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Types of Aid

 

Types of Aid

The Financial Aid Office at Mid Continent University (MCU) assists students by awarding financial aid to help pay for their post-secondary education.  Financial aid is available from federal, state, institutional and private sources.  Financial aid is available to students with financial need and those without need.  With state and federal grants, many students who complete a FAFSA as early as possible after January 1st attend MCU at little or no cost.

State grant funding is based on a first-come, first-serve basis and is typically gone by February of each year. It is important to fill out a FAFSA (Free Application for Federal Student Aid) at http://www.fafsa.ed.gov/immediately.  MCU staff can assist you at any of our info sessions at no cost to you.   Remember:  The FAFSA is a free application and does not commit you to going to MCU or any other college.  It is just a way for you to determine how many grants you could qualify for if you decided to attend college.   Below is an example if awarded to students who meet the requirements for full federal and grant financial aid eligibility.   

Federal Grants

A federal grant is a form of financial aid assistance awarded by the federal government that does not need to be repaid. These grants are awarded based upon need, calculated by the recipient's FAFSA. Many students are eligible for various kinds of federal grants. Master's degree students are not eligible for federal grants.

State Grants

A state grant is a form of financial assistance paid out by the state of Kentucky that does not need to be repaid. These grants are awarded based upon need, calculated by the recipient's FAFSA. The state of Kentucky offers several kinds of state grants. These grants are only available to Kentucky residents. Master's degree students are not eligible for state grants.

 

 

Loans

A loan is a form of financial aid assistance that is borrowed to help pay for educational expenses and loans must be repaid. Typically, repayment can be deferred until six months after education ceases by graduation or withdrawal. There are several loanoptions available to students.

Military/veterans benefits

Military/veterans benefits is assistance available to those who are serving or have served in the United States military, their spouses or dependents, or other family members. MCU offers several options for military/veterans assistance.

Tuition Reimbursement/ Employer Assistance

Tuition Reimbursement/ Employer Assistanceis a form of financial aid assistance offered by companies for their employees. Benefits vary based upon employer.