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How Aid is Awarded

MICA bases its financial aid awards on students’ documented financial need. Eligibility is based on a federal formula that considers family income as well as other factors including the number of family members, the number of students in college, and the assets of both the student and parents.

Institutional parameters are added to the federal calculation to determine eligibility for MICA aid. The MICA Financial Aid Application allow families to explain any unusual situation or special circumstances which may affect a family’s ability to contribute to the student’s educational expenses.

Financial aid is awarded only to degree-seeking students who are accepted for admission to the College. (A minimum of 6 credits per semester is required.) Students must reapply for financial aid each academic year. Priority funding consideration is extended to students applying by established deadlines. After receiving all the required financial aid application materials, the College’s financial aid director develops a financial aid package which may consist of grants, scholarships, loans, and/or work opportunities. The institutional contribution to the financial aid package is based on a combination of need and merit. Financial aid award notices are sent on a rolling basis beginning about April 15.

Each family will have a unique set of characteristics, which will determine their family contribution as well as their particular aid package. The specific sources of aid contained in aid packages will vary from family to family.