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Catalog

    Mount Ida College
   
 
  Oct 24, 2017
 
 
    
2016-2017 College Catalog [Archived Catalog]

Financial Information for Undergraduates


NOTE: This section will be finalized in mid-June, 2016.

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 March 31 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), remains full-time and residency status has not changed. 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 and remains at least half-time.

Continued eligibility for aid from federal, state and institutional sources (for full-time students) 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 Student Financial Services 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, Opportunity 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, if the student remains full time and does not change his/her residency status with the College.

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 March 31 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 application may be subject to a process called verification. In these cases the Office of Student Financial Services 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 may be required for this process. The Office of Student Financial Services 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.

 

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, dependent 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 non-citizen.
• 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).

 

Estimated Cost of Attendance
Your financial aid eligibility is determined by taking your Cost of Attendance (COA) for the academic year minus your Expected Family Contribution (EFC) - results of filing the FAFSA. Your COA is comprised of your direct, billed costs for tuition and fees and if applicable, room and board. Additionally, you incur related education expenses for which you are not billed such as books and supplies, transportation costs, etc. The combination of your direct and indirect costs equals your cost of attendance.

 

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 Student Financial Services 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
  • AGI
  • Education credits
  • IRA deductions and payments
  • Tax-exempt interest


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/received
  • Number of family members in the household
  • Number of family members enrolled in college
  • Citizenship status
  • Your name and your social security number
  • Tax-exempt interest
  • High school completion
  • Identity/statement of educational purpose
  • Credits earned from other colleges
  • 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 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 10% of AGI, not including insurance premiums.

Financial Aid Adjustments

Adjustments may be made at any time to your financial aid award. Examples of 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; and 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 online.

Award Terms and Conditions

Tentative Awards for Entering Students

First-time freshman or transfer students will receive a Tentative Award prior to submitting verification documents.
Financial aid will not be official until all requested documents have been submitted to the Office of Student Financial Services. 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 for Returning Students

Returning student awards will be processed once all requested documents have been submitted to the Office of Student Financial Services
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 Office of Student Financial Services in writing of such intent.


Repeat Course Policy
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 Office of Student Financial Services with any questions about this regulation at 617-928-4785.
 

Good Financial Standing

All tuition and fees are payable on the date specified prior to the opening of each semester. Students may not check in at the start of the semester or depart for Mount Ida College sponsored study abroad/exchange programs until all outstanding financial matters have been resolved. Any individual who fails to settle all outstanding balances may not register, attend classes, depart for or participate in a Mount Ida College sponsored study abroad/ex­change programs, participate in student activities, be provided transcript service, receive grade reports, or be granted a degree. The student is responsible for any costs incurred by the College in collecting past due balances. Stu­dents must be in Good Financial Standing in order to participate in all Mount Ida College programs and activities including but not limited to participation as a resident assistant and student government leader. To be in Good Financial Standing, a student must have settled his/her student account for all charges currently due. A student’s account is considered “settled” when it is either paid or covered by one of the following:

  • Anticipated Financial Aid, including alternative loans, with no outstanding paperwork or other issues remaining. Funds must be approved by the lender to be disbursed directly to the College at a specific future date.
  • A current and up-to-date payment plan established through Mount Ida College’s third-party servicer, Tuition Management Systems (TMS), which allows payments to be spread over the course of the academic year.

Students may view their balance by logging into their MiWEB account.

Anticipated Financial Aid Payments

Students must complete and return all additional documentation, verification, corrections and/or new information re­quested by Mount Ida College’s Office of Student Financial Services or the outside agency to which an application was submitted. Financial aid awards will not be posted to a student’s account if any paperwork is missing. If paperwork remains outstanding, the financial aid may be forfeited and the student will remain responsible to pay any amounts that would have been covered by the financial aid.


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%.

Conversion of Incompletes to Letter Grades

Following the conversion of Incompletes to Letter Grades each semester, the Office of Student Success will do a final review to determine Satisfactory Academic Progress. Any student who has not met Satisfactory Academic Progress following this review will be notified in writing and placed on Academic Probation.​


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.
  • Withdrawal Procedures and calculations/adjustments
  • Communication via Mount Ida email

Note: Graduate students may apply only for loans.
 

CODE OF CONDUCT

The Mount Ida College Office of Student Financial Services 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, the Office of Student Financial Services 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 school recommending the lender or the lender’s loan products in exchange for a fee or material 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 it 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 .
 

 

Return of Title IV Funds

Students who withdraw from all classes, but attended the College for at least one day during the semester and received or were eligible to receive financial aid, are subject to a Return to Title 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.

Institutional Merit and Need Based funds are adjusted according to the College Withdrawal Adjustment Schedule.

