Types of Financial Aid

Ability to Benefit

Federal regulations mandate that if you do not possess a high school diploma or its equivalent then you must prove that you have the ability to benefit before you are eligible to receive Federal Student Assistance. In this case, you must take the ASSET test (administered through the Testing Center) and score above predetermined cutoff scores to be eligible for aid. If you have questions regarding this, contact the MCC Office of Financial Aid and Veteran Services (815) 455-8761.

Disbursement Information

Pell grants are distributed after the mid-point of each semester. Approximately two weeks prior to disbursements, all charging to grant accounts will be cut off. Once tuition and fees, bookstore and childcare costs are paid, if a credit balance occurs, checks will be released. Checks will be mailed to you and cannot be picked up.

Student loan funds are sent electronically to MCC. MCC will pay outstanding tuition and fees, and then mail the balance of loans to you. You are responsible to pay MCC for any tuition, books, and childcare costs that financial aid does not cover and you will be billed 33.333% collection charges for any overdue payments. If your file is verified after the 60% point in the term and you are eligible for PELL grant, you will not receive a check until 30 days after grades are received for the corresponding term. It is your responsibility to keep address and telephone information current.

Types of financial aid

Grants: based on need, and do not have to be repaid
Loans: may be based on need, and must be repaid
Work-Study: when you work at campus jobs

Note: The Free Application for Federal Student Aid (FAFSA) must be completed to apply for all these programs. Go to the FAFSA web site (www.fafsa.gov).

Federal Pell Grant

This is a federally funded program established by the Higher Education Act of 1972. It is based on the level of need, with grants varying per student each academic year. Students eligible for Pell grants receive from $200 to $2365 per term, depending on eligibility and number of credit hours enrolled.

Federal Supplemental Education Opportunity Grant (SEOG)

This grant awards students with exceptional financial need $200 per term.

Academic Competitiveness Grant

The Academic Competitiveness Grant (ACG) is a federally funded need-based. ACG is available to undergraduate students who:

are PELL grant recipients;
completed a rigorous program of study while in secondary school;
and, are enrolled full time at a two-year or four-year degree granting institution in their first or second year of college. GPA standards also apply. The maximum grant amount is up to $750 for first-year students and up to $1,300 for second-year students.

Illinois Monetary Award Program Grant

This is a state-funded program for Illinois resident with eligibility determined by financial need. This grant is used towards tuition only.

Illinois Incentive for Access Grant

This is a state grant program for freshmen with exceptional need, $250 per term.

Federal Direct Stafford Loans

There are two types of low-interest Federal Direct Stafford loans.

Federal Direct Subsidized	Federal Direct Unsubsidized
To qualify for a federal direct subsidized loan, you must demonstrate financial need. See determination for financial need.	Federal direct unsubsidized loans are open to all students.
While you are in school, payment of principal may be deferred on both types of loans.	While you are in school, payment of principal may be deferred on both types of loans.
Interest on federal direct subsidized loans is paid with federal funds	You are responsible for accrued interest on federal direct unsubsidized loans.

The MCC Student Loan Policy ensures a balance between serving our students, meeting the requirements of federal regulations, and ensuring a reasonable level of student loan debt. Section 428.(2)(F) of the Higher Education Amendments gives institutions permission to refuse to:

Certify a Part B of a student loan application;
Certify an amount less than determined needed.

Because McHenry County College is concerned about the level of indebtedness you incur, we have adopted the following eligibility policies:

Current Student Eligibility Requirements:

You must be enrolled as a half-time student or greater
Must be in good satisfactory academic progress standing
Must be in a degree/certificate seeking program
Must complete all direct loan steps at: www.mchenry.edu/financialaid/loans.asp

Recommended Maximum Borrowing Limits:

Status	Dependent Student	Independent Student
Full Time (12+ hours)	$4,500	$8,500
¾ Time (9 to 11 hours)	$3,300	$6,300
½ Time (6 to 8 hours)	$2,250	$4,250
	Dependent recommended maximum while at MCC $11,250	Independent recommended maximum while at MCC $21,250

Federal Borrowing Limits

Status	Dependent Student¹	Independent Student²
First-year undergraduate	$5,500 (maximum subsidized $3,500)	$9,500 ($3,500)³
Second-year undergraduate	$6,500 ($4,500)	$10,500 ($4,500)

¹Except those whose parents are unable to borrow a PLUS loan.

²These limits also apply to dependent students whose parents are unable to borrow a PLUS loan.

³The numbers in parentheses represent the maximum amount that may be subsidized.

Deferment/Forbearance forms

https://www.dl.ed.gov/borrower/DefermentFormList.do?cmd=doViewRequirements&wizardName=In%20School%20at%20Least%20Half%20Time%20Deferment

Work-Study

The Work-Study program offers you the opportunity to work on campus and earn a paycheck. It is a great way to develop your resume and gain valuable work experience. Positions are filled through an online application process. Visit www.collegecentral.com/mchenry today to create an account and view current job openings.

Visit the Financial Aid Office in A262 with questions or for a hardcopy of the application instructions.