Student Financial Assistance
Office of Financial Aid
Please contact the Financial Aid Office with any questions or concerns at [email protected] or by phone at 800.365.7402. We are here to assist you!
Eligibility for Federal Student Financial Aid
Generally, to be eligible for federal student aid you must:
- Earn a High School Diploma OR a General Education Development certificate (GED)
- Be enrolled or accepted in an eligible degree or certificate program
- Be registered with the Selective Service if you are a male (between ages of 18 and 25)
- Have a valid SSN (unless you are from the Republic of the Marshall Islands, Federated State of Micronesia, or the Republic of Palau
- Complete the Free Application for Federal Student Aid (FAFSA)
- Be a US Citizen or US National, or have a Green Card
- Maintain satisfactory academic progress (defined by your school)
Click here for more detailed information and definitions about the information above.
Types of Federal Financial Aid Options
The U.S. Department of Education awards about $150 billion a year in grants, work-study funds, and low-interest loans to more than 15 million students. Federal student aid can cover such expenses as tuition and fees, room charges, meal plans, books/supplies, and transportation costs. Students may use aid to help pay for other related expenses, such as a computer and daycare expenses.
Click here for information on the Federal Aid Options.
Types of State Financial Aid Options
Click here for information on the State Aid Options
Institutional Financial Aid Options
Phi Theta Kappa
Federal Verification Process
Students that submit a FAFSA may be selected for a process called verification. Verification is the process that McPherson College uses to confirm that the data reported on the FAFSA is accurate. The Department of Education and/or McPherson College has the authority to select any FAFSA for verification and to request documentation to support the information submitted on the FAFSA. Selection for verification does not imply that a student or parent has done anything wrong.
Students selected for verification may be informed by a notation on the Student Aid Report. McPherson College will also notify students by mail, along with a list of requested documents.
Students may be asked to verify any data item on the FAFSA, but some of the most common items are:
- Number of members in the household
- Number of members in the household that are in college
- Student income and tax information
- Parent income and tax information (dependent students only)
- Child support
- SNAP Benefits
- Confirmation of High School completion
Documentation that students and parents might need to submit include: verification worksheet, tax transcripts from the IRS, and W-2’s. If the Internal Revenue Service (IRS) Data Retrieval Tool is used when filing the FAFSA, tax transcripts will not be necessary. McPherson College would encourage all students to utilize this tool on the FAFSA. Students that do not utilize the tool prior to being selected for verification, may log back onto their FAFSA and use the tool to correct their FAFSA.
Students will be given a timeline to submit this information. Documentation must be submitted to the financial aid office. All completed documents may be sent by mail, fax or e-mail. Documents sent by any other means may be requested to resubmit using one of the previous methods.
The following items are helpful links if you have been selected for verification:
- Institutional forms, such as the most current verification worksheets may be found at: http://www.mcpherson.edu/admissions/financial-aid/financial-aid-resources/
If the IRS Data Retrieval Tool is not available to you or you have chosen not to use the IRS Data Retrieval Tool, you can request tax transcripts under the Tools heading at www.irs.gov
Financial Aid Satisfactory Academic Progress Policy
To be eligible for financial aid, a student must make satisfactory academic progress. Academic progress is reviewed at the end of fall and spring semesters. Learn more about the Satisfactory Academic Policy.
Notice of Federal Student Financial Aid Penalties for Drug Law Violations
Under federal law, some students that have a federal or state drug related conviction may be ineligible for federal student aid such as grants, loans, and work study. Learn more about this subject.
Loan Entrance Counseling in the Federal Direct Student Loan Program
If you are a first time borrower under the Federal Direct Subsidized or Unsubsidized Student Loan Program, McPherson College requires you to have successfully completed Entrance Loan Counseling under 34 CFR 685.304(a) before your Federal Direct Loan can be authorized for disbursement. This federal requirement is in place to help ensure that you, the student loan borrower, understand both the responsibilities and obligations associated with borrowing under this federal student loan program. Learn more about this requirement.
Loan Exit Counseling in the Federal Direct Student Loan Program
If you have utilized one or more federal student loans from the Federal Direct Student Loan Program and/or the Federal Family Education Loan Program to meet your education costs, McPherson College requires you to successfully complete Exit Loan Counseling under 34 CFR 685.304(b). This federal requirement is in place to help ensure that you, the student borrowing under the Federal Direct Loan Program and/or the Federal Family Educational Loan Program, understand both the responsibilities and obligations associated with borrowing under this federal student loan program. Learn more about this requirement.
Recipients of Financial Aid
[ Percentage of students receiving each type of financial aid. ]
Code of Conduct for Private Education Loans
Students or parents may borrow from the lending institution(s) of their choice based on the criteria that they believe is most relevant and important to their situation. McPherson College does not make lender recommendations; however, upon request, the college will make available a list of the 5–10 lenders selected most often by students and parents in past years.
- MC does not have any revenue sharing arrangements with any lenders.
- MC and it employees do not accept any gifts from lenders, other than gifts of de minimis value such as coffee mugs, pens, holiday foods, etc.
- MC employees may not accept travel expense reimbursement, lodging, or compensation from lenders.
- MC does not use employees of lenders to represent the College in connection with financial aid matters and we do not give permission for employees of lenders to represent themselves as employees of MC.
National Student Loan Data System (NSLDS)
The U.S. Department of Education’s central database for student aid. It provides a centralized, integrated view of Title IV loans and grants so that recipients of Title IV Aid can access and inquire about their Title IV loans and/or grant data.
In order to comply with federal regulations, McPherson College maintains a fair and equitable refund policy for students that withdrawal from enrolled courses prior to finishing an entire term.