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.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 located on the McDaniel Verification Process page.
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 1 deadline. The Financial Aid Office will contact families if the McDaniel Verification Form is required.
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 beginning in November. Financial aid awards for returning students are available on their Archway account 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 exchange 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.
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.
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 1 priority deadline, even if you have to estimate your 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 will be notified if additional forms are required for verification.
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 Direct 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 Direct 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 Direct Loan is a form of financial aid, so the federal government requires you to complete the FAFSA.
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.finaid.org and then on Calculators.
What is McDaniel's policy for returning Financial Aid?
See our Return of Financial Aid page.
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.
How do I pay?
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 or visit the Tuition Management Systems website.
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 McDaniel1Card. 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 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.
Does McDaniel offer scholarships that are 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.
What is satisfactory academic progress?
All McDaniel students receiving any type of financial aid, including McDaniel Academic Scholarships, must meet the requirements of satisfactory academic progress toward a degree in order to continue receiving financial aid each year. Students must complete 75% of the credit hours attempted each semester. For example, students who register for 16 credits must complete at least 12 credits to meet this requirement. Students must also maintain the cumulative GPA and credit completion requirements for the semesters listed below:
|# of Semesters||# of Credits||CUM GPA|
Successful completion of a course requires a letter grade of A, B, C, or D, or CR for a non-grade course. Incompletes and withdrawals do not count in the calculation. Transfer students have their progress calculated using the credit hours from prior institutions plus the work completed at McDaniel.
Students not meeting the above requirements will be notified and placed on a one-semester probation. If the requirements are not met following one semester of probation, eligibility for financial aid is suspended. Students with extraordinary circumstances may appeal in writing to the Director of Financial Aid for reinstatement. Such letters should include an acknowledgement of why the requirements were not met and how the student will meet the requirements the next semester. Students who have earned greater than 150 credit hours must appeal to the Director of Financial Aid for continued aid.
Financial aid probation is different from letters of Academic Warning or Academic Probation issued by the Office of Academic Affairs. That office determines whether students can remain enrolled at the College. Students can receive Academic Warnings, yet meet the financial aid satisfactory progress standards requirements. Likewise students can be on financial aid probation, yet be in good standing with the Academic Affairs Office.