Financial Need

Financial need is defined as the difference between educational costs and the available family resources. Cost of Attendance (COA), minus the Expected Family Contribution (EFC).

There are two basic categories of student financial aid:

• Need-based

• Non Need-based

Need-based Aid

When students do not have sufficient financial resources to pay for their education beyond high school, they are generally considered to have "financial need." Having financial need is the primary requirement for receiving need-based aid, although students must meet other eligibility criteria as well. Whether or not you and your family have sufficient resources to pay, the cost of sending you to college is usually determined by collecting financial data about you, and having the data analyzed. In other words, you must show that you do not have enough money to pay for all of your college expenses and that you have "need" for financial assistance.

Non Need-based Aid

Non need-based aid is often referred to as merit-based aid and is frequently awarded to students in recognition of special skills, talents or academic abilities. Qualifications for non need-based aid are usually competitive in nature, and recipients are chosen because of their superiority in whatever criteria are used for selection. Non need-based aid may also be awarded based on criteria such as field of study, community service, leadership abilities, ethnicity or religious background. Most merit aid does not require students to demonstrate that they have financial need.

Financial Aid Package

The total amount of financial aid you can receive from federal and non-federal sources (such as loans, grants, or work study) is combined in a financial aid "package" to help meet your costs of attending college. The Office of Student Financial Aid will use all available resources to provide you the best possible package.

Disbursement of Funds

In most cases, awards will be made for the academic year with one-half of the amount being applied to your account each semester.  If your award includes campus-based loan funds, i.e. the Federal Perkins, Health Professions Student Loan (HPSL) and/or Loans for Disadvantaged Students (LDS) funds, you must complete an Entrance Interview before funds can be disbursed. The Office of Student Financial Services (SFS) conducts all entrance interviews for campus-based loans. Once you have signed the promissory note, SFS will credit your account with funds received from the Federal Perkins, Health Professions Student Loan (HPSL) and/or Loans for Disadvantaged Students (LDS).

Federal Work-Study is paid biweekly and time sheets must be submitted to the FWS Coordinator by the specified date. Awards made to students who fail to enroll will be cancelled, and all funds returned to the respective lender.

Eligibility and Disbursement of Funds

Before refunding any tuition or fees to students, the Office of Student Financial Services shall examine all student financial obligations to the College, (i.e. tuition, fees, rent, dental storeroom, bookstore, library, etc.) as well as, matured and/or past due loans.

For more information contact:

Meharry Medical College
Student Financial Aid
1005 Dr. D.B. Todd Jr. Blvd.
Nashville, TN 37208
(615) 327-6826
finaid@mmc.edu