Pell Grant: This grant is based on need, and does not need to be repaid. You must be enrolled for a minimum of 3 credit hours, and meet all criteria to be eligible. The Federal Government will set the annual limits of the award; the actual award will be based on your financial need as well as the number of credit hours.
SEOG: This grant is also based on need and does not need to be repaid. It is available to full time students. Awards at MVCC range from $100 to $1,000 per year.
Federal Work Study: This program provides on-campus jobs for students with a financial need. Hourly wage will be at least equal to minimum wage. The amount you can earn cannot exceed the total FWS award.
Perkins Loan: This is a loan, and must be repaid. The interest is fixed at 5% for the life of the loan. Repayment begins 9 months after you graduate, leave school, or drop below 6 credit hours. At the end of the grace period, repayment must begin; you are allowed up to 10 years to repay this loan. You are required to sign a promissory note, and complete an entrance interview before funds are credited. Upon leaving school, you must complete an exit interview.
Please note: Students are eligible to receive financial aid funding for two degrees or certificates.
Federal Stafford Loan Program
Matriculated students who are enrolled in at least six credit hours, are in good academic standing, and not in default of a student loan, may qualify for a student loan. If you are offered a subsidized loan, the government will cover the interest while you are in school. An unsubsidized loan offers the same terms and conditions however, the student is responsible for the interest while in school.
For both types of loans, principal payments are deferred for six months after the student graduates, leaves school, or falls below 6 credit hours in a given semester. Both loans have a maximum repayment period of 10 years. Interest rates are variable and subject to change; you will be notified of any changes by your lender. You will be given additional information regarding repayment upon completion of exit counseling.
Loan eligibility may be limited if you are receiving any outside resources or funding, such as VESID, scholarships, employer benefits etc., you must notify the financial aid office, as this may impact your aid package.
Loan limits are as follows:
- If you are a dependent first year student, the loan maximum is $3,500.
- If you are a second year student (30 credit hours passed), the loan maximum is $4,500.
- If you meet the federal criteria to be considered and independent student, an additional $4,000 is available each year
Parent (PLUS) Loan
Parents of dependent students are eligible to borrow through the student loan program, if the financial aid package does not cover all expenses. PLUS loan borrowers must:
- Be the natural or adoptive parent of an eligible dependent, undergraduate student.
- Have an approved credit application.
Payment on PLUS Loans may begin 60 days after the final disbursement of the loan for the academic year, or may be deferred until 6 months after the student graduates, or falls below 1/2 time status. With either option, interest begins to accrue on the loan after the first disbursement of the academic year. A fee of up to 4% may apply on this loan, and the interest rate is variable. Rates are adjusted annually on July 1st.
The PLUS loan in combination with the entire financial aid package cannot exceed the cost of attendance.