1. Federal Pell Grant is the base of the financial aid package. All applicants asking for financial assistance must first apply for the Pell Grant. The Free Application for Federal Student Aid (FAFSA) will be available at high schools or colleges shortly after the first of each year. Students should submit an application as early as possible. All correspondence should be mailed to the Financial Aid Office as soon as possible.
2. Federal Supplemental Educational Opportunity Grant (FSEOG) is a campus-based grant made available to students with exceptional financial need. Only Pell eligible students with low family contributions will be considered.
3. Federal College Work-Study (FCWS) is designed to help defray indirect educational college expenses. Students must first apply for financial aid to demonstrate financial need. A limited number of jobs are available on campus. Jobs will be assigned on a first come, first serve basis, and demonstrated need.
1. Subsidized Federal Direct Loan Program (student loan) is based on financial need. The federal government pays the interest on the student’s behalf while the student is in school, during the grace period, and during authorized deferment periods under the subsidized loans.
2. Unsubsidized Federal Direct Loan Program (student loan) is not based on financial need, and can be used to replace the Expected Family Contribution. The student who borrows an unsubsidized loan is always responsible for paying the interest; interest accrual begins on the date of disbursement. The student has the option to pay this interest during the in-school and grace periods or it may accrue and be added to the principal balance of the loan (capitalized).
3. Federal Direct Parent Loan are loans that enable parents with good credit histories, to help pay for their dependent undergraduate student’s education. An eligible parent may borrow an amount equal to the student’s cost of attendance, minus any other financial aid which may be awarded.
FREE ON-LINE STUDENT AID APPLICATION
All prospective students are encouraged to complete the Free Application for Federal Student Aid (FAFSA). Paper applications may be obtained from student’s high school, the college Financial Aid Office, or by applying on the Internet at http://www.fafsa.ed.gov. Without a copy of your, your parent(s) and/or spouse’s (if applicable) IRS tax returns and information concerning personal assets, the college has no basis for determining need for financial assistance. The financial aid process takes approximately one month so those students counting on financial assistance must submit applications early. Morrison Institute of Technology FAFSA code is 008880.
Your Electronic Passport to Federal Student Aid Online
Students, parents, and borrowers are required to use an FSA ID, made up of a username and password, to access certain U.S. Department of Education websites. Your FSA ID is used to confirm your identity when accessing your financial aid information and electronically signing your federal student aid documents.
If you want to create an FSA ID now, go for it!