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.

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.ed.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:

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.

Stafford Loans

There are two types of low-interest Stafford loans.

Subsidized Unsubsidized
To qualify for a subsidized loan, you must demonstrate financial need. See determination for financial need. 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 subsidized loans is paid with federal funds You are responsible for accrued interest on 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:

  1. Certify a Part B of a student loan application;
  2. 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:

  1. You must be enrolled as a half-time student or greater
  2. Must be in good satisfactory academic progress standing
  3. Must be in a degree/certificate seeking program
  4. Must have completed entrance loan counseling (as stated below)

Maximum loan amounts:

Status Dependent Student Independent Student
Full Time (12+ hours) $3,500 $7,500
¾ Time (9-11 hours) $2,600 $5,600
½ Time (6-8 hours) $1,700 $3,700
  Dependent Maximum while at MCC $8,750 Independent Maximum while at MCC $18,750

You must have a complete financial aid file and complete an on-line entrance interview at www.mappingyourfuture.org before receiving a loan application. Freshman, first-time borrowers must watch the personal finance video and take the short quiz afterward. Student and reference information provided on your Stafford loan promissory note will now be verified. We will not process your loan, nor will we hold your classes until we verify your references.

Loan applications must be certified before the midpoint of a semester.

Deferment/Forbearance forms

www.idapp.org/borrowers/formsdownload.htm - scroll to the bottom of the page to download deferment or forbearance forms.

Work-Study

The Financial Aid Office has opportunities for you to work on campus, learn new skills, make friends, and earn a paycheck.  Each year, our office hires students to help with the programs and services at the college.

Consider a position as a student employee for one of the following areas:

The starting pay for student workers is comparable to what the community pays. Some student workers go on to become full-time employees of the college. In addition to earning money, you will gain valuable experience that you can use after graduation.

Apply for employment at the Financial Aid Office, A256, or call (815) 455-8761.

4/22/08