Paying for College | MCTC

Affording College

Paying for College

At MCTC, we believe no one should miss out on a college education because they think they can't afford it. That's why we offer the lowest tuition in the state and three ways to pay:

  • Scholarships and Grants: funds that you don't have to repay 

  • Work-study: a program where you work (generally at the college) to earn money to help pay for educational expenses. 

  • Loans: money that is lent to cover expenses, but MUST be repaid with interest. Keep in mind that you are responsible for repaying your student loans even if you don't graduate.

HOW DO I SIGN UP?


To receive financial aid, you'll need to start planning early and make sure all forms are turned in on time.

Priority Deadline Dates

  • Fall Term - First Monday in July (Tuesday if the Monday is a holiday)
  • Spring Term - First Friday in November

Turning in all documents by the priority date ensures aid will be available the week before class begins for bookstore charges up to the amount of eligibility.

How to Apply

Eligibility Requirements

In order to determine your financial aid eligibility, you must be fully admitted to MCTC. You must also complete the FAFSA each year. Your federal financial aid will be awarded when your file is complete in the MCTC Office of Financial Aid. All estimated awards are awarded under the assumption of full time enrollment. Your aid will be prorated or reduced depending on the actual number of credit hours you take.

Basic eligibility requirements for federal aid are as follows:

  • demonstrate financial need;
  • be a U.S. citizen or an eligible non-citizen;
  • have a valid Social Security number;
  • register with Selective Service, if you are male between the ages of 18 and 25;
  • maintain Satisfactory Academic Progress (SAP) as defined by KCTCS;
  • show you are qualified to obtain a post-secondary education by completing one of the following: a high school diploma or GED, or completed a high school education in a home school setting approved under state law,
  • be working toward an approved degree or certificate;
  • not be in default on a federal student loan or owe a Title IV repayment.

Steps to Apply for Financial aid/ Completing the FAFSA

Remember, applying for Federal Student Aid is FREE!

Applying for financial aid starts with a single application called the FAFSA. You will want to gather these documents before starting your application.  You are automatically considered for all forms of federal financial assistance by completing the following steps:

STEP 1: CREATE A FSA ID

The FSA ID a username and password must be used to log in to certain U.S. Department of Education websites. Your FSA ID confirms your identity when you access your financial aid information and allows you to electronically sign Federal Student Aid documents. If you do not already have an FSA ID, you can create one when logging in to www.fafsa.gov or at Student Aid website.

1 - When logging in to one of the websites listed above, click the link to create an FSA ID. 

2 - Create a username and password, and enter your e-mail address. 

3 - Enter your name, date of birth, Social Security number, contact information, and challenge questions and answers. 

4 - Review your information, and read and accept the terms and conditions. 

5 - Confirm your e-mail address using the secure code, which will be sent to the e-mail address you entered when you created your FSA ID. Once you verify your e-mail address, you can use it instead of your username to log in to the websites. You can use your FSA ID to sign a FAFSA right away. Once the Social Security Administration verifies your information in one to three days, you will be able to use your FSA ID to access Federal Financial Aid websites. For help, visit the FAFSA Help Page.

STEP 2: FILL OUT A FAFSA

Complete the FAFSA (Free Application for Federal Student Aid).

File your FAFSA starting October 1st or as early as possible. Make sure you fill out your FAFSA well in advance to your semester’s start date.

The FAFSA will ask you to provide federal school codes for the schools you want your FAFSA information sent to. MCTC's Federal School Code is: 006960

Once MCTC receives your FAFSA information, you will receive a FAFSA Acknowledgement email (to the email address you listed on the FAFSA) stating the information you entered has been delivered to the college.

STEP 3: APPLY FOR SCHOLARSHIPS

Now that you've applied for Federal Financial Aid through the FAFSA, it’s not required, but it’s always a good idea to apply for additional scholarships that are offered through MCTC, the state, and other agencies, and that don't have to be repaid.

STEP 4: CHECK YOUR STATUS AND AWARDS

Let's make sure you haven't missed anything. For some students additional paperwork is needed. It’s important to visit your student self-service account and check your TASKS tile to make sure you've got everything taken care of.

If there is nothing more for you to do, you can use that page to review your awards. Just remember that if more documents are needed, you won’t be eligible for federal aid until they are turned in and processed.

 Verification Process

You might be selected for the verification process after submitting your FAFSA.  You can complete verification by following the directions on your TASKS tile in Student Self-Service. All forms and submissions will be uploaded into your student portal. We can help you submit your documents. Just stop by the office. 

