It All Adds Up
The Financial Aid Office is committed to providing financial resources to students who would otherwise be unable to attend McDaniel College, while ensuring that the principles of fairness and equity are upheld. The office assists students and families with understanding, navigating, and successfully completing the process of securing educational funding to attend McDaniel.
The Financial Aid Office is here to serve you, the student. We realize that as a graduate student you probably have many things going on in your life including jobs and families. You may be starting your master’s degree immediately following getting your bachelor’s degree, or you may have been working for several years and desire and/or need are dictating your return to the academic world.
Whatever your situation, if you are concerned about the expense of graduate school, let us help. Please review this website to assist you with questions related to all forms of Financial Aid. We like to work with students on an individual basis to ensure your needs are met.
Important Financial Aid Policies
• Return of Federal Student Aid
To remain eligible for federal student aid during the semester, the student must be attending classes, taking exams and completing required course work. If a graduate student who is the recipient of Title IV federal financial aid funds withdraws or stops attending classes during the course of a semester.
We will be required to calculate what portion of federal funding needs to be returned to federal government. Visit our website for more information.
• Satisfactory Academic Progress for Federal Financial Aid
Students who are recipients of federal or state financial aid must meet the requirements outlined in Satisfactory Academic Progress for Financial Aid Recipients.
• Overaward Policy
An “overaward” is when the need-based awards exceed financial need, or the total of financial aid awards exceeds the cost of attendance. If a student has been overawarded, federal regulations require us to adjust awards which may result in a bill. Need-based aid includes grants, scholarships, Federal Work Study, Federal Perkins Loans, Federal Direct Subsidized Loans, and outside resources (i.e. faculty/staff tuition benefits, scholarships, etc.). Non-need based aid includes Federal Direct Unsubsidized Loans, Federal Parent PLUS Loans, Federal Graduate PLUS Loans, and Alternative Loans.
Possible reasons an overaward can occur are:
- Additional awards are received after the awarding was done.
- Housing status changes after the awarding was done.
- Changes in student’s enrollment after the awarding was done.
If a non-need based overaward occurs (student’s cost of attendance was exceeded), the financial aid department will reduce or cancel federal aid in the following order.
- Alternative/Private Loan
- PLUS or Graduate PLUS loan
- Direct Unsubsidized Loan
- TEACH Grant
- Perkins Loan
- Federal Work Study
The combined amount of aid from all the sources can never exceed graduate student’s Cost of Attendance (COA).
|Student Budget (COA)||
Eligible Graduate Programs
|Tuition (6 credits)||$6,300||$5,580|
*It is the student's responsibility to provide documentation of external sources of aid such as scholarships and tuition benefits to the office of financial aid as soon as the information is received.
Financial aid for graduate students at McDaniel College is available in the form of:
- Graduate assistantships (including those funded by Federal Work Study)
- Scholarships (institutional and state)
A limited number of graduate assistantships are available on an as-needed basis to qualified students. Assistants receive tuition remission in return for their work. Prospective graduate assistants are required to submit a cover letter and resume. A copy of any graduate assistantship contract given to a student should be forwarded to the Financial Aid Office. Students should contact Ann Thomas, assistant to the Graduate Dean, for further details.
Maryland Senatorial Scholarships
- The minimum annual award amount is $400 and the maximum award is $9,000.
- Financial need is required.
- To apply for the grant, your Free Application for Federal Student Aid (FAFSA) must be RECEIVED by the state by March 1.
- Contact your senator in February for further instructions.
Maryland House of Delegates Scholarships
- The minimum annual award is $200.
- Financial need may be required.
- Your Free Application for Federal Student Aid (FAFSA) must be RECEIVED by the state by March 1.
- Contact your delegates in February for further instructions.
Go to mdelect.net to search for your delegate or senator.
More specific information on financial assistance available from the State of Maryland may be obtained by visiting www.mhec.state.md.us.
Charlotte Newcombe Scholarship
- Scholarship is offered to deaf and/or disabled students in the Deaf Education or ASL Specialist program.
- Free Application for Federal Student Aid (FAFSA) must be filed
- Institutional Application must be completed before a deadline listed on the application.
