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Financial Options

Various financial aid options exist at Miller-Motte College Online to assist you in your education whether its financial aid through federal student loans, federal pell grants, and many more financial options. Learn how to apply for financial aid. Please refer to the list below for more information regarding your financial options.

GRANT PROGRAMS

There are several grant programs available. Grants are not repaid. The Federal Pell Grant Program provides federal grants to students who show calculated financial need. A student's Federal Pell Grant will vary depending upon his/her enrollment status (i.e., full-time, half-time, etc.). The Federal Pell Grant is considered to be the "floor" of the financial aid package, and may be combined with other forms of financial aid. To qualify, a student must be a United States citizen or eligible non-citizen and must not have previously earned a Bachelor's Degree from any institution.

The Federal Supplemental Educational Opportunity Grant (FSEOG) provides federal grants to students who show an exceptional calculated financial need. Federal Supplemental Educational Opportunity Grants are awarded first to Pell-eligible students with the lowest calculated family contribution that may be made toward the student's education.

The North Carolina Student Incentive Grant is a state grant available to North Carolina residents attending a North Carolina institution. It is awarded to certain Pell-eligible students who submit their FAFSA (Free Application for Federal Student Aid) before March 15. Awards are given for the following Fall, Winter, and Spring Quarters. Funds are limited and are awarded on a first-come, first-served basis. Students must be enrolled in a degree program to be eligible for this Award. Like the Pell Grant, awards will vary depending upon the student's enrollment status. The North Carolina Incentive Grant ranges from $200 to a maximum of $1,500. Students should contact the Director of Financial Aid to determine whether or not they may qualify.

LOAN PROGRAMS

The Federal Family Education Loan Program (FFELP) provides several types of student loans which students may borrow to help pay educational expenses, and then repay under various repayment options depending upon the type(s) of loans obtained.

The Federal Stafford Loan (FSL), formerly the "Stafford Loan" and "Guaranteed Student Loan" allows students to borrow up to $2,625.00 their first full academic year in college at a variable interest rate which is capped at 8.25%. There are two types of FSLs:

  1. Subsidized Federal Stafford Loan Payments and interest are deferred until six months after the student ceases to be a half-time student or leaves school. This loan is need-based.
  2. Unsubsidized Federal Stafford Loan (Independent Students only)

Interest begins immediately; however, students may elect not to pay the interest and instead to have it accrue and capitalize. Payments begin six months after the student ceases to be a half-time student or leaves school. This loan is not need-based.

Students holding Bachelor's Degrees are eligible to participate in the Federal Stafford Loan Program. Students may re-apply for FSLs in their second academic year.

The Federal PLUS Loan allows parents to borrow to assist their undergraduate children in paying educational expenses. Interest is variable but capped at 9%. Payments on both principle and interest begin when the loan is disbursed. Parents may borrow up to the cost of the student's attendance, less any other financial aid received. Federal PLUS loans are subject to credit check.

Loan Programs are also available through the Direct Loan Program. As an approved school through the U.S. Department of Education, Miller-Motte can provide all three types of student loans (Subsidized Stafford, Unsubsidized Stafford, and PLUS loans) directly through the Department of Education without using a lending institution. This option is available to any student, even if the student's prior loans were processed under the FFELPs Loan Program. The terms of all three loans are exactly the same. The Direct Loans offer a variety of repayment options that are more flexible in meeting student needs.

VOCATIONAL REHABILITATION

A student with a physical or mental disability which may be a handicap to employment may be eligible for training services provided through the state government agency for Vocational Rehabilitation. Students desiring further information should contact the Admissions Office or call Vocational Rehabilitation directly.