Aug 25, 2019  
2012 - 2013 College Catalog 
    
2012 - 2013 College Catalog [Archived Catalog]

Financial Information for Undergraduates


Click on a link to be taken to the entry below.


 

Financial Assistance

Mount Ida College is committed to providing financial assistance through federal, state, private and institutional grants, scholarships, loans, and payment plans to help students and their families meet their educational goals. To be considered for financial aid, students must complete the Free Application for Federal Student Aid (FAFSA) by visiting the Financial Aid section of the  Mount Ida College website at www.mountida.edu. All students are encouraged to apply early to meet the priority funding deadline of April 15 for returning students.

A student’s eligibility for need-based financial aid is determined according to federal government regulations and College policies governing financial aid programs, using the information provided on the FAFSA and other supporting documentation. The federal processor calculates the amount of family resources that a student and his/her parent(s) are expected to contribute towards his/her educational costs. These resources, known as the Expected Family Contribution (EFC), are subtracted from a standard budget of expected educational expenses, or Cost of Attendance (COA). The difference between the family contribution and the cost of attendance is the maximum eligibility for need-based assistance.

Federal law prohibits a student from receiving financial assistance in excess of her/his calculated eligibility.

In most cases, an expected family contribution consists of a contribution from the student’s income and assets and a contribution from the student’s parent(s)’ income and assets. Please note that when determining eligibility for assistance, all assets are assumed to belong to the person who reports the interest and/or dividends earned from those assets on her/his tax return.

Students must file new applications for financial assistance each year of enrollment. The amount of financial aid that a student receives after the first year may vary, reflecting changes in the family’s financial strength, cost of attendance, number in family and/or in college, change in housing status and available funding. However, Mount Ida College attempts to match grant funding to students from year to year. Merit funding is renewable if a student maintains the required cumulative grade point average (CGPA). A student should expect the amount of the Federal Direct Stafford Loan in the package to increase as he/she progresses through an academic program and earn the proper number of credits for his/her grade level at Mount Ida College.

Continued eligibility for aid from federal, state and institutional sources requires that a student maintain satisfactory academic progress. Review this Catalog for a detailed description of the College’s current satisfactory academic progress policy.

The Office of Financial Aid determines a student’s eligibility for need-based aid only. Merit-based scholarships, or grants, are awarded through the admissions process or are determined by a scholarship committee. All students accepted for admission to Mount Ida College are automatically considered for College funded merit-based aid such as a President’s Merit Scholarship or a President’s Achievement Award. Students will be notified if offered a merit-based scholarship.  Merit and need-based aid is renewed based on maintaining satisfactory academic progress.

Most students who receive need-based assistance are awarded an aid package consisting of grant, loan and work awards designed to help meet the applicant’s calculated unmet need. The College’s priority funding deadline is April 15 for returning students.

Mount Ida College does not award to full-calculated need. However, the College does offer a wide range of financing options to help families attain their educational goals. Students who submit application materials late may jeopardize or reduce their ability to receive some form of grant assistance.

A student’s financial aid award letter may include one or more types of need-based financial aid sources as listed later in this section. Please note that an award letter assumes a level of federal and state appropriations that frequently has not been finalized at the time that the awards are made. Therefore, if funds fail to be appropriated as anticipated, offers may need to be adjusted accordingly. Students will be notified as soon as possible if changes are necessary.

A student’s financial aid award may be subject to a process called verification. In these cases the Office of Financial Aid will verify that the information provided on the FAFSA is accurate. Collecting needed documentation such as federal tax transcripts, W-2 forms and other secondary income verification is required for verification. The Office of Financial Aid will notify the student/family if additional documentation is needed. It is the student’s/family’s responsibility to follow up on all applications.

Part Time Student Eligibility
Any student enrolled in a part time program, regardless of the method of instruction, may be eligible for financial aid, provided they are enrolled in a minimum of 6 credits for the defined enrollment period. To determine eligibility, students must complete a Free Application for Federal Student Aid (FAFSA). Students will be awarded aid according to all rules and regulations set forth to be eligible for Title IV Financial Aid. 

Repeat Course Policy
Effective July 1, 2011, 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 retaking 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.
Repeated courses cannot count toward enrollment status for financial aid eligibility if the student has already taken and passed the course more than once and is repeating the course again.  Please note:  students may not retake a course more than one time without written permission of the faculty member and/or the student’s advisor.  If permission is granted, the repeated course will not count toward enrollment for financial aid purposes.

All repeated courses, regardless of whether they are eligible for financial aid, count toward the student’s attempted credits for the purpose of determining satisfactory academic progress and progress toward degree completion within the maximum allotted timeline for financial aid eligibility.

