Types of Financial Aid
Federal Pell Grant
A Federal Pell Grant does not have to be repaid unless a semester is not completed and the aid is not earned. Pell Grants are awarded only to undergraduate students with high financial need who have not earned a bachelor's or professional degree. How much you receive will depend on your cost of attendance, whether you are a full-time or part-time student, and whether you attend school for a full academic year or less. You may not receive Pell Grant funds from more than one school at a time.
Federal Supplemental Educational Opportunity Grant (FSEOG)
A Federal Supplement Educational Opportunity Grant is for undergraduates with exceptional financial need, with priority being given to students who receive Federal Pell Grants. A student who has earned the Lifetime Pell Eligibility maximum is not eligible for an FSEOG. An FSEOG does not have to be repaid unless a semester is not completed and it is determined that you did not earn the aid.
Iraq and Afghanistan Service Grant
A student may be eligible for the Iraq and Afghanistan Service Grant if they are not eligible for the Federal Pell Grant on the basis of the Expected Family Contribution; the parent or guardian was a member of the U.S. armed forces and died as a result of military service performed in Iraq or Afghanistan after the events of 9/11; and the student was under 24 years old or enrolled in a college at least part-time at the time of the parent's or guardian's death.
Work-study jobs are posted on DIGGERecruiting through the Career Services office. If you were awarded work-study, it will be listed on your Award Notification Letter and you will receive more information regarding employment if you accept your award.
If you did not receive a work-study award as part of your financial aid package, you may have your name added to the work-study request list by sending in a written request or e-mail. If work-study funds become available, students on the request list will be considered for an award based on their eligibility. Being placed on the wait list in no way assures you that you will receive a work-study award.
Work-study awards are not credited to your University business office student account. You are paid directly biweekly for actual hours worked during the preceding two weeks running Saturday through Friday. You may not earn more than your work-study award nor are you guaranteed to earn your entire award. Your employer may decide to pay you, as a regular part-time student employee after your work-study award is exhausted.
Federal Perkins Loan
[This program ended on September 30, 2017. No new loans can be made from this fund.] A Federal Perkins Loan is a low-interest (5 percent) loan for students with exceptional need. The Federal Perkins Loan is for both undergraduate and graduate students. Montana Tech awards Federal Perkins Loans primarily from funds generated from former students repaying these loans. As a Perkins Loan borrower, you are not charged an origination or other loan fee. You have nine months after you graduate, leave school, or drop below half-time status before you must begin repayment. This is called a "grace period". At the end of your grace period, you must begin repaying your loan. Interest begins to accrue at that time. You have up to 10 years to repay. If you accept a Federal Perkins Loan and have not previously borrowed a Federal Perkins Loan from Montana Tech, you must complete Perkins Entrance Counseling and sign a Master Promissory Note through the iPROMise website which will be sent to you from Campus Partners.
Direct Loans are either subsidized or unsubsidized. The federal government pays the interest on the subsidized loan until you begin repayment and during the authorized periods of deferment. Interest begins accruing on the unsubsidized loan from the time the loan is disbursed until the loan is paid in full. If you allow the interest to accrue, it will be capitalized at the end of the grace period and at the end of any deferment or forbearance. This means that at the end of your grace period the interest accrued will be added to the principal balance of your loan. When you are billed the interest will accrue on the new balance. If possible, your best option is to pay the accrued interest prior to capitalization. Most servicers will send you at least an annual statement with accrued interest. You may receive Subsidized Loan, Unsubsidized Loan, or a combination of both.
Repayment on Direct Loans begins six months after you graduate, leave school, or drop below half-time enrollment. This is called a "grace period." On-Line Exit Counseling at studentloans.gov is required when you graduate, withdraw, or drop to below half-time status.
If you have already completed your Loan Agreement (MPN) with the Department of Education, you will not need to complete another Loan Agreement (MPN). If this is the first time you have borrowed from the Direct Loan Program or this is the first time you have borrowed from Montana Tech, you must complete On-Line Entrance Counseling and your Loan Agreement (MPN). Both steps can be completed at www.StudentLoans.gov.
Direct Plus Loan
Direct Plus Loans are available to graduate students and to parents of dependent undergraduate students. For dependent undergraduate students, parents are the borrower and must have a credit check before the loan is approved. Parents and graduate students can borrow up to the cost of attendance minus any resources or financial aid the student received. If the parent is denied a Plus loan through the credit check process, please contact our office, as you may be eligible for additional assistance from the Direct Unsubsidized Loan Program.