Understanding Your Award Package
Financial aid is awarded based on financial need, availability of funds and student’s academic achievement. Financial need is recalculated each year, and award amounts are contingent upon the College’s level of allocated funds.
Award letters for freshmen and new transfer students are mailed on a rolling basis beginning in March. Continuing MCPHS students, with all requirements completed, receive their award letters in the spring and summer.
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.
- We 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.
Determining Need
The financial aid package is based on the following:| + | Cost of Attendance |
| - | EFC — Total Expected Family Contribution (parent and student) |
| = | Financial Need |
Cost of Attendance
The cost of attendance includes direct and indirect expenses. In addition to the tuition, room and board 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.
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.
Financial Need
The student’s financial need is then determined by subtracting the expected family contribution from the cost of attendance. The following is a general example of this calculation.
| Cost of Attendance | EFC Expected Family Contribution | Financial Need | ||
|---|---|---|---|---|
| Tuition & Fees | $21,100 | Student | $2,000 | |
| Room & Board | $11,250 | Parent | $9,000 | |
| Transportation | $340 | |||
| Books | $750 | |||
| Miscellaneous | $2,000 | |||
| $35,440 | $11,000 | $24,400 | ||