Title IV Federal Aid Available at Manhattan Tech
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. 2016-2017 awards range up to $5,815 per academic year.
Federal Supplemental Opportunity Grant (SEOG) - A need-based grant program for students with priority given to students eligible for the Federal Pell Grant. Awards at Manhattan Tech range from $100 - $200 and are equally disbursed between the fall and spring semester.
Federal Work Study (FWS) - A program that provides jobs for students with financial need. Students are placed in specific jobs on campus. Students are generally allowed to work a maximum of 20 hours per week. Students are paid according to Manhattan Tech payroll procedures. Check with the financial aid office for eligibility or to submit the work study application.
Federal Direct 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 $5,500 if a students has fewer than 30 credits and $6,500 if a students has 30 or more credits towards his/her program at Manhattan Tech. An independent student can borrow up to $9,500 if he/she has fewer than 30 credits and $10,500 if he/she has 30 or more credits towards his/her program at Manhattan Tech. The amount of subsidized or unsubsidized amounts is determined by the Manhattan Tech Office of Financial Aid and is based on the results of the FAFSA, the student's estimated cost of attendance and other aid the student is receiving.
Subsidized Loans - A need based loan where the interest is paid by the U.S. taxpayers while the student is enrolled at least half time in a degree program. Repayment on this loan begins 6 months after the student leaves school or drops below half time enrollment status. For 2016-2017 the interest rate is a fixed 3.76%. First-time borrowers on or after July 1, 2013, have a limit on the maximum period of time (measured in academic years) that he/she can receive Direct Subsidized loans. This time limit does not apply to Direct Unsubsidized Loans nor Parent PLUS Loans. If this limit applies to you, you may not receive Direct Subsidized Loans for more than 150 percent of the published length of your program. This is called your "maximum eligibility period." Your maximum eligibility period is based on the published length of your current program. For example, if you are enrolled in a two-year associate degree program, the maximum period for which you can receive Direct Subsidized Loans is three years (150 percent of 2 years = 3 years). Also, if you receive Direct Subsidized Loans for one program and then change to another, the Direct Subsidized Loans you received for the earlier program will generally count toward your new maximum eligibility period.
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. The interest rate is a fixed 3.76% for 2016-2017.
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 this Loan Calculator. If you'd like to look at repayment information for your loans or explore repayment options, please use this Repayment Estimator.
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 his/her 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. For 2016-2017, the interest rate is a fixed 6.31% and loan fees up to 4.272% 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.