Financial Aid

Federal Withdrawal Policy

In addition to MMC’s Complete Withdrawal Policy the college is required to meet Federal regulations for calculating the return of Federal Title IV funds when a student withdraws. This policy applies to students who withdraw, officially or unofficially. These rules govern the return of Title IV funds disbursed for a student who completely withdraws from a term, payment period, or period of enrollment. The rules assume that a student earns his or her aid based on the period of time he or she remains enrolled.

The term Title IV Funds refers to the Federal Financial Aid programs authorized under the Higher Education Act of 1965 and includes the following programs: Subsidized and Unsubsidized FFEL loans or Direct loans, PLUS (Parent Loans for Undergraduate Students), Federal Pell Grants and Federal SEOG (Supplemental Education Opportunity Grant). Date of institution’s determination that a student withdrew 668.22 (l) (3):

The date the student began the institution’s withdrawal process (as described in the MMC Catalogue), or officially notified the institution of intent to withdraw. The date of the institution’s determination that a student withdrew is used for two purposes:
1. It provides the dividing date between disbursed aid and late disbursements.
2. It starts the clock for the period of time within which the institution must return funds, or
The midpoint of the period for a student who leaves without notifying the institution, or
The student’s last date of attendance at an academically related activity in lieu of any other withdrawal date. An “academically-related activity” is one that has `been confirmed by an employee of the college (such as an exam, computer assisted instruction, turning in a class assignment, or attending a study group assigned by the institution).

Unearned Aid 668.22 (A) (1), (E) (4)

Unearned Title IV funds must be returned. Unearned aid is the amount of disbursed Title IV aid that exceeds the amount of Title IV aid earned as per the Federal Government formula.

Earned Aid 668.22 (E)

During the first 60% of the period, a student “earns” Title IV funds in direct proportion to the length of time he or she remains enrolled. That is, the percentage of time during the period that the student remained enrolled equals the percentage of aid for that period that the student earned. A student who remains enrolled beyond the 60% period earns all the aid for that period. Aid is “disbursable” if the student could have received it at the point of withdrawal. Total disbursable aid includes aid that was disbursed and aid that could have been (but was not) disbursed as of the student’s withdrawal date.

Percentage Of Period Enrolled 668.22 (E) (2)

The percentage of the period that the student remained enrolled is derived by dividing the number of days the student attended by the number of days in the period. Calendar days are used, but breaks of at least 5 days are excluded from the numerator and denominator.

Repayment Of Unearned Aid 668.22 (G), (H), (L)

The responsibility to repay unearned aid is shared by the institution and the student in proportion to the aid each is assumed to possess. The institution’s share is the lesser of:

The total amount of unearned aid; or
Institutional charges multiplied by the percentage of aid that was earned. The student’s share is the difference between the total unearned amount and the institution’s share.

2023-2024 MARYMOUNT MANHATTAN COLLEGE BUDGETS*

Dependent Commuter Students
Tuition and Fees (full-time)	$40,260
Home Maintenance	$ 5,700
Books	$ 1,000
Transportation	$ 1,500
Personal Expenses	$ 5,000
	$53,460
Dorm Resident/Students
Tuition and Fees (full-time)	$40,260
Room	$17,440
Board	$ 3,000
Books	$ 1,000
Transportation	$ 1,500
Personal Expenses	$ 5,000
	$68,200

*Budgets are prorated for less than full time attendance and/or 1 semester attendance.

Cost of Attendance

The Cost of Attendance (COA) includes tuition, fees, books and supplies, room and board, transportation and personal expenses. The Estimated Family Contribution (EFC) consists of the expected parental contribution and/or student contribution, based on the student’s status as a dependent or independent student.

The EFC is calculated in a consistent and equitable manner using Federal Methodology, a standard formula established by the U.S. Congress, which determines a family’s contribution based on the information provided on the FAFSA. The difference between the COA and the EFC is called the student’s “financial need.”

Cost of Attendance – Expected Family Contribution = Financial Need

A student’s financial planning should begin with an estimate of the total cost of attending MMC for one academic year. Direct costs include: tuition, fees, room and board charges. Indirect costs include: books, supplies, personal needs, and travel. The Office of Financial Aid establishes standard budgets, adjusted for such variables as enrollment status, dependency status, and whether the student lives at home or in MMC’s residence halls.

General Financial Aid Eligibility Requirements

To be eligible for financial aid, students must:

Be enrolled or accepted for enrollment, at least half time, in a degree program;
Be a U.S. citizen, national or permanent resident alien;
Make satisfactory academic progress in their program of study;
Have a valid Social Security number;
Not be in default on a federal student loan or owe a repayment of a federal student grant;
Have financial need as determined by the FAFSA.

Types of Financial Aid

Financial aid awards are presented in a “package;” to eligible students. The award package letter offers a combination of different kinds of assistance that includes scholarships, grants, loans and/ or work-study.

Scholarships awarded by MMC are listed in a chart, which appears at the end of this Financial Aid section.

Scholarships and grants do not have to be repaid. They are available from many sources, including the federal government, state agencies, professional and service organizations, private foundations, and Marymount Manhattan College.