Financial Aid Information at MCI 

 

 

MCI is approved to participate in student financial assistance programs authorized by Title IV of the Higher Education (U.S. Department of Education). These programs include Federal Pell Grant and Federal Student Loans. 

​

School Code: 042075

​

Federal Pell Grant

Federal Pell Grants are awarded to students by the federal government who attend college or career schools. These grants generally do not have to be repaid. Students must apply for the FAFSA to determine eligibility for the grant. 

​

• How much can I receive? The award amount changes yearly. The current award year is 2024-2025 and the maximum grant award is $7,395.

​

• How do I apply? The federal government has created an online form, the Free Application for Federal Student Aid (FAFSA) to determine eligibility for pell grant and student loans. The FAFSA will be needed to be completed every year that you are in school in order to stay eligible. 

 

Federal Student Loans

​

The William D. Ford Federal Direct Loan (Direct Loan) Program is the U.S. Department of Education’s loan program, where the federal government is your lender. There are four types of loans available:

​

• Direct Subsidized Loans: These loans are offered to eligible undergraduate students who demonstrate financial need. They help cover the cost of higher education. The key benefit: the government pays the interest while you’re in school.

​

• Direct Unsubsidized LoansThese loans are available to eligible undergraduate students, regardless of financial need. You are responsible for paying the interest on these loans while you're in school.

​

• Direct PLUS Loans

  These loans are available to parents of dependent undergraduate students. They help cover education expenses not already paid by other financial aid. Eligibility is not based on financial need, but a credit check is required. If the borrower has an adverse credit history, additional requirements may apply.

​

• Direct Consolidation Loans

  If you have multiple federal student loans, you can combine them into a single loan with a single loan servicer for easier management.

​

​

How to Get Started

​

• Complete the FAFSA: To apply for both the Pell Grant and federal student loans, you must complete the FAFSA. Visit the official FAFSA website to get started.

​

• Stay Eligible:

  You will need to complete the FAFSA each year you are enrolled to maintain eligibility for financial aid.

​

Need Help?

If you have questions about financial aid or need assistance completing the FAFSA, contact our Financial Aid Office at 732-695-1190. 

​

​

​