FAQ

Frequently Asked Questions

Here are some commonly asked questions regarding financial aid and student accounts at MCPHS.

How do I apply for financial aid?

To apply for financial aid, you must complete the Free Application for Federal Student Aid (FAFSA). This is the only aid application MCPHS requires.

What is the Free Application for Federal Student Aid (FAFSA)?

MCPHS considers all eligible students with a completed Free Application for Federal Student Aid (FAFSA) application for all possible funding sources including federal, state and college programs.

Please keep in mind that MCPHS gives maximum consideration to students who meet the March 15 priority financial aid application deadline for all available funds. Late applicants may receive reduced funding levels.

Do I have to reapply every year?

Yes

Is there a separate application or do I just fill out the FAFSA?

There is no separate application. You need only to submit a completed FAFSA.

Who is considered a masters/doctoral or graduate/professional student for financial aid purposes?

The final two years of the PharmD and Physician Assistant programs are considered graduate. All master's programs, as well as the Drug Regulatory Affairs and Health Policy and the Non-Traditional PharmD programs, are also considered graduate.

How does the FAFSA evaluate dependency status

For the 2008-2009 school year (July 1, 2008 through June 30, 2009), the U.S. Department of Education considers the following students to be independent for purposes of awarding federal financial aid:

Students who were born before January 1, 1985
Students who are orphans, wards of the court, or were wards of the court until age 18
Students who are veterans of the U.S. Armed Forces
Students who have children, if they provide more than half of the support for the child
Students who have dependents (other than a child or spouse) living with them, if they provide more than half of the support for the dependent
Students who are married
Students who will be graduate/professional students in 2008-2009.

If I am financially independent from my parents, can I be considered an independent on the FAFSA?

No. That criteria alone does not qualify a student to be independent.

Where does the EFC come from?

The FAFSA determines the EFC based on many criteria including, but not limited to: student income, parents' income, number in college, number in household, net worth of investments, net worth of business, savings, taxes paid, and untaxed income and benefits.

I just received an award letter in the mail. What if I want to decline some of the aid?

Simply cross out the award you do not wish to receive and return the revised letter to Student Financial Services. If you want to reduce a particular award, you can write in the lower adjusted amount on that letter as well.

I was awarded Federal Work Study. What do I do now?

In the first few weeks of the fall semester, students awarded Federal Work-Study will be able to pick up a list of available jobs from the Student Financial Services office. Students have the choice to apply to any of these jobs. Once hired, the student may earn up to the total amount awarded for the academic year. More information»

What's the difference between Subsidized and Unsubsidized?

Subsidized loans carry no interest while the student is enrolled more than half time. Unsubsidized loans will accrue interest while the student is attending school.

What is the interest on my Stafford loans?

The Federal Government adjusts the interest on Stafford loans every July. The 2008-2009 interest rate for subsidized loans is 6.0%; for unsubsidized loans, the rate is 6.8%. More information»

Can I prepay my loans or prepay the interest on my loans?

Yes

I have a private scholarship. Do I need to inform the school?

Yes. Students must inform Student Financial Services if they receive outside financial aid.

I have loans from another school. How do I defer payment on those loans?

Most loans will require the current school to complete specific paperwork in order to have payment on loans deferred. Usually the Registrar will verify enrollment and complete any necessary forms.

Do I have to enroll in the school's health insurance? How do I waive that fee?

No. You do not have to enroll in the school's health insurance, but you must provide proof of other health insurance coverage to waive the school's policy. A complete heath insurance waiver form must be submitted to Student Financial Services. More information»

Why does MCPHS keep sending me bills?

All students receive monthly bill statements.

Why am I being assessed a late fee?

Your balance is past due with the College. You have missed the deadline to pay and have not made adequate arrangements. This fee will not be waived. More information»

When are refund checks available?

Refund checks are generally available 10 days after the end of add/drop.

When is my tuition due?

Tuition Payment Deadlines — All Campuses
Fall Semester: August 1
Spring Semester: December 14
Summer Semester: May 1

What if I want to withdraw or take a leave of absence from the College?

You must pay all outstanding charges to the College before you may withdraw or take a leave of absence. If you are withdrawing or taking a leave of absence you must meet with a Student Financial Services Counselor to calculate what portion of your financial aid you may keep based on what point in the semester you choose to withdraw/take leave. Please refer to the SFS Handbook for more detailed information about withdrawals.

Student Financial Services