Policies, Terms and Conditions

Before applying for financial aid, we recommend that you make yourself familiar with important financial aid policies, terms and conditions that may affect you. We encourage you to use this section of our website as an important reference tool. The Financial Aid Office updates and lists these important policies, terms and conditions in our 2014-2015 Financial Aid Award Guide and 2013-2014 Financial Aid Award Guide. Here is an outline of the policies you will find:

 

Mount Ida College awards most of its institutional funds and all federal and state assistance based on financial need as demonstrated by the analysis of student and parents and if applicable, financial resources indicated on the Free Application for Federal Student Aid (FAFSA) and the federal tax returns of the family. These funds are known as need-based financial aid. Additionally, the College awards a number of institutional merit-based awards which do not require the filing of the FAFSA. A need-based aid philosophy assumes the student and parents are primarily responsible for the cost of an education to the extent of their ability, and financial aid is used to supplement the efforts of the family. The College uses Federal Methodology (FM), which is the formula used by the federal government to determine your Expected Family Contribution (EFC). FM evaluates your income and assets, provides nondiscretionary allowances against both resources and determines how much your family can contribute. The EFC is then subtracted from your cost of attendance to calculate your financial need. Your financial need is used to determine the amount and type of aid, such as federal work-study, loans or grants that you are eligible to receive, dependent on funding levels and the terms and specific eligibility requirements of each fund. To receive need-based federal, state or institutional financial aid, the student must meet certain requirements.

• Be a U.S. citizen or eligible non-citizen

• Have a valid social security number (unless you are from the Republic of the
Marshall Islands, the Federated States of Micronesia, or the Republic of Palau)

• Be registered with Selective Service if you are male and 18 to 25 years old
(Visit www.sss.gov for more information)

• Have a high school diploma or a General Education Development (GED)
Certificate or pass an exam approved by the U.S. Department of Education

• Be enrolled or accepted for enrollment as a regular student working toward a
degree or certificate in an eligible program at a school that participates in the
federal student aid programs

• Not have a drug conviction for an offense that occurred while you were
receiving federal student aid such as grants, loans, or work-study

• Not owe a refund on a federal grant or be in default on a federal student loan

• Demonstrate financial need, except for Federal Direct Unsubsidized
Stafford Loans.

 

Returning student awards will be processed once all requested documents have been submitted to the Financial Aid Office and a review of Satisfactory Academic Progress has been conducted as outlined in the Mount Ida College Catalog. Students may choose to reduce or decline a portion of their award and must notify the Financial Aid Office in writing of such intent.

U.S. Department of Education requirements state that a repeated course may count toward a student’s enrollment status(full-time or part-time status) for financial aid eligibility under the following conditions:

• The course is repeatable for credit. Please see specific course descriptions for
applicability.

• The student received a failing grade or withdrawal in the previous attempt and
is retaking the course to receive credit.

• The student received a passing grade and is re-taking the course for the first
time in order to achieve an academic standard set by the student’s specific
program or to improve the GPA.

Federal regulations require the College to notify all students of federal student aid penalties for drug law violations. Students who are convicted of any offense involving the possession or sale of a controlled substance understate or federal law while receiving federal Title IV financial aid benefits are ineligible to receive these benefits for the following time periods after the conviction:

  • For the first offense, the penalty for possession is one year and for sale is two years.
  • For the second offense, the penalty for possession is two years and for sale indefinite.
  • For third offense, the penalty is indefinite.

A student who loses eligibility for federal financial aid may resume eligibility before the end of the determined period if: the student satisfactorily completes a drug rehabilitation program that meets federal requirements and includes two unannounced drug tests or the conviction is reversed or set aside.

The Family EducationRights and PrivacyAct (FERPA) (20U.S.C. §1232g; 34CFRPart 99) is a Federal law that protects the privacy of a student’s education, financial and academic records. For the student’s protection, FERPA limits release of student record information without the student’s explicit written consent. If you would like to allow the college to share information (billing, financial aid application and award records) with a person other than you, the student, please complete a Family EducationRights and PrivacyAct (FERPA) release form.

