Financial Aid

Mid-America College of Funeral Service offer many financial aid options to help you pay your college costs. Navigating this site you will find information about applying for financial aid, the costs associated to your education, the types of financial aid, and more.

What is financial aid?

Federal, state, institutional, and private fund sources used to assist eligible students in funding their education. Financial aid can be a mixture of scholarships, grants, loans, veterans’ educational benefits, tuition reimbursement, etc.

Scholarships and grants are classified as “free money” and the student will not be required to repay these funds. Loans are classified as a “self-help” aid and the student will be required to repay loan balances when you become enrolled less than half time or you graduate. Other sources of aid may have specific requirements associated to applying and using these towards your education.

Applying for Federal Student Aid

Applying for Federal Student Aid (FSA) will be one of the first steps in preparing for your college experience. Eligibility for Federal Student Aid will be established when completing the Free Application for Federal Student Aid (FAFSA). Other sources of financial aid may be determined by other eligibility requirements.

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The following videos may assist you in applying for and understanding Federal Student Aid.

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How to Create a FSA ID and Password How to Fill Out the FAFSA

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Responsible Borrowing
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FAFSA and FSA ID Tips for Parents

 Types of Financial Aid

Grants

Federal Pell Grant

Federal Pell Grants are awarded to undergraduate students who have not earned a bachelor’s degree and who possess financial need as determined by the FAFSA. All students meeting eligibility are offered Federal Pell Grant.

Eligibility

•    You must have a qualifying Expected Family Contribution (EFC) – see FAFSA
•    Recipients must meet Satisfactory Academic Progress (see Student Handbook)
•    You are limited to receive eighteen (18) terms at full-time enrollment

Award eligibility varies based on enrollment status.

Federal Supplemental Educational Opportunity Grant (FSEOG)

Am I eligible to receive FSEOG funds?

•    You must complete a FAFSA for the award year you are enrolled in

o    July 1st, 2016 – June 30th, 2017 is the 2016/17 Award Year
o    July 1st, 2017 - June 30th, 2018, is the 2017/18 Award Year

•    You must be a U.S. citizen or eligible non-citizen
•    You must be enrolled at least half-time in your program of study (undergraduate program)
•    You must demonstrate exceptional financial need
•    You must not have a bachelor’s or a professional degree
•    Meet Satisfactory Academic Progress

If I am eligible for FSEOG funds, how much am I eligible to receive?

You may receive up to $200.00 per quarter, depending on the following:

•    Your financial need
•    When you apply (complete FAFSA)
•    The amount of other aid awarded
•    Availability of funds at Mid-America College of Funeral Service

What is the application process?

To receive FSEOG funds, you must file a FAFSA as part of the application process. Students who receive Federal Pell Grants and have the most need will receive FSEOG funds first. Mid-America College of Funeral Service receives a certain amount of FSEOG funds each year from the U.S. Department of Education’s office of Federal Student Aid.

FSEOG funds are limited; meeting the criteria is not a guarantee that you will receive this grant.

Helpful Websites

•    Free Application for Federal Student Aid (FAFSA)
•    Student Aid

Bureau of Indian Affairs (BIA) Higher Education Grant

The BIA Higher Education Grant is a federal grant program for Native American students.

Eligibility

•    You are a member (minimally ¼ Native American) of an American Native American tribe that is eligible for the special programs and services provided by the United States through the BIA to Native Americans because of their Native American status.
•    You have been accepted for admission to a nationally accredited institution of higher education that provides a course of study conferring the Associate of Arts or Bachelor’s degree
•    You demonstrate financial need as determined by the financial aid administrator of the post-secondary education college

Helpful Websites

•    Bureau of Indian Affairs

Loans

Direct Subsidized

The Direct Subsidized Loan is awarded based on your financial need. You will not be charged interest prior to repayment or during authorized periods of deferment. During deferment, the federal government pays your interest on the loan until the time of your repayment. Payment is automatically deferred until you are no longer enrolled at least half-time. When you are no longer enrolled at least half-time, a six (6) month grace period begins prior to entering repayment.

Disbursements made on or after July 1st, 2012, and before July 1st, 2014 are not eligible for an interest subsidy during the six month grace period prior to entering repayment, and interest will accrue during this time period. Disbursements on or after July 1st, 2014, are eligible for an interest subsidy during the six (6) month grace period, and interest will not accrue during this time period.

Eligibility

•    You demonstrate financial need determined by the FAFSA
•    You are enrolled at least half-time at Mid-America College of Funeral Service
•    You must maintain Satisfactory Academic Progress (see Student Handbook)
•    You do not exceed annual or lifetime aggregate loan limits – see Direct Loan Limits
•    You may not have received Direct Subsidized Loans for more than 150% of the length of your academic program

o    Applicable to borrowers receiving their first disbursement on or after July 1st, 2013

Award eligibility varies based on enrollment status and dependency status.