Drug Conviction Policy
Notice of Federal Student Financial Aid Penalties for Drug Law Violations

Federal regulations require the College to notify all students of federal student financial aid penalties for drug law violations.

Students who are convicted of any offense involving the possession or sale of a controlled substance under state or federal law while receiving federal Title IV financial aid benefits (including grants, loans and/or work assistance) 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 the 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:

  1. The student satisfactorily completes a drug rehabilitation program that:  (a) meets federal requirements and (b) includes two unannounced drug tests, or
     
  2. The conviction is reversed or set aside.

Students can contact the Financial Aid Office with any questions about this regulation at 617-928-4785.


Satisfactory Academic Progress (SAP) for Financial Aid
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 this 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 financial aid Probation.

Mount Ida College uses a Graduated Standard method of determining SAP as outlined in this 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 standards for 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.  A student in Loss of Aid status has the opportunity to appeal his/her Loss of Aid by completing an Academic Plan through the Office for Academic Affairs. In the event of a successful appeal, financial aid will be reinstated.

Students approved for an Academic Plan will remain on a Probation status for one semester and receive financial aid.  A student can appeal his/her 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 CGPA meets his/her degree standards and the cumulative completion rate is at least 66.67%.

STUDENT FINANCIAL AID RIGHTS

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. 
  • What portion of the financial aid received must be repaid, and what portion is grant aid.  If the aid is a loan, a student has the right to know what the interest rate is, the total that must be repaid, the repayment procedures, the length of time allowed to repay the loan, and when repayment is to begin. 
  • How the College determines whether the student is making satisfactory progress.

Note: Graduate students may apply only for loans.
 

CODE OF CONDUCT

An institutional financial aid professional, or any other College administrator involved in Title IV fund management or processing is expected to always maintain exemplary standards of professional conduct in all aspects of carrying out his or her responsibilities, specifically including all dealings with any entities involved in any manner in student financial aid, regardless of whether such entities are involved in a government sponsored, subsidized, or regulated activity. In doing so, these employees should:

  • Refrain from taking any action for his or her personal benefit.
     
  • Refrain from taking any action he or she believes is contrary to law, regulation, or the best interests of the students and parents he or she serves.
     
  • Ensure that the information he or she provides is accurate, unbiased, and does not reflect any preference arising from actual or potential personal gain.
     
  • Be objective in making decisions and advising his or her institution regarding relationships with any entity involved in any aspect of student financial aid.
     
  • Refrain from soliciting or accepting anything of other than nominal value from any entity (other than an institution of higher education or a governmental entity such as the U.S. Department of Education) involved in the making, holding, consolidating or processing of any student loans, including anything of value (including reimbursement of expenses) for serving on an advisory body or as part of a training activity of or sponsored by any such entity.
     
  • Disclose to his or her institution, in such manner as his or her institution may prescribe, any involvement with or interest in any entity involved in any aspect of student financial aid.

 

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Grants/Scholarships

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Mount Ida College Grant: Direct gift aid from the College that a student does not need to repay. The College provides these grant funds. These funds are awarded based on calculated eligibility, need, enrollment status, degree-seeking undergraduates and the availability of funds. Mount Ida College currently has an institutional grant budget of over 9 million dollars. A priority filing date of April 15 applies for all returning students. After this date, funding levels may be reduced based on availability of funds. Students must complete the Free Application for Federal Student Aid (FAFSA) annually to determine eligibility.  Funds are credited to tuition accounts after the Add/Drop Period and stabilization has occurred each semester. 

Federal Supplemental Educational Grant (SEOG): A federally-funded, campus-based grant program. Recipients are students selected by Mount Ida College who demonstrate significant financial need. This grant is generally awarded only to those students eligible for a PELL Grant. Student awards will be prorated based on level of enrollment (full-time, 12 credits; 3/4 time, 9 credits; and 1/2 time, no less than 6 credits). Award amounts vary and range from $100 to a maximum of $4,000.  Students must complete the FAFSA annually.  Funds are credited to tuition accounts after the add/drop period and stabilization has occurred each semester.  Funds are limited and subject to availability.

Federal PELL Grant:
Funded by the federal government. Awards range from $555 to $5,550 to eligible undergraduates. The College cannot finalize a student’s Federal PELL Grant and ensure proper crediting of funds to a student’s account unless the student has listed Mount Ida College (Federal Code 002193) on their FAFSA.  Awards are prorated and based on level of enrollment.  Students must complete a FAFSA annually.  Funds are credited to tuition accounts after the Add/Drop Period and stabilization has occurred each semester. 

