Your award letter will be sent to your email account at my.commnet.edu and will explain all the funds (if any) you have received in your Financial Aid package. This may include any combination of:
- Grants
- Federal Pell Grant
- Federal Supplemental Educational Opportunity Grant
- Connecticut Aid to Public College Students Grant Program
- MxCC Grant
- Loans
- William D. Ford Federal Direct Loan Program
- Federal Parent Loan for Undergraduate Students
- Scholarships (Repayment NOT required.)
- Work-Study (Paid jobs while in college.)
- Workforce Investment Act (WIA)
Grants:
These are gift aid programs. Repayment of funds is not required.
Federal Pell Grant:
This grant is the foundation of all federal aid programs. It is money provided to help undergraduate students pay for their education beyond high school. The amount of money the student can receive through this program will depend upon the program funding for the year, the information the student provides on the application, and whether the student is enrolled full-time or part-time. A student is eligible for the Pell Grant until a first bachelor’s degree is earned.
Federal Supplemental Educational Opportunity Grant (SEOG)
This is a federal grant for undergraduate students who have exceptional financial need and are Pell eligible.
Connecticut Aid for Public College Students (CAP)
This grant is for Connecticut residents who demonstrate financial need. Students must be enrolled in a degree program.
MxCC Grant
This grant is for Connecticut residents who demonstrate need.
Loans:
All loans must be repaid.
The William D. Ford Federal Direct Subsidized Stafford Loan
This loan is designed for undergraduate students who demonstrate financial need and meet other loan eligibility guidelines. Students enrolled less-than-full-time will receive pro-rated loans.
Payment becomes due 6 months after graduation or when a student withdraws completely or falls below half-time status. While enrolled at least half time, in classes , the federal government pays the interest on the loan. Interest is also subsidized during the six-month grace period. Payment of principal and interest begins immediately after the grace period. All students applying for a loan must fill out a FAFSA in order for the Financial Aid Office to determine their financial need. Students must also complete a Stafford Loan Request Form which is available at the Financial Aid Services Office.
The Direct Stafford Loan can be cancelled only if the borrower becomes totally and permanently disabled, or if he or she dies. It cannot be discharged in bankruptcy. Borrowers who do not repay their loans go into default and are not eligible for financial aid assistance. If this occurs, the federal government can require the borrower to repay the entire amount immediately; including all interest and penalty charges. Credit bureaus will be notified of the default, and this may adversely affect the borrower’s future credit rating. In addition, the Internal Revenue Service can withhold the borrower’s income tax refund and apply it to the loan. If the borrower has difficulty repaying the loan, he or she should notify the loan servicer immediately.
Before the borrower leaves Middlesex, he or she must attend an exit interview so that they are prepared to begin the repayment process properly.
William D. Ford Federal Direct Unsubsidized Stafford Loan
The Unsubsidized Stafford Loan is for students who do not exhibit financial need. Therefore, the federal government does not subsidize the interest on this loan. The interest begins to accrue immediately and is billed quarterly. Students can pay the interest when billed, or choose to “capitalize” the interest which means that the borrower agrees to let the interest accrue and it will be added to your loan note when repayment begins.
The first payment is due six months after the month in which the borrower ceases to be enrolled on at least a half-time basis at an eligible institution.
NOTE: the maximum amount a student can borrow each year in Direct Subsidized and Unsubsidized Loans depends on grade level and on whether a student is a dependent student or an independent student. The following table shows the maximum amount of money one may borrow each academic year in Direct Subsidized and Unsubsidized Loans:
| Dependent Student | Independent Student | |
| 1st-year undergraduate | $5,500 (maximum $3,500 subsidized) | $9,500 ($3,500) |
| 2nd-year undergraduate | $6,500 ($4,500) | $10,500 ($4,500) |
Direct Parent Loan for Undergraduate Students (PLUS) provides additional funding for educational expenses. The PLUS loan is designed for parent borrowers. The interest rate is currently 7.9%. PLUS enables parents to borrow up to the cost of attendance less other financial aid for each child who is enrolled at least half-time and is a dependent student. Payment begins 60 days after disbursement; however, the borrower can defer the principal, during the time the student is enrolled, by applying for a deferment .
Helpful links:
- nslds.ed.gov
- ed.gov
- Time Limitation on Direct Subsidized Loan Eligibility for First-Time Borrowers on or after July 1, 2013
Work-Study:
The Federal and CAP Work programs provide funds for students to be employed while enrolled, at least half time per semester, in an eligible program of study. Students may gain part-time work experience through employment opportunities at the Middletown campus or through the Community Service Program (off-campus). Students may participate in the America Reads/Counts Program as reading and math tutors for children in area public schools.
Workforce Investment Act (WIA)
“WIA” stands for the “Workforce Investment Act.” This legislation, passed by Congress in 1998, provides federal funds for employment and training assistance. WIA services help people improve their opportunities for getting a job, increase their wages, and provides money for job skills training.
For more information visit the Department of Labor web site: https://www.ctdol.state.ct.us/wia/WhatIsWIA.htm
