CLINTON TECHNICAL SCHOOL
FINANCIAL AID INFORMATION
Financial Aid Administrator
Financial Aid Secretary
August – May
June & July
HOW TO APPLY FOR FINANCIAL AID
Students applying for any financial aid must complete the Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov. Clinton Technical School’s Code is 016798. You must complete the prior year taxes before applying for any financial aid. To apply for a Direct Loan, paperwork must be completed with the Financial Aid Administrator prior to the beginning of school.
Information from the FAFSA is used to calculate eligibility for a PELL grant. The maximum PELL grant for the 2011-2012 year is $5,550.
Clinton Technical School participates in the William D. Ford Direct Loan Program. The Direct Loan program offers Subsidized, Unsubsidized, PLUS and Consolidation Loans. Some loans do not require a credit check or collateral.
After completing the FAFSA, if a student would like to apply for a loan, a Master Promissory Note (MPN) must be completed. Subsidized loans are student loans offered based on financial need. The federal government regulates eligibility of the subsidized loans. By signing a MPN, borrowers may receive loan(s) for either a single period of enrollment or multiple periods of enrollment. For a subsidized loan, you will not be charged interest before you begin repayment or during periods of deferment. The federal government “subsidizes” (or pays) the interest during these times.
Unsubsidized loans are not awarded based on financial need. Any eligible student can take out an unsubsidized loan. You will be charged interest from the time the loan is disbursed until the time the loan is repaid.
The maximum annual subsidized loan limit is $3,500 and the maximum annual unsubsidized loan limit is $6,000.
In addition to completing a MPN, students applying for a loan must complete Entrance and Exit counseling. See the Financial Aid Administrator in order to complete both these processes.
If you are a dependent student and your parent wishes to apply for a Parent Loan, the parent must complete the PLUS loan MPN. The PLUS loan is a fixed rate loan available to an eligible parent of a dependent undergraduate student enrolled in a participating postsecondary school. A Parent PLUS loan borrower must be credit worthy or must obtain a credit worthy endorser on the loans.
A PLUS loan allows parents to borrow the total cost of undergraduate education including tuition, room and board, supplies, lab expenses, travel minus any other aid. The yearly limit on a PLUS loan is equal to your cost of attendance minus any other financial aid you receive.
CLINTON TECHNICAL SCHOOL’S CODE OF CONDUCT
Clinton Technical School has an explicit code of conduct that prohibits any conflict of interest during the financial aid application process and processing of the award package. Defined duties of employees and administrators involved in financial aid coordination allow for a system of checks and balances that prevent conflicts of interest with regard to loan and grant processing.