Financial Aid Frequently Asked Questions

To apply for financial aid, you must complete the Free Application for Federal Student Aid (FAFSA). This is the only aid application MCPHS requires. MCPHS does not require the College Board Financial Aid Profile or any other supplemental financial aid application.

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.

The IRS Data Retrieval Tool allows applicants who have already filed their federal income tax returns to prefill the answers to some questions on the Free Application for Federal Student Aid (FAFSA) by transferring data from their federal income tax returns. This can save the family some time in completing the FAFSA.

Yes, in order to receive financial aid every year, you will need to reapply to financial aid on a yearly basis.

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.

All years of the postbaccalaureate Master of Physician Assistant Studies Program in Worcester and Manchester are considered graduate. All years of the postbaccalaureate Master of Physician Assistant Studies Program in Boston are considered graduate.

All master's programs, as well as the Regulatory Affairs and Health Policy and the Post BS Pharmacy PharmD Pathway programs, are considered graduate.

*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.

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, 1998.
• 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 2021–2022.
• 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, 2020.

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

The FAFSA determines the Expected Family Contribution (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.

Aid applications may be selected for verification by the federal government or MCPHS. If your application is selected, you will be notified by the Student Financial Services Office of the documents you need to provide. This process verifies that the information that you supplied on your FAFSA is accurate and complete. The U.S. Department of Education has made temporary changes to the aid verification process for the 2021-22 award year to help families affected by COVID-19. Verification for this period will focus strictly on identity and fraud.

If you complete your FAFSA between October 1 and March 15, you should receive your award letter in mid-March to early April. A notification will be sent to the email address used to complete your FAFSA.

Simply complete the Award Revision Request form, and send it to Student Financial Services at sfs@mcphs.edu.

If your family's financial circumstances have changed since you applied, you may request reconsideration of your aid award. If this is the case, please contact your Student Financial Services counselor. Your counselor will explain what needs to be completed. Please note that we can only increase your award if the increase is justified by recognized financial aid methodology, so be sure to include specific information and data showing how your financial situation has changed.

In the first few weeks of the fall semester, students awarded Federal Work-Study will be able to view a list of available jobs here. 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.

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.

2021–2022 fixed interest rates:

• 3.73% for Undergraduate Federal Direct Subsidized and Unsubsidized Loans
• 5.28% for Graduate Direct Unsubsidized Loans
• 6.28% for Direct Plus Loans (Parent or Graduate)

Yes, you most definitely can prepay your loans or prepay the interest on your loans.

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

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.

If you think that you may apply for a credit-based loan to help pay the tuition balance, it is important to review your credit before you receive your first tuition statement. AnnualCreditReport.com allows you to get a free report from each of the three major credit reporting companies—Equifax, Experian, and TransUnion. Reviewing your credit early will give you time to resolve any errors that you may uncover; additionally, it is imperative that you continue to pay your bills on time, and to know your credit limits.

A good cosigner generally has: four to five years of good credit history, steady employment with enough income to meet debt obligations, credit that is not overextended, no serious derogatory items on the credit bureau report, and has met all credit obligations.