Release form addendum

Students and parents who experience a significant change in financial circumstances or have extenuating circumstances that are not reflected on the FAFSA can submit an appeal. Appeal forms must be completed in full and all requested supporting documentation submitted before an appeal can be reviewed. Appeal forms are available online. Some examples of change in circumstances are as follows: loss of income; loss of untaxed income or benefits; death of a parent/spouse; incarceration of a parent/spouse, and unusually high medical/dental bills not covered by insurance in excess of 10% of AGI, not including insurance premiums.

The Mount Ida College Office of Financial Aid works to ensure its employees adhere to the highest ethical behavior and professional practices.We have adopted the National Association of Student Financial Assistance Administrators’ (NASFAA) Statement of Ethical Principles and Code of Conduct, which help to guide financial aid professionals in ensuring transparency in the administration of student financial aid programs. In addition, Financial Aid abides by the following legislated requirements prohibiting a conflict of interest regarding the administration of Title IV student loans and the responsibilities of an agent of the College.

1. Employees shall not solicit or accept any gift having a monetary value of more than a nominal amount from a lender, guarantor, or servicer.Certain items are not considered gifts, such as training materials, meals at training events, and philanthropic contributions not related to student loans. Employees may also be reimbursed for reasonable expenses incurred in serving on the advisory board, commission, or group.

2. Employees shall not enter into any revenue-sharing arrangement with any lender where the lender provides or issues a Title IV loan to the student or student’s family in exchange for the schoolrecommending the lender orthe lender’sloan products in exchange for a fee ormaterial benefit including profit or revenue sharing that benefits the school or a school’s employee or agent.

3. Employees shall not accept from any lender or affiliate of any lender, any fee, payment, or other financial benefit (including the opportunity to purchase stock) as compensation for any type of consulting arrangement or other contract to provide services to a lender or on behalf of a lender relating to education loans.

4. The College shall not request or accept funds from any lender for private education loans including funds for an opportunity pool loan to its students in exchange for the school providing promises of a specified loan number or volume or a preferred lender arrangement for educational loans.

5. Employees shall not assign, through award packaging or other methods, a first time borrower’s loan to a particular lender or refuse or delay processing of a loan based on the borrower’s selection of a lender or guarantor.

6. Employees shall not accept or request any assistance with call center or financial aid office staffing from any lender except as allowed by law.

The following information is provided to maintain compliance with the US Department of Education Gainful Employment Program Disclosure regulations. Currently, Mount Ida College does not offer any programs which would fall under the US Department of Education Gainful Employment Program Guidelines.

If you suspect that a student, employee, or other individual has misreported information or altered documentation to fraudulently obtain federal funds, you should report your suspicions and provide any evidence to the Office of the Inspector General.

National Hotline
Inspector General’s Hotline
Office of Inspector General
U.S. Department of Education
400 Maryland Avenue, SW
Washington, DC 20202-1500
1-800-MIS-USED
Email: oig.hotline@ed.gov
Web: http://www2.ed.gov/about/offices/list/oig/hotline.html
Regional Offices Telephone No.

Boston, MA (617) 289-0174

New York, NY (646) 428-3861

Philadelphia, PA (215) 656-6900

Atlanta, GA (404) 974-9430

Chicago, IL (312) 730-1630

Dallas, TX (214) 661-9530

Denver, CO (303) 844-0058

Kansas City, MO (816) 268-0530

Long Beach, CA (562) 980-4141

San Juan, PR (787) 766-6278

Washington, DC (202) 245-6911

Students who withdraw from the College may be eligible for a reduction of tuition, room and board, and fee charges. To be eligible for such an adjustment, the student must complete a College Withdrawal Form, which is available in the Office of the Registrar. The official date of withdrawal is the date the student formally notifies the College. Mount Ida College adheres to the Higher Education Act of 1992, which requires institutions that participate in Title IV programs to have an equitable and fair refund policy.

Students who withdraw from all classes or takes an approved leave of absence, but attended the College for at least one day during the semester and received or was eligible to receive Commonwealth of Massachusetts funds, will be subject to a state withdrawal calculation.

Students who withdraw from all classes or take a leave of absence, but attended the College for at least one day during the semester and received or was eligible to receive financial aid, is subject to a Return toTitle IV Funds calculation.This calculation is mandated by the federal government. The calculation is done by the following: dividing the number of days the student attended by the days in the semester. Students who remain enrolled through the 60% point of the semester are considered to have earned 100% of their financial aid and will not owe a repayment of the Title IV funds. Title IV funds include the following: Federal PELL Grants, Federal SEOG Grants, Federal Direct Stafford Loans, Federal Direct PLUS Loans. Federal Work-Study is excluded from the calculation. The calculation will be done within 30 days of the withdrawal from the College. Notification of adjustments will be sent in writing to the student. In circumstances when the College must return funds to the federal government it may result in an amount owed to the College. The Return to Title IV Funds calculation is independent of the institution’s refund policy.

