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Financial aid is awarded on the basis of financial need. Need is the difference between the estimated cost of attendance and the calculated amount the student and family can reasonably be expected to provide. The student and family contribution is affected by income, assets, number of family members and number of family members in college.

When you apply for federal student aid, the information you report is used in a standard federal formula, that calculates your Expected Family Contribution (EFC), an amount you and your family are expected to contribute toward your educational expenses. If your EFC is below $4995*, you'll be eligible for a Federal Pell Grant, assuming you meet other eligibility requirements. There isn't a maximum EFC that defines eligibility for other financial aid programs. Instead, your EFC is used in an equation to determine your financial need:
Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need
Students'  financial assistance is awarded on the basis of financial need (except for the Unsubsidized Federal Stafford Loan and Federal Parent Loan Program). Financial need is determined by subtracting Expected Family Contribution (EFC) from the cost of education (expenses for tuition, fees, books, supplies, transportation, and other related expenses). The Expected Family Contribution (EFC) is primarily based on student and parent income ,assets, family members and the number of family members in college. Some low-income students receive enough grant funding to cover the entire tuition and fees bill, including book expenses. Other students may receive partial grant funding and choose to borrow a student loan to cover remaining tuition, fees and book charges. At times, students will not qualify for any grant assistance but can borrow a student loan to pay for part or all of their tuition, fee and book expenses. There are situations where the maximum student loan and other aid awards may not cover direct educational expenses. When the aid awards are greater than the tuition and fee bill, an advance of this difference will be made in the form of a bookstore credit. Mount Wachusett Community College is committed to ensuring that students are able to have access to a quality education while accruing as little student loan debt as possible.  A variety of financial literacy programs are available to students to assist them with personal financial planning and the management of student loan debt. The average student debt that an MWCC student might anticipate is $9657 at the conclusion of the associate’s degree. Approximately 51% of MWCC graduates borrow money through student loans to complete their MWCC degree. Students who do not qualify for enough financial aid, or apply too late to determine eligibility before classes begin, will be required to satisfy the tuition and fee bill. The student accounts office has an interest-free payment plan available that allows the entire or partial tuition and fee bill to be paid in monthly installments. *for 2012-13 year Financial Aid 978-630-9169