Types of Financial Aid

There are many financial aid solutions available to students attending Mat-Su College:

Scholarships and Grants

Aid that does not have to be repaid; may be used to pay for educational expenses.

Educational Loans

Aid that may be applied for and does have to be repaid. The Federal government provides low interest loans to students. The State of Alaska and private lenders provide educational loans to students who are either credit worthy or credit ready.

Student Employment

Mat-Su College provides job opportunities for students needing additional resources to pay for their education.

Federal Programs

The federal government offers a variety of aid programs to citizens and permanent residents. You can apply online for the federal programs listed below by completing a Free Application for Federal Student Aid (FAFSA). Paper applications are also available in the Student Services office at Mat-Su College.

Pell Grant

The federal Pell Grant is a grant for undergraduates to help start paying college costs. The grant is based on financial need and every undergraduate should apply for it. Once you have applied, the federal processor will send you a Student Aid Report (SAR) indicating whether you qualify for a federal Pell Grant. By listing the UAA School Code on your application (011462) Mat-Su College will receive an electronic version of your application.

Supplemental Education Opportunity Grant (SEOG)

This is a grant for exceptionally needy undergraduate students. SEOG’s are generally around $400 per year.

Federal Work Study

Any student in good standing who is enrolled in at least six credits can apply to work on-campus as a student assistant. You earn a regular paycheck and can work up to 20 hours per week. If your federal application shows eligibility for federal work-study dollars, you can apply for any work-study position in addition to other student worker jobs. Mat-Su College hires students to work in the bookstore, library, computer labs, maintenance and other departments.

Federal Family Education Loan Program (FFELP)

The Federal government sponsors several student loan programs including the Subsidized Stafford Loan Program, Unsubsidized Stafford Loan, and the Parent Loan for Undergraduate Students (PLUS).

 

Submitting a FAFSA application determines your eligibility. If you are already admitted and you indicated on your FAFSA that you were interested in a loan, you will receive instructions to secure the loan. All first-time borrowers must complete an Entrance Loan Counseling Session either online or in person.

Federal Subsidized and Unsubsidized Stafford Loans

Federal student loans allow you use of loan funds now in return for a promise to repay the money gradually over time. Repayment begins six months after you are no longer at least a half-time student. If you qualify (based on your FAFSA application) for a Subsidized Stafford Loan, the Federal government will pay any interest on your loan while you are a student or your loan is deferred. The Unsubsidized Stafford Loan does accrue interest while you are a student, but you can choose whether to pay it now or later when your loan goes into repayment. You may take up to ten years to repay your loan.

Remember, a loan is money that must be repaid. Be careful about borrowing more than you need. Before committing to a loan make sure you understand the provisions and responsibilities regarding disbursements, deferments and repayment options.

If you are considered independent of your parents for financial aid purposes, you are allowed to borrow more than a dependent student, who has access to a PLUS loan. Annual loan limits are as follows:

	Subsidized	Total Subsidized & Unsubsidized
Dependent Undergraduates
First Year	$2,625	SAME
Second Year	$3,500	SAME
Third Year & Beyond	$5,500	SAME
Independent Undergraduates
First Year	$2,625	$6,625
Second Year	$3,500	$7,500
Third Year & Beyond	$5,500	$10,500

 

Federal Plus Loans

Your parent can borrow a student loan on your behalf if you are a dependent student. The amount of the loan can equal the total cost of attendance minus any other financial aid you are receiving. Interest begins to accrue at the time you secure the loan. Repayment usually begins 60 days after the loan is fully disbursed.

The Bureau of Indian Affairs (BIA) Grants

The BIA offers federal grants to undergraduate full-time students. You must be at least one-quarter American Indian or Alaska Native to apply. These grants are based on financial need and supplement other financial aid. Grants range from $50 to $3000 or more each year. Further information on BIA grants can be obtained from the BIA Regional Office, 1675 C Street, Anchorage, Alaska, 99501-5198, and telephone (907) 271-4115.

State Programs

Alaska Commission on Postsecondary Education (ACPE) has several loan programs, including the Alaska Supplemental Education Loan (ASEL), the AlaskaAdvantage Loan, and the Family Education Loan. Their web site is an excellent source of information and includes an online application. Be sure to visit their loan repayment calculator (link) to help you understand the cost of borrowing before committing to a loan. You may contact ACPE’s customer service center by calling (800) 441-2962.