Got Questions? We’ve got answers!

Review the information below for answers to your questions:

How much will an education at MLC cost?

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What is the deadline for applying for need-based aid?

APRIL 17, 2017

  • NOVEMBER 2, 2016, is the deadline to apply for second semester only.
  • Applications received after April 17 will forfeit MLC need-based aid for the following semester
    (Get your stuff in by the deadline!)
  • Students apply by submitting the FAFSA and the MLC Financial Aid Application.

How do I apply for financial aid?

Complete the FAFSA and the MLC Financial Aid Application

  • You will need to create your FSA ID/Password in order to electronically sign the FAFSA

What information will help me complete the FAFSA?

  • Submit the FAFSA by April 17
    • Student & one parent will need their FSA ID to sign the FAFSA.
    • Get your FSA ID here
  • 002361 is the Martin Luther College school code that you will enter on the FAFSA.
    • The FAFSA results will be transmitted to MLC electronically.
  • Report your name and social security number EXACTLY as it appears on your social security card
    • A dicrepancy between the information will result in a rejected FAFSA
  • You will receive a Student Aid Report (SAR) from the FAFSA processor. The SAR will indicate your family’s Expected Family Contribution (EFC) and tell you if you are eligible for a federal Pell Grant. Carefully review the SAR for errors and make corrections if necessary.
  • If the Department of Education or MLC selects your FAFSA for verification, the Financial Aid Office will inform you of the materials to be submitted such as tax returns and W-2 forms.

When/how do I pay my bill?

Billing of tuition and room & board charges is done through Financial Services.

  • Financial Services offers two payment plans:
    Twice per semester/10-monthly payments

What types of aid can I expect?

Scholarships – Grants – Loans

  • Scholarships
    • Gift aid that does not need to be repaid
  • Grants
    • Gift aid that does not need to be repaid
  • Loans
    • Funds that are repaid along with interest
    • Direct Subsidized Loans are need based loans and the interest DOES NOT accrue while in school
    • Direct Unsubsidized Loans are NOT need based and interest accrues once the funds disburse

How is my need-based financial aid determined?

The “Expected Family Contribution” or EFC from the FAFSA determines aid eligibility

  • Information on the FAFSA determines the financial “need”
    • Family size, number of family members in college, income, and assets
  • A basic principle of the Department of Education and of Martin Luther College in regard to financial aid is that paying for college is a family responsibility.

How do I use the IRS Data Retrieval Tool (DRT) through FAFSA?

IRS Data Retrieval Tool instructions

What if I am selected for Verification?

If you are selected for Verification, this guide will help you understand the process. You can also call our office with any questions: 507.354.8221

What merit scholarships are available?

Merit Scholarships

What grants are available at MLC?

Federal Pell Grant

  • $606-$5,920

Federal Supplementary Educational Opportunity Grant (FSEOG)

  • $200 to $1,000

Minnesota State Grant (MN Residents only)

  • $10,745 maximum (less any Federal Pell Grant amount)

MLC Grant

  • $200-$7,300

Salem Grant (Pre-Seminary students only)

  • $300 – $1,400 *requires a separate application

WELS Distance (for students with need & living more than 750 miles from New Ulm)

  • $400 – $1,000

Named Grants (funded by Donor Established Endowments)

  • various amounts

What loans are available at MLC?

Federal Direct Loans

  • Subsidized Loans * no interest accrues while the student is in school
    • max of $3500 for freshman
    • max of $4500 for sophomore
    • max of $5500 for juniors/seniors
    • Cumulative maximum of $23,000
  • Unsubsidized Loans *interest starts accruing as soon as the funds are disbursed
    • max of $2000 if student is eligible for the full Subsidized amount
    • IF NO SUBSIDIZED amounts:
      • $5500 freshman
      • $6500 sophomore
      • $7500 juniors/seniors
      • Cumulative maximum of $31,000

Alternative Student Loans

  • Provided by private lenders (banks, State of MN, etc.)
  • Require a credit-worthy co-signer
  • May have limited repayment options

Federal Direct Parent PLUS Loans

  • Loans specifically for parents to borrow on behalf of a student
  • Both interest and principal are due while student is in college but payments can be deferred while the student is in school (interest will continue to accrue)

How do I apply for a direct loan?

Complete:

  1. Direct Loan Entrance Counseling
  2. Master Promissory Note (MPN)
  3. Direct Loan Request Form

How do I find a job?

On-campus and Off-campus jobs are updated on our job opportunities website.

When/how do I find out about my financial aid?

Access your Net Partner account to view your financial aid award

  •  Portal – Tools – Net Partner
    • aid.mlc-wels.edu
  • Log in with your Social Security Number and Password

We begin notifying students the first part of April (with priority to incoming first-year students)

What happens to my MLC grants or scholarships if I receive financial aid from outside sources?

  • Typically we can add the additional funds with no change to your financial aid award
  • Sometimes we need to reduce the loan amounts or adjust the subsidized/unsubsidized amounts if you are near your “financial need” maximum (determined by the Expected Family Contribution from the FAFSA)
  • Very rarely we would need to reduce the amount of MLC grants or scholarships
    (This only happens if all of the scholarships and grants combined exceeds the total cost of attendance)

What are my rights and responsibilities?

  • You may submit a written appeal to the MLC Financial Aid Committee with any concerns about your financial aid award.
  • You are required to maintain satisfactory academic progress.

What if I still have questions?

Please contact our office with any questions or concerns:

Financial Aid Office
1995 Luther Court
New Ulm, MN 56073

PHONE: 507.354.8221
FAX:       507.354.8225
EMAIL: finaid@mlc-wels.edu