Financial Aid

McDaniel College supports a program of financial aid to eligible students on the basis of both need and merit. The College is able to do this through its endowment, gifts, and grants, and through cooperation with certain government programs and other resources for student aid. Over 90 percent of the current student body receives some form of financial assistance. A family’s total financial resources and obligations are considered in awarding aid; it is expected that students and their families assume as much responsibility for educational expenses as they are able. Students are admitted to the College based on academic and other non-financial criteria prior to consideration of their applications for financial aid.

Students who have been accepted by the College and can demonstrate financial need as required by the federal government may be eligible for assistance in the form of grants, loans, and opportunities for student employment. Frequently an award is a package of these resources, plus any awarded academic scholarships, tailored to the student’s needs. Aid is also available from many other sources, both public and private. Many awards carry provisions for annual renewal for students who do well academically and whose financial circumstances remain unchanged. To find out about eligibility for financial aid, students must apply.

Parents and students who desire assistance and information on financial aid are encouraged to contact the Financial Aid Office in Elderdice Hall. The Financial Aid staff reviews a student’s eligibility for aid of various types, describes applicable alternatives, and explains the process involved. For the most up-to date information, students are encouraged to visit the Financial Aid website, www.mcdaniel.edu/finaid.

To apply for financial aid, students must be accepted for admission to McDaniel College. Accepted students complete the online Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov. McDaniel College’s Title IV school code is #002109 and the priority filing deadline for the fall semester is March 1. For students who will begin their studies at McDaniel College in the spring, the priority filing FAFSA deadline is November 15. Financial aid awards are valid for one academic year.

Students must reapply for aid by filing the FAFSA every year between January 1 and March 1 to ensure maximum consideration of aid. More information can be found on the McDaniel College Financial Aid web site, www.mcdaniel.edu/finaid.

The Cost of Attendance (COA) is the estimated total cost of attending college for one year. It includes tuition and fees, room, board, books & supplies, personal expenses, and travel expenses. The Financial Aid Office estimates the COA for a typical resident and commuter student to attend McDaniel College for the 2015-2016 year.

For a variety of reasons, the actual cost for any given student might differ from the standard budgets in the table below. Most notable are students who live in an off-campus apartment (without their parents) and independent students.

A student cannot receive more than the Cost of Attendance from any combination of institutional, federal, state, or private funding source. This includes merit- and need-based aid as well as tuition benefits, ROTC awards, and RA contracts.

In general, to receive aid from the federal student aid programs, students must:

• Be a U.S. citizen or eligible non-citizen.
• Have a high school diploma, General Educational Development (GED) certificate, or have completed a high school education in a home school setting that is recognized as a home school or private school under state law.
• Enroll in an eligible program as a regular student seeking a degree.
• Be registered with Selective Service if required (in general, if a student is a male age 18 through 25).
• Meet satisfactory academic progress standards set by McDaniel College.
• May not be in default on a federal student loan.
• Must not owe an overpayment of a federal loan or grant.
• May not be in excess of aggregate loan limits.
• Must use federal student aid only for educational purposes.

Additionally, most financial aid programs require at least half-time enrollment (6 credits for both undergraduate students and graduate students) each semester. Most institutional and state scholarships require full-time enrollment (12 credits). Please see the individual financial assistance programs for minimum credit requirements.

McDaniel College is responsible for administering the Federal Campus-Based Programs (i.e., Federal Supplemental Educational Opportunity Grant [FSEOG], Federal Work-Study, and Federal Perkins Loan) and institutional need-based funds. Awards are made reasonably available to all eligible students who meet the program requirements. Individual award packages consider demonstrated need, program eligibility, and the availability of funds for the award period. In the event that the number of eligible students exceeds the availability of funds, the College will give preference to those students demonstrating the greatest financial need. The determination of greatest financial need will consider grant and scholarship aid from all public and private sources.

Financial need is the difference between the cost of attendance (COA) and the expected family contribution (EFC).

COA - EFC = Need

For example,  $52,720 (COA) - $20,000 (EFC) = $32,720 Financial Need

Cost of Attendance (COA) is the estimated total cost of attending college for one year. It includes tuition and fees, room, board, books and supplies, personal expenses and travel expenses.

