The following terminology will be helpful as you explore your opportunities for financial aid:

• Financial Aid 
• Independent Student
• Need-Based Financial Aid
• Non-Need Based Financial Aid

Financial Aid: Financial Aid is considered any financial resource available to a student to pay for college expenses that is not provided by the student or his or her family. Generally, financial aid is divided into two categories: non-need-based aid and need-based aid.

Independent Student: To be considered an independent student for the purposes of financial aid for the 2008-2009 award year, students must meet at least one of the following qualifications:

• Born before January 1, 1985,
• Married,
• A graduate or professional student,
• Have legal dependents other than a spouse,
• An orphan or ward of the court, or
• A veteran.

Students who do not meet at least one of these qualifications must submit parental information on the Free Application for Federal Student Aid (FAFSA) and the McDaniel College Financial Aid Application for Dependent Students.

In very rare circumstances, the College may consider a student independent who does not meet one of the above qualifications. However, guidelines from the U.S. Department of Education state that a parent refusing to fill out the financial aid forms or a parent's unwillingness to pay for college is not an acceptable reason to consider a student independent.

Need-Based Financial Aid: Eligibility for need-based financial aid is determined by the student's and his or her family’s financial situation. A standard formula is used nationwide to evaluate the student’s and family’s ability to pay for college expenses. This formula takes into account the family income, assets, taxes paid, family size, and the number of dependent children in college. The resulting figure is subtracted from a college’s Cost of Attendance to determine a student’s total eligibility. The amount of aid awarded may or may not meet the student’s total eligibility. Need-based financial aid awards available at McDaniel are described in detail under Financial Aid Programs.

Non-Need Based Financial Aid: Eligibility for non-need-based aid depends on a variety of factors such as a student’s past academic performance, membership in a club or organization, location of the student’s home, other family members attending the same college, or willingness to serve in the military. The student’s ability to pay for college is not a factor in awarding non-need-based financial aid. Non-need-based programs available at McDaniel are described in detail under Financial Aid Programs.

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