Higher Education Opportunity Act of 2008 Financial Disclosures | Minneapolis College of Art and Design

Higher Education Opportunity Act of 2008 Financial Disclosures

In compliance with the Higher Education Opportunity Act of 2008 (HEOA), post-secondary institutions participating in Title IV federal student aid programs are required to disclose certain information to students and families.

To learn more about this and other consumer finance related information, visit the Consumer Financial Protection Bureau website.

Additional Consumer Resources

Students admitted to a degree program and registered for courses at the Minneapolis College of Art and Design are required to sign the MCAD Financial Disclosure form each semester. Electronic disclosure forms must be signed before students may register for courses. Disclosure forms will be made available on the Registration Page of the myMCAD student dashboard upon activation of each student’s designated enrollment period.

Delinquency Policy

Students are responsible for understanding the college’s delinquency policies and ensuring that they have satisfied any and all requirements necessary to guarantee the payment* of each semester’s tuition, on or before the published tuition deadline.

*MCAD students and families utilize numerous financial resources to pay for attendance costs. Funding options may include, but are not limited to one or more of the following: financial aid loans, institutional or outside grants and scholarships, third-party payments from employers, vocational rehabilitation programs, veteran educational benefits, tribal college funds, personal investment accounts, retirement accounts, applicable fee waivers such as health insurance and/or laptop equipment purchases, monthly installment payment plans, and checking or savings accounts.

While MCAD does collaborate with a number of external agencies to coordinate payment of tuition, students are required to notify the Student Accounts Office of outside funding sources and submit all pertinent information necessary to guarantee payment on or before the tuition deadline. In the event that payment cannot be disbursed prior to the tuition deadline, students must arrange for alternative funding sources to cover their education expenses. Overage payments received from outside agencies will be refunded to the student during each semester’s designated refund period.

Fall tuition is typically due on or before August 1 unless otherwise indicated on the Academic Calendar. Spring tuition is typically due on the first Friday after January 1. Refer to the Academic Calendar for specific dates.

A $250 late payment charge will be applied to all unpaid account balances after the published tuition deadline. Students still working to finalize payment arrangements, after the published tuition deadline, will be offered an extension by the Student Accounts Office, at which time, all unpaid tuition and penalties are due.

If payment arrangements cannot be reached prior to the extension deadline, the student’s enrollment will be canceled for the semester and late payment charges will be expunged from the student’s account. Students may appeal to be reinstated. However, a $250 reinstatement fee must be paid, in addition to outstanding semester charges.

All charges posted to a student’s account after the published tuition deadline are due immediately upon receipt of notice from the Student Accounts Office and are considered delinquent if not paid within 30 days of the transaction date.

Official Withdrawal Process

When a student decides to withdraw from all classes during a semester, they must meet with the Dean of Students in Student Affairs and complete a "Notification of Student Withdrawal" form with the Student Affairs Office. Forms can be picked up and completed with the Student Affairs Office. Please note that the official withdrawal date will be determined by the date the form is received in the Student Affairs Office.

Official Financial Aid Withdrawal Policy

If the student is receiving financial aid and withdraws from all courses, prior the 60% point of the semester, federal regulations require MCAD to recalculate the financial aid award based on the percentage of class days completed. Typically the 60% point of the semester occurs during the 9th week of a 15 week semester.

For students withdrawing from all courses prior to completing 60% of the semester, financial aid will be recalculated based on the following formula:

  1. Number of calendar days completed* as of the official withdrawal date
  2. Divided by total days in the semester
  3. Equals the percentage of aid earned

Example: Student withdraws after completing 13 days of classes (week 3). There is a total of 104 classroom days in the semester. 13 divided by 104 = 13%. The student will be eligible to receive 13% of the original financial aid award. The financial aid is recalculated and the semester tuition bill is adjusted to the new financial aid award.

Unearned aid will be removed from the tuition account. Students will receive an updated financial aid award showing the total aid awarded. The Student Accounts Office will notify students with any updates to the tuition account after aid is adjusted.

*Scheduled breaks in the semester of more than 5 days are excluded from number of days completed.

Extenuating Circumstances Policy

Students who withdraw due to extenuating circumstances are eligible to appeal and may receive a pro-rated refund after week 4. To complete the appeal process, students will need to submit a letter explaining their circumstance along with documentation that supports their situation to the Student Affairs Office before the last withdrawal date of the semester.

Unofficial Withdrawal Policy and Process

Students who do not complete a written withdrawal request but discontinue attending the college before the 60% point and earn a zero GPA for the semester are considered to be an Unofficial Withdrawal. There is no reduction in tuition, activity fee, or room charges for Unofficial Withdrawals, but financial aid will be reduced to 50% eligibility. Financial aid will be recalculated after semester grades have been calculated by the Records Office. Students will receive notification from the Financial Aid Office of award adjustments. The Student Accounts Office will notify the student of any outstanding costs after financial aid has been removed from the tuition account.

Refund Policy for Students Withdrawing from Individual Classes during the Semester:

After the Add/Drop period, no refunds will be given to students who withdraw from individual classes but remain enrolled in school.

Please refer to the online student handbook for more information regarding official college policies and procedures.