Undergraduate Financial Aid

Need-Based Financial Aid Eligibility

Federal and MICA need-based financial aid is based on the results of a students FAFSA application.

Eligibility is based on a federal formula that considers family income as well as other factors including the number of family members, and the assets of both the student and parents.

Important Considerations

Financial aid is awarded only to degree-seeking students who are accepted for admission to the College. (A minimum of 12 credits per semester is required for full time enrollment.) Students must reapply for federal financial aid only each academic year. Priority funding consideration is extended to students applying by established deadlines. After receiving all the required financial aid documents, the financial aid office develops a financial aid package which may consist of grants, scholarships, loans, and/or work-study 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 1.

How is the Student Aid Index (SAI) calculated?

The analysis formula used considers both taxed and untaxed income, as well as any assets and benefits received, such as unemployment or Social Security. The SAI formula reduces the number of items considered in the income components of the formula. The SAI does not include the number of family members in college in the calculation.

Income components considered in the SAI include the following:

  • Adjusted gross income (AGI)
  • Deductible payments to SEP/SIMPLE/KEOGH/Other
  • Tax-exempt interest
  • Untaxed portions of IRA distributions and pensions (excluding rollovers)
  • Foreign income exclusion

SAI Formula for a Dependent Student:
Parents’ Contribution from Income + Parents’ Contribution from Assets + Student’s Contribution from Income + Student’s Contribution from Assets

SAI Formula for an Independent Student:
Student’s Contribution from Income + Student’s Contribution from Assets

Your SAI will be listed on your FAFSA Submission Summary.  Also you can use the Federal Student Aid Estimator to estimate your SAI, but you must complete the FAFSA to receive your actual SAI.


Questions? We can help.

Office of Financial Aid


Bunting Center 1401 W Mount Royal Ave Baltimore, MD 21217