Financial Aid FAQ

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Top 10 Things You Should Know

1) FAFSA

Complete your Free Application for Federal Student Aid (FAFSA) form online. Be sure to apply before your state’s deadline, July 1st, to receive as much aid as possible. You must complete a FAFSA form every year you’re enrolled in school to be eligible to received federal student aid.

2) 2024-2025 Cost of Attendance

To help you better understand the cost to attend Marshalltown Community College the following information is provided.

The ‘Total Cost of Attendance’ is calculated for the financial aid office to determine how much financial aid a student is eligible for, based on the Student Aid Index on the FAFSA. It does not correlate directly with the cost to the student.

Log in to the Financial Aid Award System on PawPass to view the Undergraduate College Financing Plan (CFP) to view your total cost of attendance.

This reflects the current costs for the 2024-2025 MCC academic year. Actual costs may vary due to different room costs, meal plans, or other circumstances. These amounts will be reflected on your student account by logging in to PawPass. These amounts are considered Direct Costs, or charges billed by the college; including tuition/fees, books, and potential housing/food if the student is living in campus-owned housing. 

Your CFP will also include Indirect Costs, or additional out-of-pocket expenses the student may have throughout the year which are not billed by the college.

3) 2024-2025 Scholarships/Grants

  • Federal Pell Grant: 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.
  • Federal 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.
  • Institutional Scholarships/Grants: At MCC, we work hard to keep tuition affordable. New MCC students automatically enter our scholarship application by completing the Application for Admission & Scholarship Form. Returning students can apply by completing the Returning Student Scholarship Application.

Visit the MCC Foundation website for more information or contact the MCC Admissions Office for available scholarship opportunities!

  • State Grants: 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 to be eligible for the state grants is generally July 1st of each year for the following award year. Follow the link to the Iowa Department of Education, where you can find valuable information regarding these funding options.

Marshalltown Community College reserves the right to revise institutional grants & scholarship amounts upon receipt of additional institutional or external scholarships, endowments, or due to a change based on the Free Application for Federal Student Aid (FAFSA). 

4) 2024-2025 Student Loan Eligibility

Federal Direct Student Subsidized Loans: 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 6.53% for the life of the loan for all loans disbursed after July 1, 2024, and before July 1, 2025.

Federal Direct Student Unsubsidized Loans: 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 6.53% for the life of the loan for all loans disbursed after July 1, 2024, and before July 1, 2025.

Origination fees (1.057%) are deducted from the loan at the time of disbursement.

Direct Loan Requirements at MCC:

You can accept or decline all of the student loans or adjust the total amount of student loans you wish to borrow.

  1. Accept your direct loans on the 'Accept Awards' page.
  2. Login to https://studentaid.govand go to Loans and Grants - Get a Loan.
  3. Complete a Master Promissory Note (MPN)and Loan Entrance Counseling. (This process is required to borrow student loans.)
  4. Once you have finished the online steps read and sign the '24-25 Direct Student Loan Authorization Form'. 

 5) Available Options to Resolve Remaining Balances

  • External Scholarships: Students are encouraged to apply for additional scholarships through a variety of external sources such as businesses, local community foundations, organizations, clubs and affiliations.  External scholarship opportunities often have a deadline assigned by the awarding organization.  Conduct your scholarship search throughout the entire year and apply often.
  • Campus Employment: Students may apply for a job either on campus or for a community event.  Funds earned may be used to assist with remaining balances or other educational expenses. Depending upon eligibility determined by the FAFSA, the student would be paid monthly either through Federal work-study funding or Marshalltown Community College departmental funding.  Click here for additional information.
  • Federal Direct Parent PLUS Loan: A parent may apply for a Federal Direct Parent PLUS loan through the Federal government to assist with their student’s remaining balance as well as indirect costs such as books, supplies, transportation, etc.  The interest rate for a Parent PLUS loan is fixed and will not change for the life of the loan.  This option is restricted to students for whom the FAFSA considers Dependent.  Independent students are ineligible to receive Parent PLUS loan funds.  For further information and/or to apply, please visit www.studentaid.gov.
  • Private Alternative Loan: Students (and/or parents) may apply for a private alternative loan to assist with any remaining balance as well as indirect costs such as books, supplies, transportation, etc.  The loan may be through any lender the borrower wishes to use.  Loan terms and interest rates may vary by lender.

If a student is unsure of possible lender options, they may use a simple web search that will give you an extensive list of those organizations.

6) Payment Policy

Balance is due in full on the first day of class. After this date, students may enroll in the Automated Payment Plan (form required) for a $25 fee. After 30 days all accounts with an outstanding balance will be assessed a $75 late fee.

Questions about billing and payments?  Feel free to contact the Business Office at 641.844.5707.

7) Satisfactory Academic Policy

Federal and state regulations require that students maintain satisfactory academic progress while pursuing their course of study to receive financial aid. Students receiving financial aid will have their academic records reviewed each semester, including the summer term, to determine if satisfactory academic progress is being made and that the pace toward the completion of a degree, certificate, or diploma is maintained. Satisfactory academic progress standards apply to all work attempted even though a student may not have been receiving financial aid. It is the responsibility of each student to track his/her own progress and academic standing. However, the Financial Aid Office will make every effort to notify students of warning/termination status in a timely manner at the end of each semester.

8) Return of Title IV Aid

Federal regulations require MCC to have a fair and equitable refund policy for students receiving financial aid who officially or unofficially withdraw from all their classes. Withdrawing (or stopping attendance) may result in financial debt for the student and may make them ineligible for future financial aid (including loans). We strongly recommend that the student consults with an academic advisor to help make decisions about withdrawing. Federal regulations assume that a student earns financial aid over the course of a semester by attending and participating in classes. Students cannot earn all their funds unless they maintain attendance and class participation for more than 60 percent of the semester. This calculation counts all calendar days starting with the first day and ending with the last day of each semester, including weekends and holidays (excluding breaks of at least five consecutive days).

9) Summer Aid

Financial aid for the summer is calculated based on the number of registered credit hours and the length of time you are enrolled. If you change your summer enrollment, please contact the Financial Aid Office as soon as possible. Any changes in enrollment will require that we adjust your financial aid which could result in an outstanding balance with MCC. Summer financial aid eligibility is always determined by the grants and/or loans you did not use for the previous fall 2024 and spring 2025 semesters. Your summer financial aid award package will be emailed to you.

10) We are Here to Help

The MCC Financial Aid Office's goal is to help you access financial aid in all its forms. We'll help you understand your choices and pursue the best financial aid option(s) for you, so you can focus on achieving your educational goals. Stop in anytime to see us in the MCC Student Services area from 8 am to 4:30 pm, Monday through Friday. We are here to help you!

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