Student Federal Aid Packaging

Download as PDF

This policy addresses the protocols necessary to support the student population and maintain compliance with the U.S. Department of Education regulations regarding the student loan process.

Maine College of Health Professions participates in the Pell Grant and the Direct Student Loan and Parent PLUS Loan Programs through Title IV Funding and participation approval by the U.S. Department of Education.

Process:

  1. The student files the Free Application for Federal Student Aid (FAFSA). Using the Federal Methodology for determining a student’s financial aid need, the Financial Aid (FA) Office analyzes and awards any aid for which the student is eligible. The FA Office advises the student through the Financial Aid Award Letter of the type and amount of Federal Aid awarded. 
  2. The transcript is pulled to verify the number of credits the student is enrolled for the semester/year. The FAFSA is reviewed for Expected Family Contribution (EFC), C-flags, or to determine if the student has been selected for verification.
    The National Student Loan Data System (NSLDS) is reviewed to see Pell and Loan limits, verifying eligibility.
  3. Pell will be awarded first for each semester based on EFC and COA using the Pell chart from the Information for Financial Aid Professionals (IFAP) website. Then loans are awarded based on at least half-time enrollment, number of total credits earned (less than 35, 1st year; over 35, 2nd year), and dependency status.
  4. Verify that the Master Promissory Note (MPN) and Entrance counseling are complete before disbursing any loans. A copy of these will be placed in the student’s FA file.
  5. Loans are awarded only to the maximums allowed or an amount that, when factored with other financial aid, would meet the student’s total cost of attendance.
  6. The Awards are entered into the College’s secure student information system, and the student is notified through an award letter.
  7. The student accepts the student aid offer by indicating acceptance through the College’s secure online portal. If a student wants less than indicated on the award letter, they must indicate the amount on the portal.

Approved:______________________________________________________________________
Monika Bissell, DBA
President

Date
Amended
11/9/2023

Financial Services Policies