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Financial Aid Policies

 

Overview

The MGH Institute abides by the federal financial aid policies and regulations as required by the US Department of Education. For more information you may access the Department of Education's Guide to Federal Financial Aid online.

  • Your Financial Aid Award Letter may contain any combination of scholarships and/or Federal Direct Loans. Eligible students must independently apply for Federal Grad PLUS Loans and private alternative loans. All MGH Institute financial aid decisions are made on an academic year basis and are reviewed annually.
  • Students must reapply each year and meet established deadlines in order to receive aid in subsequent years. Renewal of financial aid is dependent upon students meeting satisfactory academic progress requirements and all other eligibility criteria.
  • The type and amount of future aid will depend on calculated financial need and available funding levels. Financial aid may be higher or lower in future years if family circumstances or the MGH Institute’s ability to provide assistance changes.
  • A student's financial aid file will be reviewed once it is complete and the student has been accepted into his or her degree or certificate program.
  • The Office of Financial Aid maintains five business days to process student requests.
  • Available via the Web site are links to possible federal, state, local, private and institutional financial need-based and non-need based assistance programs, and as available,  for each program a description of:
    • Application form and procedures
    • Student eligibility requirements
    • Selection criteria
    • Criteria for determining amount of student's award
    • Rights and responsibilities of students receiving Title IV and other financial aid, including criteria for continued eligibility
    • Satisfactory academic progress standards and criteria to reestablish eligibility if student fails to maintain satisfactory academic progress
    • Method and frequency of financial aid disbursements
    • Terms of any loans received, sample loan repayment schedules, and the necessity for repaying loans
    • Exit counseling information required to be provided to  federal student loan borrowers of Federal Direct Loans. This information is mailed from the MGH Institute on a student borrower's separation or change to less than half-time status.

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Financial Aid Office Communication with Students

Students enrolled at MGH Institute are required to check their mghihp.edu address to ensure they receive current information pertaining to financial aid. Prospective students and currently enrolled students are welcome to contact the Financial Aid Office at financialaid@mghihp.edu regarding any questions, concerns, or to schedule an appointment.

Annual FAFSA Application

The FAFSA must be filed every year in order to determine federal loan eligibility. The FAFSA application is available online. The latest FAFSA is made available every October 1. The MGH Institute of Health Professions Federal School Code for FAFSA application is G22316.

Eligibility for Federal Financial Aid

  • Enrollment in a college's or university's eligible academic program at least half-time
  • US citizenship or eligible residency
  • Satisfactory academic progress
  • No unresolved defaults on federal education loans or unresolved overpayments on federal grants
  • for complete eligibility requirements see Guide to Federal Financial Aid

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How Financial Aid Awards are Determined

Federal financial aid awards offered through MGH Institute are Federal Direct Subsidized and Unsubsidized Loans. These are awarded up to either the annual loan limit, the aggregate loan limit, or the student's remaining eligibility. Need-based eligibility (for ABSN students only) is determined by using the student's Family Contribution (FC) and the student's total Cost of Attendance (COA).

The federal FC is derived from information reported on your Free Application for Federal Student Aid (FAFSA).

The student's COA is determined annually and may be found on the main financial aid Web page for your program. Only the subsidized portion of a Federal Direct Loan is based on a student's family contribution.

* See Federal Guide for Federal Direct Loan information.

How Financial Aid Awards are Determined
A student’s financial need is determined as follows:

Cost of Attendance
Less Family Contribution (FC)
Equals Student's Financial Need

Your need may be met in full or in part with a combination of scholarships and loans, depending on available funding levels. Please note that graduate students are not eligible for need-based, subsidized loans.

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Eligibility Verification

Occasionally students applying for financial aid are randomly selected by the federal government to provide documentation to substantiate the information that they provided on the FAFSA. Requested documentation may be for income, to verify high-school completion, to verify identity, or to verify other information reported on the FAFSA.

Should a student be selected during the academic year, the Financial Aid Office will contact him/her and request the necessary information.

If you are selected for verification, please respond promptly. Financial Aid for students selected for verification cannot be finalized until the verification process has been completed.

Over Award

An over award occurs when your aid exceeds your need or cost of attendance. Federal regulation requires the office of Financial Aid to reduce your award package when an over award exists.

Most often, over awards occur when the Office of Financial Aid learns of outside resources available to you after your aid has been awarded.

You are responsible for paying back any monies refunded to you if an over award occurs after you have received your refund. An over award may also occur if you make changes to your FAFSA.

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Federal Refund Policy

If a student withdraws on or before the 60% point in time of the period of enrollment, which is calculated using calendar days, a portion of the total Title IV funds awarded the student (e.g. Federal Direct Loan) must be returned, according to the provisions of the Higher Education Act (HEA) of 1988.