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. 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 and financial aid status (from the Office of Student Financial Services).

Resident students should seek resolution regarding precise day of departure from campus, removal of belongings from room, and return of 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 the College 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 Office of Student Financial Services requesting an adjustment and describing the circumstances necessitating his or her withdrawal. Tuition Refund Insurance, if purchased, covers students withdrawing for medical reasons.

Institutional Merit and Need Based funds are adjusted according to the College Withdrawal Adjustment Schedule.

Refund Policy

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 as determined by 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.

Each academic year, the College publishes the Withdrawal Adjustment Policy / Schedule in the College Catalog.

Institutional Merit and Need Based funds are adjusted according to the College Withdrawal Adjustment Schedule.

Return of Commonwealth of Massachusetts Funds

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

 

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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, demonstrated financial need, full-time enrollment status, degree-seeking undergraduates and the availability of funds. Award amounts vary and can be adjusted when a student changes his/her residency status. A priority filing date of March 31 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.

 

Mount Ida Supplemental Grant

If you are a degree-seeking, full-time undergraduate student and demonstrate financial need as a result of filing your FAFSA annually, you may be eligible for this grant, pending funding levels. Supplemental Grant awards vary and can be adjusted when you change your resident (living on campus) or commuter (living off campus) status. Your tuition account is credited after the add/drop period and stabilization has occurred each semester.

 

Study Abroad

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



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 $590 to $5,815 to eligible undergraduates pursuing their first bachelor’s degree.  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. 

The duration of a student’s eligibility to receive a Federal Pell Grant has been reduced from 18 semesters (or its equivalent), to 12 Semesters (or its equivalent). This change is effective July 1, 2012, with the 2012-2013 Award Year, and applies to all Federal Pell Grant eligible Students. The Department of Education has determined that this equivalency be measured according to the cumulative percentage of scheduled awards received by the student; the student’s lifetime limit is thus 600 percent. Any student whose Lifetime Eligibility Used (LEU) equals or exceeds 600 percent may not receive additional Pell Grant funds. Similarly, a student whose LEU is greater than 500% but less than 600%, while eligible for a Pell Grant for the next award year, will not be able to receive a full scheduled award.


What do students do if they believe the Pell Grant data may be inaccurate?

If a student believes a LEU is inaccurate, he/she should contact the Office of Student Financial Services at their current institution. The institution will review the Pell history in COD with the student. If data, the information that results in the student receiving partial or no Pell eligibility is still in question, the institution will receive direction on how to escalate the matter to Federal Student Aid (FSA) for adjudication. Documentation will be required (i.e. student statement, institution attestation, etc.). If the Pell Grant is determined to be wrong, both the student and the institution that wishes to pay the student, will be given documentation that must be maintained.

May a student decline or return a Pell Grant?

A student may decline all or part of a Pell Grant award or return, during an award year, all or part of a disbursement already made within the same award year. The student must provide a signed, written statement clearly indicating his/her decline/return of Pell Grant funds and acknowledge that funds may not be available at a later date. Institutions may not award need-based Title IV aid to compensate.


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 program.  Awards range from $500 to $1,700 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).  Files must be completed with the Office of Student Financial Services for the certification process to occur with the State. Funds are credited to tuition accounts after the Add/Drop Period and stabilization has occurred each semester.

Massachusetts Part-Time Grant: This fund is awarded to students enrolled for at least 6 but fewer than 12 undergraduate credits who demonstrate financial need as defined by the FAFSA and availability of funds. Awards range from $200 to a maximum that depends on the type of institution that the student attends as determined and set by the Commonwealth of Massachusetts. Awards are estimated until final funding levels have been released by the State.

For additional information and eligibility criteria for individual state financial assistance programs visit the website for the Office of Student Financial Assistance at www.mass.edu .

Files must be completed with the Office of Student Financial Services for the certification process to occur with the State. Funds are credited to tuition accounts once student enrollment is certified after the add/drop period each semester and stabilization occurs.

Massachusetts Foster Child Grant: The Foster Child Grant Program provides grants of up to $6,000 annually for youth attending public and private post-secondary school full-time (at least 12 credits) in a degree granting program. The grant recipient must have signed an agreement with the Department of Children and Families for care and services beyond age 18, file a Free Application for Federal Student Aid (FAFSA) form and a Statement of Eligibility to qualify.

For additional information and eligibility criteria for individual state financial assistance programs visit the website for the Office of Student Financial Assistance at www.mass.edu .

Eligible students are awarded as rosters become available to the College. Funds are credited to tuition accounts once student enrollment is certified after the add/drop period each semester and stabilization occurs.