TRIO Grant:  The TRIO Grant is a federal grant that is awarded to a limited number of students who are enrolled full-time and have exceptional need.  Award amounts vary according to student need and funding received by the College.  Students selected for this scholarship are notified via Award Letter from the Office of Financial Aid.  Funds are credited to tuition accounts after the Add/Drop Period and stabilization has occurred each semester.

Massachusetts State Grant:  This fund is awarded to students who demonstrate financial need as defined by the FAFSA and is determined by availability of funds.  Eligible Massachusetts residents must be enrolled full-time (12 credits, in a degree-seeking, first bachelor’s degree.  Awards range from $300 to $1,600 as determined and set by the Commonwealth of Massachusetts.  Awards are estimated until final funding levels have been released by the State.  Massachusetts State Grant deadline is May 1 (FAFSA must be filed by this date).  Funds are credited to tuition accounts after the Add/Drop Period and stabilization has occurred each semester.

Massachusetts Part-Time Grant:  This fund is provided to the College by the Commonwealth of Massachusetts with a limited allocation of funds.  Awards are made available to eligible undergraduate Massachusetts residents enrolled in a degree seeking, first bachelor’s degree, at least half-time but no greater than three-quarter time.  Awards are estimated until final funding levels have been released by the State.  The Massachusetts State Grant deadline is May 1 (FAFSA must be filed by this date).  Funds are credited to tuition accounts after the Add/Drop Period and stabilization has occurred each semester.

GEAR UP Program:  An undergraduate student who has been admitted to an eligible institution and meets the following requirements:
a) is younger than 22 years of age at time of first scholarship award
b) participated in the Early Intervention component of GEAR UP Massachusetts
c) has graduated from a Massachusetts public high school participating in GEAR UP Massachusetts beginning in 2005
d) is a permanent legal resident of Massachusetts for at least one year prior to the start of the academic year
e) is a United States citizen or a non-citizen eligible under Federal Title IV
f) is enrolled full- or part-time in an eligible program at an eligible institution
g) annually files the  Free Application for Federal Student Aid (FAFSA)
h) maintains satisfactory academic progress in accordance with institutional standards
i) is in compliance with applicable laws regarding Selective Service Registration, and
j) is not in default of any federal or state student education loan for attendance at any institution or owes a refund for any previous financial aid received.

Awards range from $800 to $1,000 per year.  GEAR UP scholarships may be awarded to eligible students for a maximum of four years or eight semesters or the adjusted equivalent if the student is enrolled part-time.  Eligible students are awarded as rosters become available to the College.  Funds are credited to tuition accounts after the add/drop period and stabilization has occurred each semester.

State Scholarship/Grant: This is an award from the student’s state of legal residence. Any amount indicated on the Financial Aid Award Letter is estimated based on preliminary information provided by the student and/or family in response to state aid questions. Mount Ida College will not replace with College funds any state funds for which a student is eligible but fails to apply in time, so students should be certain they file their FAFSA prior to their state’s application deadline. The Massachusetts State Scholarship deadline is May 1. State funds awarded to the student after the initial College award is made may affect the student’s awarded institutional grant. Some states may award state scholarships/grants to part-time students. Students should check with their state agency for more details. Funds are credited to tuition accounts after the add/drop period and stabilization has occurred each semester.

Gilbert Grant:
Funding provided to Mount Ida College by the Commonwealth of Massachusetts. The College awards this grant to eligible undergraduate students who have significant financial need and are legal residents of Massachusetts. Institutional policy states that awards generally range from $500 to $1,500, according to eligibility and availability of funds. The student must be enrolled full time (12 credits or more) in a degree-granting program. Students must complete the FAFSA annually.  Funds are credited to tuition accounts after the add/drop period and stabilization has occurred each semester. 

Private Scholarships:
In addition to federal, state and institutional aid, students may be awarded private scholarships. Private scholarships are awarded independently from the College and can be an excellent way for students to help fund their education. Scholarships may come from a high school award night, or as the result of an individual search. Students should search through different local organizations, their guidance office, and on the Internet for private scholarships. The Internet is a great resource, although students should be cautioned against web-based scholarship search companies that charge fees for searches.

When a student has been awarded a private scholarship, a copy of the award should be submitted to the financial aid office. The private scholarship will then be added to the student’s financial aid award and disbursed to the student’s account when the funds arrive. A private scholarship will only change the financial aid award if all of the student’s demonstrated need has been met. It is important to note any responsibilities the student may have to complete in order for the funds to be released to College. This often means sending a copy of first semester grades along with a copy of the second semester’s bill to the scholarship organization. Certain private scholarships require the Financial Aid Office to complete scholarship eligibility forms, which need to be submitted to the scholarship organization. In order to have funds available in a timely fashion, it is important to meet all required procedures of the funding organization.
 

