Financial Aid

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Financial Aid are monies that help students pay for college. Click on the link below for more information on the various types of financial aid:

  • Grants: do not need to be repaid
  • Direct Student Loans: must be repaid
  • Scholarships: do not need to be repaid; all students are encouraged to fill out a scholarship application annually – priority deadline is February 1st
  • Missouri A+ Program: scholarship funds for students who are certified as A+ eligible by the high school from which they graduated
  • Federal Work Study: funds students earn by working part-time on campus

Email

finaid@mineralarea.edu

Phone

573-518-2133

Location


Technology Building – Student Services

5270 Flat River Road
Park Hills, MO  63601

Office Hours

Monday-Friday

8:00 a.m. – 4:00 p.m.

Free Application for Federal Student Aid

The Free Application for Federal Student Aid (FAFSA) is step one of the financial aid process at Mineral Area College.  The FAFSA must be filled out if you want to receive any federal or state financial aid such as Pell Grants and/or Student Loans.  The FAFSA is also required for Work Study and for the Missouri A+ Program.  Remember to list the School Code for MAC 002486 in Section Six where you will indicate which colleges you want to receive your FAFSA information so that we will receive your results.

Which FAFSA should I complete?

  • 2024-2025 - If you plan to attend Fall 2024, Spring 2025 and/or Summer 2025
  • 2023-2024 - If you plan to attend Fall 2023, Spring 2024, and/or Summer 2024

Helpful FAFSA Links:

FAFSA FORM

What Happens Next?

Once Mineral Area College receives your FAFSA information, the Financial Aid Office will send an email to your MAC email address to let you know if additional documents or action on your part is needed.  You can also find this information on MyMAC, under the My Financial Aid Tab.  If there are documents needed, you can click on View Financial Aid Document Tracking to see what those are.

Even though we have received your FAFSA information, the Financial Aid Office cannot award any aid until you have completed the Admissions process and have been final accepted. 

Once you have been final accepted by our Admissions Office AND you have received an email from the MAC Financial Aid Office letting you know that we have all of the information that we need to review your FAFSA, we can begin processing.  Processing can take anywhere from 3-5 business days.  If you were selected for verification and asked to provide additional documents, we will check to make sure that information matches information on your FAFSA.  If all information matches, we will notify you of Pell Grant eligibility by email.  If not, we will need to send off your FAFSA to correct the information so that it matches the documents you provided.  Once we receive the corrected FAFSA, we will notify you have Pell Grant eligibility by email.

Loans, Scholarships, A+ Program, and Work Study all require separate applications to be filled out AFTER your FAFSA has been processed. 

Direct Student Loans

 How do I Apply for a Student Loan?

Login to MyMAC, click on the MyFinancial Aid Tab.  Click on the link on the left in the black box Student Direct Loan Program; instructions and links are provided to complete the loan application process electronically.

Scholarships

How do I Apply for Scholarships?

MAC offers students the opportunity to apply for many types of scholarships (i.e, institutional, foundation, outside organizations); with only one scholarship application required.  The priority deadline for submission of the MAC Scholarship Application is February 1st each year.  During the most recent academic year, approximately one million dollars in scholarship funds were awarded to Mineral Area College students.

Click here for more scholarship information.

A+ Program Scholarship

How do I Activate the A+ Program Scholarship?

 Login to MyMAC, click on the My Financial Aid Tab.  Click on the link on the left in the black box A+ Program. Program requirements and links are provided to complete the A+ Activation Form process electronically. Complete the A+ Activation Form each semester at the time of enrollment. For more information, visit our A+ page.

Work Study Program

How do I Apply for the College Work Study Program?

Complete an application for the work study program online on MYMAC under the MyFinancial Aid Tab - Workstudy Information Link.  After it is processed, you will receive an email from the Financial Aid Office at MAC regarding your eligibility for this program.

Students must have received their FAFSA (Pell grant) award letter notification from Mineral Area College Financial Aid Office before the College Workstudy online application can be completed.

For more information on the College Work Study Program, contact Student Services at 573-431-4593.  

Financial Aid Deadlines

Fall Semester – July 1

Spring Semester – December 1

Summer Semester – May 1

If you require financial aid to pay for tuition, fees and/or books, all financial aid documents must be in the financial aid office no later than the deadlines listed above.

  • Valid FAFSA results – including corrections and/or verification results
  • Student Loan Application (if loan is needed) including the request for loan funds form/loan data sheet and completion of online entrance counseling
  • Any other documentation requested by the Financial Aid Office.