TEACH Grant Program
Through the College Cost Reduction and Access Act of 2007, Congress created the Teacher Education Assistance for College and Higher Education (TEACH) Grant Program that provides grants of up to $4,000* per year to students who intend to teach in a public or private elementary or secondary school that serves students from low-income families in a high need subject area.
*Due to sequestration, TEACH grant awards where the first disbursement is made on or after October 1, 2014 must be reduced by 7.3% from the award amount for which the student would otherwise have been eligible to receive.
In exchange for receiving a TEACH Grant, you must agree to serve as a full-time teacher in a high-need field in a public or private elementary or secondary school that serves low-income students (see below for more information on high-need fields and schools serving low-income students). As a recipient of a TEACH Grant, you must teach for at least four academic years within eight calendar years of completing the program of study for which you received a TEACH Grant.
- Must complete a Free Application for Federal Student Aid (FAFSA)
- Meet all eligibility requirements for federal student aid
- Be enrolled as an undergraduate, post-baccalaureate, or graduate student in a post secondary educational institution
- Be enrolled in a program of study designated as TEACH Grant eligible program. Graduate students must be accepted into one of the following programs:
- BEST, DEAF Education, TESOL, Special Education.
- Meet certain academic achievement requirements (generally, scoring above the 75th percentile on a college admissions test or maintaining a cumulative GPA of at least 3.25 prior to applying for the grant and during each of the semester that the grant is awarded)
- Complete TEACH Grant counseling online with the U.S. Department of Education annually.
- Sign a TEACH Grant Agreement to Serve and respond to requests by the U.S. Department of Education confirming your continuing intention to meet the teaching obligation.
- Contact the financial aid office to inform us about your TEACH grant application.
TEACH Grant Agreement to Serve
If you are eligible to receive the TEACH Grant, you must sign a TEACH Grant Agreement to Serve that is available electronically on a Department of Education Web site. The TEACH Grant Agreement to Serve specifies the conditions under which the grant will be awarded, the teaching service requirements, and includes an acknowledgment by you that you understand that if you do not meet the teaching service requirements you must repay the grant as a Federal Direct Unsubsidized Loan, with interest accrued from the date the grant funds were disbursed.
For each TEACH Grant-eligible program for which the student received TEACH Grant funds, you must serve as a full-time teacher for a total of at least four academic years within eight calendar years after you completed or withdrew from the academic program for which you received the TEACH Grant. You must perform the teaching service as a highly-qualified teacher in a high need subject at a low-income school. The term highly-qualified teacher is defined in section 9101(23) of the Elementary and Secondary Education Act of 1965 or in section 602(10) of the Individuals With Disabilities Education Act.
- The Department of Education's Annual Directory of Low-Income Schools for Teacher Cancellation Benefits includes both elementary and secondary schools.
- Other identified teacher shortage areas can be found at http://www.ed.gov/about/offices/list/ope/pol/tsa.doc.
- High-need fields include:
- Bilingual Education and English Language Acquisition
- Foreign Language
- Reading Specialist
- Special Education
- There may be other identified teacher shortage areas as of the time you begin teaching in that field. These are teacher subject shortage areas (not geographic areas) that are listed in the Department of Education’s Annual Teacher Shortage Area Nationwide Listing at http://www.ed.gov/about/offices/list/ope/pol/tsa.doc.
- For further information, please see http://www.studentaid.ed.gov/PORTALSWebApp/students/english/TEACH.jsp or email us at firstname.lastname@example.org.
Workforce Shortage Grant
- The Workforce Shortage Student Assistance Grant (WSSAG) program is for students who plan on working in specific career/occupational programs upon graduation. Eligible fields include: child care, human services, teaching, nursing, physical and occupational therapy, and public service.
- Complete and file the Workforce Shortage Student Assistance Grant application by July 1 and provide official transcripts from institutions attended. To be considered based on need, students must file the Free Application for Federal Student Aid (FAFSA) for the application year. The FAFSA is not required; however, it will be used to determine the order in which students will be awarded.
Certain majors may require additional documentation, which will be noted on the application. Applicants for the William Donald Schaefer Scholarship are required to submit, in addition to the application and transcripts, a FAFSA, a 1,000 word essay on a topic determined by the Commission and Advisory Council, a resume and three (3) letters of reference.
