Financial Information

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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 Mount Ida College website at www.mountida.edu “Financing your Education.” All students are encouraged to apply early to meet the priority funding deadline of May 1.

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, a student’s 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 are classified as dependent or independent because the Federal Student Aid Programs are based on the idea that students (and their parents or spouse, if applicable) have the primary responsibility for paying for their post secondary education. When students complete the FAFSA, their answers to certain questions will determine whether they will be considered a dependent or independent student.

Students must file new applications for financial assistance each year of enrollment. The amount of financial aid that students receive after the first year may vary, reflecting changes in their family’s financial strength, cost of attendance 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). Students should expect the amount of the loan in their package to increase as they progress through their academic career at Mount Ida College.

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

The Financial Aid Office 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, President’s Achievement Scholarship or School of Design Art Award. Students will be notified if offered a merit-based scholarship.

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. Usually a loan is awarded first, followed by a work-study grant, federal and state grants, and finally institutional grant assistance. The College’s priority deadline is May 1.

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 publication. Please note that an award letter assumes a level of federal and state appropriations that frequently has not been finalized at the time that the awards are made. Therefore, if funds fail to be appropriated as anticipated, offers may need to be adjusted accordingly. Students will be notified as soon as possible if changes are necessary.

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

Mount Ida College Grant: Direct gift aid from the College that a student does not need to repay. The College provides these grant funds. These funds are awarded based on calculated eligibility, need, enrollment status and the availability of funds. Mount Ida College currently has an institutional grant budget of 7 million dollars. A priority filing date of May 1 applies for all students. After this date, funding levels may be reduced based on availability of funds.

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). Funds are limited and subject to availability.

Federal PELL Grant: Funded by the federal government. Provides awards ranging from $400 to $4,310 to eligible undergraduates. The College cannot finalize a student’s Federal PELL Grant and ensure proper crediting of funds to a student’s account unless the student has listed Mount Ida College as a recipient of the information on the student’s Federal Student Aid Report (SAR). Awards are prorated and based on level of enrollment.

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 cannot replace with College funds any state funds for which a student is eligible but fails to apply for 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.

Gilbert Grant: Funding provided to Mount Ida College by the Commonwealth of Massachusetts. The College awards this grant to eligible students who have significant financial need and are legal residents of Massachusetts. Institutional policy states that awards generally range from $500 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.

Private Scholarships: In addition to federal, state and institutional aid, students may be awarded a private scholarship. 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. Although the Internet is a great resource, students should be cautioned against web-based scholarship search companies that charge fees for searches.

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

President’s Scholarships and Admissions Awards: Each student who is accepted to Mount Ida College is evaluated for a merit-based President’s Scholarship or Admissions Award. Although a student does not have to apply for financial aid to receive a President’s Scholarship or Admissions Award, the amount of these scholarships increases with financial need. 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.

School of Design Art Award: The School of Design Art Award is a merit-based award that is given to students once a formal portfolio review has been conducted by the design faculty. The maximum award granted is $1,500 and is renewable with a minimum cumulative GPA of 3.00 (on a 4.00) scale. Students must be enrolled on a full-time basis (minimum of 9 credits) in a degree-granting design program.

New England Institute (NEI) Scholarships are awarded to a limited number of students who major in funeral service or related areas within NEI. Awards are renewable through four years of study if the scholarship recipient remains in a New England Institute major on a full-time basis and maintains a minimum cumulative GPA of at least 3.00 (on a 4.00) scale. Award amounts vary.

Other Named Scholarships, such as the Maxine Davis Memorial Scholarship, are also offered to returning students. Inquire with the Financial Aid Office for more information and application deadlines.

Please call the Financial Aid Office at 617-928-4785 for more details on these and other programs.

Work program funded by Mount Ida College and the federal government. Students may work at either an on-campus department or an approved off-campus community service organization. The FWS grant is NOT credited to the student’s tuition account. Students receive bi-weekly paychecks based upon actual hours worked. Student employment awards are generally used towards indirect expenses such as books, supplies, transportation and miscellaneous personal spending. Although FWS earnings are taxable, any wages earned under the FWS program will be excluded from the student’s income when she/he is being considered for financial aid the subsequent year.

The work award offered is the maximum gross earnings students may receive. Their actual earnings will depend upon the availability of hours involved in any given position(s). It is the student’s responsibility to keep track of how much she/he has earned, and what remains to be earned. The College is not responsible to pay for hours worked beyond the awarded amount. Students will be paid on a bi-weekly payroll. It is the student’s responsibility to secure and maintain a position that will allow them to fulfill their work allocation. Students must complete an I-9 and a W4 form prior to starting any work-study job. Students who are not cleared by the work-study coordinator will not be paid for hours earned prior to their clearance. Any work allocation not earned by the end of the academic year will be forfeited.

