Financial Aid

Grace Periods and Repayment
Medical leave is a form of non-academic leave. While on non-academic leave, you will not be reported as enrolled at MHC. If you receive federal loans, you have a six month grace period before you are expected to begin repayment. This means that as dictated by federal regulation, Federal Direct Student Loans and outside/alternative loans will enter re-payment status after 180 days (generally after one un-enrolled semester; not after a normal summer or January vacation). The grace period for Perkins loans is nine months. You may request forbearance for repayment by contacting the appropriate lender: Department of Education for Federal Direct loans, ACS for Perkins loans, private lenders for alternative loans.

Once you have used your grace period, you will not have a grace period again upon graduation and will go into repayment immediately. However, you may request in-school deferrals for any of your student loans if you enroll in a graduate program. Subsidized loans will not accrue interest during in-school deferments; unsubsidized and alternative loans will accrue interest and interest will be capitalized if not paid quarterly.

Aid for Your Return
While on leave, you should apply for financial aid for the academic year you plan to return according to published deadlines. Late applications may receive more assistance from loan sources and less grant funding than applications that are submitted on time (May 1 for all documents and on-line applications for the next academic year).

Outstanding Bills
Students with past due balances will not be able to order transcripts, participate in room draw, or register on line. In addition, late fees will be assessed each month on past due balances. Students with significant past due balances will not be approved to return to Mount Holyoke until the balance is paid in full.

Questions or concerns should be addressed to Student Financial Services at 413-538-2291 or by sending an email to Student Financial Services. A special financial aid counselor is available to talk with students who are taking sudden non-academic and medical leaves.