Mount Ida College

An Affordable and Accessible Education

A Mount Ida College education is one of the single most important investments in your future. Although the cost of a private education may seem high, the financial assistance offered can make a high quality private education surprisingly affordable to students from a wide range of economic backgrounds.

Our students receive need- and merit-based assistance, including scholarships, grants, loans, and work-study. In addition to the assistance they received from state and federal programs, 98% of our students received $9.3 million in institutional aid directly from the College last year.

Students must complete the Free Application for Federal Student Aid (FAFSA) annually in order to have eligibility determined for and receive an actual financial aid award that includes - federal grant, loan or work study assistance, state grant and loan funds (according to the terms and eligibility requirements of the student and, if appropriate, the parent's legal state of residence). You can complete the FAFSA online at www.fafsa.ed.gov . Again, to be considered for need based financial aid, students must complete a FAFSA annually.

Awarding Policy

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, 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.

The College uses Federal Methodology, (FM) which is the formula used by the federal government to determine your Expected Family Contribution (EFC) . Federal Methodology evaluates your income and assets, provides non-discretionary 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, dependant on funding levels and the terms and the specific eligibility requirements of each fund.

To receive need-based federal, state or institutional financial aid, the student must meet certain requirements. You must:

• Be a U.S. citizen or eligible noncitizen.
• Have a valid Social Security Number (unless you're 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 of age (go to 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).
• You must not owe a refund on a federal grant or be in default on a federal student loan.
• You must demonstrate financial need (except for Federal Direct Unsubsidized Stafford Loans).

Tentative Awards – Entering Students
First-time freshman or transfer students will receive a Tentative Award prior to 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.

Awards – Returning Students
Returning student awards will be processed once all requested documents have been submitted to the Financial Aid Office and review of Satisfactory Academic Progress has been conducted as outlined in the 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.

Financial Aid Appeals
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 on-line at www.mountida.edu. Some examples of change in circumstances are: loss of income, loss of untaxed income or benefits, death of a parent/spouse, incarceration of a parent/spouse, unusually high medical/dental bills not covered by insurance in excess of 7.5% of AGI, not including insurance premiums.

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

Financial Aid Adjustments
Adjustments may be made at any time to your financial aid award. Examples of a reason why your award may be revised include but are not limited to the following: additional outside or private aid being added to your award, change in housing status, change in enrollment status, transfer credits and/or verification.

For additional information on federal financial aid programs, please refer to the U.S. Department of Education Student Guide.

For general information about financial aid policies and a student's Rights and Responsibilities, view the Mount Ida College Catalog.

Verification Policy
Verification is a process to confirm the information you provided on your FAFSA.

The U.S. Department of Education or the Office of Financial Aid may at any time select your application for verification based on the information you provided. We are required to make sure that all aid is awarded to students according to federal and state regulations.

If your application requires verification, we will send you correspondence via mail or e-mail that will outline the required documentation.

• Once you have submitted the required documentation, we will correct any discrepancies and send changes electronically to the federal government.
• Your award amounts will be determined after we receive the corrected and verified application.

You and your parents may be required to order tax transcripts from the Internal Revenue Service (IRS). Because of a change in federal law, personal copies of tax returns are no longer accepted as verification of income. A tax transcript may document —

• Taxable income
• Federal income tax paid
• Certain untaxed income and benefits received

You may be required to document or clarify other information, such as —

• Income earned from work if you were not required to file a tax return
• Assets such as bank accounts, rental properties, value of a business or investment
• Untaxed income and benefits received
• Food stamp/SNAP benefits received
• Child support paid
• Number of family members in the household
• Number of family members enrolled in college
• Citizenship status
• Your name and your social security number
• Any information needed to clarify your status and determine your aid eligibility

Please be advised that any student who withdraws or is dismissed from the College must meet verification deadlines in order to qualify for the assistance as outlined on their award letter.

Financial Aid Office

Contact Us
(617) 928-4785 (phone)
(617) 332-7869 (fax)
finaid@mountida.edu

Hours
Monday - Friday 8:30 a.m. - 4:30 p.m.

Other Policies

Code of Conduct
Drug Conviction Notification
Satisfactory Academic Progress (SAP)
SAP for Financial Aid
Course Repeat Policy
Withdrawal Refund Policy
Return to Title IV Policy and Procedure for Withdrawing from the College
Return of Commonwealth of Massachusetts Funds
Gainful Employment
Method and Criteria for Selecting Alternative Loan List
Alternative Loan Annual Application and Solicitation Disclosure Notice

*Net tuition for each individual student may be lower or higher depending on family income and student eligibility and availability of grant aid.

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.