Federal Pell Grant - A need-based grant program for students who have not earned a Bachelor's degree. A student's eligibility is determined by their enrollment status and their Expected Family Contribution (EFC). The EFC is determined by the completion of the FAFSA. Awards range from $555 - $5550 per academic year.

Federal Supplemental Opportunity Grant (SEOG) - A need-based grant program for students giving priority to students eligible for Federal Pell Grant who have not earned a Bachelor's degree. Awards at MATC range between $100 - $500 and are equally disbursed between the fall and spring semester.

Academic Competitiveness Grant (ACG) - A need-based grant program available to first and second year students who has successfully completed a state-approved rigorous high school curriculum, is eligible for a Pell grant, is a U.S. citizen or eligible non-citizen, is enrolled at least half-time (at least 6 credit hours per semester), has completed high school after January 1, 2006 for first year recipients and after January 1, 2005 for second year recipients, and maintain a 3.0 GPA. The first year ACG amount is $750. The second year ACG amount is $1,300. To receive the second year ACG, a student must have completed at least 24 credit hours and have a 3.0 GPA.

Federal Work Study (FWS) - A program that provides jobs for students with financial need. Students are placed in specific jobs on campus. Students are allowed to work a maximum of 20 hours per week at $7.00 per hour. Students are paid according to MATC payroll procedures. Check with the financial aid office for eligibility or submit the work study application.

Federal Stafford Student Loans - A low interest loan program available to both students and their parents. Stafford student loans consist of subsidized and unsubsidized loans. A dependent student (for the purpose of Title IV Federal financial aid a student is considered dependent if their parent(s) were required to include their information on the FAFSA) can borrow up to $5500 as a freshman and $6500 as a sophomore. An independent student can borrow up to $9500 as a freshman and $10,500 as a sophomore. The amount of subsidized or unsubsidized amounts is determined by the MATC Financial Aid office and is based on the results of the FAFSA, the program cost of attendance and other aid the student is receiving.

Subsidized Loans - A need-based loan where the interest is paid by the federal government while the student is enrolled at least half time and for a 6 month grace period after leaving school or dropping below half time. Repayment on this loan also begins 6 months after the student leaves school or drops below half time enrollment status. For 2010 -2011 the interest rate is a fixed 4.5%.

Unsubsidized Loans - A non need-based loan where the interest is the responsibility of the student from the time the loan is disbursed until it is paid in full. The student has the option of paying the interest as it accrues or capitalizing it on the loan. Repayment of the loan begins 6 months after the student leaves school or drops below half time. For 2010-2011 the interest rate is a fixed 6.8%.

To estimate what your loan payment would be for the amount of student loans that you have borrowed or are thinking of borrowing, you can use the loan calculator on this link: Loan Calculator

Parent PLUS Loan- A non need-based loan available to parents and/or step- parents with a good credit history to assist with educational expenses of a dependent student. (For the purpose of Title IV Federal financial aid a student is considered dependent if their parent(s) were required to include their information on the FAFSA). The interest begins to accrue at the time the loan is disbursed and is the responsibility of the parent. Repayment on this loan begins 6 months after the student leaves school or drops below half time enrollment status, and is the responsibility of the parent who took out the loan. For 2010-2011 the interest rate is a fixed 7.9% and loan fees up to 4% may be deducted by the lender and/or guarantor at disbursement. Funds are disbursed in two disbursements, half each semester. Apply at www.studentloans.gov .