Financial aid comes in several forms:
Scholarships
Scholarships are gifts that do not have to be repaid, and are available from Marine Trades Institute and other sources. Scholarships are awarded based on several criteria including past academic achievement, past experiences, interests, and initiative. Some scholarships are based on financial need, and some are strictly based on merit.
Grants
Grants are funds that do not have to be repaid. Most grants are based on financial need but some, like the Michigan Achievement Skills Scholarship, have other selection criteria.
Sponsorships
Get help paying for tuition and have guaranteed employment when you graduate through Tuition Sponsorships.
Work Study
Work on campus to earn money to cover your expenses.
Loans
Unlike scholarships or grants, loans need to be paid back with interest. However, you won’t need to start repaying most loans while you are in school.
Scholarships
Marine Trades Institute Scholarships
At Marine Trades Institute, scholarships are awarded based on several criteria including past academic achievement, past experiences, interests, and initiative. Some scholarships are based on financial need, and some are strictly based on merit. A partial list of Marine Trades Institute scholarships is available here.
To apply, complete a scholarship application form. You will be considered for all Marine Trades Institute scholarships for which you qualify.
If you are awarded an Marine Trades Institute scholarship, you must meet the minimum renewal requirements to receive the award for the full period of the award (usually three semesters). You must pass at least 90% of the credits attempted each semester and meet the Grade Point Average (GPA) requirement of your scholarship to receive your scholarship for the next period. Your progress will be reviewed after each semester.
At any time during the academic year, the Marine Trades Institute scholarship award may be reduced or canceled if you receive other gift aid. Marine Trades Institute reserves the right to correct any errors.
Private Outside Scholarships
Students who have earned a private scholarship from high school, an employer, or another source must report the scholarship to the Financial Aid Office, as explained in the Terms and Conditions of Financial Aid agreement. Outside scholarship funds will not be posted on a student’s account until they are received at Marine Trades Institute. If the donor does not specify the terms of the award, it will be assumed that the funds are for the full year. Private scholarships will be divided equally over three semesters. If the student fails to attend, the unearned scholarship funds will be returned to the donor.
Grants
Like scholarships, grants are gifts that do not need to be repaid, unless you withdraw from courses or owe a refund of aid received.
Federal Pell Grant
To be eligible for the Federal Pell Grant, you must be a U.S. citizen or eligible noncitizen, an undergraduate student with demonstrated financial need (determined by filing the FAFSA), be enrolled or accepted for enrollment as a degree-seeking student who has not yet earned a bachelor’s degree, be in good standing under Satisfactory Academic Progress, and have a completed Financial Aid file for the academic year. All students who complete a FAFSA are evaluated for Pell eligibility.
Awards range from $740 – $7,395 for the 2024-25 award year, based upon financial need. Awards are limited to three (3) full-time awards each academic year, additional criteria does apply for the third semester of eligibility*. Award amount may be increased or reduced to reflect enrollment status. You may only receive a Pell Grant at one school at a time. The lifetime maximum Federal Pell Grant Awards is limited to no more than 6 years.
*The Consolidated Appropriations Act of 2017 allows students to potentially utilize more than 100% of a Federal Pell Grant award in an academic year. That means, even if you attended full-time for two semesters, you may be eligible for Federal Pell Grant funds during the next semester. This program is commonly referred to as “Year-Round Pell.” Per the published eligibility requirements for Year-Round Pell, you must be enrolled at least half-time to be eligible for this award for a third period if you were awarded two full time Federal Pell Grant awards during the first two periods.
Keep in mind, you can receive the Federal Pell Grant for no more than six years, a 600% maximum. You will receive a notice if you are getting close to your limit. Any additional Pell Grant funds awarded for the third semester will be reflected in your 600% maximum Pell Lifetime Eligibility Used (LEU). You may review your current Pell LEU, and the complete history of all Direct Federal Loans, at https://studentaid.gov.
Federal Supplemental Educational Opportunity Grant (SEOG)
Federal Supplemental Educational Opportunity Grant (SEOG) funds are awarded to Pell-eligible students, as determined by the FAFSA. All students who complete a FAFSA are evaluated for SEOG eligibility. Priority is given to students with the lowest Student Aid Index (SAI). Grant amounts vary by available funding. Recipients of this grant must be in good standing under Satisfactory Academic Progress standards.
State of Michigan Grants
Michigan residents who graduated from high school in Michigan with a diploma or certificate of completion or achieved a high school equivalency certificate in 2023 or after, and who have not yet earned an associate or bachelor’s degree, may be eligible for the Michigan Achievement Skills Scholarship. The Michigan Achievement Skills Scholarship provides eligible students with up to $2,000 per year, for up to 2 years. Funds are applied to student accounts in one lump sum. The student must be in attendance for three weeks before the funds will be applied. More information is available here. Students must apply on the MI Student Aid website. Financial need is not required for this grant.
