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 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.
Estimated Family Contribution (EFC)
The FAFSA collects information about the student (and parents for dependent students) regarding income, the number of family members, number in college, and financial related information to determine the financial need for the student. Although implied by the name, the Estimated Financial Contribution (EFC) is not what is expected for the family to pay; it is an index used to determine aid eligibility and estimated family contributions. 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.