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Financial Aid Policies

Federal financial aid regulations, such as the Higher Education Act of 1965, as amended, require colleges to provide consumer information to prospective and currently enrolled students.

Some of the more common policies and disclosures are provided here for your convenience.

Methods and Frequency of Disbursements

Before your financial aid can be applied to your student account balance you must accept or decline your financial aid offer on the Financial Aid Portal. We assume you will attend full-time unless you notify the Financial Aid Office that you will be attending less than full-time. Funds are applied to your student account in two disbursements, half in the fall and half in the spring. If you are only attending for one semester, your funds will also be applied in two disbursements, half at the beginning of the semester and half at the mid-point of the semester. Financial aid is applied to tuition and fees first, then toward housing and other institutional charges (if applicable).

Our first disbursement of financial aid is the fourth week of each semester. Disbursements are processed weekly until the end of each semester. If you are receiving Federal Work Study funds, you will be paid monthly for actual hours worked. Your paycheck will be directly deposited into your checking or savings account at the US financial institution (bank, credit union, etc.) of your choice.

To assist with getting books for your classes, if your financial aid is complete and you have excess expected aid above your expected charges, you will be able to use a book voucher to purchase books through the campus bookstore. If your financial aid is more than your charges, you will receive a refund from the Student Accounts office within 14 days from the date the funds were applied to your student account. The refund will be mailed to you in the form of a check. The earliest date refunds are generated is about 6 weeks after classes begin. 

Refunds

Federal regulations require that each institution publish its refund policy and make the information available to students upon request. See the Tuition Cost page for our refund schedule.

Return to Title IV (R2T4)

Students are granted federal financial aid on the assumption that they will complete the entire semester as scheduled. If a student is unable to complete the term, they are subject to a return calculation to determine the amount of earned and unearned aid are subject to a calculation that determines the amount of earned and unearned Title IV funds. Examples of return calculations are available upon request from the Financial Aid Office.

Up through the 60 percent point in time, the percentage of assistance earned is equal to the percentage of the payment period or period of enrollment for which it was awarded that was completed as of the day the student withdrew. If the student withdrawal occurs after the 60 percent point, then the percentage is 100 percent. That earned percentage is applied to the total amount of Title IV grant and loan assistance that was disbursed (and that could have been disbursed) to the student for the payment period or enrollment for which it was awarded as of the day the student withdrew.

The amount of Title IV grant and loan assistance not earned by the student is calculated by determining the complement of the percentage of assistance the student earned and applying it to the total amount of grant and loan assistance that was disbursed (and that could have been disbursed) to the student for the payment period or period of enrollment as of the day the student withdrew.

The amount the school must return to the federal aid programs is the lesser of the unearned amount of Title IV assistance or the institutional charges incurred, multiplied by the unearned percentage. Title IV funds will be returned to the various federal aid programs in the following order:

  1. Federal Direct Unsubsidized Loan
  2. Federal Direct Subsidized Loan
  3. Federal Direct PLUS Loan
  4. Federal Pell Grant
  5. Federal SEOG

Rights and Responsibilities

As a financial aid recipient, you have certain rights and responsibilities. For more information see the Rights and Responsibilities portion of our Smart Borrowing page.

Satisfactory Academic Progress (SAP)

To remain eligible for Title IV Federal Financial Aid, you must maintain satisfactory academic progress towards completing your program. Satisfactory progress is measured at the end of each semester.

Requirements of Maintaining Satisfactory Academic Progress

  1. Complete 67% of attempted credit hours
  2. Meet the following minimum cumulative Grade Point Average (GPA)
  • 0 through 15 credit hours: 1.5 cumulative GPA
  • 16 through 30 credit hours: 1.75 cumulative GPA
  • 31 and above credit hours: 2.0 cumulative GPA
  1. Complete your program prior to reaching the maximum time frame, which is 150% of your current program length (in credit hours)

To reinstate your eligibility, you must reach the minimum requirements stated above or successfully appeal your suspension.

For more information see the full Satisfactory Academic Progress Policy (PDF)

Study Abroad

If you are interested in one of the study abroad opportunities at MPCC, contact the financial aid office to see what aid may be available to you.