Awards of Circumstance

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President’s Merit Scholarships and President’s Achievement Awards: Each student who is accepted to Mount Ida College is evaluated for a merit-based President’s Merit Scholarship or President’s Achievement Award. Awards range from $1,000 to $10,500. These awards are renewable based on maintaining the required CGPA and are awarded through May 1 of the academic year preceding a student’s enrollment at Mount Ida College.  Students must be enrolled on a full-time basis (minimum of 9 credits). Awards are based on residency status.  Subsequent changes will result in recalculation of this award.  Funds are credited to tuition accounts after the Add/Drop Period and stabilization has occurred each semester.

School of Design Art Award: The School of Design Art Award is a merit-based award that may be given to students once a formal portfolio review has been conducted by the design faculty. The maximum award granted is $1,000 and is renewable with a minimum cumulative GPA of 3.00 (on a 4.00) scale. Students must be enrolled on a full-time basis (minimum of 9 credits) in a degree granting design program. This award is limited to four years. Funds are credited to tuition accounts after the add/drop period and stabilization has occurred each semester. Once lost, this award cannot be reinstated. 

New England Institute (NEI) Scholarships
are awarded to a limited number of students who major in funeral service or related areas within NEI. Awards are renewable through four years of study if the scholarship recipient remains in a New England Institute major on a full-time basis and maintains a minimum cumulative GPA of at least 3.00 (on a 4.00) scale and has demonstrated need.  Funds are credited to tuition accounts after the Add/Drop Period and stabilization has occurred each semester.

Other Named or Endowed Scholarships:
Thanks to the generosity of our donors and friends, your financial aid award may also include a Named or Endowed Scholarship.  Students are considered for funding based on the criteria of the specific award.  For more information please visit the Mount Ida College website at www.mountida.edu

Resident Assistant (RA) Awards : Once you have applied, been selected and accept the role of a Resident Assistant, the Residence Life Office will notify Financial Aid of your hired status.  You will be awarded a RA award per the terms of your hire date and employment period.  All awards are credited to the student’s tuition account after the end of the Add/Drop Period and stabilization has occurred each semester.

Balfour Scholarship:  The Balfour Scholarship is awarded to a limited number of students who participate in the Balfour Peer Leader Program. Students must submit a FAFSA annually for consideration, be enrolled full-time and maintain satisfactory academic progress (as outlined in this Catalog). Students selected for this scholarship are notified via award letter from the Office of Financial Aid. Funds are credited to tuition accounts after the Add/Drop Period and stabilization has occurred each semester.

Learning Circle Scholarship:  The Learning Circle Scholarship (LCS) is awarded to a limited number of students who participate in the Learning Circle program, meet certain eligibility requirements and have exceptional need. Award amounts vary according to student need and funding received by the College. Students selected for this scholarship are notified via Award Letter from the Office of Financial Aid. Funds are credited to tuition accounts after the add/drop period and stabilization has occurred each semester.

GI Bill Yellow Ribbon Program:  This institutional and federal match program is open to eligible U.S. Veterans and does not require that you file a FAFSA for consideration. Recipients must be in a degree seeking, undergraduate program. You must contact the Veteran’s Certifying Official located in Mount Ida’s Registrar’s Office to have your eligibility for this program certified.  The Yellow Ribbon Program is comprised of a Mount Ida Yellow Ribbon Grant and a federal Yellow Ribbon Match Award. Funding levels are very limited and available on a first-come basis. Funds will be credited to your tuition account once the federal match component is received for the semester. Students must maintain eligibility and renewal criteria as outlined by the Veterans Administration. Students that receive the Mount Ida College Yellow Ribbon Match are not eligible to receive Mount Ida College Merit Scholarships.

For more information, please contact us at finaid@mountida.edu or 617-928-4785.

Mount Ida’s federal school code is 002193.
 

 

Federal Work-Study and College Employment Program

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Students that apply for financial aid through the Free Application for Federal Student Aid (FAFSA), and qualify will be awarded Federal Work-Study (FWS). Eligibility is determined by the College and on the availability of funds.  A limited number of jobs are available through the College Work Program (CWP). Both programs require a student to secure a job and complete the necessary paperwork with the Office of Human Resources, including an I-9 and W-4 before he/she can begin working. Student employment awards are not credited to the student’s tuition; instead students receive bi-weekly paychecks based upon hours worked each pay period. Students are only allowed to work a maximum of 10 hours per week. Funds earned through CWP and FWS are taxable; however, FWS earnings can be excluded from the student’s income when she/he is being considered for financial aid the subsequent year. Any student employment allocation not earned by the end of the academic year will be forfeited.

 

Loans

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First-time borrowers at the College who are awarded any of the following loans as part of their financial aid award must complete Entrance Counseling and sign a Master Promissory Note (MPN) before funds can be disbursed.