Interest Rates

Loans disbursed on or after July 1st, 2015 and before July 1st, 2016

Loan Type Interest Rate Formula Interest Rate for 2015 - 2016**
Direct Subsidized Loans T* Plus 2.05% 4.29%

 * T equals the 10 year T-Bill rate
** Fixed over life of loan

Loans disbursed on or after July 1st, 2016 and before July 1st, 2017

Loan Type Interest Rate Formula Interest Rate for 2016 - 2017**
Direct Subsidized Loans T* Plus 2.05% 3.76%

 * T equals the 10 year T-Bill rate
** Fixed over life of loan

Origination Fees

Loan Type Origination Fees
On/After October 1, 2014 On/After October 1, 2015 On/After October 1, 2016
Direct Subsidized Loans
(all students)
1.073% 1.068% Not Yet Available

 

Helpful Websites

•    Student Aid
•    Repayment Estimator

Direct Unsubsidized

The Direct Unsubsidized Loan is awarded based on your financial need. You will not be charged interest prior to repayment or during authorized periods of deferment. During deferment, the federal government pays your interest on the loan until the time of your repayment. Payment is automatically deferred until you are no longer enrolled at least half-time. When you are no longer enrolled at least half-time, a six (6) month grace period begins prior to entering repayment.

Disbursements made on or after July 1st, 2012, and before July 1st, 2014 are not eligible for an interest subsidy during the six month grace period prior to entering repayment, and interest will accrue during this time period. Disbursements on or after July 1st, 2014, are eligible for an interest subsidy during the six (6) month grace period, and interest will not accrue during this time period.

Eligibility

•    You demonstrate financial need determined by the FAFSA
•    You are enrolled at least half-time at Mid-America College of Funeral Service
•    You must maintain Satisfactory Academic Progress (see Student Handbook)
•    You do not exceed annual or lifetime aggregate loan limits – see Direct Loan Limits

Award eligibility varies based on enrollment status and dependency status.

Interest Rates

Loans disbursed on or after July 1st, 2015 and before July 1st, 2016

Loan Type Interest Rate Formula Interest Rate for 2015 - 2016**
Direct Subsidized Loans T* Plus 2.05% 4.29%

 * T equals the 10 year T-Bill rate
** Fixed over life of loan

Loans disbursed on or after July 1st, 2016 and before July 1st, 2017

Loan Type Interest Rate Formula Interest Rate for 2016 - 2017**
Direct Subsidized Loans T* Plus 2.05% 3.76%

 * T equals the 10 year T-Bill rate
** Fixed over life of loan

Origination Fees

Loan Type Origination Fees
On/After October 1, 2014 On/After October 1, 2015 On/After October 1, 2016
Direct Subsidized Loans
(all students)
1.073% 1.068% Not Yet Available

 

Helpful Websites

•    Student Aid
•    Repayment Estimator

Direct Annual Loan Limits

Dependent Students*
Grade Level Maximum Direct Subsidized Eligibility Annual Direct Loan Eligibility
(Subsidized and Unsubsidized Loans combined)
1st Year - Undergraduate $3,500 $5,500
2nd Year - Undergraduate $4,500 $6,500
3rd Year - Undergraduate $5,500 $7,500
Independent Students**
Grade Level Maximum Direct Subsidized Eligibility Annual Direct Loan Eligibility
(both Subsidized and Unsubsidized Loans combined)
1st Year - Undergraduate $3,500 $9,500
2nd Year - Undergraduate $4,500 $10,500
3rd Year - Undergraduate $5,500 $12,500

* Except students whose parents are unable to obtain PLUS Loans
** Includes dependent students whose parents are unable to obtain PLUS Loans

Helpful Websites

•    Student Aid

Direct Aggregate Loan Limits

Undergraduate Dependent Students* 
Direct Subsidized Direct Loans (Subsidized and Unsusidized Loans combined)
$23,000.00 $31,000.00
Undergraduate Independent Students** 
Direct Subsidized Direct Loans (both Subsidized and Unsusidized Loans combined)
$23,000.00 $57,500.00

* Except students whose parents are unable to obtain PLUS Loans
** Includes dependent students whose parents are unable to obtain PLUS Loans

Helpful Websites

•    Student Aid

Direct PLUS Loans

The Direct Parent Loan (PLUS) is available to the parents of dependent, undergraduate students. The parent may borrow up to the Cost of Attendance (COA) (excluding any other federal student aid). All funds are received electronically and will be posted to the student’s account to pay for authorized tuition and fees. Completing the FAFSA is required.