The Michigan Department of Lifelong Education, Advancement, and Potential is not affiliated with National Merit Scholarship Corporation or its registered trademarks National Achievement®, Achievement Scholarship®, or Achievement Scholar®.
Sponsorships
A limited number of tuition sponsorships are available. Sponsorships are awarded based on several criteria including past academic achievement, past experiences, interests, initiative, and an interview. Sponsorships are not need-based, and you are not required to submit a FAFSA to apply. Sponsorships have varied eligibility requirements. Students must meet Satisfactory Academic Progress standards, which may be stricter than the general Marine Trades Institute Satisfactory Academic Progress standards.
A list of available sponsorships, complete with eligibility requirements and employment benefits, is available here.
To apply, complete a Core Sponsorship application form, an employer-specific application form, and submit at least two references.
Federal Work Study
On-campus jobs are available for eligible students. Eligible students have completed a FAFSA and demonstrate financial need.
Federal Work Study offers will be listed on your Financial Aid Offer. You must accept the offer of Federal Work Study and complete a Work Study Application form. Students will be interviewed for open positions. If hired, you will complete any required human resources forms, such as federal and state W-4 forms and the I-9 form. Work study earnings are paid directly to you, via direct deposit, on a bi-weekly basis. Work Study Application forms may be picked up in the Operations Office.
Loans
Unlike scholarships and grants, loans must be paid back along with any interest that has accrued. Most student loans are loans offered through the Department of Education. You can also apply for a private loan. Most loans do not need to be repaid while you are in school.
Federal Direct Loans
You are automatically considered for Federal Direct Loans when you submit the FAFSA. You must be a U.S. citizen or eligible noncitizen and be enrolled at least half-time in a degree program to be eligible for a Direct Loan. If this is your first time borrowing a federal student loan, you will need to complete Entrance Counseling and sign a Master Promissory Note (MPN) before loan funds can be applied to your account. Once enrolled at Marine Trades Institute, you must meet the Satisfactory Academic Progress (SAP) standards to be eligible for additional loans.
All federal student loans obtained by a student or parent are reported to and tracked on the National Student Loan Data System (NSLDS). NSLDS loan records are accessible to all authorized NSLDS users, including schools, student loan guaranty agencies, lenders, federal agencies, and other authorized users.
There are two types of Federal Direct Loans available to students at Marine Trades Institute: Direct Subsidized Loans and Direct Unsubsidized Loans.
| Subsidized Loans | Unsubsidized Loans |
|---|---|
| Available to students who complete the FAFSA and have demonstrated financial need | Available to students who complete the FAFSA regardless of financial need |
| Interest paid by the government until repayment begins and during deferments | Interest begins accruing when loan is disbursed |
| Up to $3,500 first year dependent students Up to $4,500 second year dependent students Up to $3,500 first year independent students Up to $4,500 second year independent students | Up to $5,500* first year dependent students Up to $6,500* second year dependent students Up to $9,500* first year independent students Up to $10,500* second year independent students *less any subsidized loan amount |
| A federal origination/processing fee of 1.057% will be deducted from each disbursement for loans first disbursed between October 1, 2024 and October 1, 2025. Proceeds go to the federal government to help reduce the cost of the loans. | A federal origination/processing fee of 1.057% will be deducted from each disbursement for loans first disbursed between October 1, 2024 and October 1, 2025. Proceeds go to the federal government to help reduce the cost of the loans. |
| The interest rate for loans disbursed between July 1, 2024 and June 30, 2025 is 6.53%. This is a fixed Interest rate for the life of the loan. | The interest rate for loans disbursed between July 1, 2024 and June 30, 2025 is 6.53%. This is a fixed Interest rate for the life of the loan. |
| Repayment begins 6 months after a student leaves school or falls below half-time enrollment. | Repayment begins 6 months after a student leaves school or falls below half-time enrollment. |
| Master Promissory Note (MPN) required | Master Promissory Note (MPN) required |
| Entrance Counseling required | Entrance Counseling required |
| Acceptance of the Terms and Conditions of Financial Aid required | Acceptance of the Terms and Conditions of Financial Aid required |
| Maximum Time Frame requirement (see SAP policy) |
You must be enrolled at least half-time and meet all eligibility requirements to receive a Direct Subsidized and/or a Direct Unsubsidized loan. Federal loan disbursements to your account can only be made if you are enrolled at least half-time at the time of disbursement. Loan disbursements may be reduced or canceled if your enrollment status changes. This may cause a balance owing to the school.
