The Federal Pell Grant is considered to be “need-based” gift aid that does not have to be repaid. This grant is the foundation of many students’ financial aid packages. The maximum Pell Grant for the 2022-2024 academic year (July 1, 2023 to June 30, 2024) is $7395. The actual amount of this award is determined by a standard formula and funding established by Congress. To apply, the student must complete a FAFSA.
SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT (SEOG)
The Federal SEOG program provides up to $400 per academic year to students with exceptional need. Awards for this program are limited to the funds available. To apply, the student must complete a FAFSA.
Federal Direct Student Loan Program
Subsidized Direct loans are low-interest loans where the federal government, on behalf of the student borrower, pays the interest on the loan while the student is enrolled at least half-time (six credit hours) and during the six month grace period after leaving college. This loan will have a fixed rate of 5.498% for the life of the loan for all loans disbursed after July 1, 2023.
The unsubsidized Stafford program was established to allow students, regardless of income, to receive student loans. This loan is also a low-interest loan from the federal government available to MCC students who do not demonstrate any financial need for a subsidized loan. The key difference is the borrower is responsible for all interest that accrues during any enrollment, grace, or deferment period. This loan will have a fixed rate of 4.99% for the life of the loan for all loans disbursed after July 1, 2023.
Dependent students enrolled full time can borrow a maximum of $5,500 in subsidized/unsubsidized during their freshman year and $6,500 during their sophomore year (once they’ve earned 28 credits). If you are an independent student who is not required to provide parent information on the FAFSA, you may be eligible to borrow an additional $4,000 under the unsubsidized Stafford loan program.
Federal Parent PLUS Loan
This program is a loan made directly to the parents of dependent students to help pay college expenses. It provides a long-term loan from the federal government up to the student’s cost of attendance less any financial aid. The interest rate is fixed at 8.048% for all loans disbursed after July 1, 2023. Loan proceeds are distributed to MCC.
Private Student Loans
A variety of organizations provide private student loans. A simple web search for “Private Student Loans in Iowa” will give you an extensive list of those organizations.
The state of Iowa offers a variety of grants for eligible students. The Iowa College Student Aid Commission (ICSAC) administers these programs for the state of Iowa. The deadline for filing a FAFSA in order to be eligible for the state grants is generally July 1st of each year for the following award year. Follow the link to the ICSAC website, where you can find valuable information regarding these funding options.
- Iowa Skilled Workforce Shortage Tuition Grant (KIBBIE)
- The Kibbie Grant provides need-based financial assistance to Iowa residents enrolled in specific career or technical education programs of at least 15 weeks, have an Expected Family Contribution (EFC) of $0-$6000, and meet the July 1st deadline. The award amounts are based on the number of credits a student is enrolled. The KIBBIE grant is awarded to full-time students and award amounts range from $900 - $3,000 depending on EFC. Eligible recipients can be full-time or part-time. Kibbie grants are tuition/fee restricted. KIBBIE Grant application Deadline is July 1.
- Iowa Vocational Technical Tuition Grant (IVTG)
- Iowa residents that enroll in career or technical education programs at Iowa community colleges may be eligible to receive the IVT grant. IVT grants can range from $500 to $1000 for the academic year. The amount a student is awarded is based on the Expected Family Contribution (EFC) and the number of credits in which the student is enrolled. Students must show financial need, be enrolled in a Vocational Technical program of at least 15 weeks in length, have an EFC of $201-$6,000, and meet a July 1st deadline. Eligible recipients can be either full-time or part-time. IVT awards are tuition/fee restricted. Iowa Vocational Technical Tuition Grant Application Deadline is July 1.
- Future Ready Iowa Last-Dollar Scholarship Program (LDS)
- The Iowa Last-Dollar Scholarship covers any tuition and fee gaps not covered by federal and state grants/scholarships for eligible Iowa residents enrolled in targeted, high-demand career and technical programs at MCC and other Iowa institutions. The FAFSA deadline for the academic year is August 1. In future years the deadline will be as early as July 15. If you qualify, you will be notified by the Financial Aid office via your MCC email.
- Iowa National Guard Service Scholarship
- The Iowa National Guard Scholarship is a state funded tuition assistance grant for Iowa Air and Army National Guard members attending college. Students must be Iowa residents (as established by the Adjutant General), in good standing with their units, and attend an accredited Iowa school. The Scholarship pays up to 100% of the tuition costs at their school of choice. This does not have to be repaid. In order to receive the Iowa National Guard Service Scholarship at any school students must also submit a Free Application for Federal Student Aid (FAFSA). The FAFSA priority deadline for the Fall term is July 1st, and for the Spring term the priority deadline is December 1st.
- Funding for Foster Care Youth/Education and Training Voucher Programs
- The Iowa College Student Aid Commission administers the Foster Care Youth Programs. For qualifying applicants, federal funding is available through the Education and Training Voucher (ETV) Program for up to $5,000 per year. Students between the ages of 16-26 who age out of Iowa's foster care system or Subsidized Guardianship program and students who were previously in Iowa foster care and are adopted after age 16 may be eligible for this federal grant program. Students must complete the FAFSA and Iowa College Aid application.
- GEAR UP Scholarship Program
- The Gaining Early Awareness and Readiness for Undergraduate Programs (GEAR UP) Scholarship is a statewide non need-based scholarship program that provides awards of up to $2,800 per academic year to students who are part of the GEAR UP Iowa cohort. This scholarship can be used to pay for tuition/fees, room/board, books/supplies, and personal/living expenses while in college. Students who attend during the summer may receive additional funding.
- The All Iowa Opportunity Scholarship
- The All Iowa Opportunity Scholarship (AIOS) is a state-funded scholarship program for Iowa students who attend an eligible Iowa college/university. The current annual award is $5,198 for students enrolled full-time. Part-time students may receive assistance prorated based on the number of credits enrolled. Priority for awards is given to:
- Students who age out of Iowa’s foster care system, age out of the State Training School, and students adopted from Iowa’s foster care system after age 16;
- Students who participated in certain federal TRIO programs
- Students who graduated from alternative high schools or alternative high school programs
- Students who participated in a Federal GEAR UP Grant program in Iowa
The All Iowa Opportunity Scholarship Deadline is March 1.
The dollar amounts listed are for 2022-2023.
These scholarships are funded by Marshalltown Community College, Iowa Valley Community College District, the Marshalltown Community College Foundation, or by local sponsoring organizations, businesses and individuals. Selection is based on criteria set forth by the donor or on the basis of financial need and/or academic ability. These scholarships will be applied to your student account.
There are many scholarships available in your communities and by private sources. Check with your high school guidance counselor for the scholarships available in your community. You can also enter national scholarship searches using a variety of free websites. These free services can provide scholarship information based on your interests, course of study, or other specific information that you provide. Be cautious of any scholarship or grant search that charges a fee for its services!