For grants and loans from all programs, two equal installments of the aid will be credited to the student's account. Any remaining balance at each term will be payable by the due date on the term bill. When all MCHP charges have been provided for, and a credit balance arises, the student will receive a refund (allowing 14 days after the disbursement of federal funds onto the student account).
Colleges generally do not have resources adequate to meet all the financial needs demonstrated by financial aid applicants. Therefore, students are strongly encouraged to seek outside aid from organizations concerned with such matters. While not an all-inclusive list, MCHP students have received grants from: high schools, church groups, community/hospitals/hospital auxiliaries, civic minded fraternal and professional organizations (American Legion, Kiwanis, Elks, Lions, Odd Fellows, Rebekahs, Auburn Exchange Club, etc.).
A number of students may qualify for government funds. Veterans and/or dependents may be entitled to certain VA benefits.
MCHP is responsible for administering significant amounts of financial aid, including public funds, distributed under several federal student aid programs. The applicant and the applicant's parents or legal guardians must supply accurate and complete information for the Free Application for Federal Student Aid (FAFSA).
Willful falsification or omission of information is a criminal violation, punishable under Maine and federal laws, the latter when the student is the recipient of federal loans and grants. Intentional falsification or omission of information will result in withdrawal of all financial aid, and repayment of any assistance that has been granted.