Forms, Policies & Procedures

The following policies apply to all students. They are of particular importance to students receiving financial aid under the Federal Student Financial Aid (FSA) program.

Professional Judgement: If a substantial change in a student’s family financial situation has occurred, and they would like the Office of Financial Aid to take this updated information into consideration when reviewing their eligibility for financial aid.

Satisfactory Academic Progress (SAP) Policy (PDF): Students who receive financial aid are subject to the satisfactory academic progress policy.

2024-25 Declination of Aid / Revision Form: By filing the Free Application for Federal Student Aid (FAFSA), the student becomes eligible for several different types of self-help aid. For example, the award may contain Federal Direct Loans. The student is not required to accept any of this aid. Should the student wish to decline any of the eligible aid, this form should be completed and returned to the Student Financial Services office. Alternatively, a student may decide to send an email to [email protected] and specify exactly what aid they wish to decline and in what dollar amount.

Return to Title IV Policy (PDF): Students who withdraw or take a leave of absence from the college and are receiving federal financial aid may be subject to the federal Return of Title IV Aid and state financial aid return policies.

Federal Verification Policy (PDF): Students who are selected for verification, either by the Federal government or by the college, are subject to the Federal Verification policy.

Student Rights and Responsibilities (PDF): All students, especially those receiving financial aid, are subject to the Rights and Responsibilities policy.

Consumer Loan Disclosure (PDF): Students who borrow funds through the Title IV Federal loan program are subject to the consumer loan disclosure policy.

FERPA: FERPA (Family Educational Rights and Privacy Act) is a federal law that protects the privacy of student education records. FERPA prohibits an educational institution from disclosing a student’s education record without the consent of the eligible student.

Montserrat College of Art Merit Award Policy and Procedure: Students who receive a merit award are subject to the Merit Award Policy and Procedure.

Veterans Benefits and Transition Act of 2018:

Under S2248 PL 115-407 Section 103, Montserrat College of Art will not impose a late fee, denial of access to facilities, or other penalty against a veteran or covered individual* due to a late payment of tuition and/or fees from the VA up to the certified benefits amount. Any portion of the balance not covered by VA benefits is still expected to be settled by the due date.

Statement of Financial Responsibility

Statement of Financial Responsibility (SFR) is required by federal debt collection and consumer protection laws for colleges, universities, and other institutions to be transparent with their billing, payment policies/procedures, and collection requirements.

Montserrat College of Art (“Montserrat” or “the College”) must also ensure that students (consumers) are aware of their policies and responsibilities.
For this reason, Montserrat requires that students accept the Statement of Financial Responsibility (SFR), which acknowledges their financial obligations and understanding of the College’s related policies.

The SFR informs students of their financial responsibilities associated with enrolling for classes, living in on-campus housing, and other fees. It also explains the potential consequences if a student fails to meet those financial obligations. The College’s goal is to help students understand the cost of their education and the financial policies associated with their enrollment at Montserrat College of Art.

For frequently asked questions about the SFR, click here