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Home » Undergraduate Admissions » Office of Financial Aid » Financial Aid Programs

The types of aid available to McDaniel students and their parents include non-need based scholarships, need-based grants, student loans, parent loans, and student employment. A student cannot receive more than the Cost of Attendance from any combination of institutional, federal, state, or private funding source. This includes merit and need-based aid as well as tuition benefits, ROTC awards, and RA contracts. Click on the links below to jump to information about a particular type of aid.

McDaniel College Scholarships and Grants
Federal Programs
State Scholarships and Grants
Army ROTC Scholarships
Alternative Student Loans
Study Abroad Aid
Interest-Free Monthly Payment Options
Private Scholarships

McDaniel College Scholarships and Grants

McDaniel Academic Scholarships
Awarded by the Admissions Office to prospective freshmen, these awards range from $8,000 to full tuition. Recipients have outstanding high school academic records and SAT scores above the national average. The awards are renewable for four years or eight semesters as long as the student is enrolled full time. All applicants for admission are automatically reviewed for an award. The award amounts DO NOT increase.

McDaniel Maryland Scholars Program

Awarded by the Admissions Office to prospective Maryland resident freshmen, these awards range from $12,500 to $20,000 per year for four years. Recipients have SAT scores of 1150 or higher, high school grade point averages of 3.3 or higher, and have taken college prep curriculm with strong senior year course loads. Students must be enrolled full time. The award amounts DO NOT increase.

McDaniel Transfer Scholarships
Awarded by the Admissions Office to prospective transfer students, these awards range from $8,000 to full tuition. The awards are renewable as long as students are enrolled full time. All transfer applicants for admission are automatically reviewed for an award. The award amounts DO NOT increase.

Carroll County Grants
Residents of Carroll County receive a Carroll County Grant of $2,000 per year. Students must have been a resident for at least 12 consecutive months immediately prior to enrollment and must remain residents while enrolled at McDaniel. Residency is established by owning or leasing and occupying residential property or sharing living quarters owned or rented by a parent, legal guardian, or spouse. Students can receive the award for eight semesters of full-time undergraduate enrollment. Students who receive full tuition scholarships or full tuition remission are not eligible for this scholarship.

Eagle Scout/Gold Awards
Eagle Scout and Gold Award recipients are eligible for a $2,000 renewable scholarship. Recipients must be enrolled full time. Applicants must submit a copy of their certificate to the Admissions Office by February 1. Academic or Transfer Scholarship recipients are not eligible for these awards.

Junior Achievement Scholarships
The College offers a $2,000 renewable Junior Achievement scholarship to high school students participating in Applied Economics. Students apply by submitting a letter of interest to the Admissions Office by February 1. Academic or Transfer Scholarship recipients are not eligible for these awards.

McDaniel College Grants
A substantial number of grants ranging from $2,000 to $27,000 are awarded to students based on financial need as determined by federal law and institutional polices. Award amounts are determined after all other merit and need-based awards are taken into account.

Family Tuition Reduction Grants
Families with more than one immediate family member at the College are offered a tuition reduction grant. The $2,000 grant is generally applied to the second member’s financial aid award and bill. The grant is renewed as long as there are two family members enrolled full time in the undergraduate program. If more than two members attend the College simultaneously, the addition person will also receive the grant.

Campus Employment
For students not eligible for Federal Work Study, there are a limited number of Campus Employment positions available. Pay rates start at the Maryland State minimum wage, and students work an average of 10 hours a week. Students submit timesheets at the end of the month and are paid on the 10th of the following month.

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Federal Programs

Federal Pell Grants
These awards are funded directly by the U.S. Department of Education using a standard formula. Award amounts range from $976 to $5,350. These grants are generally awarded to students from low income families.

Federal Supplemental Education Opportunity Grants (SEOG)
These awards are also funded by the U.S. Department of Education, but the amount of the award is determined by the school. Amounts range from $500 to $2,000. First priority is given to Federal Pell Grant recipients.

Academic Competitiveness Grants
Funded by the Federal government and awarded to Pell Grant recipients only, first year students are eligible for $750; second year students receive $1,300 if they have at least a 3.0 cumulative GPA.

National SMART Grants
Funded by the Federal government and awarded to Pell Grant recipients only, students who pursue certain majors and have at least a 3.0 GPA may be eligible for $4,000. Students must be in their third or fourth academic year of a four-year degree program.

For more information about the Academic Competitiveness and National SMART Grants, please visit

Teacher Education Assistance for College and Higher Education (TEACH) Grant Program

This program provides grants up to $4,000 per year for undergraduate and graduate students who promise to teach in a low income school in a high needs field for four years. Students who fail to meet the teaching requirements must repay the grants with interest.

Federal Perkins Loan
Freshmen and sophomores with exceptional financial need are awarded Federal Perkins Loans. The interest rate is a fixed 5% and repayment begins 9 months after students graduate or drop below half-enrollment. Borrowers have up to 10 years to repay. Because this loan is administered by McDaniel College, no separate application is needed; however students must sign a promissory note in the Bursar’s Office before the loan is credited to their student account. The Bursar’s Office notifies students when the notes are ready to be signed, generally during the first week of classes.

