Summer Financial Aid Policy For Graduate Students
Financial aid is awarded for the summer semester in mid-May. There are a few things to keep in mind regarding your financial aid during the summer term:
- Summer term aid requires a 2015-2016 FAFSA application. Summer is referred to as a header semester for the coming fall and spring semesters for financial aid purposes.
- Students must have a completed financial aid file.
- Students must be accepted in a degree-seeking program and be enrolled at least half-time (6 credits) for the summer semester, with the intention to be enrolled for at least 6 credits for the Fall 2015 semester.
- Students must be meeting satisfactory academic progress guidelines for Federal Student Aid. Students on financial aid probation or financial aid warning will not be awarded aid until after spring grades have been posted and Satisfactory Academic Progress has been evaluated.
- The annual limit for a Federal Direct Unsubsidized Loan is $20,500. Students who will receive Federal Direct Loans for the summer will have their fall and spring loan eligibility reduced.
- Loan funds will be released after a student will achieve at least half-time status at the start of the second class.
- Complete a Summer Aid Request Form and return to our office.
- After we process your application, we will send you an email that your aid for summer, fall, and spring (for students whose anticipated graduation date is beyond December 2015) is posted on Archway.
- If you need to reduce your loan amount, you will need to complete a Loan Cancellation/Decrease Form.
Loan Activation Process:
- If you did not borrow a Federal Direct Loan at McDaniel College during the 2014/2015 academic year, you must complete loan paperwork (Master Promissory Note and Entrance Counseling) at www.studentloans.gov within 10 days after you have been awarded summer aid.
- We will send you an email once your loan funds are credited.
- If you have a credit on your account after your invoice has been paid in full, the Bursar's Office will process your refund. The refund will be mailed to you within 10 business days from the date the funds were applied to your account.
Please feel free to contact our office at 410.857.2233 or via email at firstname.lastname@example.org with questions.