The Financial Aid Office is located in the Center for Student Services in the lower level of the Nugent Building. We can be reached by phone at 212-517-0500 or by email at email@example.com.
How is my eligibility for financial aid determined?
Marymount Manhattan College reviews the information provided on your Free Application for Federal Student Aid (FAFSA) to determine your eligibility for state, federal and institutional aid. Your aid offer takes into account all federal and state eligibility requirements, your financial need and available funding levels. It is important to note that to qualify for most aid programs you must register for at least six credits per term; some aid programs require a minimum of 12 credits per term. Your aid offer may contain a combination of gift aid programs such as grants or scholarships and self help programs such as loans and work-study. Report any change in marital, enrollment, New York residency or campus housing status and any additional earnings to the Office of Financial Aid in the Center for Student Services. Any such change can occur during the academic year and may result in a reduction of awards and/or may require repayment of financial aid already disbursed.
How is financial need calculated?
The Cost of Attendance (COA) includes tuition, fees, books and supplies, room and board, transportation and personal expenses. The Estimated Family Contribution (EFC) is based on the information provided on the FAFSA and consists of the expected parental contribution and/or student contribution. 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. 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. The difference between the COA and the EFC is called the student’s “financial need.”
Cost of Attendance - 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 transportation
How will my financial aid be applied to my bill?
MMC will provide a temporary credit on your student bill for the funds estimated on your award letter. Your financial aid awards will then be disbursed (paid) to your account once you have satisfied all program eligibility requirements and any requested paperwork. You may view and monitor the payment of your various aid funds via your MMC Connect account. The funds will be disbursed to your MMC student account as follows:
Federal Grants: Federal need based grants will be disbursed directly to your student account each semester once you have met all institutional and federal eligibility requirements.
Loan Funds: If you/your parent have applied for a Federal Direct Student/Parent Loan and satisfy all loan eligibility requirements, the funds will be disbursed directly to your account each semester through electronic funds transfer for the amount borrowed minus fees in accordance with your loan disclosure. If you have been approved for a private loan, the funds will be disbursed electronically or, in some cases, the lender will forward funds in the form of a check made payable to the student and MMC. Students whose lenders send checks to the college will be notified to visit the Center for Student Services to endorse any co payable loan check.
Institutional Aid: MMC grant and academic scholarship funds will be disbursed directly to your account after the fourth week in each semester.
State Funds: State grants/scholarships will be disbursed directly to your student account each semester when you have met all fund eligibility and application requirements.
What if I am selected for verification?
A notification letter is mailed to the student informing them they have been selected for verification. General information about verification can be found HERE. A student’s financial aid will not be finalized until this process has been completed.
If my account indicates that I have a credit balance, when will I receive a refund?
Refunds will not be issued until after classes begin each term. Students with credit balances resulting from excess financial aid funds, tuition cancellations, etc., will be mailed a refund check to the permanent home address on file within 14 days from the date of processing. If you reported your banking information on MMC Connect under “Financial Information” a direct credit will be applied to your bank account. As aid is disbursed to your account, it may create a credit balance. Funds that are expected to be received can appear as a credit on your statement but cannot be refunded until they are received and paid to the account. This can result in multiple refunds being issued during the semester. Students may request to apply their credit balance to future semester charges by completing the appropriate authorization form at the Center for Student Services. Credit balances resulting from the disbursement of Parent Plus Loans will be refunded directly to the parent unless written instruction is submitted to the Center for Student Services by the parent authorizing the student to receive the funds.
If I withdraw or drop below full-time study, will it affect my financial aid?
Withdrawal from classes, a change in the number of credits enrolled, or other circumstances can result in financial aid adjustments or ineligibility. The student must contact the Center for Student Services prior to a change in status. Students are considered in attendance until they officially withdraw from school. A student who leaves school voluntarily or drops a course must do so through the Office of Academic Advisement and will be charged according to the College’s forfeiture policy as published in the College Catalogue.
How will an outside scholarship affect my financial aid award?
All outside scholarships or grants are considered as a resource and must be factored into your financial aid package. An outside scholarship will be added to your aid package. The scholarship in combination with other awards cannot exceed your financial need as derived by Cost of Attendance - Family Contribution= Financial Need. If your financial need is exceeded your awarded aid package will be adjusted, the college will make every effort to first reduce student loan debt or work-study before reducing grant or scholarship assistance.
How will the Center for Student Services communicate with me?
The Center for Student Services will communicate with you as follows:
E-mail: All emails will go to your MMC email address
Mail: All mail will be sent to the preferred mailing address designated by the student
Telephone: If necessary, we will call you at the telephone number on record with the college. We strongly encourage you to keep your telephone and mailing address current. Make changes on-line via your MMC Connect account.
MMC Connect: This is MMC’s online student information system. You have the ability to access your account 24 hours a day.
When will I receive my tuition bill?
Students will be sent a bill after they are registered for the semester. To help you meet your expenses at MMC, we are pleased to offer on-line payments and monthly payment plans. Details will be included with your billing invoice or you can view tuition payment options: here.