Returning students who signed Master Promissory Notes (MPN) previously at Mount Ida College and are awarded Federal Direct Stafford Loans will not have to sign promissory notes for the new school year award. The funds will automatically be posted as soon as the student is eligible to receive these funds. If a student is awarded Stafford Loans and wishes not to borrow, he/she must provide written notification directly to the Financial Aid Office.  

Federal Direct Stafford Student Loans are federally supported, low-interest loans available to eligible students.  

Federal Direct Subsidized Stafford Loan:
Students who demonstrate financial need according to federal regulations are eligible to borrow through the Federal Direct Subsidized Loan Program. Students must file a Free Application for Federal Student Aid (FAFSA) annually.  With the subsidized loan, the federal government pays the interest while the student is in school. Therefore, no payments are required while the student is enrolled in school (at least half-time, minimum 6 credits) and no interest on the loan will accrue. Freshmen are eligible to borrow up to $3,500; sophomores may borrow up to $4,500, and juniors and seniors may borrow up to $5,500. The interest rate varies but will not exceed 8.25%.  Repayment begins 6 months after the student graduates, withdraws or stops attending school at least half-time.  A fee of up to 2% may be deducted from loan proceeds by the lender prior to disbursement for origination and guarantee fees.  Borrowers must complete the Exit Interview process upon ceasing enrollment of at least half-time. 

Federal Direct Unsubsidized Stafford Loan:
Students who do not qualify for a Federal Direct Subsidized Stafford Loan may be awarded a Federal Direct Unsubsidized Stafford Loan. Students must file a Free Application for Federal Student Aid (FAFSA) annually.  With the Federal Direct Unsubsidized Stafford Loan, the federal government does not pay the interest while the student is in school. Therefore, interest does accrue and must be paid or capitalized. Freshmen are eligible to borrow up to $3,500; sophomores may borrow up to $4,500, and juniors and seniors may borrow up to $5,500. Additional Federal Direct Unsubsidized Stafford Loans are available for qualified students in the amounts of $4,000 and $5,000.  The interest rate varies but will not exceed 8.25%.  Repayment begins 6 months after the student graduates, withdraws or stops attending school at least half-time.  A fee of up to 2% may be deducted from loan proceeds by the lender prior to disbursement for origination and guarantee fees.  Borrowers must complete the Exit Interview process upon ceasing enrollment of at least half-time.  

Massachusetts No Interest Student Loan:
Students who demonstrate financial need as determined by the Federal Student Aid Program and the Commonwealth of Massachusetts may be eligible to borrow under the Massachusetts No Interest Loan Program.  

A student must be enrolled full-time (12 credits) in a degree granting undergraduate program and be a permanent resident of Massachusetts. Loan amounts range from $1,000 to $4,000. There is no interest charged during the life of this loan. Students must first borrow under the Federal Stafford Loan Program before they qualify for the Massachusetts No Interest Loan. The Massachusetts No Interest Loan cannot replace the Stafford Loan. Funds are provided by the Commonwealth of Massachusetts and are subject to availability; eligibility is determined by the Office of Financial Aid. Repayment begins 9 months after the borrower ceases enrollment on at least a half-time status.  Borrowers must sign a Promissory Note and complete an Entrance Interview.  Borrowers must complete the Exit Interview process upon ceasing enrollment of at least half-time.

Federal Direct Parent Loans for Undergraduate Students (PLUS)


The Federal Direct Parent Loan for Undergraduate Students (PLUS) allows parents to borrow on behalf of their dependent students who are enrolled at least half-time.  Eligibility for this loan is not based on financial need but the student and parent(s) with whom the student resides must complete the Free Application for Federal Student Aid (FAFSA) and this loan does require a credit check.  Parents may borrow up to the cost of attendance minus financial aid. The variable interest rate, not to exceed 9% over the life of the loan, is set each July 1st for the following academic year. Repayment begins within 60 days after the full disbursement of the loan proceeds.  A $50 minimum payment is necessary. Up to a 4% fee is deducted from the loan proceeds prior to disbursement.  Parents have the option to defer payments while the student is in school.  Check with your Lender for program specifics. Parents have up to ten years to repay this loan.

In the case that a parent is not considered credit worthy for PLUS, his/her dependent may be eligible for an additional Federal Direct Unsubsidized Stafford Loan.

Federal Direct GradPLUS Loan

The federal government offers graduate students enrolled at least half-time in a degree program, in need of additional financial resources beyond that offered as a result of filing the FAFSA, an opportunity to apply for a Federal Direct GradPLUS loan.  To be eligible you must file a FAFSA and be awarded under the Federal Direct Stafford Loan Programs.  There is a minimum credit check requirement.  Students may borrow up to the cost of attendance minus any financial assistance.  The loan has a fixed rate of 7.9%.  There is a maximum repayment period of 10 years, with a minimum monthly payment of $50.  Fees for this loan are 4% which is subtracted from the requested loan amount prior to disbursement of funds to the College. 