Estimated Family Contribution (EFC): The student’s family is expected to contribute to educational expenses. A dependent student’s family includes parents and stepparents. An independent student’s family includes the student and the student’s spouse. A student’s EFC is determined by their FAFSA data in a consistent and equitable manner. If applicable, special circumstances altering a family’s ability to contribute may be recognized. 

Verification is a federally mandated review process. The Financial Aid Office is required to confirm the accuracy of information submitted on the FAFSA for students who have been selected for verification by the U.S. Department of Education.

Students are notified by email if they are selected for verification. Students selected for verification must submit all required documents. Verification can be a lengthy process; therefore we strongly recommend that students and their families submit the requested documents as soon as possible. 

Failure to submit requested documentation may result in cancellation of aid previously offered. Federal student financial assistance (e.g. Federal Pell Grant, Federal Direct Loans, etc.) cannot be processed or credited to the student’s account until the verification process is complete.

Any differences between information on documents submitted to the financial aid office and information on the FAFSA will result in a new determination of financial need. This new determination of financial need may alter the student’s financial aid awards and eligibility. Students will be notified when a revised financial aid award has been generated due to verification adjustments.

Visit McDaniel’s website for complete information about Financial Aid deadlines, policies, and rights and responsibilities:

For deadlines: Financial Aid deadlines.

A complete explanation of Financial Aid policies.

For rights and responsibilities: Financial Aid rights and responsibilities.

Academic Scholarships: The College awards more than $36 million each year in scholarships to academically talented students. These renewable scholarships range in amounts from $9,000 to full tuition. McDaniel College scholarships and grants are funded in part by the generosity of alumni and friends of McDaniel College specifically for student aid. Students may be asked to attend a luncheon and write a thank-you to a particular donor.

First-Year Students: In order to be eligible for an Academic Scholarship, the student must be a high school senior with an outstanding academic record and have SAT scores well above the national average. Information concerning Academic Scholarships for new students is available through the Office of Admissions. Information concerning Academic Scholarships for returning students is available through the Financial Aid office.

Transfer Students: In order to be eligible for a Transfer Scholarship, a transfer student must have completed at least one year of college work with a grade point average of 3.20 or higher.

Eagle Scout/Gold Award Scholarships: Eagle Scout and Gold Award recipients are eligible for a $2,000 renewable tuition scholarship. Students are encouraged to send a copy of their certificate.

Carroll County Grants: These scholarships are awarded to students who have been residents of Carroll County for at least 12 consecutive months immediately prior to enrollment (except those students who receive full-tuition scholarships or full-tuition benefits from the college). These scholarships are funded in part by the generosity of Carroll County businesses.

Family Tuition Reduction Grants: Families with more than one immediate full-time undergraduate family member at the College are offered a special tuition reduction grant of $2,000. This award is listed on the second family member’s financial aid award and bill. The grant will continue each year as long as there are two family members enrolled full time in the undergraduate program. If more than two members attend the College simultaneously, a tuition reduction grant will apply for each additional person. The family must complete a family tuition reduction grant form available on the financial aid website (www.mcdaniel.edu/finaid) to receive the funding.

The Federal Pell Grant is a need-based grant available from the federal government to undergraduate students with exceptional need.   Students may be enrolled full or part-time.   Eligibility for the Federal Pell Grant is determined by a federal formula and is awarded to students with low expected family contribution.  The maximum amount for the Federal Pell Grant award for 2015-2016 is $5,775 annually. The amount of Federal Pell Grant funds a student may receive over a lifetime is limited to be the equivalent of six years of Pell Grant funding.

Federal Supplemental Educational Opportunity Grants are awarded to undergraduate students with exceptional financial need.  Priority is given to Federal Pell Grant recipients who have met the priority filing deadline and have the lowest EFC. FSEOG awards up to $1,000 are awarded depending on campus-based fund availability and financial need.

The McDaniel Grant is a need-based grant awarded to undergraduate students with demonstrated financial need.  Full-time enrollment is required to receive a McDaniel Grant.  The grant is limited to eight semesters.

The following scenarios could result in a revision to a student’s McDaniel Grant:

• A change in the student’s financial need
• A receipt of state funding not previously estimated
• A change in the student’s housing status
• A receipt of tuition remission or tuition exchange

The Maryland Higher Education Commission (MHEC) offers and administers a variety of state scholarships and grants. To be considered for need-based Maryland grants, students must be Maryland residents and must submit the FAFSA by March 1. MHEC also awards merit-based scholarships. For more information, visit www.mhec.state.md.us.

