Types of Financial Aid
Types of Financial Aid
Students who apply for financial aid are considered for all aid programs for which they are eligible. The most common types of financial aid are listed below:
(Apply by completing the FAFSA each year after October 1)
- Federal Pell Grant
Federal Pell Grants are awarded to undergraduate students who have not earned their first bachelor’s degree and have not reached the Pell Grant Lifetime Eligibility limit. Pell eligibility is determined by a formula developed by the U.S. Congress and is applied consistently to all applicants using the information reported in the FAFSA.
- Federal Supplemental Educational Opportunity Grant (SEOG)
This grant is awarded to undergraduate students who have not earned their first bachelor’s degree and have financial need. Priority is given to students who receive Pell Grants and have high financial need (i.e. the lowest Expected Family Contribution or “EFC”) as determined by a formula developed by the U.S. Congress and is applied consistently to all applicants using the information reported in the FAFSA.
- Federal Work and State Study
The federal and state work-study programs provide students with part-time employment both on-campus and off-campus (off-campus work-study jobs are limited to community service employment). Students can request to be considered for work-study by answering ‘yes’ to the “Interested in Work-Study” question on the FAFSA. Eligibility is determined using the information reported in the FAFSA.
- Federal Direct Loan (Subsidized and Unsubsidized)
Subsidized loan is need-based. Unsubsidized is not need-based, but does have restrictions. Both loans have limits based on student’s year in school and dependency status. Additional application (promissory note) and loan counseling required. Requires at least 6 credits per semester. Must be repaid once no longer in school at least half-time.
- Federal Parent Loan for Undergraduate Students (PLUS)
Not based on financial need. Requires at least 6 credits per semester. Loan is in parent’s name and repayment begins immediately.
- Federal Iraq and Afghanistan Service Grant
Students who are not eligible for a Pell Grant but whose parent or guardian was a member of the US Armed Forces and died as a result of service performed in Iraq or Afghanistan after September 11, 2001. Student must be under 24 years of age OR enrolled in college at least part-time at the time of the parent’s or guardian’s death..
- State & Institutional Grants
To qualify for one of the state or institutional grants, a student must be a Montana resident, be eligible for financial aid, and be an undergraduate. Enrollment in at least six credits is required for most state grants. Eligibility for these funds are determined by using the information reported in the FAFSA.
- DCC Scholarships
DCC awards $40,000+ in scholarships fund. To be considered for all DCC scholarships students must complete the General Scholarship Application. Priority is given to those who apply by March 15th of each year for the upcoming fall semester, however late applications are encouraged as awarding occurs all year long.
- Tuition Waivers
DCC has tuition waivers for veterans, senior citizens, American Indians, faculty and staff (and their dependents), athletes, war orphans, dependents of firemen and policemen killed in the line of duty, and students with certain majors. Eligibility and selection criteria vary. Certain waivers require a separate application form and in some cases additional documentation in order to qualify. Inquire at the Office of Financial Aid and Scholarships for specific information regarding tuition waivers. For more information visit the Montana University System website.