 

Additional Financing Options

Students need to consider that they may be eligible for Federal Loans and that such federal loans may have more beneficial terms than private alternative loans.  An example of available alternative loans is the Federal Direct PLUSLoan.

The College will work with and process loans for any lender of your choice.  Parents and students have the right to select the lender of their choice without penalty by the College and are not required to use any lender on a published list by the College.

Many families look to supplement their college financing plans with alternative funding that is available in the form of private educational loans. Private loans are available from a variety of sources and provide supplemental funding when other financial aid does not cover costs. Because financial institutions – rather than government agencies – guarantee these loans, interest rates are generally higher than federal loans but lower than personal loans. Most borrowers will need a credit worthy co-borrower to take out loans of this type.  For additional information visit the College website at www.mountida.edu.  


 

 Explanation of the Return to Title IV Student Aid Policy

Any student that receives any form of financial aid and withdraws from the College after the beginning of an enrollment period is subject to a withdrawal calculation that may change any and all types of financial aid originally awarded. This is independent of the institution’s billing policy. If a student is receiving Federal Aid, then his/her award will be adjusted following completion of the Return of Title IV withdrawal calculation form. Students that receive state aid will have their aid adjusted following completion of the respective state’s return form. The withdrawal calculations will be processed based on the student’s official withdrawal date. Any funds paid to the student, or the student’s account that the withdrawal calculation calculates as ineligible based on their amount of earned aid will be the responsibility of the student to return.

Title IV federal financial aid includes:  Federal Pell Grants, Federal SEOG, Federal Direct Stafford Loans (subsidized and unsubsidized), and Federal Direct PLUS/GradPLUS Loans.  Federal Work-Study is excluded.  The calculation is determined in the following manner: we must calculate the percentage of financial aid that the student has ‘earned’ during the semester.  This is calculated by dividing the number of days a student attended by the number of days in the semester.  Students who remain enrolled through the 60% point of the semester are considered to have earned 100% and will not owe a repayment of the Title IV funds.

COLLEGE WITHDRAWAL FORM

Whether a student wishes to withdraw from the College permanently or temporarily, he or she must obtain an official College Withdrawal Form from the Office of the Registrar and complete it in accordance with directions given on the same. Before filing the form and leaving the College, it is desirable that the student obtains a clear understanding of his or her official withdrawal date (from the Registrar), financial obligations (from the Student Accounts Office) and financial aid status (from the Financial Aid).

Resident students should seek resolution regarding precise day of departure from campus, removal of belongings from room, and return or room keys. Instructors will assign students leaving the College while the semester is in progress a grade of W.

For College charges refund information, see the  ”Withdrawal Adjustment Schedule” in this Catalog. Adjustments to College charges will be made at the discretion of the College on a case-by-case basis. To be considered for an adjustment, the student must write a letter to the Bursar requesting an adjustment and describing the circumstances necessitating his or her withdrawal. College Charges Refund Insurance, if purchased, covers students withdrawing for medical reasons.

RETURN OF COMMONWEALTH OF MASSACHUSETTS FUNDS

A student who withdraws from all classes or takes an approved leave of absence but who 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.
 

 


2012-2013 COLLEGE CHARGES & FEES
OTHER EXPENSES/RELATED POLICIES


 Full-Time Tuition

All residence hall students are considered full-time.

Commuting students enrolled in 9 or more credits per semester are considered full-time.

Fall and Spring Semesters
(Academic Year)
      $26,644.00
Course Overload per credit
(exceeding semester requirement)
      $655.00
Learning Opportunities Program Fee
(Academic Year)
      $4,132.00

Part-Time Tuition

Commuters enrolled in fewer than 9 credits per semester are considered part-time. 

Part-time Enrollment   per credit   $705.00

Audit Tuition

Audit                       per credit       $285.00

Residence Hall

Room and Board   $12,500.00    
Single Room (if available)   an additional   $1,300.00

Fees

Full-time Students   Residence Hall   Commuting
Comprehensive Fee
Mandatory, Non-refundable)
  None   None
Activities Fee   $265.00   $265.00
Health Insurance   $1,325.00   $1,325.00

(Note: Commonwealth of Massachusetts laws make health
insurance mandatory unless proof of other insurance is provided
to the Gallagher Koster Insurance by September 14, 2012.
The College, by law, acts as a required “third party” participant
to this mandate, as no funds for this fee accrue to the College.)

