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 affiliated 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.
My family’s financial situation has changed drastically since we filed the FAFSA. Can the Financial Aid Office review my eligibility?
Yes, federal regulations permit a financial aid administrator to use “Professional Judgment” to review and possibly recalculate information submitted on the FAFSA if the prior year information on the FAFSA is not representative of the family’s current situation. These situations usually involve changes in employment status, high medical costs, or other non-discretionary expenses. Contact the Financial Aid Office if your family has special circumstances that impact their ability to pay educational expenses.
I do not meet the federal definition to be an independent student but I have not lived with my biological parents for many years. How do I fill out the FAFSA?
If you are able to provide documentation of exceptional circumstances, the Financial Aid Office may be able to approve a dependency over-ride to let you apply as an independent student. Contact the Financial Aid Office if your family has special circumstances that impact their ability to pay educational expenses.
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 complete 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?
In order to receive federal and institutional financial aid a student must be in good academic standing and must make Satisfactory Academic Progress (SAP) toward obtaining a degree. Financial aid recipients must maintain a minimum cumulative GPA of 2.0, must complete at least 67% of attempted credits, and complete academic program within the maximum time frame. This policy applies to federal, state, and McDaniel College grants and scholarships. Please click here for further information regarding our SAP policy. Click here for more information about the satisfactory academic progress guidelines.
I have applied for several outside scholarships. Will my award change if I receive scholarships from outside organizations?
McDaniel College encourages students to apply for outside scholarships to supplement aid resources offered by the college. Students are required to notify the Financial Aid Office if they are awarded scholarships, grants, or employer-based tuition assistance by outside organizations. A copy of the scholarship notification should be forwarded to the office as promptly as possible. Unless the outside organization indicates otherwise, the scholarship will be credited 50% to fall semester and 50% to spring.
The policies outlined below explain how a student's financial aid package will be revised if the student receives an award from an outside source:
- Students who have financial need and who have been awarded a financial package which includes a McDaniel Grant:
- Merit awards and tuition assistance from outside sources may be used to cover documented unmet need or to reduce the self-help (student loans and Federal Work Study) portion of the student's financial aid package. The McDaniel Grant will only be reduced if the student's total aid resources would exceed documented need. Documented need is the student's Cost of Attendance (COA) minus the Expected Family Contribution (EFC) calculated by the FAFSA. Maryland Legislative Scholarships (Delegate and Senatorial Scholarships) are considered outside awards since they require a special application and are awarded on a competitive basis.
- Pell Grants, Maryland Educational Assistance Grants, Maryland Guaranteed Access Grants, and other need-based state grants are not considered outside scholarships and when these resources are increased after the initial aid offer, a student's aid package is subject to revision and the McDaniel Grant may be reduced
- McDaniel Academic Scholarships will not be reduced if a student receives an outside scholarship, unless the total scholarship resources would exceed the Cost of Attendance.