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Financial Aid FAQ’s for Graduate Students

The information you provide on the FAFSA will be used to produce a number known as the EFC (Expected Family Contribution). The EFC is based on a formula taking into account your household income and assets, number of people in the household, and how many of those people are in college, among other things.

The EFC represents how much of your income the Department of Education expects that you “should” be able to contribute. This number is used to determine your financial need, upon which your financial aid award is based. Students may be awarded grants or loans based on financial need. These amounts may vary by enrollment status, so it is important to return your Enrollment Status Form. If your plans change, it is important to notify the financial aid office so that your award can be adjusted if necessary. Most graduate students will only be awarded loans.

Once the amount of grants, loans, and/or other types of aid you will be eligible to receive is determined, we will send you an aid award package.

WHAT IS AN AID PACKAGE?

Your aid package is the total amount of aid of whatever types the college is able to offer you depending upon many variables including enrollment status, class level, program, your total need and funds available.

Almost all graduate students can receive a federal Direct Unsubsidized Stafford Loan. Students are also encouraged to seek grants from outside sources such as clubs, churches, or employers. Depending on demonstrated need and funds available, some or all types of aid could be included in the package of aid offered.

WILL AID BE RENEWED EACH YEAR?

Students must reapply for federal financial aid each academic year by completing the FAFSA and completing the Enrollment Status Form.

HOW IS AID ACTUALLY GIVEN TO THE STUDENT?

All aid is disbursed to student accounts in the MBC Business Office. Aid is first used to cover charges to the student’s account. Once your account is paid, you will be refunded any additional aid for use for books, transportation, and personal expenses. Refunds of aid proceeds not required for direct costs at the College will be made to the student by a check from the MBC Business Office after the add-drop period ends and a review of enrollment status based on the official rosters of the Registrars Office has been completed. Refunds will not be available until approximately one month after the beginning of the semester. We are not able to give exact dates for individual refunds but all refunds will be made as quickly as possible after loan funds are received from the lenders.

You should not expect instant cash in hand from aid sources. The Financial Aid Office is obligated to check enrollment after the end of each semester’s add-drop period to be sure of your continuing eligibility for aid per your enrollment status. Refunds will not be issued to you from your account until the checking process is completed, which is usually about four weeks after a semester begins. You should make your plans accordingly.

DEFINITIONS OF ENROLLMENT LEVELS:

GRADUATE STUDENTS

Full Time: 9 or more hours of new work per semester
Half Time: 5 – 8.9 hours of new work per semester
Below Half Time: 4.9 or less hours of new work per semester

SATISFACTORY ACADEMIC PROGRESS REQUIRED

Federal and state aid is intended to support serious degree-seeking students who are making continuous satisfactory progress towards their degree. The College is required to withhold aid if satisfactory academic progress (PDF) is not made. For full requirements, refer to the college catalog.

 

Questions? Call the Financial Aid Office at 1-800-468-2262 or email finaid@mbc.edu.