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’ve applied to the College or enrolled for courses. The earlier you complete your application, the earlier you will know what financial aid you will receive.
- Submit a FAFSA as soon as possible after January 1 for the academic year that starts in the fall. The Free Application for Federal Student Aid (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 loans and work study. Some of the information is from the previous year’s income tax filing.
- 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 update your FAFSA with IRS tax return information. This video contains instructions on using the IRS Date Retrieval Tool.
- Apply for a federal student loan after you have received an award letter and have registered for your courses. Allow 2 weeks for the loan to be processed.
- You apply for financial aid every year. Financial aid is awarded for the academic year that starts in the fall. For a second academic year at MCTC, start a new application.
- Summer financial aid Summer award letters will be generated within a week of when you register for summer class if we have all the information we need to determine your award. You will be notified if we need anything else in e-services, see Tracking Your Application for more information.
Financial Aid Priority Dates
Summer Term 2014: May 1, 2014
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