1. When will I receive a Financial Aid Application and is it available online?
Not all schools require a separate financial aid application, however, MMA does. It will be mailed to early decision students in February and all others within two weeks of being accepted. It is not available online. You must submit the original application, as faxes and photocopies will not be accepted. In addition to submitting the MMA financial aid application, all students must also file the FAFSA on line at www.fafsa.ed.gov.
Currently enrolled undergraduate students will receive financial aid application materials at their home address in late February. Students must re-apply for financial aid each year, preferably by our May 1st deadline.
If you do not receive an application in the mail, it is your responsibility to contact the Financial Aid Office to request one.
2. When will I be notified of my financial aid award?
Financial Aid award letters will be mailed to all new, incoming students beginning in late March, early April. Upperclass students will receive their award notices via email beginning in June.
3. How are financial aid packages determined?
Financial aid packages are determined based on financial need. In order to figure out a student’s need we use the following equation:
Cost of Attendance – Expected Family Contribution = Financial Need
Cost of Attendance (COA) is the sum of all anticipated student costs for the year, including room, board, tuition, fees, sea term charges, orientation fee, books, miscellaneous/computer expense, travel allowance and health insurance (when applicable).
Expected Family Contribution (EFC) is determined by a processed FAFSA after taking into consideration all of the financial and household information that you and your family provided on the FAFSA.
Need is the difference between cost of attendance and expected family contribution. This “window” can be awarded need-based aid to include grants, waivers, scholarships, workstudy and subsidized loans.
4. If my parents are divorced, which parent do I report on the FAFSA and the MMA financial aid application?
The parent with primary custody should provide the financial information. If that parent is remarried, the step-parent's information is also required. If neither parent has been assigned custody, the parent with whom the student lives with the most should be the provider of information and should be the signing authority on the FAFSA. If you do not currently live with either parent, you would use the parent with whom you most recently lived.
5. If my parents are unable, or unwilling to contribute to my education can I be considered an “independent” for financial aid purposes?
A student is only considered independent if they can answer yes to one of the following questions:
6. What if my/my parents' finances and/or employment information have changed since completing the FAFSA?
It is anticipated that all student’s income information will change once they are enrolled at MMA and, therefore, adjustments are not made in this regard. If a parent’s finances change, they should provide a signed letter explaining the change and send a copy of whatever official documentation you have supporting the change (i.e. last pay stub, letter from employer, unemployment benefits worksheet, etc.). The Financial Aid Office will likely also send special forms to be completed by your parent.
7. What if financial aid does not cover all expenses?
There are several different methods of funding the balance due. Go to Other Funding Options link to see a list of options.
8. If additional scholarships are received, will my financial aid package be reduced?
If the student has any 'unmet need', the additional scholarship can be used to fill that gap. If the student has need, and is receiving financial aid to fully fund their need (COA - EFC), we are required by law to adjust your aid. We will first reduce self-help (need based loans and work study) and will only reduce grants if all other avenues have been exhausted.
last updated 9-18-12 by firstname.lastname@example.org