To maintain eligibility for financial aid, a student must comply with the following standard. Failure to meet any of the standard requirements may result in denial of federal or institutional financial aid at Mount Ida College.

A financial aid applicant must have a CGPA based on the degree standards of his/her degree program and a completion rate as outlined in the College Catalog. The term ‘calculated credits’ is defined as credits for which a student has received a financial aid disbursement and/or attempted hours if the student did not receive financial aid. It also includes transfer credit hours that are accepted toward a student’s educational program. If a student fails to meet these eligibility standards, he/she is placed on probation.

Mount Ida College uses a Graduated Standard method of determining SAP as outlined in the College Catalog. Aid eligibility is limited to 150% of a program’s credit even if a degree is not earned.

Measurement Point/Times Standard Applied

The financial aid academic eligibility standard will be evaluated at the end of each term for financial aid applicants. Eligibility for receipt of financial aid can be denied at any measurement point if either standard is not met.

Good Standing Status

Financial aid applicants who meet the GPA requirements of his/her degree program are considered to be in good standing and are otherwise eligible for aid.

Probation Status

When a student in good standing fails to meet the eligibility standards for either completion rate and/or GPA, an automatic probation status is enforced for one semester.

Loss of Aid Status

If a student in probation status fails to meet the cumulative minimum standardsfor another semester, he/she becomes ineligible for any financial aid and is in a Loss of Aid status for future semesters. This includes grants, work study, institutional scholarships and loans. The loss of aid status also includes certain types of private, alternative loans.

Reinstatement of Aid

Reinstatement of aid is never automatic. Students in a loss of aid status have the opportunity to appeal their loss of aid by completing an Academic Plan through the Academic Affairs office to have their financial aid reinstated.

Students approved for an Academic Plan will remain on a probation status for one semester and will receive financial aid. A student can appeal their loss of aid a maximum of three times.

Students must meet the conditions outlined in the Academic Plan. If a student is unable to meet these conditions, the student will again be in a loss of aid status until the cumulative GPA meets his/her degree standards and the cumulative rate is at least 66.67%.

Students are expected to keep informed about:

  • What financial assistance is available, including information about all federal,
    state, and institutional financial aid programs.
  • What the deadlines are for submitting applications for each of the financial aid
    programs available.
  • What the cost of attendance is, and what the policies are on refunds to students
    who withdraw.
  • What criteria are used to select financial aid recipients
  • How the College determines a student’s financial need. This process includes how costs for tuition and fees, room and board, travel, books and supplies, and personal and miscellaneous expenses, etc. are considered in a student’s budget.
  • Which resources (such as parental contribution, other financial aid, student assets, etc.) are considered in the calculation of the need for financial aid.
  • How much of the financial need, as determined by the institution, has been met.
  • The various programs in the student’s aid package. A student has the right to request reconsideration of the award which was made if the student’s financial situation substantially changes after the Free Application for Federal Student Aid (FAFSA) was filed.

Students seeking study abroad opportunities are encouraged to speak to a financial aid counselor to discuss their individual finances and circumstances.

Tentative Awards for entering students, first-time freshman or transfer students will receive a Tentative Award prior to the college receiving verification documents. Financial aid will not be official until all requested documents have been submitted to the Financial Aid Office. Tentative Awards are subject to change. If any changes are made students are sent a Revised Tentative Award letter. Students must be accepted to the College and have a valid FAFSA before they can receive a Tentative Award.

Information on the College’s Tuition, Room and Board, and Fees Refund Schedule can be found in the College Catalog.

 

The U.S. Department of Education and Mount Ida College select particular applications for verification. The verification process requires Mount Ida College to verify certain information that is listed on their FAFSA.
This process is conducted by reviewing student and parent’s most recent year’s IRS Tax Transcript andW-2 forms; additional documents may be required. Changes to eligibility may result in an updated award should differences be found in the information provided on the FAFSA and/or verification process.