Massachusetts Education and Training Voucher Program: The Education and Training Voucher Program is designed to assist eligible Massachusetts foster youth with financial assistance for post-secondary education and vocational training. A completed application form and all required documentation must be returned to the Department of Children and Families. The program provides up to $5,000 per academic year. Awards are made based on demonstrated financial need and the availability of funding. Applicants must complete the FAFSA application annually for consideration.

For additional information and eligibility criteria for individual state financial assistance programs visit the website for the Commonwealth of Massachusetts at www.mass.gov .

Eligible students are awarded as rosters become available to the College. Funds are credited to tuition accounts once student enrollment is certified after the add/drop period each semester and stabilization occurs.


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 $200 to $2,500, 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 letter should be submitted to the Office of Student Financial Services. 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 the 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 Office of Student Financial Services 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.

 

Out of State Grants
 

Out of State Grants are based on financial need and may be offered to eligible students from their state of legal residence. Stu­dents should complete the FAFSA and follow any additional application requirements from their home state. Students should also be aware of any deadlines that are imposed by their home state. Many states such as Vermont, Rhode Island and Connecticut, have reciprocal agreements with Massachusetts and provide funding to students who attend Massachusetts colleges. If you are eligible for state aid funds, your tuition account will be credited once the College receives the funds from your state agency for the semester but no earlier than the end of the add/drop period and stabilization has occurred. Please contact your state agency for additional information regarding eligibility.

 

Merit Based Scholarships

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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 $20,000. 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. 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.

*(for students who entered the College prior to the Fall 2013 semester)

 

Potential to Achievement Scholarship

Recognizes returning students who have demonstrated academic achievement in their program of study and within
the College community. Awarded to full-time, undergraduate degree-seeking students. Renewal is based on maintaining
Satisfactory Academic Progress, full-time enrollment and remaining in good standing with the College. Awards are
subject to adjustments if a student changes his/her residency status. Funds are credited to tuition accounts after the add/
drop period and stabilization has occurred each semester.

Trustees Scholarship

Awarded to entering students who demonstrate commitment to the mission of the College and meet other selection
criteria. Students must be full-time in an undergraduate degree-seeking program. Renewal is based on maintaining
Satisfactory Academic Progress, full-time enrollment and remaining in good standing with the College. 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. Awards range from $500 to $2,000,  renewable with a minimum cumulative GPA of 3.00 (on a 4.00 scale). Students must be enrolled on a full-time basis 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.

 

Design Foundation Award*

The Mount Ida College Design Award is offered to new full-time undergraduate students entering in the selected semesters for specific majors in the School of Design. The award is renewable each year the student remains full-time and in good academic standing. The award is offered as an initiative of Mount Ida College to further the institution’s commitment to the contributions of design and art to the community. Awards range from $500 to $6,000. Students must remain in a design program on a full-time basis for renewal. Funds are credited to tuition accounts after the add/drop period and stabilization has occurred each semester.

*(for students who entered the College prior to the Fall 2015 semester)

Veterinary Professional Scholars Award  

The Veterinary Professional Award was a special award offered to selected students transferring into the Mount Ida College Veterinary Technology program in the Fall 2013 semester. The award is renewable each year the student remains a full-time undergraduate student at Mount Ida College and in good academic standing. Awards range from $500 to $5,000. Students must remain in the Veterinary Technology program. Funds are credited to tuition accounts after the add/drop period and stabilization has occurred each semester.

 

Emerging Scholars

The Emerging Scholars Award is a special award offered to selected limited number of new students entering in the Fall 2014 semester. The college determines eligibility of the award based on a number of factors, including, but not limited to, academics, major, financial need, and other awards already offered. Funds are credited to tuition accounts after the add/drop period and stabilization has occurred each semester.

 

Mount Ida College Access Scholarship

The Access Scholarship is a special award offered to a selected limited number of new students. The College determines eligibility of the award based on a number of factors, including, but not limited to, academics, major, financial need, and other awards already offered. Renewal is based on maintaining Satisfactory Academic Progress, full-time enrollment and remaining in good standing with the College. Funds are credited to tuition accounts after the add/drop period and stabilization has occurred each semester.

 

President’s Affordability Grant (for students who entered the College prior to the 2015-2016 academic year)

This is a special award offered to a select number of returning students during the 2015-2016 academic year, and is potentially renewable for each year the student maintains satisfactory academic progress, is a full-time student and the student’s residency status (resident to commuter) does not change. The grant is awarded based on a number of criteria, with a focus on financial need. Students must demonstrate financial need according to the FAFSA and applications must be completed annually for renewal consideration. Award amounts and eligibility may change year to year. 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 the College’s 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.