Students must attend an entrance interview before the first loan can be disbursed and an exit interview before they graduate. These interviews review students’ rights and responsibilities when they borrow under this loan program.

Federal Direct Loan Program

Federal Direct Loan Program (Subsidized)Allows students who demonstrate federal financial need and who are enrolled for at least six credits each term to borrow up to $3,500 for the first year of undergraduate study, $4,500 for the second year, and $5,500 per year for subsequent undergraduate study. The interest rate is fixed at 5.6%. Interest does not accrue nor does repayment begin on subsidized Direct Loans until termination of college enrollment on at least a half-time basis. Interest accrued during in-school and the grace period is paid by the federal government. The standard repayment period is up to ten years. Subsidized Direct Loans carry a 1.5% federal origination fee and an up-front interest rebate equal to 1.0% of the loan amount. Net proceeds will equal approximately 99.5% of the loan amount. New borrowers must complete a Federal Direct Loan electronic master promissory note and complete an online Entrance Counseling Session to borrow funds through this program.

Click here to visit the Federal Direct Loan Program Web site.

Federal Direct Loan Program (Unsubsidized)

Allows all students regardless of federal financial need and who are enrolled for at least six credits per term to borrow up to $5,500 for the first year of undergraduate study, $6,500 for the second year, and $7,500 per year for subsequent undergraduate study less the amount of any subsidized Direct Loan received by the student. New borrowers must complete a Federal Direct Loan electronic master promissory note to borrow funds through this program. The interest rate is fixed at 6.8% and the origination fee is the same as specified above under the description of the subsidized Direct Loan Program, however, interest accrual begins immediately during in-school and deferment periods. Interest accruing during these periods may be paid or capitalized.

Independent students may borrow up to an additional $6,000 per year for the first and second years of undergraduate study and up to an additional $7,000 per year for subsequent undergraduate study through the unsubsidized Direct Loan Program. Dependent students may borrow up to the same additional amounts through this program but only if the student's parent is denied eligibility to borrow funds through the Federal PLUS Loan Program.Click here to visit the Federal Direct Loan Program Web site.

Federal Direct Parent Loans for Undergraduate Students (PLUS)
The Federal Direct PLUS Loan Program allows parents of undergraduate students to borrow up to the full cost of attendance minus other financial aid. Eligibility is based on a satisfactory credit check. The interest rate is fixed at 7.9 percent and there is a loan origination fee of 4.0 percent deducted from each disbursement. A 1.5 percent rebate of the loan amount for on time payments is currently added back to each disbursement. Therefore, the net disbursement amount equals 97.5 percent of each disbursement of the loan. Interest accrual begins on the date of the first disbursement. The first payment is due within 60 days after the final loan disbursement. For many parents interest paid on PLUS Loans is tax deductible. For more information on education tax benefits, see the Internal Revenue Service's Publication 970, "Tax Benefits for Education," available online at http://www.irs.gov/formspubs/index.html.

Maximum Loan Amount
PLUS Loans may cover the full cost of attendance minus other financial aid. The cost of attendance includes tuition, roomand board, as well as standard allowances for books andsupplies, transportation, and personal expenses. Determine how much you wish to borrow for a full academic year. The total loan amount will be split evenly for the fall and spring semesters.

Application Process
The PLUS Loan application process involves two steps, a) completing the McDaniel College College Federal Direct PLUS Loan Request Form, and b) completing the Federal Direct PLUS Loan Master Promissory Note (MPN).

a) You may complete this form online by clicking here. Using the information provided on this form, the Financial Aid Office will originate the loan and initiate a credit check through the Federal Servicer. You must complete a form each year you wish to borrow under this program.

If your loan application is not approved, you will be contacted by the Federal Servicer (in writing) and given the option of appealing the credit decision or resubmitting the application with a credit-worthy endorser. Questions concerning your credit decision should be directed to the Federal Servicer’s Applicant Service at 800-557-7394. If you do not wish to pursue either of these options, your son or daughter may apply for an unsubsidized Federal Direct Loan by contacting the Financial Aid Office at 410-857-2233, fax 410-617-5149, or email finaid@mcdaniel.edu.

b) Federal PLUS Loan Master Promissory Note. The PLUS Loan MPN allows parents to borrow for multiple years (up to 10 years) under one note for each child enrolled in college provided you do not require an endorser. Complete the MPN online at https://dlenote.ed.gov/.

You must have a Department of Education issued Personal Identification Number (PIN) before completing and signing the electronic MPN. If you do not have a Federal PIN, or have lost your PIN, you may obtain one at the Federal PIN Website, http://www.pin.ed.gov/.

Completing the MPN
The electronic MPN can be completed in 9 steps. We estimate that it will take 30 minutes to complete the electronic MPN process. Make sure you allow enough time to complete the entire process in a single session. If you exit this web site before submitting your signed MPN in Step 8, your information will not be saved.