First-time borrowers who are awarded any of the following loans as part of their financial aid award should log on to the Mount Ida College website at www.mountida.edu to complete the required promissory note and entrance counseling documents.

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

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

Subsidized Stafford Loan: Students who demonstrate financial need according to federal regulations are eligible to borrow through the Subsidized Loan Program. 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 1/2 time, minimum 6 credits) and no interest on the loan will accrue. Freshmen are eligible to borrow up to $3,500; sophomores may borrow up to $4,500, and juniors and seniors may borrow up to $5,500 per academic year.

Unsubsidized Stafford Loan: Students who do not qualify for a Subsidized Stafford Loan may be awarded an Unsubsidized Federal Stafford Loan. With the Unsubsidized Stafford Loan, the federal government does not pay the interest while the student is in school. Therefore, interest does accrue and must be paid or capitalized. Freshmen are eligible to borrow up to $3,500; sophomores may borrow up to $4,500, and juniors and seniors may borrow up to $5,500 per academic year. Additional Unsubsidized Stafford Loans are available for qualified students in the amounts of $4,000 and $5,000.

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 program and be a permanent resident of Massachusetts. Loan amounts range from $1,000 to $4,000. There is no interest charged during the life of this loan. Students must first borrow under the Federal Stafford Loan Program before they qualify for the Massachusetts No Interest Loan. The Massachusetts No Interest Loan cannot replace the Stafford Loan. Funds are provided by the Commonwealth of Massachusetts and are subject to availability.

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. Contact the Financial Aid Office for alternative loan information or log on to the College website at www.mountida.edu for important information links.

Full-Time Tuition

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

Part-Time Tuition

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

Audit Tuition

Residence Hall

Fees

Laboratory and Field Trip Fees, Materials Fees, Program Fees

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

Books and Supplies

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

Deposits

This deposit is required to reserve enrollment in an academic program, specific courses, residence hall space and financial aid awards. The deposit, required each year prior to enrollment, is credited to the student’s tuition account, and is non-refundable after the May 1st date.

Payments

Fall semester charges are due by August 1, 2007. Spring semester charges are due by January 1, 2008. Students who present the College Financial Aid Office with all the required qualification forms for non-family funding will have the total of these “Verified” funds subtracted prior to determining the amounts due by the above dates.

A monthly budget plan for the student/family portion of College charges is available through a non-College agency (Tuition Management Systems, Newport, RI) for a nominal annual fee and may be used to defer the above payments by monthly installments through April 30, 2008.

Information on educational loans, which are not dependent on financial aid eligibility, is available from the Bursar or the College Loan Officer.

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 breech 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 2007-2008 Withdrawal Adjustment Policy will 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.

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

• A student who withdraws from the College prior to August 24, 2007 is eligible to receive a full refund of tuition and fees excluding non-refundable deposits.
• Any student who officially withdraws from the College by September 7, 2007 is eligible to receive 75% of tuition and fees excluding non-refundable deposits.
• Any student who officially withdraws from the College by September 21, 2007 is refunded 50% of tuition and fees excluding non-refundable deposits.
• Any student who officially withdraws from the College by October 5, 2007 is eligible to receive 25% of tuition and fees excluding non-refundable deposits.
• Any student withdrawing from the College after October 5, 2007 will receive no reduction of his/her fall 2007 semester charges.

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

• A student who withdraws from the College prior to January 15, 2008 is eligible to receive a full refund of tuition and fees excluding non-refundable deposits.
• Any student who officially withdraws from the College by January 29, 2008 is eligible to receive 75% of tuition and fees excluding non-refundable deposits.
• Any student who officially withdraws from the College by February 12, 2008 is eligible to receive 50% of tuition and fees excluding non-refundable deposits.
• Any student who officially withdraws from the College by February 26, 2008 is eligible to receive 25% of tuition and fees excluding non-refundable deposits.
• Any student withdrawing from the College after February 26, 2008 will receive no reduction of his/her spring 2008 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, receive grades, and/or transcripts.

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

Tuition Refund Insurance

This is an optional insurance policy, which provides reimbursement of non-refundable College charges in cases of withdrawal for medical reasons and is available through an outside agency (Delaware Insurance, Braintree). Information regarding this option is mailed with a first statement of College charges and is otherwise available through the Bursar’s Office.