All Students   Residence Hall   Commuting
Parking $110.00   $55.00
(Mandatory with car use, Non-refundable)    

Laboratory and Field Trip Fees, Materials Fees, Program Fees

(Mandatory, Non-Refundable)

Specific courses or programs may require additional fees. These fees are listed in the Course Descriptions section of the Catalog and are charged to individual student accounts as they are incurred.

 

Books and Supplies

It is the student’s responsibility to pay for books and supplies at the time they are required. While costs for these items vary by program, experience indicates that they may be between $400-$500 per semester. However, in several programs the cost of supplies is considerably higher. In the Design programs, for example, the cost of supplies alone may run between $500 and $1000 per year.

Returning Student Deposit 
 

Residence Hall Students   $300.00

This deposit is required to reserve a housing assignment. The deposit is required each year prior to enrollment, is credited to the student’s tuition account, and is non-refundable.
 

Payments

Fall semester charges are due by August 1, 2012. Spring semester charges are due by January 1, 2013. Students who present the College Financial Aid Office with all the required qualification forms for non-family funding will have the total of these “Verified” funds subtracted prior to determining the amounts due by the above dates.

A monthly budget plan for the student/family portion of College charges is available through a non-College agency (Tuition Management Systems, Newport, RI) for a nominal annual fee and may be used to defer the above payments by monthly installments through April 30, 2013.

Information on educational loans, which are not dependent on financial aid eligibility, is available from the Financial Aid Office.

Contract Terms

A student may enroll at Mount Ida College upon the express condition and agreement that he/she shall enroll at the College (and, if a residence hall student, in a residence hall) for the entire academic term unless suspended or dismissed for misconduct or breach of College discipline. The parent/guardian and student agree that in the event of such suspension or dismissal, and additionally in cases of medical or voluntary withdrawal, only that portion of tuition, room, board and fees as outlined in the College’s 2012-2013 Withdrawal Adjustment Policy be adjusted. In such a situation, any unpaid balance on existing charges after application of the Withdrawal Adjustment Policy shall become immediately due and payable to Mount Ida College. In cases where a student’s program requires brief periods of field training at an off-campus site, tuition, room, board and fees charged remain in effect.

The College reserves the right to make such changes in program offerings, services and College charges as may be deemed necessary by the Administration. By enrolling at Mount Ida College, the parent/guardian and/or the student agree to be bound by the terms and conditions of the applicable College Catalog and Student Handbook.
 

Withdrawal Adjustment Policy/Schedule

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 Registrar. 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.

Returning Students Tuition, Room and Board, and Fees: Fall Semester Policy

  • Any returning student who withdraws from the College prior to August 27, 2012 is eligible to receive a full refund of tuition and fees excluding non-refundable deposits.
  • Any returning student who officially withdraws from the College by September 10, 2012 is eligible to receive 75% of tuition and fees excluding non-refundable deposits.
  • Any returning student who officially withdraws from the College by September 24, 2012 is eligible to receive 50% of tuition and fees excluding non-refundable deposits.
  • Any returning student who officially withdraws from the College by October 9, 2012 is eligible to receive 25% of tuition and fees excluding non-refundable deposits.
  • Any returning student withdrawing from the College after October 9, 2012 will receive no reduction of his/her fall 2012 semester charges.

Returning Students Tuition, Room and Board, and Fees: Spring Semester Policy

  • Any returning student who officially withdraws from the College prior to January 15, 2013 is eligible to receive a full refund of tuition and fees excluding non-refundable deposits.
  • Any returning student who officially withdraws from the College by January 29, 2013 is eligible to receive 75% of tuition and fees excluding non-refundable deposits.
  • Any returning student who officially withdraws from the College by February 12, 2013 is eligible to receive 50% of tuition and fees excluding non-refundable deposits.
  • Any returning student who officially withdraws from the College by February 26, 2013 is eligible to receive 25% of tuition and fees excluding non-refundable deposits.
  • Any returning student officially withdrawing from the College after February 26, 2013 will receive no reduction of his/her spring 2013 semester charges. 

New Students Tuition, Room and Board, and Fees: Fall Semester Policy

  • Any new student who officially withdraws from the College prior to August 27, 2012 is eligible to receive a full refund of tuition and fees excluding non-refundable deposits.
  • Any new student who officially withdraws from the College by September 4, 2012 is eligible to receive 90% of tuition and fees excluding non-refundable deposits.
  • Any new student who officially withdraws from the College by September 10, 2012 is eligible to receive 75% of tuition and fees excluding non-refundable deposits.
  • Any new student who officially withdraws from the College by September 24, 2012 is eligible to receive 50% of tuition and fees excluding non-refundable deposits.
  • Any new student who officially withdraws from the College by October 9, 2012 is eligible to receive 25% of tuition and fees excluding non-refundable deposits.
  • Any new student officially withdrawing from the College after October 9, 2012 will receive no reduction of his/her fall 2012 semester charges.