If you fail to meet the deadline, you may still be eligible to receive financial aid at a later date during the semester. However, your aid may not be processed by final payment due date and you should be prepared to discuss payment arrangements with the Cashier’s Office at the time of registration.

In order to receive maximum consideration for all types of financial aid available, you should make every effort to apply for financial aid annually between October 1 and February 1.

The Mineral Area College Scholarship Application Priority deadline is February 1 annually.

Financial Aid Recipient Rights and Responsibilities

PLEASE READ THE FOLLOWING INFORMATION CAREFULLY

As a recipient of financial assistance, you are the beneficiary of monies provided by federal, state, institutional and/or private sources. When you accept the awards you also have certain responsibilities:

PELL GRANT

SUPPLEMENTAL EDUCATION OPPORTUNITY GRANT (SEOG)

STUDENT LOANS

COLLEGE WORK STUDY

You must enroll for and maintain a minimum of six credit hours per semester (Fall/Spring); three credit hours per semester (Summer); that are required for your degree or are acceptable electives, in order to be eligible to receive benefits under the above-referenced programs. This does not include Audit Courses. To continue to maintain eligibility, you must meet Satisfactory Academic Progress Requirements which can be found at http://mineralarea.edu. All of these programs require completion of the Free Application Federal Student Aid form (FAFSA) annually.

PELL GRANT

Pell grant amount will be determined according to the U.S. Office of Education payment schedule and your total number of credit hours enrolled. Enrollment verification will be as of the end of the 10th day of class work for the semester (Fall/Spring); 5th day of class work for the semester (Summer).

For example: if you register for 12 or more credit hours (full-time) and have withdrawn or have been dropped for excessive absence to 9 credits (three-fourths time) on or before the date of enrollment status verification, your Pell Grant amount will be 25% less as a three-fourths time student. At any time during the semester. If you are dropped by an instructor for excessive absence ad your last date of attendance is prior to the 10th day of course work (Fall/Semester); 5th day of course work (Summer), your grant will be reduced accordingly. Awards will not be revised upward if you add credits after your enrollment has been verified unless you notify the Financial Aid Office.

SUPPLEMENTAL EDUCATION OPPORTUNITY GRANT (SEOG)

Federal grant for students with exceptional financial need. Priority is given to the students who receive the Federal Pell Grant and have the lowest EFCs and have filed their FAFSA before February 1st.

REFUND POLICY

Below are the refund amounts based on dropping a 16-week semester class. Keep in mind that the policy is based on calendar days:

Calendar Days 1-7                    100% Refund
Calendar Days 8-14                    50% Refund
Calendar Days 14 and after           NO Refund

STUDENT LOAN

Login to your MyMac account, click on the My Financial Aid tab and then click on the link for Student Loans.

Enrollment verification will be as of the end to the 10th day of class work for the semester (Fall/Spring)/ the end of the 5th day of class work for the semester (Summer).

A+ FINANCIAL INCENTIVE BENEFITS

You must enroll for and maintain a minimum of 12 credit hours per semester (Fall/Spring); 6 credit hours (Summer) that are required for your degree or are acceptable electives, this does not include audit courses and maintain a minimum 2.5 cumulative GPA. You must also complete 2/3 of the courses you attempt (cumulative) to maintain eligibility for the next semester. For more information, visit our A+ page.

ACCESS MO GRANT

You must enroll for and maintain a minimum of 12 credit hours per semester (Fall/Spring); this does not include audit courses and maintain a minimum 2.5 cumulative GPA. This program requires completion of the FAFSA annually, prior to February 1st.

COLLEGE WORK STUDY

Contact Student Services at 573-431-4593. Additional information is available on MyMAC under the MyFinancial Aid tab, click on the Work Study Information link.

MINERAL AREA COLLEGE SATISFACTORY ACADEMIC PROGRESS
REQUIREMENTS FOR FINANCIAL AID ELIGIBILITY

 Recipients of Federal and/or State student financial assistance are required to meet minimum SATISFACTORY ACADEMIC PROGRESS REQUIREMENTS each semester in order to maintain their Financial Aid eligibility. Both a summary and a full text copy of this policy is available at http://mineralarea.edu.

AVERAGE COST OF ATTENDANCE

Average cost of attendance information for Mineral Area College is available at http://mineralarea.edu. A student may not receive total financial aid awards in excess of the average cost of attendance.

