Financial Aid Programs
MIAT College of Technology participates in several federal financial aid programs. The following are brief descriptions of those programs:
Federal Pell Grant
The Federal Pell Grant program is a type of financial aid that does not require repayment. The amount awarded to each student is determined by the U.S. Department of Education. The maximum grant amount may vary annually and is dependent upon your Expected Family Contribution (EFC) and number of clock/credit hours for which you are enrolled. The Federal Pell Grant is limited to students who have not received a baccalaureate degree, or met their maximum lifetime eligibility of 600%.
Federal Direct Subsidized Loan
The Federal Direct Subsidized Loan is a low-interest loan made available to students to help fund their education. The Federal Direct Subsidized Stafford Loan is need-based. In order to qualify for this loan, the student must be in need of aid, as determined by a standard formula*. The interest on a Federal Direct Subsidized Loan is “subsidized” by the federal government during periods of deferment. Students who wish to apply for a Federal Direct Subsidized Loan must complete the Free Application for Federal Student Aid (FAFSA) and meet with the Student Finance Department, which will conduct a needs analysis for the student. Repayment of a Federal Direct Subsidized Loan begins six months after the last date of attendance.
*If you are a first-time borrower on or after July 1, 2013, there is a limit on the maximum period of time (measured in academic years) that you can receive Direct Subsidized Loans. This time limit does not apply to Direct Unsubsidized Loans or Direct PLUS Loans. If this limit applies to you, you may not receive Direct Subsidized Loans for more than 150 percent of the published length of your program. This is called your “maximum eligibility period.” Your maximum eligibility period is generally based on the published length of your current program. You can usually find the published length of any program of study in your school’s catalog.
Federal Direct Unsubsidized Loan
The Federal Direct Unsubsidized Loan is a form of financial aid that is not need-based, although students who wish to apply for a Federal Direct Unsubsidized Loan are still required to complete the Free Application for Federal Student Aid (FAFSA) and meet with the Student Finance Department. You will be charged interest from the time the loan is disbursed until it is paid in full. Repayment of the principle loan amount will begin six months after the last date of attendance. Payment of interest on the unsubsidized portion is the responsibility of the student while enrolled in school and the six months prior to repayment of the loan amount. If you allow the interest to accrue (accumulate) while you are in school or during other periods of nonpayment, it will be capitalized — that is, the interest will be added to the principal amount of your loan, and additional interest will be based on that higher amount. If your interest is capitalized, it will increase the amount you have to repay. You can choose to pay the interest as it accumulates; if so, you will repay less in the long run.
Federal Direct Plus Loans For Parents
The Federal Direct Plus Loan program is a form of financial aid that is not need-based, although students whose parents wish to apply for a Federal Direct Plus Loan are still required to complete the Federal Application for Free Student Aid (FAFSA) and meet with the Student Finance Department. The parent must pass a credit check to qualify for a Federal Plus Loan. The limit on the amount borrowed is equal to the student’s cost of attendance minus any other financial aid received. Repayment of the Federal Direct Plus Loan begins while the student is enrolled, unless other arrangements have been made with the lender. Interest begins to accrue when disbursements are made.
MI Works, Bureau of Indian Affairs, Veteran Benefits, Vocational Rehabilitation, TAA, and Scholarships