Financial literacy is the ability to understand and use financial skills such as personal financial management and budgeting. When people are able to fully meet current and ongoing financial obligations and can feel secure in their financial future, it leads to a lifetime of financial well-being.
The Financial Aid Office at MCCC is committed to helping students through the steps to apply for financial aid to fund the cost of college. Our goal is to help students understand their finances, secure funding to help pay for college, plan for repaying student loans after college, and regularly review personal budgets as part of practicing good financial habits.
MCCC students have free access to iGrad, a personalized money management tool that can help students make informed financial decisions. Using iGrad students can complete a Financial Wellness Checkup and build a strong foundation for their financial future.
iGrad will:
- Help you reach your financial goals one step at a time
- Provide you a free, online platform to help you improve your money management skills and personal finances
- Keep you up-to-date on the latest news and information on loans, loan repayment, and managing debt
There are many types of financial aid available to MCCC students. We encourage students to file the FAFSA every year to apply for financial aid. Based on the FAFSA results, the Financial Aid Office will determine what type and amount of financial aid a student qualifies to receive. Many MCCC students receive multiple types of financial aid, so it is important to understand the differences between the funds that are included in the financial aid offer.
- Gift Aid: Grants and scholarships are forms of financial aid that do not have to be repaid.
- Loans: Student loans are funds that students borrow and must repay with interest.
- Work Study: Students can earn money to help pay for school by working at MCCC as a student assistant.
In addition to providing students with the financial resources to pay for tuition, fees, and books, there are additional benefits for students who receive financial aid.
- Scholarships: Highlighting scholarships received at MCCC on a resume and on admissions applications for students who are transferring to a university after graduating from MCCC help students stand out in the application process.
- Student Loans: Borrowing conservatively and paying back student loans on time helps build credit. The Financial Aid staff are available to meet with students to help them review their college budget and calculate how much they need to borrow to cover the cost of tuition, fees, and books.
- Work Study: Having a work study job allows students to pursue academic excellence while having a flexible part-time job that will help support them financially and providing work experience. Students keep what they earn and work-study jobs on campus are convenient and compatible with class schedules.
Preparing a budget doesn’t have to be complicated and there are many benefits to establishing a personal budget that is reviewed on a monthly basis.
- Helps you to work toward achieving long-term goals
- Helps you to avoid spending money you don’t have
- Helps you to be prepared for unexpected financial emergencies
- Helps you to manage debt
- Helps you to organize and manage savings
Budget basics:
- List your sources of income
- List your expenses
- Small purchases add up fast
- If your monthly spending exceeds your monthly income, look to cut back on non-essential expenses
Additionally, MCCC students who will receive a financial aid refund check and intend to use the funds to cover semester expenses other than tuition fees and books, should take into considering the following when planning their budgets:
- Most students only receive one financial aid refund check per semester
- The first round of financial aid refund checks are normally mailed the fifth week of the semester
- The second round of financial aid refund checks (primarily for first-time loan borrowers) are normally mailed the seventh week of the semester
The U.S. Department of Education offers several payment plan options (standard, extended, graduated or income-driven payment plans) for students who borrowed Federal Direct Stafford Loans. The amount of your monthly payment, the number of monthly payments and the total amount you owe with interest varies depending on the payment plan you choose. For more information about these loan payment options, visit the U.S. Department of Education’s website for Direct Loan Repayment Plans.
To estimate your monthly payment on your student loans and review which payment plan(s) you may be eligible for, the Repayment Estimator Tool at StudentLoans.gov uses real-time data for that calculation. Sign in with your federal FSA ID to access your data.