Financial Aid FAQ
Applying For Financial Aid
To find out more comprehensive information about understanding financial aid and your award package at MCPHS, please download this helpful guide
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.
What is the IRS Data Retrieval Process in the FAFSA?
The IRS Data Retrieval Tool allows students and parents to access the IRS tax return information needed to complete the Free Application for Federal Student Aid (FAFSA). Students and parents may transfer the data directly into their FAFSA. This is the preferred method for FAFSA filers to report federal tax information. Certain tax filers may be ineligible to use. Electronic tax filers should wait two weeks from their filing date for the availability of the IRS Data Retrieval and paper tax filers should wait 6-8 weeks from their filing date.
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?
- All years of the PharmD Program in Worcester and Manchester are considered graduate.* The final two years of the PharmD program in Boston are considered graduate. All other years are considered undergraduate. (*There are rare exceptions to this rule for Worcester and Manchester PharmD students; please contact your Student Financial Services counselor to be sure of your status.)
- All years of the postbaccalaureate Physician Assistant Studies Program in Worcester and Manchester are considered graduate. All years of the postbaccalaureate Masters of Physician Assistant Studies Program in Boston are considered graduate.
- All Masters programs, as well as the Regulatory Affairs and Health Policy and the Post BS Pharmacy PharmD Pathway programs, are considered graduate.
How does the FAFSA evaluate dependency status
How does the FAFSA evaluate depencency status?
For the 2012-2013 school year (July 1, 2012 through June 30, 2013), 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, 1989
- Students who are orphans, in foster care, or were wards of the court as of age 13.
- 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 2012-2013.
- Students who are serving on active duty in the armed forces for purposes other than training
- Students who are or were emancipated minors as determined by a court
- Students who are or were in a legal guardianship as determined by a court
- Students who are or were considered an unaccompanied youth that was homeless on or after July 1, 2011
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.
My Financial Aid Award
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 view a list of available jobs online at the Student Financial Services webpage. 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.
What's the difference between Subsidized and Unsubsidized?
Subsidized loans accrue 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 2012-2013 interest rate for Federal Stafford Loans (Subsidized and Unsubsidized) is currently 6.8%.
Can I prepay my loans or prepay the interest on my loans?
Yes
Other Financial Aid Questions
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.