Nov 30, 2020  
2017-2018 College Catalog 
2017-2018 College Catalog

Financial Information for Graduate Programs

Financial Assistance

Mount Ida College provides financial assistance through loans and payment plans to help students meet their educational goals. To be considered for financial aid, students must complete the Free Application for Federal Student Aid (FAFSA) on a yearly basis. Students may complete the FAFSA application online at . Mount Ida College’s Federal School Code is 002193. Students  seeking financial aid must be admitted to the graduate program before their financial aid application will be considered.


Enrollment Requirements

Your award may consist of a fall, spring and summer award in which you must be enrolled at least half-time (6 credit hours). The Office of Student Financial Services will verify your enrollment prior to each loan disbursement to determine if you are eligible to receive aid for that term.

Students enrolled in certificate programs are not eligible for Financial Aid.


Understand Your Cost of Attendance

Direct Costs are charges that you pay directly to Mount Ida College. Direct costs include tuition and fees, and on-campus room and board (where applicable).

Indirect Costs are expenses that are not charged directly to your student account. Indirect costs include books and supplies, off-campus housing, transportation, and personal expenses.


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. 

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 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 spouse (if applicable) 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
  • 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.


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.
  • The method and frequency of financial aid disbursements.
  • How the College determines whether the student is making satisfactory progress.
  • Withdrawal Procedures and calculations/adjustments

Note: Graduate students may apply only for loans.


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 .


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:

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



Federal Direct Unsubsidized Stafford Loans

To be eligible, you must file a FAFSA each year and be enrolled at least half-time (6 credits). This federal loan is not need-based. The interest on the Unsubsidized Direct Loan accrues from the date of disbursement. You have two choices for paying interest: you may pay it while you are enrolled, or it can accrue and become part of the principal that you will owe. You begin making payments six months after you graduate or cease to be enrolled at least half-time.

If you are a first-time borrower at Mount Ida, you must complete Entrance Counseling and sign a Master Promissory Note (MPN) before funds can be disbursed. Loan(s) are credited to your tuition account approximately 30 days after the start of the semester.

Federal Direct Stafford Loan Entrance Counseling

If you are borrowing a Federal Direct Subsidized and/or Unsubsidized Stafford Loan for the first time at Mount Ida College, it is a federal requirement for you to complete Federal Direct Stafford Loan Entrance Counseling before the proceeds from the Federal Direct Stafford Loan can be disbursed to your tuition account. Entrance Counseling must be completed online at

Federal Direct Stafford Loan Master Promissory Note

The Federal Direct Stafford Loan Master Promissory Note (MPN) is a legally binding agreement to repay the student loan. This agreement is between you the Department of Education. A parent cannot complete the Federal Direct Stafford Loan Master Promissory Note (or Entrance Counseling) on the student’s behalf. Once you, the student borrower, signs the MPN for enrollment to Mount Ida, you will not need to sign the MPN again as long as you remain continuously enrolled at the college in a degree program. If you do not sign the MPN, your federal loan funds will not be disbursed to your tuition account. The Master Promissory Note (MPN) must be completed online at .

Loan terms:

  • Interest and principal may be deferred until you cease to be enrolled at least half-time (6 credits)
  • Interest accrues while in-school and during grace and deferment periods
  • Fixed interest rate of 5.31% for graduate students
  • Interest is not paid by the government; borrower is responsible for all interest payments
  • Repayment begins six months after you graduate, withdraw or stop attending school at least half-time (6 credits)
  • Up to a 10 year repayment period with a $50 minimum monthly payment
  • A 1.069% fee may be deducted from loan proceeds prior to disbursement

Loan Maximums: The federal government sets both annual and lifetime borrowing limits for Federal Direct student loans. The unsubsidized loan limit cannot exceed $20,500 during one standard academic year. The lifetime loan limit for Federal Direct student loans is $138,500 over the course of your entire academic career.

If you have previously borrowed under the Federal Direct student loan program, the amounts you previously borrowed will be counted towards your lifetime loan limit.

Students have the right to decline or reduce the financial aid they’ve been offered at any time during the academic year. All decline or reduction requests are to be submitted, in writing, to the Office of Student Financial Services.


Federal Direct Stafford Loan Exit Counseling

Once you cease enrollment requirements for the Federal Direct Stafford Loan(s) at Mount Ida, you must complete the Exit Counseling process online at . Information regarding your loan exit requirements will be sent to you directly. Mount Ida College will provide information to the National Student Loan Data System (NSLDS) which is accessible by lenders, guarantee agencies and other higher education institutions who are authorized users of the NSLDS data system. You may access NSLDS for information related to your Federal loan records at .


Graduate PLUS Loans

Graduate PLUS Loans are another option for financing your education. The Federal Graduate PLUS Loan is available to students enrolled at least half-time (6 credit hours) in a graduate or professional program and who meet all of the other general eligibility requirements for the federal student aid programs.

This is a non-need based loan option for graduate students who have exhausted their Stafford Loan eligibility. Students apply through the website and a credit check is performed by the US Department of Education. The school will certify the loan for the amount in which you are eligible, if approved by the Department of Education. A separate Master Promissory Note and Entrance Counseling is required to be completed through Repayment begins 60 days after the loan fully disburses and in-school deferment may be possible by contacting your federal loan servicer. Students are required to complete a FAFSA prior to applying for the Graduate PLUS Loan.

