Parent preview - Financial Aid Office

1. McDaniel Class of 2016 Parent Preview Financial Aid Office

2. Financial Aid Office Staff 410-857-2233 Patricia Williams, Director [email protected] Ellie Geiman , Associate Director [email protected] Stephanie Bosworth, Financial Aid Counselor [email protected]

3. 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 address Up to the student to apply for jobs Student must turn in paperwork to be paid Paid the 10 th of the month for hours worked the previous month

4. Student Loans Federal Direct Loans Federal Perkins Loans Private Student Loans

5. Federal Direct Loans Two types – Subsidized, Unsubsidized Subsidized – no interest while in school Interest rate for 2012-2013 3.4% Unsubsidized – student pays all interest Interest rate 6.8%

6. Federal Direct Loans continued Student must complete a Master Promissory Note (MPN) Student must complete Entrance Counseling Both are done at www.studentloans.ed.gov Only required to complete these one time

7. Federal Direct Loans Loan 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

8. 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 sophomores Sophomore amount will be less because Direct Loan amount will be more

9. Private Student Loans Made by private lenders for educational expenses Student MUST have a credit worthy co-signer Interest rates are fixed or variable, depending on the specific loan Allow at least 2 weeks for processing Can borrow up to the Cost of Attendance minus financial aid Start application process here : www.mcdaniel.edu/finaid

10. 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.gov Only complete MPN once; future years notify financial aid office of desired loan amounts Repayment begins 60 days after second semester disbursement is made

11. Satisfactory Academic Progress (SAP) To continue to receive all types of financial aid a student must make SAP Reviewed at the end of every semester First time - Probation Second time - Loss of eligibility Can appeal loss of eligibility Complete 75% of the credits attempted, earn 12 credits with a 2.0 cum g.p.a

12. 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

13. 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 year Submit the McDaniel Financial Aid Form plus copies of federal tax returns after April 15 th *Students who receive ONLY an academic scholarship DO NOT need to apply for financial aid (Academic Scholarship, McDaniel Honor Scholarship, CollegeBound Scholarship)

14. Questions? Concerns? Please contact us anytime during the year with your questions and concerns. Phone : [phone] Email: [email protected] Office hours: Mon-Fri 8:30 – 4:30