Loans for the academic year are issued in two payments (disbursements). In most cases the first payment will be at the beginning of the Fall semester and the second payment at the beginning of the Spring semester. First time federal student loan borrowers, however, will receive the first payment 30 days after the Fall semester begins. If you have a loan for only one period, it will be disbursed in two payments, with the second payment at the midpoint of the semester.
Your grade level will change at the end of Spring semester if you successfully complete two semesters and you may be eligible for additional Direct Loan for the Summer semester. Marine Trades Institute students may be eligible to receive up to half of the annual subsidized and/or unsubsidized loan limit for the Summer semester. If eligible, the loan will disburse in two payments, with the second payment at the midpoint of the Summer semester.
For example: The Comprehensive Career Boat Building Program and Marine Service Technology programs are a year in length and are divided into three equal semesters. In the first two semesters of the program, the annual loan limit is $5,500 for dependent students and $9,500 for independent students. In the third semester, the maximum is $3,250 for dependent students and $5,250 for independent students.
Loan funds must first be used to pay for tuition, fees and other charges. If excess loan funds remain after campus charges for the semester are paid, you will be refunded the excess within 10 days of disbursement.
Next Steps
There are additional steps to finalize any federal student loans on your Financial Aid Offer Letter. Please follow the instructions on your Financial Aid Offer Letter carefully. Review the Next Steps page and check the Financials/Missing Documents section of the Student Portal to stay on track.
Annual and Aggregate Direct Loan Limits
Lifetime borrowing limits (i.e. aggregate limits) are based on a student’s dependency status and degree level.
| Lifetime Borrowing Limits | Aggregate Limit | Subsidized Portion |
|---|---|---|
| Dependent Undergrad | $31,000 | $23,000 |
| Independent Undergrad | $57,500 | $23,000 |
Maximum Time Frame
Students who first borrow Federal Direct Loan funds in 2013-14 or later are subject to a time limit, based on the length of their program measured in terms and the pace of completion required by their school, for which they can receive federal loans. Marine Trades Institute requires a 90% pace of completion of courses. Once a student’s time in school has exceeded 110% of their academic program length, or 3 semesters, they will no longer be eligible for Federal Direct Loan funds. See the Satisfactory Academic Progress policy for more detailed information.
Additional Certificates
At Marine Trades Institute, a student who completes one program and then returns for an additional program will start the new program with a new maximum time frame limit of 3 semesters, or 110% of the length of the program. The student’s GPA, credits attempted, and credits earned in both programs will be measured cumulatively across both programs for Satisfactory Academic Progress.
Federal Direct Parent PLUS Loans
If you are a dependent student, your parent may apply for a Federal Direct Parent PLUS Loan. If your parent is interested in a parent loan, please apply on the Federal Student Aid website at https://studentaid.gov. Interest rates vary annually, but the rate for the year the funds are borrowed are in effect for the life of that loan. The interest rate for 2024-25 PLUS loans is 9.08%. In accordance with federal regulations, fees of up to 4.228% are deducted from PLUS loans for 2023-24, with the proceeds going to the federal government to help reduce the cost of the loans.
Alternative/Private Loans
If your Marine Trades Institute Cost of Attendance is not met with scholarships, grants, federal loans or other aid, you may want to consider a private loan. Each loan may have different eligibility requirements (i.e. academic progress, minimum enrollment, interest rates (fixed vs. variable) and repayment plans). You should explore the options to find the loan that works best for you. These private loans do have certain credit, debt to income ratio, and/or employment requirements. A co-signer may be necessary.
You can research private loan options at ELMSelect.
You have the right to choose a private lender that is not listed at ELMSelect. Contact the Marine Trades Institute Operations Office for a copy of the Private Education Loan Self-Certification form. A lender must obtain a self-certification form, signed by the applicant, before disbursing a private education loan.
Third-Party Billing
Third-party billing happens when a company, organization, etc. pays for all or part of a student’s tuition and/or other fees. The company is billed for the amount they have agreed to pay on behalf of the student. A contractual agreement is typically necessary for this interaction and is done through the Operations Office at Marine Trades Institute.
When a student provides the required documentation to Marine Trades Institute to authorize the school to bill the designated third-party, they are agreeing that:
Marine Trades Institute will bill the designated third-party once the registration add/drop period of the semester concludes. If the designated third-party refuses to pay the amount billed, the balance owed will become the student’s responsibility to pay no matter what the circumstance, and the student understands that a delinquent balance will prevent the student from registering for a future period.
Veterans Educational Benefits
GI Bill® educational benefits may be used by an eligible veteran or other eligible person during their attendance at the school. For information about what types of benefits are available, how to apply for these benefits, how to fill out a Veterans online application, and to view payment rates, go to:
GI Bill® is a registered trademark of the U.S. Department of Veterans Affairs (VA). More information about education benefits offered by VA is available at the official U.S. government web site at https://www.benefits.va.gov/gibill.
