Understanding Your Award Package
The awarding of financial aid is based on financial need, availability of funds and a student's academic achievement. A student's financial need is determined by subtracting the expected family contribution from the cost of attendance.
Cost of Attendance
The cost of attendance includes direct and indirect expenses. In addition to the tuition and room and board (if you are living on campus) for which you will receive a bill from MCPHS, we also include estimated allowances for non-billed expenditures such as books, supplies, transportation, and miscellaneous expenses. These non-billed costs are standard amounts and the actual amount you spend on these items may be more or less depending on your personal spending habits and choices.
Expected Family Contribution (EFC)
The College uses the standardized Federal Methodology (FM) formula in computing the expected family contribution (EFC). Factors used in this analysis include income, assets, family size, and number of family members in college. Calculating the student's expected contribution separately from the parental expected contribution and then adding them together produces the total expected family contribution.
The Award Package
Once we determine a student's financial need, the Office of Student Financial Services creates a financial aid package. MCPHS utilizes scholarships, grants, loans and employment opportunities to assist students in meeting as much of their demonstrated financial need as possible. The total amount of aid a student receives may not exceed his or her total cost of attendance.
The Financial Aid Package
Once we determine the student's financial need, the Office of Student Financial Services creates a financial aid package. MCPHS utilizes scholarships, grants, loans and employment opportunities to assist students in meeting as much of their demonstrated financial need as possible and makes every effort to distribute the available funds in an equitable fashion to assist the greatest number of eligible students. The total amount of aid a student receives may not exceed his or her total cost of attendance.
Scholarships and Grants
This is money that does not need to be repaid and has been awarded to you based on the information you submitted on the FAFSA or on your academic credentials. This represents all institutional, federal and state awards you are eligible to receive. Please see our Scholarships and Grants link for additional information.
Educational Loans
A long-term educational loan will probably be a component of your award package. Student Financial Services works with you to understand this part of your package. Some loans allow you to defer repayment until after you leave school. Stafford loans are automatically awarded to students who apply for financial aid. Please see our Loans link for additional information.
Employment Opportunities
Also known as Federal Work-Study, this federally funded program provides part-time employment for students with demonstrated need. Please see our Work Study link for additional information.