Resident Assistant Termination Policy

Term and Termination of RA Appointment:

  • a. Term. The term of this appointment is for the academic year 2016-2017, unless sooner terminated as provided herein.
  • b. Termination. An RA may be terminated at any time, with or without prior notice, if the RA: (i) violates any term of this letter; (ii) violates any provision of the RA Manual; or (iii) violates any College policy in the Student Handbook.
    • i. If a Resident Assistant’s appointment is terminated, he/she will be required immediately to vacate the assigned college residence within 48 hours after receiving notice of termination.
    • ii. To the extent that a student is terminated or voluntarily leaves the RA position, the student will be entitled to receive that portion of the compensation described in Section 2 that he or she has earned based on the number of days he or she has worked. This will be calculated by dividing the number of days in the semester by the number of days the student was employed during the semester beginning with August 21, 2016. This may result in the student having an outstanding financial obligation to the College and will be reflected on the student account statement.



Learning Circle Scholarship (for students who entered the College prior to the 2012-2013 academic year):  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 Student Financial Services. 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 the Office of Student Financial Services at finaid@mountida.edu or 617-928-4785.

Mount Ida’s Federal School Code is 002193.
 

Global Connections Scholarship

The Center for Global Connections Scholarship is awarded to select students who are accepted to participate in approved Mount Ida Study Abroad programs including travel courses, service learning programs, internships, research and volunteering abroad. Academic credit for the travel experience is not required. Students must be an undergraduate student, enrolled full-time at the time of acceptance and travel (exceptions will be considered on a case-by-case basis), making Satisfactory Academic Progress, with no unresolved Student Life violations and in good financial standing with the Office of Student Financial Services. Awards range from $250 to $2100 depending on availability of funds and number of students studying abroad. Your tuition account is credited once departure for your study abroad experience is confirmed with the Center for Global Connections.

 

UPLAN / UPLAN Match
 

The College will provide matching funds as outlined in applicable savings programs. Amounts vary according to agreement plans. Funds are credited to tuition accounts after the add/drop period and stabilization has occurred each semester.

 

Tuition Remission and Tuition Discount

The Undergraduate Tuition Remission program provides 100% tuition remission for undergraduate courses taken at Mount Ida College. Full-time benefit eligible staff, their spouse, domestic partner and/or dependent children are eligible to participate in the Undergraduate Tuition Remission program. Registration and application fees are waived under the Tuition Remission Program. Applicants are responsible for books, course materials and any other fees. There is no waiting period or service requirement to participate in this program.

Full-time staff may enroll in a maximum of two courses per semester or summer session. Spouse, domestic partners and dependent children may enroll in a full or part-time course load. Part-time staff(no spouse, domestic partner or dependent children) may enroll in a maximum of one course per semester or summer session.

More information and applications are available from the Office of Human Resources.

Eligible students are awarded as approved applications become available to the Office of Student Financial Services. Tuition Remission and Tuition Discount supersedes any merit and/or need based assistance offered by the College. Funds are credited to tuition accounts after the add/drop period and stabilization has occurred each semester.

 

Tuition Exchange

Mount Ida College is one of 600+ colleges and universities that participate in the Tuition Exchange Program, Inc. (TE). The Tuition Exchange Program is a national, reciprocal scholarship exchange program for dependents of full-time faculty and staff. Under this program a dependent of an eligible employee at one participating institution may be awarded a Tuition Exchange Scholarship at another participating institution. Current full time employees, faculty and staff, with two years of service at Mount Ida College are eligible to apply for the Tuition Exchange Program on behalf of their dependent child. Eligible dependent children are those claimed as exemptions on federal income tax returns during the calendar years in which they are enrolled in the undergraduate degree programs through the TE Program. Only unmarried dependent children or custodial stepchildren who are under the age of 26 qualify for this program. Proof of relationship and dependent status will be required, i.e., birth certificate, adoption certificate or a copy of the most recent tax returns.

More information and applications are available from the Office of Human Resources.

Eligible students are awarded as approved applications become available to the Office of Student Financial Services. Tuition Exchange supersedes any merit and/or need based assistance offered by the College and is renewable (for a maximum of four years (eight semesters) of full time academic study in an undergraduate degree program), provided the student remains in good academic and social standing at the institution. Summer sessions and overloads are excluded from the scholarship program. Enrollment must be re-certified annually by the Office of Human Resources. Funds are credited to tuition accounts after the add/drop period and stabilization has occurred each semester.

 

 

Federal Work-Study and Student Employment Program

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Students who 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 Student Employment Program. Both programs require a student to secure a job and complete the necessary paperwork with the Office of Human Resources, including a work study contract, an I-9, M-4, Direct Deposit Authorization Form,  and a 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 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 Office of Student Financial Services.  