Receiving Aid

You can only receive financial aid from one school at a time. If you are enrolled at MCTC and another school, you may be able to set up a consortium agreement between the schools. With a consortium agreement, you can combine the hours at both schools to determine your financial aid eligibility. For example, if you are enrolled at MCTC for nine credits and MSU for three credits, you could receive financial aid from MCTC as a full-time student: 9 credits + 3 credits = 12 credits.  All credits must be required for your MCTC degree.

Determining Financial Aid Offer

Financial aid programs were created with the idea that the primary responsibility for paying college costs rests with you, the student and your family. The amount of aid for which you are eligible depends on your family's financial circumstances and resources.

Factors impacting the amount and type of financial aid you are offered include:

  • Your estimated Cost of Attendance (COA)
  • Your expected Family Contribution (EFC)
  • Your Financial Need (COA minus EFC)
  • Timing of your application
  • Your willingness to accept various types of financial aid
  • The availability of funds

Cost of Attendance (COA)

Your Cost of Attendance, also known as your budget, is based on a number of components:

  • Direct College Related charges
    • Tuition and mandatory fees
  • Estimated Indirect Expenses
    • Transportation
    • Books and Supplies
    • Miscellaneous Personal Expenses
    • Off Campus Room and Board

Your COA, or budget, will vary depending on your Kentucky state residency status and Dependency status.  MCTC’s current COA is as follows:

Cost of Attendance for In State Residents

Expense

Living Off Campus

Living with Parent

Tuition and Fees

$4,248

$4,248

Books

$1,000

$1,000

Room and Board

$6,975

$4,190

Personal

$800

$800

Transportation

$2,050

$2,050

Total:

$15,074

$12,288

 

Cost of Attendance for Out of State Residents

Expense

Living off Campus

Living with Parent

Tuition and Fees

$14,440

$14,400

Books

$1,000

$1,000

Room and Board

$6,976

$4,190

Personal

$800

$800

Transportation

$2,050

$2,050

Total:

$25,226

$22,440

Expected Family Contribution (EFC)

When you complete financial aid application (FAFSA), the processing agency uses the information you supply to assess your family's financial situation and calculate an estimated/expected family contribution (EFC) for you.

Your EFC is an estimate of the amount that you and your parents might be expected to contribute toward the costs of your education. Your EFC is provided to you on your Student Aid Report (which you can view on the application website after your FAFSA has been processed). NOTE: The EFC is NOT the amount you owe to your college. This is the number that is used to determine your eligibility for federal student financial aid. This number results from the financial information you provide in your FAFSA, the application for federal student aid. Your EFC is reported to you on your Student Aid Report (SAR).

Financial Need

Once your EFC has been determined, the amount of federal, state, and institutional need-based aid you are eligible to receive is calculated using the following equation:

Cost of Attendance (COA) 
Expected Family Contribution (EFC) 
Other Financial Resources (private scholarships, fee waivers, etc.) 
= Financial Need 

The result is your financial need, which provides us with your eligibility for need-based aid. While this number represents the amount of aid you are eligible to receive based on your costs and your financial resources, the amount of aid that you will actually be awarded depends on the financial aid funds available in any given year.

The awards in your financial aid package are determined by the Financial Need formula above, and will consist of the maximum amount of subsidized and unsubsidized aid for which you qualify.

NOTE: Federal and Kentucky State Student Aid regulations require that your total financial aid cannot exceed your total Cost of Attendance.

If you are receiving additional funding from other sources, such as scholarships, we are required by the Federal and Kentucky State Student Aid Regulations to consider these resources when determining your awards. If all sources of funding do not show on your award offer, you must notify our office in writing of the amount and source of the award.

STEP 5: SIGN YOUR FINANCIAL AID RELEASE

In order to use financial aid to purchase books and supplies at the bookstore you must sign the Financial Aid Release form. Log on to your Student Self-Service account and submit the release on-line.

STEP 6: ACTIVATE YOUR KCTCS HIGHER ONE EASY REFUND ACCOUNT (debit card)

When you receive your KCTCS Higher One debit card in the mail, use the card to activate your refund method according to the instructions that you receive with the card.
For additional information regarding refunds, please call 1-855-469-6282

STEP 7: PAY YOUR TUITION
Keep yourself informed about tuition deadlines. If financial aid does not cover your tuition, you are responsible for payment. Learn about Payment Plans here or by calling 1-855-469-6282.

STEP 8: PURCHASE YOUR BOOKS
You may charge your books in the bookstore if you have financial aid to cover them during certain days. Be sure to check with the Financial Aid Office for these dates.

WHEW! That’s all there is to it. You can get help 24/7/365 at by calling 1-855-469-6282 or make an appointment to speak with a Financial Aid Counselor at one of your campuses.