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 80 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.

Students must submit a completed Free Application for Federal Student Aid (FAFSA) to the U.S. Department of Education’s Federal Student Aid Program. McDaniel College’s code is 002109. Students complete the FAFSA online at www.fafsa.ed.gov. In addition, students must submit a McDaniel Financial Aid Application directly to the College. These applications are mailed to all applicants for admission or may be obtained by calling the Financial Aid Office. They can also be found on the McDaniel College Financial Aid web site, www.mcdaniel.edu/finaid.

Students are strongly urged to submit the FAFSA by March 1 (it cannot be submitted before January 1). Prospective freshmen should submit the McDaniel Financial Aid Application by March 1. Award letters to prospective students are generally mailed beginning in March. Applicants must be accepted by the College for admission before financial aid is awarded. Returning students are notified of their financial-aid awards in June. Students are required to submit copies of their and their parent(s) federal tax returns for the previous year, and the College reserves the right to adjust an award based on this information. Students are urged to submit these copies as soon as they are available. The Financial Aid Office is the only College office empowered to make offers of financial aid.

Students are urged to contact their high school counselors regarding state and local sources of aid to supplement potential aid from the College.

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.

Detailed information about how to apply for aid is available on the Financial Aid website, www.mcdaniel.edu/finaid.

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.

The College awards more than $14 million each year in scholarships to academically talented students. These renewable scholarships range in amounts from $8,000 to full tuition.

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 is available through the Office of Admissions.

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.

A substantial number of grants valued from $1,000 to $25,000 are awarded to students each year based upon their financial need.

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.

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. Students are invited to an annual reception to meet the donors.

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

The College offers a $2,000 Junior Achievement tuition scholarship to high school students participating in Applied Economics. The scholarship is renewable for all four years, and students must write a letter to the Admissions Office stating they are interested in applying for the scholarship.

Federal Grants are based solely on financial need. The amount of the grant is established by the U.S. Department of Education, based on a formula using family income and assets. The amount of the award may vary from year to year depending on changes in family income or federal regulations. To receive a federal grant, a student must be enrolled as at least a half-time undergraduate student and must be a citizen or permanent resident of the United States. Federal grants include Federal Pell Grants, Federal SEOG Grants, and Federal TEACH Grants.

For more information see www.mcdaniel.edu/finaid.

Any Maryland resident who intends to apply to McDaniel College for financial aid must apply for the Maryland State Scholarships and Grants. The FAFSA must be filed by March 1. Maryland students should also contact their state delegate and senator for scholarship consideration. Note that receipt of a state grant reduces a student’s eligibility for a McDaniel College Grant.

Other states which have grant reciprocity with Maryland include: Maine, Rhode Island, and Vermont as well as Washington, D.C. Some of these states require a separate application while others use the FAFSA. Applicants should check for their states’ application deadlines. Note that receipt of a state grant reduces a student’s eligibility for a McDaniel College Grant.

The Federal Perkins Loan enables the College to assist many needy students. Loan amounts range from $500 to $1,700 per year. The interest rate is 5 percent, starting at the time of repayment. Repayment begins nine months after the student ceases to be enrolled at least half time.

The Federal Direct Student Loan Program also makes low-interest loans available to students. The maximum loan amount per year is $5,500 for a student’s first-year status, $6,500 for a student’s second-year status, and $7,500 for a student’s third- and fourth-year status. The maximum amount that an undergraduate student may borrow is $27,000. For subsidized loans (based on financial need), the federal government pays the interest that accrues while the student is enrolled in college. For unsubsidized loans (generally not based on financial need), the student is responsible for paying all the interest that accrues on the loan. Repayment begins six months after the student ceases to be enrolled at least half time.

Many students hold part-time jobs on campus during the academic year. Jobs are available primarily for students who have been awarded financial aid packages which include Federal Work Study. Students participating in these opportunities may earn between $500 and $2,000 a year. Job openings are listed on the Financial Aid Website at www.mcdaniel.edu/finaid and at the individual departments.

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.

All students receiving any type of financial aid, including merit-based academic scholarships, must meet the College’s academic satisfactory progress standards in order to continue receiving aid each year. The U.S. Department of Education mandates that standards of satisfactory progress be set and maintained by all students receiving federal funding.

Students not making satisfactory progress will be notified and placed on a one-semester probation. If the standards are not met following the one-semester probation, financial aid will be withheld.

Students with extraordinary circumstances may appeal in writing to the Director of Financial Aid. Students who have been denied assistance based on unsatisfactory progress must successfully meet the satisfactory progress standards before being reinstated on financial aid.

Students who have earned greater than 150 credit hours and wish to receive financial aid should provide documentation with an appeal to the Director of Financial Aid demonstrating why they have not yet received a bachelor’s degree.

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 based on academic merit and leadership potential. The scholarship amount equals tuition and fees plus textbook allowance of $600, and monthly stipend starting at $300 per month as a freshman. The College awards ROTC scholarship recipients with room and board grants, which, when combined with the ROTC funds, covers 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 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 VA benefits are also eligible for Yellow Ribbon awards from the VA and the college for full-time undergraduate study up to full tuition.

Monthly allowances, paid directly by the Veterans’ Administration to the veteran, are based on the students’ total credit hours per semester. Student tuition and fees are paid to the College by the student.

McDaniel College makes available a commercial tuition payment plan (See .).

NOTE: This financial aid information was correct at the time this catalog was posted online. Changes in required forms, filing dates, amounts of awards and other matters, many beyond the control of the College, are constantly taking place. Because of possible changes, financial aid applicants should contact the Office of Financial Aid for current information.