GENERAL INFORMATION

  • Students who have received an award letter from Mineral Area College may charge their tuition/fees and books/supplies at the MAC Bookstore to their student account. The charge limit allowed will be based upon the students’ financial assistance award and the student will be responsible for paying any outstanding balance at the time the excess charges are incurred.
  • Any charges owed to Mineral Area College will be deducted from your financial aid awards. The excess funds will be paid to you to assist with transportation cost and other educational expenses. If your award is not sufficient to cover all your costs, you will be responsible for the remaining balance.
  • Excess financial aid funds remaining after the students account had been paid, will be either by direct deposit to your bank account or by paper check. You may expect these funds approximately the fourth week of September for Fall semester, fourth week of February for Spring semester and first week of July for Summer semester.
  • You may receive federal student aid such as Pell Grants or Student Loans from only one college at a time. If you received federal student aid from any other college during the current academic year, contact the MAC Financial Aid Office immediately. Failure to do so may result in repayment liability on your behalf. Additionally, your financial aid is subject to adjustment or cancellation due to changes in regulations, expected federal or state appropriations of funds, financial situations, living arrangements and/or discovery of data or processing error.
  • Special conditions recalculation if your family’s financial circumstances change due to death, disability or long-term employment, please notify the Financial Aid Office.
  • Students who receive outside scholarship awards are required to notify the Financial Aid Office immediately so that the awards can be included in the financial aid package.
  • If a Pell grant or SEOG repayment is owed to Mineral Area College or any other college or university, federal regulations prohibit the disbursing of additional federal financial aid assistance. Likewise, any student who is currently in default status on a previous student loan is not eligible to receive federal financial assistance.
  • Effective July 1, 2013, students are limited to 12 full-time semester of Pell Grant fund over a lifetime. Students are also limited on receipt of subsidized student loans to 150% of the time required to complete a degree (93 credit hours at MAC) regardless of whether or not they change majors.
  • Mineral Area College is required to follow federal, state and institutional regulations in awarding of financial aid. Therefore, your award offer is subject to adjustments or cancellation due to changes in laws, regulations, appropriations, or discovery of a data error. All awards are contingent upon institutional receipt of funds from the appropriate agencies.
  • It is your responsibility to obtain, complete and submit the Free Application for Federal Student Aid (FAFSA) each year in order to renew your financial assistance for the following year.

RETURN OF TITLE IV POLICY

Students who are the recipients of Federal Student Financial Aid are subject to the Return of Title IV fund Policy.

Recipients of Federal Student Federal Student Financial Aid who totally withdraw from all classes at Mineral Area College prior to the 60% point of any semester are required to repay a portion of the Federal Student Financial Aid received for that semester.

A full text copy of this policy along with examples of 60% point dates in semester is available at http://mineralarea.edu.

This policy only applies to students who have withdrawn from 100% of all classes. It does not apply to a student who has withdrawn from selected courses.

If a refund of federal financial aid is required, the College will make the refund on the students’ behalf of the Federal Government. In turn, the College will charge the student for the amount repaid. Failure to repay the College for the amount of this refund will result in collection action.

FSA Omsbudsman Contact Information:
http://studentaid.gov/repay-loans/disputes/prepare
Toll Free Telephone:  1-877-557-2575
Fax:  1-202-275-0549
Mail:
U.S. Dept of Education
FSA Ombudsman Group
830 First Street, N.E., Mail Stop 5144
Washington, DC 20202-5144
Revised:  03/19/2019

It is important that you attend your classes and/or actively participate (in the case of web classes) and complete those classes successfully (grades of C or higher).  If you fail to do so, you may have to pay a portion of the aid you have been awarded back to Mineral Area College (Return of Title IV Aid Policy).   Also, you may not be eligible to receive financial aid in future semesters (Satisfactory Academic Progress Policy).

Financial Aid Appeal Process

 Students who wish to appeal their academic progress or maximum timeframe status, may do so on MyMAC by clicking on the MyFinancial Aid Tab and then clicking on the link for Financial Aid Appeal Form. 

