Understanding Financial Need

The amount of financial aid you qualify for is based on a number of variables; your individual status, the cost of attendance, your enrollment status at MCC, any concurrent enrollment at another college, federal regulations, state rules, and the availability of program funding. This information enables us to derive your Financial Need.

Defining Financial Need

Financial Need is a key component used by colleges to determine the maximum amount of financial aid you can be awarded for the academic year. Financial Need is the end result of a simple calculation that subtracts the Expected Family Contribution from MCC's Cost of Attendance.

Cost of Attendance (COA) - Expected Family Contribution (EFC) = Financial Need

Using your Financial Need, we identify each financial aid award you are eligible to receive. Need-based aid sources include grants, scholarships, federal work study, and loans.

Some financial aid sources are available without regard to Financial Need such as unsubsidized federal and private loans. At MCC we will utilize all available options before taking out student loans.

Cost of Attendance (COA)

The Cost of Attendance (budget) to attend MCC is based on your dependency status and full-time or part-time enrollment. A budget is comprised of direct academic related expenses incurred including tuition, fees, course-related books and supplies, estimated personal expenses, room, board, and transportation. Other expenses such as child care or disability assistance may be considered as part of the budget if it impacts the student's ability to attend classes. Financial aid funds cannot be used towards non-education related expenses. The total amount of financial aid you receive cannot exceed the Cost of Attendance.

Approximate Student Budget* for Aid Year 2014-2015

Independent Student
Tuition and Fees $ 2,734
Books and Supplies $ 1,200
Room and Board $ 12,022
Miscellaneous/Personal Expense $ 1,540
Transportation $ 1,618
Estimated Cost per Year $19,114
Dependent Student
Tuition and Fees $ 2,734
Books and Supplies $ 1,200
Room and Board $ 1,500
Miscellaneous/Personal Expense $ 1,540
Transportation $ 1,618
Estimated Cost per Year $8,592

*Budget based on 12 credit hours per semester, in-district - Budgets are prorated based on enrollment

Expected Family Contribution (EFC)

Your Expected Family Contribution is an index determined by the U.S. Department of Education through a process called Federal Methodology. This process takes into account your income and assets (and your parents, if dependent) and other information submitted on the FAFSA to calculate the EFC.

The EFC represents the total dollar support that the federal government feels you (and your family) can reasonably contribute towards educational expenses during the academic year.

Special Circumstances

If you feel that the information reported on the FAFSA does not accurately reflect your current situation you may be eligible for a professional judgment review. An aid administrator may use professional judgment (PJ), on a case-by-case basis only, to alter the data used to calculate the EFC. We ask that you provide supporting documentation that is to be considered in your review.

Professional judgment can't be used to waive general student eligibility requirements or to circumvent the intent of the law or regulations. If you believe you have special circumstances that should be considered please stop by the Office of Financial Aid to speak with the Director.