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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 $25,000 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 $400 to $4,731. 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 new program provides grants up to $4,000 per year for undergraduate students and $2,000 per year for 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 Stafford Loans (Subsidized)
Funded by private lenders, the federal government pays the interest on these loans while the student is enrolled at least half-time. Freshman can borrow up to $3,500 sophomores up to $4,500, and juniors and seniors up to $5,500 per year. Repayment begins six months after the student graduates or drops below half-time enrollment. The standard repayment term is 10 years. The interest rate for loans made in the 2008 - 2009 award year is 6.0%. To apply once the loan has been awarded, students must complete a Federal Stafford Loan Master Promissory Note (MPN) at . Students can choose their lender from our Lender List. Students only need to complete one MPN while enrolled at McDaniel. Subsequent loans are processed once awarded, unless the student informs the Financial Aid Office he or she wishes to decline the loan.

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 Stafford Loans (Unsubsidized)
All students can borrow up to $2,000 under this program. In addition, students who are not eligible for subsidized Federal Stafford Loans or whose parents cannot borrow under the Federal PLUS program can borrow more. Freshmen can borrow up to $5,500, sophomores up to $6,500, and juniors and seniors up to $7,500 per year. All interest that accrues on the loan is paid by the student: the interest rate is 6.8%. Repayment begins six months after the student graduates or drops below half-time enrollment. The standard repayment term is 10 years.

To apply once the loan has been awarded, students must complete a Federal Stafford Loan Master Promissory Note (MPN) at . Students can choose their lender from our Lender List. If you would like to use a lender that is not on our Suggested Lender List, please contact our office about the process. Students only need to complete one MPN while enrolled at McDaniel. Subsequent loans are processed once awarded, unless the student informs the Financial Aid Office he or she wishes to decline the loan. Like the Federal Stafford Loan, loans are made through participating lenders. 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 Parent Loans for Undergraduate Students (PLUS)
Parents of dependent undergraduate students borrow under this program up the cost of attendance minus financial aid. Repayment generally begins 60 days after the funds are fully disbursed; standard repayment term is 10 years. Beginning with the 2008-2009 award year, parents can defer payments on the Parent PLUS loan while the students for whom the loan is made is enrolled at least half time. Borrowers pay all the interest that accrues on the loan; the interest rate is 8.5%. Please note: Fees equaling up to 3 percent of the loan amount may be deducted from the amount disbursed.

Like the Federal Stafford Loan, loans are made through participating lenders. To apply, first time McDaniel Parent PLUS loan borrowers complete a Federal PLUS Master Promissory Note (PMPN) here. The PMPN is completed only one time. Returning McDaniel Parent PLUS loan borrowers only need to complete a Parent PLUS Loan Request Form and return it to the McDaniel College Financial Aid Office. Borrowers can choose a lender from our Lender List.

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. 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.

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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.

for AMS/Sallie Mae Signature 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)