Understand Your Options Paying for College
Here at Millennium Training Institute we are committed to helping you achieve your educational goals. Funding your education is easy once you've made the decision to enroll in our school. A representative from our Financial Aid department will guide you through the process. To get started you can schedule a visit or request more information. Below is some basic information on the types of aid available, and remember, we're always here to help.
The main criterion for receiving grants is substantial financial need. Grants do not have to be repaid unless a student becomes ineligible. Students must maintain satisfactory academic progress as defined in Millennium Training Institute's Satisfactory Academic Progress Policy.
Federal Pell Grant – is a federal grant awarded to students on the basis of financial need and does not have to be repaid. These grants are considered the foundation of federal financial aid, to which aid from other federal and non-federal sources might be added. Pell Grants are only awarded to undergraduate students who have not yet earned a bachelor’s or a professional degree. In order to apply for a Pell Grant, students must complete a Free Application for Federal Student Aid (FAFSA). The U.S. Department of Education uses a standard formula to evaluate the financial information provided on this application to determine a student’s eligibility for a Pell Grant. Award amounts vary based on a student’s financial need, an institution’s cost of attendance and enrollment status.
Federal Supplemental Educational Opportunity Grant (FSEOG) – is a federal grant awarded to undergraduate students with exceptional financial need and does not have to be repaid. Funds are limited and Federal Pell Grant recipients receive priority. Students do not need to apply for this grant.
State Grants – Candidates that are members of the Massachusetts One Stop Career Centers may qualify for funding provided through the Workforce Investment Act (WIA), Trade Adjustment Assistance (TAA), the Department of Transitional Assistance (DTA), Employment and Training Administration (ETA) and similarly funded programs. These funding sources allow individuals that are experiencing a separation from employment or an extended period of unemployment an opportunity to develop skills necessary to transition into a secure employment opportunity, ideally for the long term. Those candidates that enroll in a training program that are also currently collecting Unemployment Insurance (UI) benefits may qualify for a Section 30 benefits extension while in training. The Section 30 extension allows qualified candidates the opportunity to receive an extension of benefits for up to an additional 18 weeks beyond their regular UI benefits period, or until the end date of their training program, whichever comes first.
Veterans Grants – Millennium Training Institute is approved by the Veterans Administration to train veterans and other eligible students under Title 38, US Code as amended (“GI Bill”). If you are a veteran, disabled veteran or if you are on active duty or inactive reserve status, you may qualify for training funds.
Millennium Training Institute provides scholarship opportunities to students who have been sponsored by a grant through the State of Massachusetts, a City program in the State of Massachusetts, veterans who are utilizing their GI Bill and prospective students who are currently experiencing financial hardship personally or in their family household. All parameters of the MTI Scholarship program are set forth in Millennium Training Institute Scholarship Policy and Application Booklet available to all applicants. Applicant eligibility, application process, selection process, award determination/denial process and award disbursement are all described in the MTI Scholarship Policy and Application Booklet. A copy of this booklet is available at the Financial Aid Office.
Millennium Training Institute was approved by the United States Department of Education to participate in the Federal Direct Student Loan Program. Direct Loans are low-interest loans and the lender/servicer is the U.S. Department of Education (the Department).
Subsidized Direct Loan - are loans for undergraduate students with financial need. Repayment begins 6 months after a student graduates or is no longer enrolled at least half time. The interest rate on Federal Direct Subsidized loans borrowed by undergraduate students between July 1, 2021 and June 30, 2022 is 3.73%. If a student qualifies, the maximum amount of a Subsidized Direct Loan is $3,500 for first-year students, $4,500 for second-year students and $5,500 for third-year and fourth-year students. The loan fee associated with these Federal loans is 1.057% for the period through September 30, 2022, and is proportionately deducted from each loan disbursement.
Unsubsidized Direct Loans - are loans for both undergraduate and graduate students that are not based on financial need. Interest is charged during in-school, deferment, and grace periods. The interest rate on Federal Direct Unsubsidized loans borrowed by undergraduate students between July 1, 2021 and June 30, 2022 is 3.73% and the interest rate for graduate/professional students is 5.28%. You are charged interest on this loan from the time the loan is disbursed until it is paid in full. If the interest is allowed to accumulate, the interest will be added to the principal amount of the loan and increase the amount to be repaid. If an independent student qualifies, the maximum amount of an Unsubsidized Direct Loan is $9,500 for first year students (no more than $3,500 of this amount may be in subsidized loans), $10,500 for second year students (no more than $4,500 of this amount may be in subsidized loans), and $12,500 for third year and beyond (no more than $5,500 of this amount may be in subsidized loans). Award amounts are dependent upon a student’s dependency status on the Free Application for Federal Student Aid (FAFSA). The loan fee associated with these Federal loans is 1.057% for the period through September 30, 2022, and is proportionately deducted from each loan disbursement.
Federal Direct PLUS Loan – are low interest loans available to parents of dependent undergraduate students and graduate and professional students. It is an affordable, low-interest loan designed to help students and parents pay for a college education. The Direct Plus Loan is an unsubsidized loan, meaning that interest accrues while the student is enrolled at least half-time and during deferment periods. A mandatory credit check is completed as eligibility for this loan depends upon the borrower’s credit worthiness. Repayment of principal and interest begins 60 days after the loan is disbursed. The interest rate on Federal Direct PLUS loans borrowed between July 1, 2021 and June 30, 2022 is 6.28%. The loan fee associated with these Federal loans is 4.228% for the period through September 30, 2022, and is proportionately deducted from each loan disbursement.