Frequently Asked Questions

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• How do I apply for financial aid?
• How do I apply for Maryland State aid?
• When is the deadline to apply for financial aid?
• Can I apply for financial aid as an independent student?
• When will I receive my financial aid award?
• If I qualify for financial aid and decide to do a study abroad program, will I still receive financial aid?
• What is McDaniel’s federal school code for the FAFSA?
• Should I wait until I am accepted into the college before applying for financial aid?
• Our tax returns aren’t ready. Should I wait to fill out the FAFSA?
• Do I have to reapply for financial aid ever year?
• I am a new student. What do I do with my Award Letter?
• I am a new student and was offered a Federal Stafford Student Loan on my Award Letter. Do I have to do anything to get this loan?
• How many credits must I take to receive financial aid?
• Do I have to fill out the FAFSA if I only want a student loan?
• McDaniel requested a copy of my federal income tax returns, but I do not have one. How can I get a copy?
• Is there an easy way I can estimate the monthly repayment for a student loan or a parent loan?
• How do I apply for work-study?
• Can I get a bookstore credit?
• How can I apply for a private loan?
• If I receive an offer of financial assistance in my first year, am I guaranteed assistance in all four years?
• Are there merit scholarships at McDaniel not based on need?

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How do I apply for financial aid?
To apply for need-based Federal grants, student loans, work-study, and the McDaniel need-based grant, all students must complete the Free Application for Federal Student Aid (FAFSA) at http://www.fafsa.edu.gov/. Our federal school code is 002109. To sign your FAFSA online, you and your parent (if you are a dependent student) must have a PIN. If you don’t already have a PIN, apply for one now at http://www.pin.ed.gov/. Students must also complete the McDaniel Institutional Application for Financial Aid located in Financial Aid Forms, and submit copies of student and parent Federal tax returns and W-2s.

How do I apply for Maryland State aid?
File the FAFSA before March 1st deadline to be eligible for State of Maryland scholarships and grants. For complete information on Maryland State aid, visit http://www.mhec.state.md.us/

When is the deadline to apply for Financial Aid?
New students and Maryland residents should complete the FAFSA before the March 1st deadline. New students should also submit the McDaniel Financial Aid Form by March 1st. Returning students should submit the McDaniel Financial Aid form and copies of tax returns and W2's by April 21st.

Can I apply for financial aid as an independent student?
A student is eligible for federal aid as an independent student only if he or she meets the requirements listed here.

When will I receive my financial aid award?
Assuming that the deadlines are met, Early Decision and First-Year regular applicants will receive their decision letters by the end of March. Transfer applicants for the fall semester will begin receiving notification in May. Transfer applicants for the spring semester will be notified begining in November. Returning students receive their award letters in june.

If I qualify for financial aid and decide to do a study abroad program, will I still get financial aid?
If you study at our Budapest campus or through our new exhange program in Brussels, Belgium you are eligible to receive financial aid as if you were attending the Westminster Home campus. For other programs, you can receive your federal and state financial aid.
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What is McDaniel’s federal school code for the FAFSA?
Our federal school code is 002109.

Should I wait until I am accepted into the college before applying for financial aid?
No. File the FAFSA by our priority deadline, or as soon as possible thereafter. You must be admitted to the college, however, before we can actually award you. You must also submit our McDaniel Financial Aid form to be considered for need-based aid.

Our tax returns aren't ready. Should I wait to fill out the FAFSA?
No. The best thing to do is to complete the FAFSA by the March 1st priority deadline, even if you have to estimate you income tax information. You can correct your processed FAFSA once your federal tax returns are available.

Do I have to re-apply for financial aid every year?
Yes. To re-apply for need-based Federal grants, student loans, work-study, and McDaniel need-based grant all students must complete the Free Application for Federal Student Aid (FAFSA) at http://www.fafsa.ed.gov/. Our federal school code is 002109. To sign your FAFSA online, you and your parent (if you are a dependent student) must have a PIN. If you don't already have a PIN, apply for one now at http://www.pin.ed.gov/. Students must also complete the McDaniel Institutional Application for financial aid to be eligible for any institutional funds.

I am a new student. What do I do with my Award Letter?
You have to sign and return your Award Letter to the Financial Aid Office if you want to accept the aid package as offered. If you want to reduce the amount of the student loan offered or if you want to decline a student loan, mark accordingly on the signed form you return to the Financial Aid Office.

I am a new student and was offered a Federal Stafford Student Loan on my Award Letter. Do I have to do anything to get this loan?
Yes. If you are borrowing for the very first time at McDaniel, you must complete the Federal Stafford Student Loan Master Promissory Note (MPN). You will also be required to attend an Entrance Interview at the beginning of the first semester you borrow.

How many credits must I take to receive financial aid?
Students must be enrolled Full-time (12 credits) each semester to remain eligible for McDaniel academic scholarships and grants, as well as state funds. Students enrolled at least half-time (6 credits) may receive Federal loans and grants.

Do I have to fill out the FAFSA if I only want a Student loan?
Yes. A Federal Stafford Loan is a form of financial aid, so the federal government requires you to complete the FAFSA.

McDaniel requested a copy of my federal income tax return, but I do not have one. How can I get a copy?
You may request, at no charge, Form 4506-T from the IRS for the tax year. This form is available at http://www.irs.gov/individuals/article/0,,id=110571,00.html or by calling 1-800-829-1040. Allow 7 to 10 business days for processing. This form must be signed by the student/parent unless the IRS sends it directly to McDaniel.

Is there an easy way I can estimate the monthly repayment for a student loan or a parent loan?
Yes. For both student and parent loans, you can estimate monthly payment amount and total interest by going to http://www.mygreatlakes.com/. Click on Borrowers, and then on Calculators.

How do I apply for a Federal Work-study job?
You must have been awarded Federal Work Study in your financial aid award to apply for work-study jobs. You can apply for work-study positions by contacting the hiring departments directly for their current Federal Work-Study openings.

Can I get a bookstore credit?
If your financial aid is sufficient to cover all tuition and fees with funds remaining, these funds can be put on your ALLCARD. The funds can then be used at the bookstore, as well as other places on campus. You may visit the Students accounts office to receive this credit.

How can I apply for a private loan?
Private loan costs vary widely between programs. All private lenders will review the borrower's credit history and some will require a co-signer. Private educational loan programs traditionally offer higher borrowing costs than federal loan programs. For more information, visit alternative student loans.

If I receive an offer of financial assistance in my first year, am I guaranteed assistance in all four years?
Students may expect the same level of assistance provided they continue to meet financial eligibility and reapply each year. The amount of assistance can change significantly when fewer children attend college or the family income increases dramatically. Students must also maintain satisfactory academic progress. Awards are for the academic year only.

Are there merit scholarships at McDaniel not based on need?
McDaniel offers academic scholarships determined by the Admissions Office. Students should note that these are offered to prospective students only and that the academic scholarship amount remains the same each year as long as the student maintains satisfactory academic progress.