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Types of Financial Aid at MHCC

Grants: Grants are considered part of Title IV aid and do not have to be repaid. Two major federal grants are available once financial eligibility is established: the Federal Pell Grant and the Federal Supplemental Educational Opportunity Grant. The State of Oregon also offers the Oregon Opportunity Grant. If you are not a resident of the State of Oregon, contact your legal state of residence to ask about their state grant program and whether you would be eligible for their grant. For students meeting certain criteria there is also the Academic Competitiveness Grant.

Federal Work-Study Jobs: Federal Work-Study (FWS) is considered part of Title IV aid. These positions differ from other campus jobs only by their funding source. By filing a FAFSA, you apply for FWS, which is based on your financial eligibility. Working at an hourly rate, you are allowed to earn the total FWS amount granted to you. Student employees are paid once a month.

Loans: Loans are considered part of Title IV aid (except for alternative or private loans) and do have to be repaid. The following loans are available:

1. Federal Stafford Loans: These are loans that offered through a bank, but MHCC actually certifies the amount you are eligible to receive. There are two types of Stafford Loans - Federal Subsidized Stafford Loans and Federal Unsubsidized Stafford Loans. Both types of loans have the same interest rate and a six-month grace period when you graduate from MHCC or stop attending at least six credits; however, interest does accrue on the Unsubsidized Stafford Loan while you are in school. Federal Stafford Loans are not automatically included in your offer of financial aid. You must apply for a Stafford Loan at least two weeks before the term ends if you want a loan for that term.
2. Federal Perkins/Nursing Loans: These are loans that are offered through MHCC. Both of these loans have a 5% interest rate and a nine-month grace period once you graduate from MHCC or stop attending at least six credits. Federal Perkins and Nursing Loans are automatically included in your offer of financial aid if you have the eligibility, have indicated on your FAFSA that you are interested in loans, and MHCC still has those loan funds available. The additional requirement to receive a Federal Nursing Loan is that you have been officially accepted into the MHCC Nursing Program.
3. Federal PLUS Loans (Parent Loans): This is a loan that your parent takes out on behalf of you (the student). Only students that are considered to be dependent for financial aid purposes are eligible to have their parents take out this loan. Parents normally do have to pass a credit check to receive this loan. MHCC will not process a PLUS loan application until the student has completed the FAFSA and gone through the entire aid process to see what other aid the student is eligible for. PLUS checks are normally mailed to your parent if you are meeting all compliance requirements and your student account is paid in full. Repayment begins within 60 days after your parent receives their disbursement.
4. Alternative Loans: These types of loans are available to students who have unusually high costs, or who are not eligible for traditional financial aid (ex: not meeting satisfactory academic progress standards to receive Title IV aid). Most have a few simple eligibility guidelines for creditworthy individuals. Some will allow you to get a co-signer if your credit is not perfect or non-existent. Most have fees, either “up-front” fees or “back-end” fees. Interest rates are usually lower with a good credit rating. Some require payments while you are attending school and some do not. It is best to shop around rather than just call one lender. We recommend that you apply for financial aid and finish the process to see what aid you are eligible for before applying for alternative loans.

Scholarships: Scholarships do not have to be repaid and can come from a variety of sources. Scholarships can be based on a number of factors, such as: academic merit alone or academic merit and financial need, field of study, etc. Students should check for institutional campus sources as well as private sources off campus.

Part-time Employment: If you do not qualify for FWS but you are interested in on-campus employment, you should check with the department for which you would like to work. On campus part-time employment enables many students to pay rent or reduce loan debt. Wages can run from state minimum wage to about $8 per hour depending on the job and your qualifications. The Career Development Center is an excellent source of information on local off-campus jobs for private employers. In addition, job search information is available in the Career Development Center, located in Room 1152. For information, students should contact:

Other Resources: In addition to applying for financial aid, you are encouraged to apply for all non-need based aid for which you may be eligible. Non-need based aid consists of assistance not available through our office including, but not limited to: veteran’s benefits, vocational rehabilitation benefits, tuition waivers, AmeriCorps and private institutional loans. When determining your financial need, our office may take into account outside aid and/or resources you are eligible to receive during the academic year.