GradPLUS Loan award amounts

  • Maximum per year, per student equals Cost of Education minus financial aid awarded
  • No aggregate loan limits

GradPLUS Loan terms:

  • Fixed interest rate of 6.31%
  • Repayment begins within 60 days after full disbursement of the loan proceeds
  • Students have up to 10 years for repayment
  • $50 minimum payment
  • Up to a 4.276% fee is deducted from loan proceeds prior to disbursement
  • All fees are deducted from loan proceeds at disbursement
  • Deferment option
  • Interest only option

Repayment of Student Loans

The loan repayment calculator will help student loan borrowers calculate monthly principal and interest payments under the different payment plans available at .


Monitoring Borrowing

Keep track of your borrowing of Federal Loans by logging into the National Direct Student Loan Data System (NSLDS) (hyperlink and completing a financial aid review.


Loan Deferment

If you have previously borrowed student loans, you may qualify for loan deferment based on your current enrollment.


Private Loans

Private Loans are available to students who are not eligible for federal loans or who need assistance beyond their financial aid eligibility. These loans are made through banks and other financial institutions and are subject to their terms and conditions. Private Loans are recommended as an option only after students have utilized their federal loans. Interest rates and loan terms tend to be more favorable for federal loans, rather than private loans. To learn more about these loans, visit .


Satisfactory Academic Progress

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

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

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

Measurement Point/Times Standard Applied

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

Good Standing Status

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

Probation Status

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

Loss of Aid Status

If a student in probation status fails to meet the cumulative minimum 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. Students in a loss of aid status have the opportunity to appeal their loss of aid by completing an Academic Plan with the Dean of Graduate Studies to have their financial aid reinstated.

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

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

Additional SAP Information

If a student withdraws from all Title IV eligible courses in the payment period or period of enrollment and continues to attend only the course(s) that he or she is completing or repeating for which he or she may not receive Title IV aid during that period, the student is a withdrawal for Title IV purposes. This is because a student is considered to be attending a Title IV eligible program only if he or she is attending one or more courses in that program for which the student is receiving Title IV, HEA program funds.


Dropping Classes or Withdrawing

We understand it may be necessary for you to drop a course or withdraw from Mount Ida due to unforeseen circumstances. However, if you must do so and have received federal aid, you may have to repay the aid you received. If possible, contact Student Financial Services prior to dropping a course or withdrawing to determine how it will affect your financial aid eligibility.


Graduate Programs 2017-2018 Tuition

$630.00 per credit

$580.00 per credit for Alumni


Payments in person can be made at the Office of Student Financial Services in Holbrook Hall during regularly scheduled office hours. Payments by mail should be sent to Student Financial Services, Mount Ida College, 777 Dedham Street, Newton, MA 02459.


Online Payments  - for online payments, log onto MiWeb and click on the Finances links to make your payment.

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 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 Financial Good Standing in order to participate in all Mount Ida College programs and activities. To be in Good Financial Standing, a student must have settled their 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.


Any subsequent charges added to an account such as late fees, damage fees, udicial fees,e tc. are due immediately. Students are expected to be in good financial standing at all times.


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.

Billing Due Dates

Students are expected to have their bill paid in full, prior to the start of classes each semester.  Students who present the Office of Student Financial Services with all the required qualification forms for funding will have the total of these verified funds subtracted prior to determining the amounts due by the above dates.  This will be displayed on the billing statement as ‘Anticipated Aid’.

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


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 to pay any amounts that would have been covered by the financial aid.

Books and Supplies

Students in the Interior Architecture concentration are required to have a laptop computer and should contact the Interior Architecture and Design department for details on recommended software packages.


Credit Balances and Refunds

If your cash payments and financial aid, including any disbursement of Federal Title IV funds such as Federal Direct Loans or Graduate PLUS Loans, create a credit balance on your account, we will retain these credits on your student account to be used against the charges of future terms of enrollment within the current academic year, only if you complete a Credit Balance Authorization Form (CBA).  Otherwise, a refund check made payable to the student, 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 student account, even if you have filed a CBA (see above). Refund checks will only be issued for actual credit balances 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 has 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, students will remain 100% responsible for all charges on their 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 . 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 student agrees 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 2017-2018 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 student agrees 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 most recent date of academic activity which is provided by the student’s instructors to the Office of 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.

Full refunds will be made only if a course is canceled or if a student drops a course before the course begins. Students who withdraw from a course after it has started will receive a partial refund according to the following schedule:

  • 16-Week Semester Course: Students who officially withdraw after the first week of class receive a 75% tuition refund; by the third week of class a 50% tuition refund is granted. Any students withdrawing from the class after the third week will receive no refund.
  • 7-Week Semester Course:
  •        Any student who officially withdraws from the class before the 6th calendar day after the start of class is eligible to receive 75% of tuition and fees, excluding the non-refundable deposit.
  •        Any student who officially withdraws from the class/classes between the 7th and 11th calendar day after the start of class is eligible to receive 50% of tuition and fees, excluding the non-refundable deposit.
  •        Any student who officially withdraws from the class/classes after the 11th 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, 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.

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 obtain 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.