MediaTech's Financial Services Department is dedicated to helping students and their parents apply for and obtain the financial aid they may need to pursue their education and career goals. Our Financial Advisors are here to help students and their families understand the financial aid programs, assist in completing federal aid applications, and assess educational expenses. Once the federal application process is complete a Financial Aid Advisor will evaluate eligibility and review the information with the students and their families. In addition to Federal Financial Aid, Private Loan and payment plan options are available for students left with any tuition balance not covered by Federal Aid or for students not eligible for financial aid. Financial Aid is available for those who qualify.
How do I apply for federal aid?
The first step in the financial aid process is to establish a PIN, the PIN is a four digit number used to electronically sign Federal Student Aid documents and access personal records. By visiting pin.ed.gov you may create/apply for your PIN, reestablish your PIN or request a duplicate PIN. Once your PIN is activated you are ready to complete the Free Application For Student Aid, via fafsa.ed.gov. In order for MediaTech Institute to receive and review your eligibility you must add our school code to the FAFSA application.
Remember at any time during the process should you need assistance you may contact a Financial Aid Advisor for guidance.
WHAT TYPES OF FEDERAL FINANCIAL AID ARE AVAILABLE?
The federal aid award programs currently available to MediaTech students to those who qualify are:
- Federal PELL Grant
Often called "gift aid" or "free money"
Money awards that do not need to be paid back
Based on federal financial need set by the US Dept of Education
Maximum amount possible is up to $5,730* per academic year
- Federal Direct Subsidized Stafford Loan
Based on financial need set by the US Department of Education
Fixed interest rate as of 4.66% as of July 1, 2014
Interest is paid by the federal government while a student attends at least half-time and during periods of deferment
- Federal Direct Unsubsidized Stafford Loan
Fixed interest rate at 4.66% as of July 1, 2014
The student is responsible for all interest that accrues from the time of first disbursement through repayment of the loan
Repayment of your loan begins six months after you graduate, withdraw, or drop below half-time enrollment status
For the Federal Direct Subsidized and Unsubsidized Stafford Loans repayment begins six months after the student leaves school or drops below half-time status. For standard repayment the student has 10 years to repay the loan, however other repayment options are available.
Students may borrow a combination of loans depending on eligibility up to these amounts:
First Grade Level - $5,500
Second Grade Level - $6,500
- Federal Direct Parent PLUS Loan
Credit based loan
Fixed interest rate at 7.21% as of July 1, 2014
Student must have dependent status
Repayment begins within 60 days after the loan is fully disbursed or may be deferred until 6 months after students leaves school or drops below half-time status
The maximum amount that may be borrowed for the PLUS varies, contact your advisor for details
An origination fee is deducted from the amount borrowed and the amounts may be reduced due to length of loan periods, previous loans and other factors. To receive federal aid students must be enrolled at least half time and meet all regular eligibility requirements including satisfactory academic progress.
ARE THERE ANY ALTERNATIVE LOANS AVAILABLE TO MEDIATECH STUDENTS?
Students and their families are more than welcome to apply for a personal private loan with a bank of their choice. The Sallie Mae Smart Option Loan is also available to MediaTech Institute if eligible. If interested, the financial services staff is available to assist you through the entire application process.
Sallie Mae Smart Option Loan
Credit based loan
A non-federal education loan
Additional money for living expenses may be obtained through this loan
May have differing origination fees, interest rates, and repayment options
WHERE CAN I FIND MORE INFORMATION ON FINANCIAL AID?Application for Federal Financial Aid www.fafsa.ed.gov
Application for a PIN www.pin.ed.gov
Direct Loan Master Promissory www.studentloans.gov
Entrance and Exit Counseling www.studentloans.gov
HOW DO I APPLY MY GI BENEFITS TOWARDS YOUR CLASSES?
You may complete the application for benefits or change of school forms by visiting www.gibill.va.gov
If you have any questions regarding your eligibility for Veterans Education Benefits, please call the VA Monday through Friday 7:00 AM – 7:00 PM central time Monday – Friday at 1-888-442-4551. The benefit programs change frequently, so it is best to speak directly with the VA for questions regarding your basic eligibility.
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