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 (0-29 credits) are eligible to borrow up to $3,500; sophomores (30-59 credits) may borrow up to $4,500, and juniors (60-89 credits) and seniors may borrow up to $5,500. Interest rates are fixed and are set by the Department of Education every July 1.  Repayment begins 6 months after the student graduates, withdraws or stops attending school at least half-time.  A fee of up to 1.068% 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 $5,500; sophomores may borrow up to $6,500, and juniors and seniors may borrow up to $7,500. Additional Federal Direct Unsubsidized Stafford Loans are available for qualified students in the amounts of $4,000 and $5,000.  Graduate students are eligible to receive up to $20,500. Interest rates are fixed and are set by the Department of Education every July 1.  Repayment begins 6 months after the student graduates, withdraws or stops attending school at least half-time.  A fee of up to 1.068% 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.

 

Limiting Subsidized Loan Eligibility to 150% of Program Length 
 

Students in a four-year program will be eligible for Federal Direct Subsidized Stafford Loans for the equivalent of six years - three years for students in a two-year program. The student who reaches this limitation could continue to receive Federal Direct Unsubsidized Stafford Loans if he or she is otherwise eligible (for example, has not met the school’s Satisfactory Academic Progress requirements). Once a borrower has reached the 150 percent limitation, his or her eligibility for an interest subsidy also ends for all outstanding Subsidized Stafford Loans that were disbursed on or after July 1, 2013. At that point, interest on those previously borrowed loans would begin to accrue and would be payable in the same manner as interest on Unsubsidized Stafford Loans.


 
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, working toward their first Bachelor’s degree,  and be a permanent resident of Massachusetts. Loan amounts range from $1,000 to $4,000 and are determined according to financial need. 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 Student Financial Services. Repayment begins 6 months after the borrower ceases enrollment on at least a half-time status.  Borrowers must sign a Promissory Note and the Private Education Loan Application Self-Certification Form,  and complete an Entrance Interview.  Borrowers must complete the Exit Interview process upon ceasing enrollment of at least half-time. Loan proceeds are credited to the student’s tuition account once the loan proceeds are received from the Commonwealth, but no earlier than the end of the add/drop period for the semester.

 

Massachusetts No Interest Loan Exit Interview
 

Borrowers of Massachusetts No Interest Loans are required to complete an exit interview prior to ceasing enrollment on a half-time basis. You will be asked to log on to Educational Computer Systems, Inc (ECSI) website to complete the exit interview. This is the loan servicing company for the Massachusetts Department of Education. You will be required to provide family information and personal references. Please be sure to have this information ready when you begin the online exit interview. If you have any questions regarding your Massachusetts No Interest Loan debt or the exit interview process, please contact the Office of Student Financial Services.

 

Massachusetts No Interest Loan Repayment

Massachusetts No Interest loans require repayment. Failure to repay your loans will result in a defaulted status. Default means that you have failed to replay your loan according to the terms outlined in your promissory note. If you are having difficulty repaying your loans, you should contact Educational Computer Systems, Inc. (ECSI) immediately to review alternative repayment programs for which you may qualify.


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 fixed interest rate 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 4.272% 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 7.21%.  There is a maximum repayment period of 10 years, with a minimum monthly payment of $50.  Fees for this loan are 4.272% which is subtracted from the requested loan amount prior to disbursement of funds to the College. 

 

 

Federal Loan Repayment
All federal loans require repayment. Failure to repay your loans will result in a defaulted status. Default means that you have failed to repay your loan according to the terms outlined in your promissory note. If you are having difficulty repaying your loans you should contact your lender immediately to review alternative repayment programs that you may qualify for. If you do not know who your lender is, you may access your loan history via the National Student Loan Data System (NSLDS) at www.nslds.ed.gov. You will need your FSAID and password to enter this site. If you need to reset your password,  log onto www.fsaid.ed.gov.


Consolidation Loans

Consolidation loans allow borrowers to combine eligible education loans into a new loan. Typically, these loans will have a lower monthly payment, but a longer repayment term than the original loans. Consolidation loans should be considered carefully. Generally they are determined by weighted interest, meaning that an average rate is determined between the higher and lower interest rates on all loans a borrower has taken. Federal Direct Loans cannot be consolidated with private loans.
For more information on consolidation go to http://studentaid.gov/.


Repaying Student Loans

For many borrowers, repayment on loans will not begin until after graduation. However, it is important for borrowers to know their responsibilities when it comes to student loans. Some loans require interest-only payments while in school or immediate repayment. Never take a loan without understanding exactly when you will receive your first bill. As a matter of good financial management, do your best to understand the terms and conditions of your loans. If you don’t understand them, contact your lender. Remember, as a borrower, you are responsible for repaying the loans fully and on-time.

