Understanding Your Financial Aid 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 the student is living on campus) for which the student will receive a bill from MCPHS, we also include estimated allowances for indirect expenditures such as books, supplies, transportation, and miscellaneous expenses. These indirect costs are standard amounts, and the actual amount the student spends on these items may be more or less depending on 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. To produce the total expected family contribution, this formula adds the student's expected contribution with the parental expected contribution.
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 the student based on the information submitted on the FAFSA or on the student's academic credentials. This represents all institutional, federal, and state awards students are eligible to receive. Please see our Scholarships and Grants page for additional information.
Educational loans are money that needs to be repaid, typically over a long period of time. Some educational loans, like Stafford Loans, allow students to defer payment until after they finish school. Admission works with prospective students and Student Financial Services speaks with current students, to understand this part of their financial aid package. Please see our Loans page for additional information.
Federal Work-Study is a federally funded program that provides part-time employment for students with demonstrated need. Please see our Work Study page for additional information.