Financial Aid Starts Here
Direct expenses for the 2014-15 year are:
|$12,920||Tuition and Fees|
|$5,100||Room and Board|
|$18,020||Total (full time/on campus)|
Understanding your Financial Aid Award
Your financial aid package can consist of a combination of need based grants, merit scholarships, and loans.
- Scholarships are listed on your letter by source or name. They will be credited directly to your account each semester and will appear as credits on your billing statement.
- Institutional grants, government grants, and your eligibility for certain loans are based on your family’s expected family contribution (EFC).
The primary sources of government grants are:
- Pell Grant
- Minnesota State Grant (Minnesota residents only)
Institutional grants are made up of one or a combination of the following:
- MLC Grant
- Named Grants Funded by Donor Established Endowments
- Federal Supplementary Educational Opportunity Grant
These are the steps our office uses to calculate institutional grants:
- $23,120 (total MLC cost of attendance* for 2014-15)
- minus Expected Family Contribution (from FAFSA data on Student Aid Report)
- minus Pell Grant and state government grants if awarded
- minus "remaining need.” Since MLC is unable to completely cover all calculated need, a remaining need must be covered by you with funds from work, savings, loans, or other sources
The amount is your institutional grant amount, awarded as an MLC Grant or a combination of MLC Grant, Named Grant, or Federal Supplementary Educational Opportunity Grant.
The maximum need based MLC Grant that a student may be awarded after consideration of Pell and state grant is:
- $7000 for students with no dependents;
- $8500 for students with dependent children
Other grants and scholarships:
- Distance Grants may be available and are based on your calculated need and one-way distance of approximately more than 750 miles from New Ulm. If funding is available, the grants are awarded to students who have need as determined by FAFSA; they are credited directly to your account, and may not be withdrawn unless you have a credit balance.
- MLC Merit Scholarships include National Merit Finalist, Presidential, Messenger, Witness, and Ministry
- “Outside source” grants from congregations, WELS districts, high schools, companies and foundations do not result in a reduction of other grants unless required by federal regulations, which occurs infrequently. Outside source grants will be credited to your account when documentation is provided from the donor that you will receive the grant or when funds are received.
*The total cost of attendance includes allowances for additional expenses such as books and supplies (estimated at $800 for two semesters), travel, and miscellaneous personal expenses. The allowance for these additional expenses will vary for each student. Additional expenses are estimated at $4,300 and are added to $18,020 for tuition, room and board = $23,120.
Publications available at MLC
- MLC Financial Aid FAQ Brochure
- US Department of Education Student Guide
On the Web
- www.studentaid.ed.gov is a student centered site which brings together a wide array of information
- www.fafsa.ed.gov Filing your FAFSA on line
- www.pin.ed.gov Retrieve your personal identification number (PIN)
- www.nslds.ed.gov The National Student Loan Data System (NSLDS) Student Access is the U.S. Department of Education's central database which provides a centralized, integrated view of your Title IV (Direct, Stafford, Perkins) loans and grants. Students are directed here to complete Direct Loan Exit Counseling when required.
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