Financial aid helps bridge 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 funds.
When to apply
Apply for financial aid early––as early as possible prior to starting classes. You don’t have to wait until you have applied to the College or registered for classes.
Complete the FAFSA
Completing the FAFSA each year 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 return and/or W-2s.
- The FAFSA on the Web Worksheet is an optional tool to help you prepare for filling out the FAFSA online. It walks you through the questions and documents you will need to have handy to complete your application. If you prefer, you can go straight to www.fafsa.gov to apply without completing the worksheet.
- 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.
You will need to submit a FAFSA each year after January 1 to apply for financial aid for the following academic year. Academic years cover fall and spring semesters as well as summer session.
Financial aid priority dates
Submit the FAFSA and any requested documents by the priority date, and you will know your award before the start of the semester.
Summer session 2016:
May 2, 2016
Fall semester 2016:
July 1, 2016
Spring semester 2017:
December 1, 2016
Summer financial aid
Returning Students (if you received financial aid for 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 posted on eServices (see Tracking Your Application) 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.
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