Federal Aid Types
Federal Pell Grant
A need-based grant program for students who have not earned a Bachelor's degree. Students' eligibility is determined by their Student Aid Index, cost of attendance (determined by the school for each specific program), status as a full-time or part-time student, and plans to attend school for a full academic year or less. The maximum Pell Grant award for 2023-2024 and 2024-2025 is $7,395.
Federal Supplemental Opportunity Grant (FSEOG)
A need-based grant program for students with priority given to students eligible for the Federal Pell Grant. Awards at Manhattan Tech range from $100 - $300 and are usually equally disbursed between the fall and spring semesters.
Federal Work-Study (FWS)
A program that provides part-time employment while you are enrolled in school to help pay your education expenses. Your work hours will be determined by your financial need, class schedule, and the hours available. Students are generally allowed to work a maximum of 20 hours per week. Students are paid according to Manhattan Tech payroll procedures.
Federal Direct Loans
A low-interest loan program available to both students and their parents. Student loans consist of subsidized and unsubsidized loans. A dependent student (for the purpose of Title IV Federal financial aid a student is considered dependent if their parent(s) were required to include their information on the FAFSA) can borrow up to $5,500 if a student has fewer than 30 credits and $6,500 if a student has 30 or more credits towards his/her program at Manhattan Tech. An independent student can borrow up to $9,500 if he/she has fewer than 30 credits and $10,500 if he/she has 30 or more credits towards his/her program at Manhattan Tech. The amount of subsidized or unsubsidized amounts is determined by the Manhattan Tech Office of Financial Aid and is based on the results of the FAFSA, the student's estimated cost of attendance, and other aid the student is receiving. You can learn more about managing student loans and repayment options at https://studentaid.gov/h/manage-loans.
Direct Subsidized Loans
A need-based loan where the interest is paid by the U.S. taxpayers while the student is enrolled at least half time in a degree program. Repayment on this loan begins 6 months after the student leaves school or drops below half-time enrollment status. Please refer to the Federal Student Aid website for current interest rate and origination fee information.
Direct Unsubsidized Loans
A non-need-based loan where the interest is the responsibility of the student from the time the loan is disbursed until it is paid in full. The student has the option of paying the interest as it accrues or capitalizing it on the loan. Repayment of the loan begins 6 months after the student leaves school or drops below half-time. Please refer to the Federal Student Aid website for current interest rate and origination fee information.
To estimate what your loan payment would be for the amount of student loans that you have borrowed or are thinking of borrowing, you can use this Loan Calculator. If you'd like to look at repayment information for your loans or explore repayment options, please use this Repayment Estimator.
Direct Parent PLUS Loan
A non-need-based loan available to parents and/or step-parents with a good credit history to assist with the educational expenses of a dependent student. (For the purpose of Title IV Federal financial aid a student is considered dependent if his/her parent(s) were required to include their information on the FAFSA). The interest begins to accrue at the time the loan is disbursed and is the responsibility of the parent. Please refer to the Federal Student Aid website for current interest rate and origination fee information. Funds are disbursed in two disbursements, half each semester. Apply at https://studentaid.gov/app/launchPLUS.action?plusType=parentPlus.
Cohort Default Rate Loan Disclosure
Manhattan Tech's FY 2020 Cohort Default Rate was 0.0%. The national average FY 2020 Cohort Default Rate was 0.0%. The FY 2020 national average among public institutions less than 2 years in length was 0.0%. Click here for more information on student default rates. Approximately 50% of our students pursuing a Technical Certificate or AAS degree borrow.