An education loan is a form of financial aid that must be repaid, with interest. Education loans for graduate students come in two major categories: federal loans and alternative loans (also called private student loans).
The ultimate responsibility of financing an education lies with the student. Students who finance their education with student loans must understand that with the acceptance of the loan comes the responsibility of prompt and full repayment.
McDaniel College stresses this responsibility not only because loan repayment is ethically correct, but also because loan default could eventually lead to loss of financial aid to future students.
The student must be accepted into a degree seeking Master's program and taking at least six credits per semester.
Federal Direct Unsubsidized Loan
- $20,500 borrowing limit per year
- Lifetime borrowing limit of $138,500 (including both Unsubsidized and Subsidized Ford Federal Direct Loans for both undergraduate and graduate education)
- 5.84% annual interest rate
- The borrower is responsible for interest that accrues while s/he is in school. While a student is in school, grace period or period of deferment, s/he may make interest payments or request the interest to be accrued.
- 1.073% loan origination fee will be deducted from the face value of the loan
- The loan is disbursed typically once a semester.
View the Required Steps below if you plan to apply for this federal loan
You can read more about the Direct Unsubsidized Loan on the Federal Student Aid website.
Direct Grad PLUS Loan
- No aggregate or annual limits on this loan. The limit is dictated by the student’s cost of attendance.
- 7.21% annual interest rate
- This loan is unsubsidized. The borrower is responsible for interest that accrues while s/he is in school.
- There is no grace period for this loan.
- The loan goes into repayment (and begins accumulating interest) 60 days after the second disbursement, but is deferrable throughout attendance of at least half-time study at a post-secondary institution.
- 4.292% loan fee will be deducted from the face value of the loan
- The loan is disbursed typically once a semester.
- Loan is contingent on a credit check
This loan is used by students who need funds to cover the unmet cost of attendance or who exhausted their aggregate limit for Direct loans. Please contact the Financial Aid Office at email@example.com if you interested in this federal loan.
You can read more about the Direct Grad Plus Loan on the Federal Student Aid website.
Students should be mindful of the Financial Aid Office’s priority deadlines. Submit all paperwork by the recommended due dates in order to have your financial aid processed in a timely fashion.
- Step 1 Create a FSA ID at https://fsaid.ed.gov/npas/index.htm. The FSA ID will allow you to electronically sign your Free Application for Federal Student Aid (FAFSA).
- Step 2 Using your new FSA ID to complete the appropriate FAFSA form (for summer 2015, fall 15 and spring 2016-2015/2016 FAFSA is required) at www.fafsa.gov.
- Step 3 Be accepted in the master program at McDaniel College.
- Step 4 Receive a notification from McDaniel Financial Aid Office that financial aid has been awarded (if your financial aid file is complete).
- Step 5 Complete an Entrance Loan Counseling (if you are a new borrower at McDaniel College).
- Step 6 Complete Direct Loan Master Promissory Note (MPN). All borrowers who have not attended McDaniel in the past will need to have this completed.
- Financial Aid Recommended Deadlines
Summer 2015 Due Date May 1, 2015 Fall 2015 Due Date July 1, 2015 Spring 2016 Due Date December 1, 2015
Step 7 Complete an Exit Loan Counseling (Federal Government requirement). To be done upon completion of your degree or not taking at least two classes per semester.
Other Funding Opportunities
Vocational Rehabilitation Services
Deaf Education Scholarships/Grants
TARGET (Human Services Management Program)
Federal student loans are deferred based on enrollment per semester NOT anticipated graduation date.
An electronic enrollment report (Clearinghouse) is submitted to the U.S. Department of Education monthly during Fall and Spring semesters. Lenders and Direct Loans Servicers retrieve this information for deferment purposes.
Enrollment for Summer terms must be reported manually. The student must request an in-school deferment form from their lenders, complete the form and submit it to McDaniel College Registrar’s Office for certification.
Do not stop payment of your student loan until you receive notification from Direct Loan or your lender that your loan is in deferment.
Financial Aid Office Contact Information
Phone: (410) 857-2233