Paying for College

Determining Financial Aid

 

The U.S. Department of Education determines who is eligible for federal financial aid by applying the same rules and calculations to every student’s application. The Financial Aid Office at MCTC then notifies applicants of their federal financial aid awards. The same process determines eligibility for state awards.

Based on the information in your FAFSA, the Department of Education calculates what your family is expected to contribute based on its financial situation.

Cost of attendance

The cost of attendance is an estimate of how much it would cost a student to attend college for one year (two semesters). This determines a student’s financial need.

Below is the estimated 2016-2017 cost of attendance at MCTC based on 15 credits.

 Item  Fall  Spring
 Annual
Tuition/Fees $2,674.50 $2,674.50 $5,349
Books/Supplies $700 $700 $1,400
Room/Board* $5,528.50 $5,528.50 $11,057
Transportation
$585
$585 $1,170
Personal/Miscellaneous $2,250
$2,250 $4,500
Total
$11,738
$11,738 $23,476

*Room and board calculations reflect the apartment rent rate and food costs in the Twin Cities.

Expected family contribution

This is the amount you and your family are expected to pay toward your educational expenses for the year. Factors considered include income, assets, the number of members in the household and the number of family members attending college.

Financial aid eligibility

When you receive an award notification email you are able to view your estimated financial aid awards on eServices. Learn more about how to read your award notification

Financial need

Eligibility for need-based financial aid is determined by subtracting the expected family contribution (EFC) from the cost of attendance (COA). After financial need is calculated, the MCTC Financial Aid office awards the maximum federal and state grants that students are eligible to receive, then work study and loans.

Cost of Attendance – Expected Family Contribution = Financial Need

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