This document provides information about financial aid options for McDaniel College's Class of 2016. It outlines the staff in the Financial Aid Office and their contact information. It describes the Federal Work Study program and how students can find and apply for eligible jobs. It also details the types of student loans available (Federal Direct, Federal Perkins, and private), including interest rates, application processes, and annual loan amounts. The document concludes by covering satisfactory academic progress requirements, implications of withdrawing from courses, and the annual reapplication process for need-based financial aid and loans.

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