The calculation of the return of these funds may result in the student owing a balance to the MGH Institute and/or the Federal Government. The balance must be paid in full before the student will be allowed to re-enroll and/or receive additional funds.

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Enrollment Status and Deferment

Financial Aid awards are based on enrollment. Students must report changes in enrollment status to the Office of Financial Aid. Changes in enrollment status may affect your financial aid award. Students need to be enrolled at least half-time (5 hours for graduates, 6 hours for undergraduates) during the semester to retain federal student loans.

Student loan funds are returned to the lender if the student's enrollment status does not fulfill federal policy requirements.

Federal and Private Loan Program Deferments

The MGH Institute of Health Professions uses the Student Loan Clearinghouse to report the enrollment of ALL students on a monthly basis. Normally, lenders receive this information automatically and put any eligible loans into deferment for you. Please allow at least 30 days from the start of classes for your lender to take action.

Terms and conditions of deferment are available through your lender or servicer. If your lender has not responded after 30 days, please contact your servicer for deferment conditions and procedures. Students may need to submit paper enrollment certification forms. The registrar's office will assist you with completing your forms.

Unanticipated Financial Difficulties

Students who are experiencing unforeseen and unanticipated financial difficulties should contact Financial Aid to see if there is additional assistance available. Such difficulties could be caused by:

  • Major illness, either temporary or permanent in nature
  • Family emergencies
  • Divorce or separation
  • Disruption and/or displacement in living situation (fire, flooding, unsafe living environment)
  • Accidents
  • Any other disruptive life event

(Please note that the inability to secure loans due to low credit scores is not considered an unforeseen hardship.)

The Financial Aid Office sets aside a limited amount of funding each year for these circumstances. Students will be asked to provide documentation of the hardship (letters, copies of bills, etc). The Financial Aid office will then determine what support is available to the student. Support may consist of a short-term (90-day) loan as an advance against future aid, an increase in borrowing eligibility, or institutional scholarship funds.

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Satisfactory Academic Progress Policy for Federal Financial Aid Recipients

The U.S. Department of Education requires students to maintain certain academic standards to obtain or retain eligibility for federally sponsored student aid programs. 

As an institution of higher learning, the MGH Institute is required to define and monitor standards of satisfactory academic progress for students receiving federal financial aid. This policy explains the process for such monitoring.

All students are evaluated for satisfactory academic progress (SAP) at the end of each semester (i.e., loan payment period).

  • Satisfactory academic progress is measured quantitatively, by review of the cumulative Grade Point Average; qualitatively, by review of the rate of progress (pace) the percentage of credits earned vs. attempted; and overall against a maximum timeframe of 150% of the program length, measured in attempted credits.
  • The academic credit for semesters is earned with a B grade or better. Satisfactory progress is defined as a minimum of a 3.00  cumulative  GPA and a rate of progress of at least 67%.
  • To successfully complete a program the student must achieve 100% of the program credits within 150% of the program length, as defined by attempted credits.

SAP Status Review
At the SAP checkpoint, a student who is not meeting the SAP requirements for the first time will be placed on a Financial Aid Warning. Students on “Financial Aid Warning” who do not meet SAP requirements for the subsequent semester will lose financial aid eligibility.

To regain aid eligibility after this point, the student must appeal in accordance with the policy described below. Students whose appeals are granted will be placed on Financial Aid Probation for the next semester. If students do not meet SAP after the Financial Aid Probation period, all federal financial aid eligibility will be lost.

Appeal Process
A student who loses aid eligibility due to failure to maintain satisfactory academic progress may appeal this status. To do so, the student must complete and submit a Financial Aid Satisfactory Academic Progress (SAP) Appeal form available in the Financial Aid office. 

If the appeal is granted, a student previously receiving financial aid will regain financial aid eligibility on a Financial Aid Probation status for one semester. The student must regain SAP status by the close of the financial aid probationary semester.

The student’s appeal must address the following:

  1. The basis for the appeal – a description of the special circumstances;
  2. The reason why the student failed to meet the SAP standard(s);
  3. Complete Academic Plan  which must be done in consult with the student’s program advisor;
  4. What has changed in the student’s situation so that s/he will now be able to meet SAP standards.

Appeals will be granted on a case by case basis.

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Consumer Information Disclosures

As a result of the 1998 HEA amendments, we are required to provide you with a list of consumer disclosures. We have given you a brief description of the disclosure information and how to obtain the complete disclosure information.

If you need any further assistance after reading the various publications or contacting the individual department, we ask that you contact the Office of Financial Aid. All MGH Institute policies and procedures are posted in the Institute's official Catalog.

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