Financial Aid

Financial aid helps make college affordable. It can help pay for tuition and fees, books and supplies, transportation, and miscellaneous living expenses. Financial aid is available to degree-seeking students at Mat-Su College.

 

► Loan Steps

 

An Introduction to Financial Aid

Student loans offered through the Federal government and the State of Alaska provide many students the opportunity to attain their educational goals and offset the cost of their education over time.

Grants and scholarships help eligible students pay for their education without incurring debt.

The Financial Aid Office assists students and prospective students in applying for state and federal aid programs. State and federal governments, the University, and many private organizations offer grants, scholarships, loans, and employment opportunities to students who demonstrate need for such assistance. Each student's financial situation is carefully assessed, taking into consideration family size, assets, debts, income, and estimated costs of attending college. Types and amount of financial aid can vary according to state and federal guidelines, student need, and availability of funds.

Eligibility

To be eligible for most financial aid, a student must:

• Have a high school diploma, GED, or Ability to Benefit (see the MSC Bulletin).
• Apply for admission and be accepted into a certificate or degree program, with no conditions.
• Demonstrate financial need for federal assistance as determined by the federal Student Aid Report (SAR).
• Maintain satisfactory academic progress as defined by the statewide University of Alaska Satisfactory Academic Progress statement. Policy available on the UAA website.

Application Procedures

• Submit a completed Application for Admission to MSC Student Services in FSM 101.
• Complete a Free Application for Federal Student Aid (FAFSA) and submit the application to the Federal Processor (MSC/UAA's school code is 011462). Apply online at the Department of Education FAFSA website.
• A student who wishes to apply for other assistance, such as an Alaska Supplemental Education Loan or a specific scholarship, may complete special applications available at the MSC Financial Aid Office.
• A student who wishes to apply for Bureau of Indian Affairs grants or scholarships should contact the BIA or a Native regional corporation for applications.

Acquiring financial aid sometimes involves verifying paperwork and additional processing. Since follow-up processing can take several weeks, a student is encouraged to apply early and respond as soon as possible to requests from the Financial Aid Office for additional information.

For example, a student needing financial aid for the Fall semester should submit his/her applications by February and submit any required additional forms by June 1. Applications processed after June 1 will still be considered, but funding may be limited. A student must reapply for financial aid each academic year.

Federal Verification

The U.S. Department of Education selects 30% of financial aid applications for the verification process. The Financial Aid Office verifies information on selected applications prior to students receiving financial aid awards. Copies of the following documents may be requested:

• Income tax return
• Verification of household size
• Child support payments
• Statements of untaxed income
• Verification of number of family members in college
• If military, copies of Leave/Earning Statements for previous tax year (all 12 months)

A student selected for verification must submit the requested documents if applying for federal financial aid. If documentation is not received, federal financial aid cannot be awarded.

Financial Aid Concurrent Enrollment

If a student plans to enroll at MSC/UAA and at another college or university during the same semester, concurrent enrollment plans must be approved in advance by the Financial Aid Office. Aid cannot be received at both institutions simultaneously. Concurrent enrollment plans are subject to the following conditions. The student must:

• Obtain written approval from the Financial Aid Office by completing a consortium agreement.
• Enroll in a minimum of six semester hours at MSC/UAA.
• Have a majority of semester credit at MSC/UAA.
• Provide Financial Aid transcripts as determined by the Financial Aid Office.

Satisfactory Academic Performance

A Mat-Su College student receiving financial aid must maintain satisfactory academic progress as defined by the statewide University of Alaska Satisfactory Academic Progress Statement.

Before withdrawing from a class or applying for an Incomplete grade, a financial aid recipient should meet with a financial aid or academic advisor to make sure aid will not be adversely affected.