McDaniel Class of 2016Parent Preview

Financial Aid Office

Financial Aid Office Staff410-857-2233

Patricia Williams, Director pwilliams@mcdaniel.edu

Ellie Geiman, Associate Director egeiman@mcdaniel.edu

Stephanie Bosworth, Financial Aid Counselorsbosworth@mcdaniel.edu

Federal Work Study

Positions listed on website http://www.mcdaniel.edu/6093.htm

Updated in early August for 2012-2013 Emails will be sent to the students’ McDaniel

Email addressUp to the student to apply for jobsStudent must turn in paperwork to be paidPaid the 10th of the month for hours worked the

previous month

Student Loans

Federal Direct LoansFederal Perkins LoansPrivate Student Loans

Federal Direct Loans

Two types – Subsidized, UnsubsidizedSubsidized – no interest while in school

Interest rate for 2012-2013 3.4%Unsubsidized – student pays all interest

Interest rate 6.8%

Federal Direct Loanscontinued

Student must complete a Master Promissory Note (MPN)

Student must complete Entrance CounselingBoth are done at www.studentloans.ed.govOnly required to complete these one time

Federal Direct LoansLoan Amounts

Freshman $5,500 (up to $3,500 subsidized, the rest in unsubsidized)

Sophomore $6,500 (up to $4,500 subsidized, the rest in unsubsidized)

Junior and senior $7,500 (up to $5,500 in subsidized, the rest in unsubsidized)

If parent cannot borrow Federal PLUS loan, student can borrow an additional $4,000 unsubsidized

Federal Perkins Loan

Student must complete a Promissory Note at ipromise.campuspartners.com

Student must complete this every year they receive an award.

Interest rate is 5%, no interest accrues while the student is enrolled full time.

Awarded to freshman and sophomoresSophomore amount will be less because Direct

Loan amount will be more

Private Student Loans

Made by private lenders for educational expensesStudent MUST have a credit worthy co-signer Interest rates are fixed or variable, depending on

the specific loanAllow at least 2 weeks for processingCan borrow up to the Cost of Attendance minus

financial aidStart application process here : www.mcdaniel.edu/finaid

Federal Parent Loans for Undergraduate Students (PLUS)Loan

Can borrow up to the Cost of Attendance minus financial aid

Interest rate 7.9%Must complete a Master Promissory Note at

www.studentloans.ed.govOnly complete MPN once; future years notify

financial aid office of desired loan amountsRepayment begins 60 days after second

semester disbursement is made

Satisfactory Academic Progress(SAP)

To continue to receive all types of financial aid a student must make SAP

Reviewed at the end of every semesterFirst time - ProbationSecond time - Loss of eligibilityCan appeal loss of eligibilityComplete 75% of the credits attempted, earn

12 credits with a 2.0 cum g.p.a

Return of Financial Aid

Students who withdraw after a semester starts are NOT eligible to keep all the aid they received to pay for the semester

Aid is determined on a prorated basis – the longer in school, the more aid the student can keep.

Students considering withdrawing after the first day of classes SHOULD visit the Financial Aid Office and Bursar’s Office to see the effect on the charges and financial aid

Reapply Every Year*

Students who receive NEED-BASED financial aid and /or Federal Loans must reapply every year.

After Jan 1 complete the FAFSA for the next yearSubmit the McDaniel Financial Aid Form plus

copies of federal tax returns after April 15th

*Students who receive ONLY an academic scholarship DO NOT need to apply for financial aid (Academic Scholarship, McDaniel Honor Scholarship, CollegeBound Scholarship)

Questions? Concerns?

Please contact us anytime during the year with your questions and concerns.

Phone : 410-857-2233Email: finaid@mcdaniel.edu

Office hours: Mon-Fri 8:30 – 4:30