The State of Maryland offers an on-line inquiry system that allows students to view the status of their financial aid application and/or award information. This can be accessed at http://www.mhec.state.md.us/financialaid/osfamdcapslive.asp.

Other State Scholarships and Grants: Some states provide state funding for residents who attend an out-of-state school.  Students who are not Maryland residents should check with the higher education agency for their state of residence for eligibility requirements.

Loans are available to students and parents.  Loans must be repaid.

Federal Direct Loan Programs: Federal Direct Loans are made available to students through McDaniel College regardless of financial need.  Students must file the FAFSA and enroll as degree-seeking students with at least six credits per semester.  Students who demonstrate financial need are eligible for a Subsidized Federal Direct Loan.  Students who do not demonstrate need are eligible for an Unsubsidized Federal Direct Loan.  First time borrowers are required to complete Entrance Loan Counseling and a Master Promissory Note.  Both must be completed online at www.studentloans.gov. A 1.073 percent origination fee (subject to change by Congress) is deducted from the loan proceeds upon disbursement.  More information regarding Federal Direct Loans may be found at http://studentaid.ed.gov/types/loans.

Federal Direct Subsidized Loan: The fixed interest rate is 4.29% (subject to change by Congress). Interest is paid by the federal government while the student is enrolled on at least a half-time basis and during deferment.  Repayment begins six months after the student graduates, leaves school or falls below half-time status (6 credits).  The standard repayment period is 10 years. Beginning with new Direct Loan borrowers on or after July 1, 2013, a student may only receive a subsidized loan for 150% of the published length of the academic program enrolled.

Federal Direct Unsubsidized Loan: The fixed interest rate is 4.29% (subject to change by Congress). The student is responsible for the interest from the date of disbursement.  The interest payments can be deferred while the student is in school.  Repayment begins 6 months after the student graduates, leaves school or falls below half-time status (6 credits).  The standard repayment period is 10 years.

The maximum a student can borrow each year depends on the class level and on whether or not a student is classified as a dependent or independent student:

An additional Unsubsidized Federal Direct loan is available to dependent students whose parent applies for a Federal Direct PLUS and is denied.  For freshmen and sophomores the additional amount is $4,000 per year; $5,000 per year for juniors and seniors.

Lifetime Borrowing Limits:  Combined lifetime maximum subsidized and unsubsidized loans are $31,000 for dependent students and $57,500 for dependent students.

Federal Perkins Loan: The Federal Perkins Loan is a 5% interest loan awarded on a funds available basis to students with exceptional need, further defined as Pell eligible.  Interest is paid by the federal government while the student is enrolled on at least a half-time basis, during the grace period, and during deferment.  Repayment begins 9 months after the student graduates, leaves school or falls below half-time status (6 credits).  The standard repayment period is 10 years.

FWS provides students with the opportunity to earn wages through on-campus and off-campus employment. An FWS award represents the maximum amount a student may earn during the academic year. For consideration, students must meet the priority filing deadline. FWS award amounts are NOT deducted from the student’s bill.  Instead, students receive monthly paychecks for hours worked.  Earnings do not have to be repaid but they are considered taxable.

Hourly wages begin at minimum wage ($8.25 per hour effective 7/1/15). The hourly wage may vary depending on the complexity of the work performed.  Students typically work between 8 and 10 hours per week.

Students must apply for work-study jobs and on-campus positions are limited. McDaniel College does not guarantee jobs on campus. Students are contacted via email in early August to apply for jobs once the Center for Experience and Opportunity office posts the work-study jobs on their website.

Typical student employment includes positions such as library aides, lab assistants, tutors, and assistants in the Offices of Admissions and other administrative areas. Many students work in Decker College Center at the Information Desk, managing the game rooms and lounges, and in the College Activities Office. Jobs in the Athletics Department range from lifeguarding at Harlow Swimming Pool to managing admission at varsity events.

Outside scholarships provide an additional source of funding for students.  Students are encouraged to research and apply for outside sources of funding.  Begin by contacting your high school, civic, professional or religious organizations to which you or a parent may belong.  McDaniel also maintains a list of outside scholarships on our website at www.mcdaniel.edu/finaid.