New Students Tuition, Room and Board, and Fees: Spring Semester Policy

  • Any new student who officially withdraws from the College prior to January 15, 2013 is eligible to receive a full refund of tuition and fees excluding non-refundable deposits.
  • Any new student who officially withdraws from the College  by January 22, 2013 is eligible to receive 90% of tuition and fees excluding non-refundable deposits.
  • Any new student who officially withdraws from the College by January 29, 2013 is eligible to receive 75% of tuition and fees excluding non-refundable deposits.
  • Any new student who officially withdraws from the College by February 12, 2013 is eligible to receive 50% of tuition and fees excluding non-refundable deposits.
  • Any new student who officially withdraws from the College by February 26, 2013 is eligible to receive 25% of tuition and fees excluding non-refundable deposits.
  • Any new student officially withdrawing from the College after February 26, 2013 will receive no reduction of his/her spring 2013 semester charges. 



Students who fail to withdraw following these procedures are considered to be in “ poor standing.”  This will jeopardize a student’s ability to take courses, transfer to other institutions, and receive grades and/or transcripts.

If efforts by the Student Accounts Office to collect the monies owed are unsuccessful, the account may be placed with a collection agency, and if the delinquency persists, that account may be reported to a national credit bureau.  It is the policy of the College to pass on to the debtor all reasonable costs associated with collection of the debt through a collection agency.  If at any time the student believes information concerning payment delinquency is inaccurate, he/she should notify the Student Accounts Office at:  1-617-928-4750.

 

Tuition, Room and Board, and Fees: Summer Session I and II Policy

  • A student who drops a Summer Session I course prior to the second day of the start of Summer Session I classes is eligible to receive a full refund of tuition and residence hall charges.
  • Any student who drops a Summer Session I course after the second day of class will receive no reduction of tuition and residence hall charges. Failure to attend class does not constitute official course drop/withdrawal.
  • A student who drops a Summer Session II course prior to the second day of the start of Summer Session II classes is eligible to receive a full refund of tuition and residence hall charges.
  • Any student who drops a Summer Session II course after the second day of class will receive no reduction of tuition and residence hall charges. Failure to attend class does not constitute official course drop/withdrawal.


Students who fail to withdraw following these procedures are considered to be “in poor standing.” This will jeopardize a student’s ability to take courses, transfer to other institutions, and receive grades and/or transcripts.

If efforts by the Student Accounts Office to collect the monies owed are unsuccessful, the account may be placed with a collection agency, and if the delinquency persists, that account may be reported to a national credit bureau. It is the policy of the College to pass on to the debtor all reasonable costs associated with collection of the debt through a collection agency. If at any time the student believes information concerning payment delinquency is inaccurate, he/she should notify the Student Accounts Office: 1-617-928-4750.

Withdrawal Adjustment Policy (8-week course non-summer)
Reimbursement of Cost Schedule

This policy applies only to courses that meet for 8 weeks. This policy is limited to withdrawals; proper forms and procedures must be observed to assure full refunds.

Any student who officially withdraws before the class/classes begin is eligible to receive 100% of tuition and fees excluding non-refundable deposits.

Any student who officially withdraws from the class/classes before the 10th calendar day after the start of class is eligible to receive 75% of tuition and fees excluding non-refundable deposits.

Any student who officially withdraws from the class/classes between the 11th and the 15th calendar day after the start of class is eligible to receive 50% of tuition and fees excluding non-refundable deposits.

Any student who officially withdraws from the class/classes after the 15th calendar day after the start of class will receive no reduction in tuition and fees.

Students who fail to withdraw following these procedures are considered to be in “poor standing.” This will jeopardize a student’s ability to take courses, transfer to other institutions, receive grades, and/or transcripts.

If the efforts by the Student Accounts Office to collect the monies owed are unsuccessful, the account may be placed with a collection agency, and if the delinquency persists, that account may be reported to a national credit bureau. It is the policy of the College to pass on to the debtor all reasonable costs associated with collection of the debt through a collection agency. If at any time the student believes information concerning payment delinquency is inaccurate, he/she should notify the Student Accounts Office at: 1-617-928-4750.
 

 

Tuition Refund Insurance

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Tuition Refund Insurance is an optional insurance policy which provides reimbursement of non-refundable College charges in cases of withdrawal for medical reasons. It is available through an outside agency (Delaware Insurance, Braintree, MA). Information regarding this option is mailed with the first statement of College charges and is also available through the Student Accounts office.