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1 <br />1 <br />FINANCIAL AID FACTS <br />How to Apply for Financial Aid <br />1. Apply and be accepted by MBC. <br />2. Once accepted, we arrange a personal interview <br />and assist you in completing all grant and loan <br />applications. <br />Scholarships <br />Scholarships are awarded each year based on the <br />results of a competitive scholarship test. The test <br />itself is on general education material and does not <br />relate directly to business skills. <br />Federal Financial Aid Programs <br />To help you finance your education and training, <br />the United States Department of Education offers <br />four student financial aid programs. <br />Grants <br />Grants are outright gifts of money. You do riot <br />have to pay them back. <br />1. Pell Grant — up to $1674 <br />—All students are eligible to apply. <br />—Awards are made to students who show need, <br />according to the Pell Grant formula. <br />2. Minnesota State Grant — up to $1050 <br />—All students are eligible to apply. <br />—Awards are made to students who show need, <br />according to a formula. <br />Installment Payments <br />—Paid directly to the school. <br />—Payable monthly or in one or three installments. <br />—No interest. <br />—All payments to be completed by the mid -point of <br />a student's program. <br />It is important to note that you may use any <br />combination of these sources. <br />Loans <br />Loans are borrowed money which you must repay <br />with interest. <br />1. GSL <br />(Guaranteed Student Loan) <br />—9% interest. <br />—The maximum a student can borrow is $2,500. <br />—Applications are available through a bank, credit <br />union or savings and loan association. <br />—Repayment begins six months after graduation or <br />upon leaving school. <br />—The student is allowed at least five years to repay <br />the loan, and possibly as much as 10 years. <br />—Needs Test required if family income exceeds <br />$30,000 <br />—5% origination fee <br />2. PARENT LOAN — A.L.A.S. <br />—14% interest <br />—Parents can borrow a maximum of $3000. <br />—Available from banks that participate in this <br />program. <br />—Payments begin 60 days after loan is disbursed. <br />—$50 minimum payments. <br />Pagi-time Employment <br />We view part-time employment as a means of <br />financial assistance and not merely a way to earn <br />extra money. Very often there is a significant change <br />in the homework and student schedule that our <br />students will be required to maintain. For these <br />reasons, and the fact that a student's stay at MBC is <br />so brief, we do not encourage part-time work unless <br />it is absolutely necessary financially. <br />Notice: This Financial Aid Information Is based on Congressional regulations In effect at the time of <br />publication. These regulations are subject to government changes at any time. <br />