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:
- It provides the dividing date between disbursed aid and late disbursements.
- 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.
2025-2026 MARYMOUNT MANHATTAN COLLEGE BUDGETS*
| Dependent Commuter Students |
| Tuition and Fees (full-time) |
$43,546 |
| Home Maintenance |
$6,000 |
| Books |
$ 1,000 |
| Transportation |
$ 1,500 |
| Personal Expenses |
$7,700 |
| |
$59,746 |
| Dorm Resident/Students |
| Tuition and Fees (full-time) |
$43,546 |
| Housing (Room) |
$18,682 |
| Food |
$ 3,214 |
| Books |
$ 1,000 |
| Transportation |
$ 1,500 |
| Personal Expenses |
$7,700 |
| |
$75,642 |
*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, housing and food, transportation and personal expenses. The Student Aid Index (SAI) is established by the U.S. Congress, and is a government formula-based index number ranging from –1500 to 999999. The SAI is calculated in a consistent and equitable manner using Federal Methodology, and is used to determine how much financial support you may need.
The difference between the COA and the SAI is called the student’s “financial need.”
Cost of Attendance – Student Aid Index = 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, housing and food 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.