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Parent preview - Financial Aid Office
Parent preview - Financial Aid Office
Parent preview - Financial Aid Office
Parent preview - Financial Aid Office
Parent preview - Financial Aid Office
Parent preview - Financial Aid Office
Parent preview - Financial Aid Office
Parent preview - Financial Aid Office
Parent preview - Financial Aid Office
Parent preview - Financial Aid Office
Parent preview - Financial Aid Office
Parent preview - Financial Aid Office
Parent preview - Financial Aid Office
Parent preview - Financial Aid Office
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Parent preview - Financial Aid Office

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  • 1. McDaniel Class of 2016 Parent Preview Financial Aid Office
  • 2. Financial Aid Office Staff 410-857-2233Patricia Williams, Director pwilliams@mcdaniel.eduEllie Geiman, Associate Director egeiman@mcdaniel.eduStephanie Bosworth, Financial Aid Counselor sbosworth@mcdaniel.edu
  • 3. Federal Work Study Positions listed on website http://www.mcdaniel.edu/6093.htm Updated in early August for 2012-2013 Emails will be sent to the students’ McDaniel Email address Up to the student to apply for jobs Student must turn in paperwork to be paid Paid the 10th of the month for hours worked the previous month
  • 4. Student LoansFederal Direct LoansFederal Perkins LoansPrivate Student Loans
  • 5. Federal Direct Loans Two types – Subsidized, UnsubsidizedSubsidized – no interest while in school Interest rate for 2012-2013 3.4%Unsubsidized – student pays all interest Interest rate 6.8%
  • 6. Federal Direct Loans continuedStudent must complete a Master Promissory Note (MPN)Student must complete Entrance CounselingBoth are done at www.studentloans.ed.govOnly required to complete these one time
  • 7. Federal Direct Loans Loan AmountsFreshman $5,500 (up to $3,500 subsidized, the rest in unsubsidized)Sophomore $6,500 (up to $4,500 subsidized, the rest in unsubsidized)Junior and senior $7,500 (up to $5,500 in subsidized, the rest in unsubsidized)If parent cannot borrow Federal PLUS loan, student can borrow an additional $4,000 unsubsidized
  • 8. Federal Perkins LoanStudent must complete a Promissory Note at ipromise.campuspartners.comStudent must complete this every year they receive an award.Interest rate is 5%, no interest accrues while the student is enrolled full time.Awarded to freshman and sophomoresSophomore amount will be less because Direct Loan amount will be more
  • 9. Private Student Loans Made by private lenders for educational expenses Student MUST have a credit worthy co-signer Interest rates are fixed or variable, depending on the specific loan Allow at least 2 weeks for processing Can borrow up to the Cost of Attendance minus financial aid Start application process here : www.mcdaniel.edu/finaid
  • 10. Federal Parent Loans for Undergraduate Students (PLUS)LoanCan borrow up to the Cost of Attendance minus financial aidInterest rate 7.9%Must complete a Master Promissory Note at www.studentloans.ed.govOnly complete MPN once; future years notify financial aid office of desired loan amountsRepayment begins 60 days after second semester disbursement is made
  • 11. Satisfactory Academic Progress (SAP)To continue to receive all types of financial aid a student must make SAPReviewed at the end of every semesterFirst time - ProbationSecond time - Loss of eligibilityCan appeal loss of eligibilityComplete 75% of the credits attempted, earn 12 credits with a 2.0 cum g.p.a
  • 12. Return of Financial Aid Students who withdraw after a semester starts are NOT eligible to keep all the aid they received to pay for the semester Aid is determined on a prorated basis – the longer in school, the more aid the student can keep. Students considering withdrawing after the first day of classes SHOULD visit the Financial Aid Office and Bursar’s Office to see the effect on the charges and financial aid
  • 13. Reapply Every Year* Students who receive NEED-BASED financial aid and /or Federal Loans must reapply every year. After Jan 1 complete the FAFSA for the next year Submit the McDaniel Financial Aid Form plus copies of federal tax returns after April 15th *Students who receive ONLY an academic scholarship DO NOT need to apply for financial aid (Academic Scholarship, McDaniel Honor Scholarship, CollegeBound Scholarship)
  • 14. Questions? Concerns?Please contact us anytime during the year with your questions and concerns. Phone : 410-857-2233 Email: finaid@mcdaniel.edu Office hours: Mon-Fri 8:30 – 4:30

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