For More Guidance

If you are confused as to which loans you have taken, visit the National Student Loan Database at www.nslds.ed.gov  for a list of your Federal Direct Student Loans. You will need your FSAID and password that you created when you completed your FAFSA in order to access the information on this site. If you have forgotten your FSAID and/or password, go to www.fsaid.ed.gov to reset your information.

Repayment Calculator

The loan repayment calculator will help student loan borrowers calculate monthly Principal and Interest payments under the different payment plans. Click here for the repayment calculator.
To view a list of payment plan options go to www.studentaid.gov .

 

Deferment

You can receive a deferment for certain defined periods. A deferment is a temporary suspension of loan payments for specific situations such as re-enrollment in school, unemployment, or economic hardship. You don’t have to pay interest on the loan during deferment if you have a Federal Direct Subsidized or FFEL, Stafford Loan or a Federal Perkins Loan. If you have a Federal Direct Unsubsidized Direct or FFEL Stafford Loan, you’re responsible for the interest during deferment. If you don’t pay the interest as it accrues (accumulates), it will be capitalized (added to the loan principal), and the amount you have to pay in the future will be higher. You have to apply for a deferment to your loan servicer (the organization that handles your loan), and you must continue to make payments until you’ve been notified your deferment has been granted. Otherwise, you could become delinquent or go into default.

Forbearance

Forbearance is a temporary postponement or reduction of payments for a period of time because you are experiencing financial difficulty. You can receive forbearance if you’re not eligible for a deferment. Unlike deferment, whether your loans are Subsidized or Unsubsidized, interest accrues, and you’re responsible for repaying it. Your loan holder can grant forbearance in intervals of up to 12 months at a time for up to 3 years. You have to apply to your loan servicer for forbearance, and you must continue to make payments until you’ve been notified your forbearance has been granted.

For more information about Federal Direct Student Loans, contact the U.S. Department of Education’s Direct Loan Customer Service Department at 800-848-0979 or:

Direct Loan Servicing Center, Borrower Services Department
PO Box 5609
Greenville, TX 75403-5609



 

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. 

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.  


Regulation Z - Truth in Lending (TILA)

The Higher Education Opportunity Act (HEOA) enacted August 2008 amended the Truth-in-Lending Act (TILA) establishing private education loan disclosure requirements about loan terms on or with the loan application and lenders must also disclose information about lower cost alternatives like federal student loans. Additionally, once the loan is approved and finalized for disbursement, additional disclosures must be provided. These regulations were passed to ensure that borrowers of private education loans have the necessary information to make informed choices about financing products to fund educational costs. These regulations apply to all private education loans but not to loans under the Federal IV loan programs (Stafford, Perkins and PLUS). We are providing a model Private Lender Agreement (PLA) Form as an example of what your lending institution is required to share with you upon borrowing an educational loan.

Method and Criteria for Selecting Alternative Loans can be found online at www.mountida.edu
The Alternative Loan Annual Application and Solicitation Disclosure Notice can be found online at www.mountida.edu
The Model PLA Agreement Form can be found online 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.

Explanation of Institutional Funds when a Student Withdraws from the College

Any student who withdraws from the institution who received any type of merit and/or need-based aid is subject to a withdrawal calculation. Calculations are performed in accordance with the Withdrawal Adjustment Policy/Schedule. The Official Date of Withdrawal as determined by the Office of the Registrar is used when making adjustments to eligibility.

Institutional Merit and Need based funds are adjusted according to the College Withdrawal Adjustment Schedule.


COLLEGE WITHDRAWAL FORM

When 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), and financial obligations (from Student Financial Services).

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

For College charges refund information, see the  “Withdrawal Adjustment Schedule” in this Catalog.


RETURN OF COMMONWEALTH OF MASSACHUSETTS FUNDS

A student who withdraws from all classes 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.
 

 


 

2016-2017 COLLEGE CHARGES AND FEES, OTHER EXPENSES AND RELATED POLICIES 


Undergraduate Full-Time Tuition and Room and Board
 

Students who enroll in 12 or more credits are considered full-time. Please note: All Resident Students living on campus MUST be full time, unless otherwise approved by the Office of Residence Life.

Tuition       $32,300
Activities Fee       $265

Comprehensive Fee (billed in FALL)

(Note: Students who enter or who become full-time students in the Spring Semester will be charged during the Spring Semester.)

      $1,255
Room and Board (students living on campus - only)       $13,000

Medical Insurance (billed in FALL)

(Note: Commonwealth of Massachusetts laws make health insurance mandatory unless proof of other insurance is provided to Gallagher Student Health and Special Risk by the established deadline. The College, by law, acts as a required “third party” participant to this mandate, as no funds for this fee accrue to the College.)

(Note: Students who enter or those who enroll in at least 9 credits in the Spring Semester will be charged during the Spring Semester.)