Frequently Asked Questions- Direct Student Loan Program 

  • How much should I borrow?
    • Remember the amount you borrow will have to be repaid so it is best to request as little as possible. You can visit: https://studentloans.gov  this will show exactly how much your monthly payments will be and how much income you will need to pay off your student loan debt. It depends on your year in school and whether you have a subsidized or unsubsidized Direct Stafford Loan.
  • Who administers the student loan program?
    • The US Department of Education administers the William D. Ford Federal Direct Loan (Direct Loan) programs consist of what are generally known as Stafford Loans (for students) and PLUS Loans for parents.
  • Where do the funds for the program come from?
    • Under the Direct Loan Program, the funds for your loan come directly from the federal government.
  • Who may borrow?
    • Full or half time undergraduate students whom are enrolled in a degree or certificate seeking program. A student must be enrolled in at least six credit hours to receive a Direct Student Loan.
  • How do I apply for a student loan?
    • Logon to your MyMac Account
    • Click on the MyFinancial Aid Tab at the top of the page
    • Click on the Student Loan Program link on the left hand side of the page and all of the instructions are there for you to complete the process.
  • What is the difference between subsidized and unsubsidized loans?
    • A subsidized loan is awarded on the basis of financial need. If you’re eligible for a subsidized loan, the government will pay (subsidize) the interest on your loan while you are in school at least half time status for the loan is disbursed until it’s paid in full. You can choose to pay the interest or allow it to accrue (accumulate) and be capitalized (that is, added to the principal amount of your loan). Current subsidized and unsubsidized interest rates are fixed interest rate of 4.45%, PLUS loans are 7.00%).
  • Assuming I haven’t exceeded my cost of attendance budget, what is the maximum amount I can borrow each year? (the maximum amount that can be borrowed under the law).
    • Annual Loan Limits:
      • Dependents students:
        • Under 30 credit hours (First year student): Fall/Spring $5500 subsidized and unsubsidized combined
        • Over 30 credit hours (Second year student): Fall/Spring $6500 subsidized and unsubsidized combined
      • Independent students:
        • Under 30 credit hours (First year student): Fall/Spring $9500 subsidized and unsubsidized combined and (dependent students whose parents have been denied a Federal Direct PLUS Loan).
        • Over 30 credit hours (Second year student): Fall/Spring $10500 subsidized and unsubsidized combined and (dependent students whose parents have been denied a Federal Direct PLUS Loan).

NOTE: All undergraduate annual loan limits are subject to proration based upon the students chosen program of study, cost of attendance and proximity to graduation from Mineral Area College. In the case of proration, the loan amount awarded may be less than the amount requested.

  • How much is the processing fee when my loan is disbursed?
    • The processing fee is approximately 1.068% if first disbursement is on or after October 1, 2017 and before October 1, 2018. For Fiscal year 2017 if first disbursement is on or after October 1, 2017 and before October 1, 2018 fee is 1.066%
  • How can I figure out who carries my loan(s) and how much I owe?
    • Log onto www.NSLDS.ed.gov to find all your loan history and loan servicers in one place.
  • When do I go into repayment on my loan(s) and can I make payment before then?
    • You will need to start paying back your loan six months after you graduate or stop attending at least six credit hours, and yes you can make payments earlier than that, but you are not required to.
  • Do I pay the college when I want to make a payment on my student loan(s) or who do I make payment to?
    • You must repay the company who holds your loan, not Mineral Area College.
  • When will I get my money?
    • Full year loans: disbursed ½ in the Fall and ½ in the Spring semesters. The disbursement date is approximately the 5th week of each semester.
    • One semester loans: are disbursed ½ approximately the 5th week of the semester and ½ approximately the 8th week of the semester.
    • Summer semester loans: disbursed ½ approximately the 3rd week of the semester and ½ approximately the 5th week of the semester.
  • How will I get my money?
    • Funds are disbursed to the student account according to the schedule listed above.
    • All charges owed to Mineral Area College (on the student account) for the current semester are deducted from the disbursement.
    • Remaining balance of funds (if any) will be Direct deposited or check whichever student chooses. Generally, this occurs on Friday.
    • Students will receive an email from the Financial Aid Office at Mineral Area College email that the loan funds have been posted to the student account. Students can then check their MyMAC Account to see if they will be receiving any funds by direct deposit or check.
  • How do I consolidate my loans?

How do I contact the Financial Aid Office?

  • Telephone (573) 518-2133
  • Fax (573) 518-2305
  • Email: FinAid@Mineralarea.edu
  • Physical Location – Student Service Office – Technology Building(new wing)
  • Website: mineralarea.edu
  • Office Hours: Monday-Friday 8-4 p.m. (close at 3 p.m. during Summer)

What financial assistance programs are handled by the Financial Aid Office?