Step 1… Pin Registration
Step 2… Disclosure and Consent
Step 3… Provide Name, Student’s Information and School
Step 4… Complete MPN
Step 5… Review/Read Draft MPN
Step 6… Sign your MPN
Step 7… Review Signed MPN/Enter Confirmation Code
Step 8… Confirm Acceptance of MPN Terms and Submit MPN
Step 9… Success! Print your MPN

McDaniel College will be notified electronically that you have completed your MPN.

For information about repaying your PLUS Loan, please visit the Federal Direct Loan Servicing Center’s website at https://www.dl.ed.gov/borrower/BorrowerWelcomePage.jsp.

Federal Work-Study
Students are eligible to earn up to the amount awarded through a Federal Work-Study job, subject to the availability of positions. Most jobs are located on campus; The Community Service positions are generally within walking distance of the campus. Pay rates start at Maryland State minimum wage, and students work an average of 10 hours a week. This award is not credited to students’ bills; students are paid directly for hours worked. Most students use these funds for indirect costs or "pocket-money." Students submit timesheets at the end of the month and are paid on the 10th of the following month. A listing of current positions is available here.

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State Scholarships and Grants

Maryland State Scholarships
The Maryland Higher Education Commission’s Office of Student Financial Aid administers many merit-based scholarships for Maryland residents attending the College. They are:

Maryland State Delegate Scholarship
Maryland State Senatorial Scholarship
Maryland State Distinguished Scholarship
Maryland Edward S. Conroy Scholarship
Maryland Gear-Up Scholarship
Distinguished Scholar Community College Transfer Program
Veterans of Afganistan and Iraq Conflict Scholarship

For detailed information and application materials visit

Maryland State Grants
The Maryland Higher Education Commission’s Office of Student Financial Aid administers two need-based grants for Maryland residents attending the College. They are:

The Howard P. Rawlings Educational Assistance Grant
The Howard P. Rawlings Guaranteed Access Grant
Workforce Shortage Student Assistance Grants
For detailed information and application materials visit . The deadline for applying for these grants is March 1.
Students are strongly urged to apply well before the deadline. Students who apply late are generally not funded.

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Army ROTC Scholarships

The Army Reserve Officers’ Training Corps program at the College offers Full tuition to qualified applicants. Army ROTC scholarships are awarded by a national board based on academic merit and leadership potential. The scholarship amount includes textbooks and $150 per month for up to ten months of each academic year. McDaniel College awards ROTC scholarship recipients with room and partial board grants which, when combined with the ROTC funds, cover the total cost of education. These awards are renewable annually, contingent on the student maintaining a minimum 2.50 cumulative grade point average. Four-year scholarship applications must be submitted by November 1 of the year prior to college entry. Information and applications may be obtained from high school guidance offices, or the Military Science Department at the College.

Yellow Ribbon

Students eligible for 100% of Post-9/11 Veterans Educational Assistance are eligible for the Yellow Ribbon program. The combination of the VA Educational benefits and the Yellow Ribbon program will cover a full time student's tuition charges. More infomration can be found at : http://www.gibill.va.gov/.

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Alternative Student Loans

These private loans allow students to borrow any additional funds needed after their financial aid has been awarded. Interest rates are variable and are not capped; usually with a credit-worthy co-signer the interest rate is lower. Fees vary from program to program. Repayment generally begins six months after the student graduates or drops below half-time enrollment. The student is responsible for paying all interest that accrues on the loan. This is a list of loans McDaniel students have borrowed. Information on how this list was developed can be obtained from the Financial Aid Office.

for AMS/Sallie Mae Smart Option Loans.

for Edamerica XtraCredit Loans.

for Resource Loans.

for SunTrust Academic Answer Loan

Wells Fargo Collegiate Loan

Apply for alternative student loans.

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Study Abroad Aid

A few foreign universities and programs permit students to use their federal and, in some cases, state financial aid. Check out the International Programs Office to learn more about this and other scholarships intended for the purpose of studying abroad.

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Interest-Free Monthly Payment Options

Administered by Tuition Management Systems, this option enables parents and students to pay for educational expenses in 10 monthly payments. Parents can call 1-800-722-4867 x780 or visit

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Private Scholarships

Many organizations offer scholarships to help students pay for college. Tracking down these sources can be well worth the effort. High school students should check with their guidance office for information on local scholarships. Please note that information on legitimate scholarships is free. Students can also visit the following sites for information.

Scholarships students receive from private sources must be included in their financial aid package and may reduce the amount of financial aid already offered. If need-based financial aid is part of a financial aid package, the total award, including the private scholarship, cannot exceed the student’s "federal need." If the addition of a private scholarship causes a student’s total financial aid to exceed his or her "federal need," the financial aid package will be reduced in the following order: Federal Work-Study, Federal Perkins Loan, Federal Stafford Loan. The Federal Stafford Loan will not be reduced to less than $2,000. If the package still exceeds the student’s "federal need," the McDaniel Grant, if any, will be reduced by the amount needed to keep the total aid within "federal need." Students who receive private scholarships are encouraged to call the Financial Aid Office to determine how their individual financial aid awards will be affected. Students who receive only non-need-based financial aid will only have their awards reduced if the total aid exceeds the cost of attendance. (Back to Top)