Additional details regarding the Student Health Insurance Program can be found online via the Mount Ida College website. Further details regarding the online waiver process and deadlines can also be found on the Mount Ida College website.

      TBD

Undergraduate Other Charges and Fees

Single Room Fee (if approved) $1,300
Course Overload (over 18 credits), per credit $750
Dental Hygiene Fee* (charged in fall semester) $450
Veterinary Technology Fee* (charged in fall semester) $450
*Any student who becomes full-time in Spring and was not charged in the Fall semester or new students who enter the program in the Spring semester will be charged this full rate.  
Course Audit Fee or Lifetime Credit Fee, per credit $300
   
Student Achievement Program Fee  
     1 session per week $2,300
     2 sessions per week $4,600
     3 sessions per week $6,900
Late Payment Fee (each semester) $200
Residence Hall Lockout Charge (per occurrence) $10
One Card Replacement Fee $25
Key Replacement Fee $100
Summer Session I and II, per credit $450
Summer Internship (Sport Management) $1,800
Summer Internship (Applied Forensic Science, Business Administration, Criminal Justice, Equine Management, Veterinary Technology, Funeral Service) $900
Summer Housing (per session) $1,642
Damage Fee $varies
Judicial Fee $varies
Returned Check Fee $50
Housing charge for Break Periods - students are charged a per day rate $60 per day

Undergraduate Part-Time Tuition

Part Time (less than 12 credits)   per credit   $975.00

Undergraduate Laboratory and Program Fees

These fees are mandatory and non-refundable. Specific courses or programs may require additional fees. These fees are listed with the Course Descriptions in the Catalog and are charged to individual student accounts as they are incurred.
 

Good Financial Standing

All tuition and fees are payable on the date specified prior to the opening of each semester. Students may not check in at the start of the semester or depart for Mount Ida College-sponsored student abroad or exchange programs until all outstanding financial matters have been resolved. Any individual who fails to settle all outstanding balances may not register, attend classes, depart for or participate in a Mount Ida College-sponsored study abroad or exchange program; participate in student activities (including athletics); be provided transcript service; receive grade reports; or be granted a degree. The student is responsible for any costs incurred by the College in collecting past due balances. Students must be in Good Financial Standing in order to participate in all Mount Ida College programs and activities. To be in Good Financial Standing, a student must have settled his/her student account for all charges currently due. A student’s account is considered “settled” when it is either paid or covered by one of the following:

  • Anticipated Financial Aid, including alternative loans, with no outstanding paperwork or other issues remaining. Funds must be approved by the lender to be disbursed directly to the College at a specific future date.
  • A current and up-to-date payment plan established through Mount Ida College’s third-party service, Tuition Management Systems (TMS), which allows payments to be spread over the course of the academic year.

Students may view their balance by logging into their MiWeb account.

If efforts by the Office of Student Financial Services 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 Office of Student Financial Services at (617) 928-4750.

Any student who has an unpaid balance with the College will not be allowed a transcript nor a diploma until such time as all debt owed to the College has been paid in full.

 

Deposits

All admitted students are required to reserve their place at the College with a $200 non-refundable tuition deposit. Resident students are required to pay an additional $300 to reserve a place in the residence halls.

Returning residential students who wish to live in a College residence hall must complete all the necessary applications by the established deadline. Those who cancel their housing will be subject to a $300 housing cancellation fee.

 

Billing Due Dates

 

Fall semester charges are due by July 1, 2016. Spring semester charges are due by January 1, 2017. Students who present the Office of Student Financial Services 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. This total will be displayed on the billing statement as “Anticipated Aid”.

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 1, 2017.

Information on educational loans, which are not dependent on financial aid eligibility, is available from the Office of Student Financial Services and online at www.mountida.edu.

Late Payment Fee

Accounts not settled in full by the due date and which are not in “Good Financial Standing” as outlined in this section may be subject to a late fee of $200 each semester.

 

Anticipated Financial Aid Payments
 

Students must complete and return all additional documentation, verification, corrections and/or new information requested by Mount Ida College’s Office of Student Financial Services or the outside agency to which an application was submitted. Financial aid awards will not be posted to a student’s account if any paperwork is missing. If paperwork remains outstanding, the financial aid may be forfeited and the student will remain responsible for paying any amounts that would have been covered by financial aid.

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, an estimated $500-$1,000 can be required per semester.

 

Book Advances

Book advances may be made available to any student who has a pending credit on their student account. Students participating in the monthly payment plans through TMS are not eligible for an advance. Advances are used to purchase textbooks and program-specific school supplies, and requests may not exceed the amount of the pending credit. Students must present the Office of Student Financial Services with an itemized list of textbooks required for the semester. Check will be provided to students after the first day of classes through the add/drop period. After such time, the College follows the standard credit balance process.