  • Pell Grants
  • SEOG Grants
  • Access Missouri Grants
  • Missouri Brightflight Scholarships
  • A+ Benefits
  • Student Loans/Parent PLUS Loans
  • Scholarships
  • Vocational Rehabilitation
  • Workforce Investment Act (WIA)
  • Trade Readjustment Act (TRA)
  • Veteran’s Benefits (GI Bill®, VA Voc-Rehab)

How do I apply for Aid?

  • Completion of the Free Application for Federal Student Aid (FAFSA) annually is the first step in the process. This application may be completed online at  https://studentaid.ed.gov/sa/fafsa.  List the School Code for MAC 002486 so that we receive your financial aid information.

What happens next?

  • If you provided an email address on the FAFSA Form, you will receive a Student Aid Report (SAR) through your email. If you did not provide an email address on your FAFSA Form, you will receive a paper SAR at your mailing address.
  • Review the information on your SAR for accuracy. If corrections need to be made, you may make the corrections yourself at https://studentaid.gov/h/apply-for-aid/fafsa or you may contact the Financial Aid Office to assist you in making corrections.
  • Approximately one-third of all FAFSA Applicants will be asked to provide verification of the information that they submitted. You may receive an email to your MAC Email Account from the Financial Aid Office at Mineral Area College requesting that you complete this process online through our Verify My FAFSA Portal.  If you are selected for verification, your financial aid cannot be processed until you have provided the requested information.
  • If you have special circumstances that will impact your current income (i.e., change in jobs; lay off from employment; high medical/dental bills not covered by insurance; loss of income) please notify the Financial Aid Office to request a Professional Judgment recalculation.

How will I know how much Financial Aid I have been awarded?

  • Once your financial aid has been fully processed, you will receive a Mineral Area College Award Letter by email listing all non-repayable grant aid that you have been awarded. Students can also check MyMAC for Award Information.
  • Student Loans/Parent PLUS Loans and College Work Study Programs require separate applications which are available under the MyFinancial Aid Tab-MyMAC.
  • Read the Award Letter carefully as well as the Rights & Responsibilities information provided on MyMAC under the MyFinancial Aid Tab.
  • NOTE: A new Award Notification will be sent by email anytime there is a change in your award package.  You can then view the changed awards on MyMAC.

How will the Business Office know about my Financial Aid?

  • The Business Office is notified at the same time that you receive your Financial Aid Award Letter or Scholarship Award Letter from Mineral Area College.
  • If you register for classes BEFORE you receive your Mineral Area College Award Letter, you will be considered a self-pay student and subject to the payment policy established by the Business Office.

How do I let you know that I am eligible for A+ Benefits?

  • Have your high school send an official copy of your transcript with the A+ seal attached to Admissions.
  • Complete the A+ Activation Form each semester on MYMAC.
  • Complete the FAFSA Form annually.
  • Once we have all of the information that we need, you will receive a Mineral Area College Award Letter by email. If you register for classes BEFORE you get this Award Letter by email, you will be considered a self-pay student and subject to the payment plan as established by the Business Office.
  • Students must maintain a minimum GPA of 2.5, maintain full-time enrollment, and complete 67% of cumulative attempted credit, in order to remain eligible. Students who do not meet these requirements will not be able to use their A+ Benefits until they have completed sufficient courses to meet these requirements.
  • A+ Students who withdraw from classes or are withdrawn from classes for excessive absence above 12 hours will need to pay tuition for those class(es) at the time of the withdrawal. Students will not have to pay tuition for those classes that drop them below 12 credit hours because they will not be eligible in the next semester for A+ Benefits due to falling below full time.
  • For more information, visit our A+ page.

What happens if I have to drop out of school and I receive Federal Student Aid?

  • In order to receive financial aid at Mineral Area College, students are required to actively participate in their classes.  Students who fail to attend classes and/or who fail to actively participate in classes (in the case of online classes), will be dropped by the instructor.  Students who totally withdraw or are withdrawn for excessive absence and receive federal student aid must repay the unearned portion of that aid to MAC.
  • Please review the Satisfactory Academic Progress Policy and the Return of Title IV Funds Policy on MyMAC under the MyFinancial Aid Tab so that you will understand the ramifications of withdrawing from classes or being withdrawn by your instructor.

GI Bill® is a registered trademark of the U.S. Department of Veterans Affairs (VA). More information about education benefits offered by VA is available at the official U.S. government website at http://www.benefits.va.gov/gibill.