greater in the modern era,” the report said. Learn More