Students should never pay a fee for a scholarship search.  If in doubt about the integrity of an agency, check it out first with the Better Business Bureau.  There are a variety of free scholarship search engines which provide reliable and accurate information, including but not limited to the College Board’s Scholarship Search (https://bigfuture.collegeboard.org/scholarship-search), Fast Web Scholarship Search (www.fastweb.com), and The U.S. Department of Education’s Federal Student Aid on the Web (http://studentaid.ed.gov/types/grants-scholarships/finding-scholarships).

Even with our best efforts, families sometimes need additional financial support.  To calculate your estimated payment, you may access the undergraduate cost calculator located at https://mcdaniel.studentaidcalculator.com/survey.

Monthly Payment Plan: McDaniel College participates in a monthly tuition payment plan through a third-party servicer. For more information, visit https://mcdaniel.afford.com.

Parents of dependent students enrolled at least half-time (6 credits) are eligible for Federal Direct PLUS Loans. Parent(s) may borrow the full cost of attendance minus any financial aid annually. In order to comply with Social Security Administration data matches, the FAFSA must be completed to process a Federal Direct PLUS Loan application. Parents must also complete McDaniel’s PLUS Request form which can be downloaded from the financial aid website at http://www.mcdaniel.edu/finaid.

The Federal Direct PLUS Loan fixed interest rate is 6.84% (subject to change by Congress). Eligibility is determined by credit history. We recommend applying for the full academic year rather than by semester. Loan funds are disbursed directly to the student account. A 4.292 percent origination fee (subject to change by Congress) is deducted from the loan prior to disbursement.

The borrower is responsible for the interest that begins accruing 10 days after the date of the first disbursement. Repayment of principal begins no later than 60 days after the loan is fully disbursed unless the parent borrower has requested a deferral. Deferrals may be requested during the period the student on whose behalf the loan was borrowed is enrolled at least half-time. Deferrals may also be requested during the 6 month period beginning on the day after the student is no longer enrolled at least half-time. If a parent is denied a Federal Direct PLUS loan due to an adverse credit history, the parent may appeal the denial with the Federal Direct Loan Origination Center or reapply with a credit-worthy endorser.  Additional information may be found at http://studentaid.ed.gov/types/loans/plus.

Students may borrow funds up to the cost of attendance minus financial aid (including outside resources) through a private educational loan. Private educational loans, offered by banks, savings and loans, and credit unions, are not federally guaranteed. They are typically the most expensive borrowing option and, therefore, should only be considered after eligibility for all federal student and PLUS Loan options have been determined. Most students will need a credit-worthy co-signer to obtain a private educational loan. All private educational loans are divided into equal disbursements for each semester.

The interest rate, terms, and repayment options of these private educational loans vary according to the lender. For this reason, students are encouraged to thoroughly research private educational loans and clearly understand the terms of the loan prior to borrowing. 

The Army Reserve Officers’ Training Corps program at the College offers four-, three-, and two-year scholarships to qualified applicants. Army ROTC scholarships are awarded by a national-board process in the senior year of high school or campus-based process focused on academic merit and leadership potential. The scholarship amount equals tuition and fees plus textbook allowance of $1,200, and a monthly stipend starting at $350 per month as a freshman. The College awards ROTC scholarship recipients room-and-board grants, which, when combined with the ROTC funds, cover most of the total cost of education. These awards are renewable annually, contingent on the student maintaining a minimum 2.50 cumulative grade point average. Information and applications may be obtained from high school guidance offices, the Military Science department at McDaniel College, or online at www.mcdaniel.edu/rotc.htm.

Veterans or their dependents who are eligible for veterans’ educational benefits should contact the VA Certifying Official located in the Office of the Registrar for certification of enrollment. Veterans’ Administration regulations require students receiving benefits to enroll in courses that lead to a degree or certificate and to maintain satisfactory progress.  Veterans or their dependents who are eligible for 100 percent of the Post 9-11 GI Bill are also eligible for Yellow Ribbon awards from the VA and the college for full-time undergraduate study which will cover up to 100 percent of tuition and fees. Monthly allowances, paid directly by the Veterans’ Administration to the veteran, are based on the student’s total credit hours per semester.