Eligibility

•    Your child must be attending at least half-time
•    Your child must be meeting Satisfactory Academic Progress (see Student Handbook)
•    You must have a good credit history
•    You must not have defaulted on any previous student or parent loans
•    You must be a U.S. citizen or an eligible noncitizen
•    Your child must have completed the FAFSA

Award eligibility varies based on enrollment status.

Interest Rates

Loans disbursed on or after July 1st, 2015 and before July 1st, 2016

Loan Type Interest Rate Formula Interest Rate for 2015 - 2016**
Parent PLUS Loans T* Plus 4.6% 6.84%

 * T equals the 10 year T-Bill rate
** Fixed over life of loan

Loans disbursed on or after July 1st, 2016 and before July 1st, 2017

Loan Type Interest Rate Formula Interest Rate for 2016 - 2017**
Parent PLUS Loans T* Plus 4.6% 6.31%

 * T equals the 10 year T-Bill rate
** Fixed over life of loan

Origination Fees

Loan Type Origination Fees
On/After October 1, 2014 On/After October 1, 2015 On/After October 1, 2016
Direct Subsidized Loans
(all students)
4.292% 4.272% Not Yet Available

Repayment

•    Your Direct PLUS Loan enters repayment once your loan is fully disbursed
•    Your Direct PLUS Loan may be deferred until the student falls below half-time enrollment or graduates
•    The standard repayment option is up to 10 years – contact your lender to discuss repayment options

Applying

The Federal Direct PLUS Loan Application is available on www.studentloans.gov.

Federal Direct PLUS Loans are based on your credit. To apply:

1.    Login to www.studentloans.gov
2.    Sign in using your FSA ID
3.    Select “Apply for a PLUS Loan”
4.    Select “Complete PLUS Request for Parents” under “Direct PLUS Loan Request for Parent Borrowers”
5.    Follow the application and submit

If you are approved for the PLUS based on credit, please complete the PLUS MPN for Parents under the “Complete a Master Promissory Note” on the welcome page after logging into www.studentloans.gov.

Helpful Websites

•    Student Aid

The following videos may assist you with the types of aid and understanding Federal Student Aid.

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Types of Federal Student Aid
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Responsible Borrowing

Federal Work Study (FWS)

Federal Work Study is available to both full-time and part-time students.

Award will vary depending on need, other aid received and the annual allotment provided by the federal government.

FWS is a need-based financial aid program that allows a student to work on campus to earn money for college expenses. Part-time jobs are coordinated through the Office of the Registrar. Please contact the Registrar to view availability of jobs.

Wages are not credited directly to your student account. You can elect to receive direct deposit or receive a paycheck which will be sent to the Office of the Registrar. You have the option of using your earnings to help with personal expenses or applying it to your student account if you have a balance on the account.

Cost of Attendance (COA)

The Cost of Attendance (COA) is an estimate of what it will cost a typical student to attend Mid-America College of Funeral Service. Your COA will cover both your college tuition and your basic living expenses. When comparing financial aid packages with other schools, ensure you are comparing the total cost of attending that school, not just the financial aid awarded. It will be important for you to budget and decide how you want to use your funds you receive. Students will not be allowed to receive aid exceeding their COA.

Mid-America College of Funeral Service – Associate of Science Degree Program

Associates Resident or Non-Resident* Resident or Non-Resident (living w/parents)*
Tuition & Fees $11,100.00 $11,100.00
Books & Supplies $0.00 $0.00
Room & Board $7,182.00 $3,368.00
Travel Expenses $1,836.00 $1,836.00
Personal Expenses $3,528.00 $1,793.00
Other Monthly Expenses $1,684.00 $1,684.00
Total $25,380.00 $19,781.00

*Amounts are based on 15 credits per term at Mid-America College of Funeral Service. Costs may vary per student. Adjustments may occur during enrollment.

Forms and Applications

Applying for Financial Aid

•    Create a FSA ID & Password

o    If a parent is required to add information to the FAFSA, the parent will need a FSA ID & Password too

•    Complete the FAFSA

Direct Loans

Required forms and applications to gain eligibility for student direct loans

•    Apply for Direct Loans

o    Direct Loans Master Promissory Note

•    Complete Direct Loan Entrance Counseling

o    Entrance Counseling

•    Complete Direct Loan Exit Counseling

o    Complete this when you are no longer enrolled
o    Exit Counseling

Direct PLUS Loan

Required forms and applications to gain eligibility for parent PLUS loan

•    Apply for Direct PLUS Loan

o    Apply for a PLUS Loan
o    Direct PLUS Loan Master Promissory Note

Verification

If you are selected for verification, print and complete the appropriate verification worksheet. If you do not know which form you need to complete, talk to the financial aid office.

•    2015-2016 Verification Forms
•    2016-2017 Verification Forms
•    2017-2018 Verification Forms