 

Credit Balances and Refunds

If cash payments and financial aid, including any disbursement of Federal Title IV funds (such as a Federal PELL grant, FSEOG, or Federal Direct Loan), create a credit on a student account, the Office of Student Financial Services will retain this credit on the account to be used against the charges of future terms of enrollment within the current academic year, only if the student completes a Credit Balance Authorization Form (CBA). Otherwise, a refund check made payable to the student (or the parent who transacted the Federal Direct PLUS Loan - unless otherwise noted) will be issued, according to the timeframe established by the federal government.

Student Refund Checks

You may request a student refund check for any portion of any credit balance on your account, even if you have filed a CBA. Refund checks will only be issued for an actual credit balance and will not be issued on any “pending” or “anticipated” payments. You may request to pick up or have your check mailed. Please be aware that financial aid funds are not posted until after the Add/Drop period and stabilization have occurred each semester.

 

Removal or Suspension from College Housing

The Office of Community Standards may determine the need for removal or suspension from the College. For additional details, see the Student Handbook. However, the student will remain 100% responsible for all charges on his/her student account and no adjustments will be made due to a change in status resulting from removal or suspension from College housing.

 

Billing Disputes

If you believe your billing statement contains an error or you wish to dispute any item contained on it, describe the nature of your dispute in writing and mail it to Mount Ida College, Attn: Student Financial Services, 777 Dedham Street, Newton, MA 02459 or email to studentaccounts@mountida.edu .We must hear from you in writing no later than 60 (sixty) days from the time that the College sent you the first bill on which the error or issue occurred. Please provide the following information in your letter:

  1. Your name and student ID number
  2. The dollar amount of the suspected error
  3. Describe the error in as much detail as possible, explaining why you believe there is an error.

 

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 2016-2017 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 September 6, 2016 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 20, 2016 is eligible to receive 75% of tuition and fees excluding non-refundable deposits.
  • Any returning student who officially withdraws from the College by October 4, 2016 is eligible to receive 50% of tuition and fees excluding non-refundable deposits.
  • Any returning student who officially withdraws from the College by October 18, 2016 is eligible to receive 25% of tuition and fees excluding non-refundable deposits.
  • Any returning student withdrawing from the College after October 18, 2016 will receive no reduction of his/her fall 2016 semester charges.

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

  • A returning student who officially withdraws from the College prior to January 17, 2017 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 31, 2017 is eligible to receive 75% of tuition and fees excluding non-refundable deposits.
  • Any returning student who officially withdraws from the College by February 14, 2017 is eligible to receive 50% of tuition and fees excluding non-refundable deposits.
  • Any returning student who officially withdraws from the College by February 28, 2017 is eligible to receive 25% of tuition and fees excluding non-refundable deposits.
  • Any returning student officially withdrawing from the College after February 28, 2017 will receive no reduction of his/her spring 2017 semester charges.

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

  • A student who officially withdraws from the College prior to September 6, 2016 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 14, 2016 is eligible to receive 90% of tuition and fees excluding non-refundable deposits.
  • Any new student who officially withdraws from the College by September 20, 2016 is eligible to receive 75% of tuition and fees excluding non-refundable deposits.
  • Any new student who officially withdraws from the College by October 4, 2016 is eligible to receive 50% of tuition and fees excluding non-refundable deposits.
  • Any new student who officially withdraws from the College by October 18, 2016 is eligible to receive 25% of tuition and fees excluding non-refundable deposits.
  • Any new student officially withdrawing from the College after October 18, 2016 will receive no reduction of his/her fall 2016 semester charges.

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

  • A student who officially withdraws from the College prior to January 17, 2017 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 24, 2017 is eligible to receive 90% of tuition and fees excluding non-refundable deposits.
  • Any new student who officially withdraws from the College by January 31, 2017 is eligible to receive 75% of tuition and fees excluding non-refundable deposits.
  • Any new student who officially withdraws from the College by February 14, 2017 is eligible to receive 50% of tuition and fees excluding non-refundable deposits.
  • Any new student who officially withdraws from the College by February 28, 2017 is eligible to receive 25% of tuition and fees excluding non-refundable deposits.
  • Any new student officially withdrawing from the College after February 28, 2017 will receive no reduction of his/her spring 2017 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.

Any student who has an unpaid balance with the College will not be allowed a transcript nor a diploma until such time as all debt owed to the College has been paid in full.

If efforts by the Office of Student Financial Services 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 Office of Student Financial Services 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 Office of Student Financial Services 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 Office of Student Financial Services at (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 Office of Student Financial Services 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 Office of Student Financial Services at (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. Information regarding this option is provided to students upon request and is available on the College website.