Beyond federal and state grants, Mountain Gateway Community College offers and accepts several additional funding options to help finance your education.
1. Scholarships
Scholarships are gift aid that does not have to be repaid. Students are encouraged to apply for multiple scholarship opportunities each year.
- MGCC Educational Foundation Scholarships: Awarded annually to eligible MGCC students across various academic programs.
- Virginia’s Community Colleges Educational Foundation (VFCCE): Offers statewide scholarships ranging from $500 to $10,000 for outstanding students of all ages and backgrounds.
- Local & Regional Scholarships: Community foundations, such as the Community Foundation for Roanoke Valley, as well as local civic organizations, offer independent scholarships based on merit, program of study, or financial need.
2. Veteran & Workforce Assistance
- Veterans Educational Benefits: Assistance programs are available for eligible veterans, active-duty service members, and dependents. Visit the U.S. Department of Veterans Affairs (VA) for benefit details.
- Dislocated Worker Program: Workforce grant assistance may be available for individuals who have lost their jobs due to layoffs or facility closures. Contact Student Services or your local workforce center for eligibility.
3. Payment Plans & Loans
MGCC Tuition Payment Plan
If financial aid does not cover your full balance, the MGCC Business Office offers a flexible monthly payment plan to spread tuition costs over the semester.
Direct Parent PLUS Loans
- Eligibility: Available to parents of dependent undergraduate students to help cover remaining educational costs.
- How to Apply: Parents must log in to studentaid.gov using their FSA ID and password to complete the Parent PLUS application.
Private Student Loans
Private loans should generally be considered a last resort after exploring all federal, state, and scholarship options.
⚠️ Federal vs. Private Loans: Federal loans offer fixed interest rates, consumer protections, and income-driven repayment plans set by Congress. Private loans are offered by banks or credit unions, require a credit check (or co-signer), and often have variable interest rates without federal forgiveness options.
When to Consider a Private Loan:
- You have reached the maximum annual limits for federal direct loans.
- You or a co-signer have a strong credit history to secure a competitive rate.
- You are borrowing strictly the minimum amount needed for tuition and required expenses.
Note: Mountain Gateway Community College does not endorse or favor any specific private lender.
4. Financial Literacy, Tax Credits & Federal Resources
Higher Education Tax Credits
You or your parents may be eligible for federal tax credits when filing annual income taxes:
- American Opportunity Tax Credit (AOTC)
- Lifetime Learning Credit
Official Higher Education Portals
- State Council of Higher Education for Virginia (SCHEV): Official state guide for Virginia financial aid, college access, and institutional data.
- Federal Student Aid Portal (studentaid.gov): Complete your FAFSA, manage federal loans, complete entrance counseling, and access financial literacy tools.
- Selective Service System: Registration portal and official compliance information.
- MGCC’s Educational Foundation offers scholarships to MGCC students.
- Local/Private Scholarships may also offer scholarships as an additional form of aid.
- Check your local and regional organization for scholarships opportunities.
- Foundation for Roanoke Valley (FRV), a community foundation, administers a variety of scholarships to reward and assist capable and deserving students based on the criteria established by the fund donors
- VFCCE offers students the opportunity to apply for scholarships from $500 to $10,000. The VFCCE recognizes outstanding students of all ages and backgrounds.
- Online scholarship searches may provide additional forms of aid.
- VA benefits may be available to veterans. Please visit the website for the U.S. Department of Veterans Affairs for detailed information regarding benefits.
- Dislocated workers may qualify for the Dislocated Worker program.
- MGCC’s Business Office offers the option of setting up a payment plan.
For parents of dependent students. Parents must log in with their FSA ID and Password. Click the Log In To Start button.
Private Loans
In order to apply for a federal student loan, you must complete the Free Application for Federal Student Aid or FAFSA. Federal loans are government loans and offer borrowers protections and alternative repayment options that private loans may not, such as income-based repayment and forgiveness programs. Federal student loans also have flat interest rates set by Congress, while the interest rate on a private student loan depends on your or your co-signer’s credit. You must apply for a private student loan through a bank, credit union or online lender.To help you with the decision-making process, studentaid.gov explains the differences between federal and private loans.
Students choose to take out private loans when:
- They have already borrowed the maximum subsidized and unsubsidized federal student loans.
- They have good credit or a co-signer has good credit (most private student loans require a co-signer).
- They are borrowing only what they need.
Here is a website that lists various private loan lenders: https://lendedu.com/blog/private-student-loans/
Mountain Gateway Community College does not endorse any one private loan lender.
Office of Postsecondary Education
This site is managed by the US Department of Education and includes the following information:
- School Code List
- Free Application for Federal Student Aid (FAFSA)
- Renewal FAFSA
- Student Guide
- Guide to Defaulted Loans
Additional sites managed by the US Department of Education
Additional web sites
- Financial Awareness Basics
- American Opportunity and Lifetime Learning Tax Credits
- Selective Service Administration
- State Council of Higher Education for Virginia (SCHEV) An online resource for students, parents and education personnel who are seeking information about federal and state financial aid.