FEDERAL AID

After we have received your FAFSA, you will need to create an account in our online Financial Aid portal. Once you’ve set up your account, you will need to complete the “Financial Aid — Student Information Form” to provide some more details about your intended program at MTECH.

You may be asked to provide additional documentation if there are any flags or issues on your FAFSA that require resolution. All document requirements need to be completed before we can process your financial aid.

Once you’ve completed any necessary tasks in Student Forms, we’ll be able to schedule you to be processed for a financial aid offer. Please note that the Financial Aid Office cannot package your financial aid any earlier than 2 months prior to the start of your program.

Using the information on your FAFSA, we will determine how much financial aid you are eligible for and send you a financial aid offer over email. The aid offer will review the types and amounts of financial aid that you can receive, as well as the total estimated costs for your program. The email will also include a number of handouts with additional information about financial aid - we recommend thoroughly reading these documents to ensure you understand how your aid works.

Your aid will be broken down into multiple disbursements for each payment period in your program. A payment period is determined based on the total number of credits in your program. Most programs at MTECH have 2-3 payment periods, but some may have up to 4 payment periods.

You can receive the disbursement for your first payment period automatically after attending at least 3 days of class. Future payment periods will be disbursed after you have completed enough credit hours to finish the previous payment period, as long as you are meeting Satisfactory Academic Progress (SAP) requirements.

In order to remain eligible to receive financial aid, you must be making adequate progress in your program. MTECH requires that you maintain a progress rate of at least 70% to stay eligible for financial aid. The Financial Aid Office checks your academic progress when you complete a payment period and become eligible to receive another disbursement of aid.

If you are not meeting SAP at the time of evaluation, you are ineligible to receive additional disbursements, unless you apply and are approved for a SAP appeal.

For more information, review MTECH’s SAP policy here.

If you are receiving more financial aid than MTECH bills for your program, you may be able to receive a refund of the excess amount, also known as a Title IV credit balance.

MTECH is generally able to hold any excess funds in your account to ensure that all of your remaining charges for the payment period are covered before issuing a refund. Once you have completed each payment period, MTECH can refund any residual financial aid funds directly to you. These funds are intended to cover education-related expenses, but MTECH does not track how you use your refund.

All refunds are issued via check by default. If you would like to receive your refund via direct deposit, please complete and submit our direct deposit authorization form.

If you withdraw or are dismissed from your program before you have completed it, the Financial Aid Office is required to complete a Return to Title IV (R2T4) calculation to determine how much of your aid you are eligible to keep. This calculation is based on the expected duration of each payment period in your program and is determined using the actual amount of time that you attended.

If you attended more than 60% of the expected time, you are eligible to retain 100% of your aid. If you attended less than 60%, your financial aid will be prorated based on the percentage of time you were in attendance.

Depending on the results of this calculation, you may be required to pay back some or all of any Pell Grant refund that you received, or to pay for account charges at MTECH that your Pell Grant is no longer able to cover.