Grants and Loans

Grants:	Loans:
Cal Grant A	Federal Direct Subsidized
Cal Grant B	Federal Direct Unsubsidized
FSEO Grant	Parent Plus Loan
Pell	Alternative Loans
Marymount Grant	Loan Counseling
Marymount College Work Study Program

NOTE: Marymount College's school code is: 010474

For a student to be eligible for any kind of Financial Aid, the school code MUST be listed in the FAFSA.

Grants

A grant is a financial aid award that does not need to be repaid; it is distributed based on financial need as determined by the Free Application for Federal Student Aid (FAFSA).

Financial aid for students enrolling in the Fall 2013 semester is evaluated on a first-come, first-served basis once all requested documents have been received and the financial aid file is complete. Below is a list of grants available at Marymount College.

Cal Grant A:

Eligibility: Students with a minimum 3.0 GPA who fall below the established income and asset ceiling as determined by the California Student Aid Commission. Must be a California resident (visit www.csac.ca.gov for definition of eligible California resident).

Deadline: March 2

Application: Complete and submit the following (1) Cal Grant GPA Verification Form (must be verified by an authorized high school official) and (2) FAFSA Form (with Marymount College school code (010474) listed).

Amount Awarded: Currently the maximum amount for this award is $9223. The anticipated maximum 2013-2014 award will be $9,084 (pending state legislative approval). Used for payment of tuition and mandatory fees only.

Renewable: Yes. You will be notified by email or U.S. mail from the California Student Aid Commission of your eligibility status. Award will be determined on satisfactory academic progress and financial need.

Funding: California Student Aid Commission www.csac.ca.gov

Cal Grant B:

Eligibility: Students with a minimum 2.0 GPA who fall below the established income and asset ceiling as established by the California Student Aid Commission (www.csac.ca.gov). Must be a California resident.

Deadline: March 2

Amount: First year students receive an allowance of up to $1,472 for living expenses only (including supplies and books). In subsequent years, the grant helps pay tuition and fees; the current amount is $9223; however the 2013-2014 anticipated maximum amount of this portion of the grant is $9,084 (pending legislative approval).

Funding: California Student Aid Commission. Payments vary per first year of eligibility. www.csa.ca.gov

Federal Supplementary Educational Opportunity Grant:

Eligibility: Pell Grant recipients with exceptional financial need and coordinated with all other grants and scholarships received.

Deadline: March 2 and based on availability of funds.

Application: FAFSA Form (With Marymount school code (010474) listed)

Amount: Varies, depending on availability of funds.

Renewable: Yes, annually, according to need.

Funding: Federal grant

Pell Grant:

Eligibility: Students with financial need.

Deadline: None

Application: FAFSA Form with Marymount School Code (010474) listed.

Amount: Varies - $600-$5,645 for 2013-2014 academic year.

Renewable: Yes, annually, according to need.

Funding: Federal grant; prorated per enrollment status.

Marymount Grant:

Eligibility: Student with financial need. Eligible high school or transfer GPA.

Deadline: Based on availability of funds.

Application: FAFSA Form with Marymount School Code listed (010474).

Amount: Varies - Maximum of $22,000

Renewable: Yes, annually, according to financial need.

Funding: Marymount College - calculated on cost of tuition, room and board, upcoming GPA results and other resources available to student. Available only to students enrolled full time.

Loans

Loans are funds that students and/or parents borrow and must repay to assist in financing the student's educational costs. Most Student loans are repaid after completion of studies, but some loans require repayment to begin shortly after the loan funds have been sent to the College, i.e., Parent PLUS Loans.

Federal Direct Student Loans:

Federal Direct Loans are available to most eligible borrowers who apply for financial aid.

To be eligible for the Federal Direct Loan, you must:

Be enrolled at least half-time (6 units)
Maintain Satisfactory Academic Progress toward your degree objective
Not have previously borrowed over the aggregate maximum loan limit for Direct Loan programs

These are the most common loans for undergraduate students and must be repaid with interest. There are two types of Federal Direct Student Loans – Subsidized and Unsubsidized.

Direct Subsidized Loan:

The federal government pays the interest while you are in college.

Freshman: $3,500 maximum per year
Sophomore: $4,500 maximum per year
Junior and Senior: $5,500 maximum per year

Eligibility: Minimum halftime enrollment. Based on financial need.

Requirements:

FAFSA must be completed.
Master Promissory Note and Entrance Counseling must be completed by new Marymount students by visiting www.studentloans.gov and signing in with the FAFSA pin number.

Loan Terms: Sub loans first disbursed July 1, 2011 - June 30, 2013 have a fixed interest rate of 3.4%

Sub loans first Disbursed on or after July 1, 2013 have a fixed interest rate of 6.8%

Repayment: The principal balance is deferred until six months after graduating, withdrawing or dropping below halftime enrollment. The Federal Government pays the interest on subsidized loans while you are in school, and during the grace and deferment periods.

Direct Unsubsidized Loans:

Student is responsible for paying all the interest on the loan during and after college.

Annual Loan Limits:

Dependent Undergraduate Students can borrow $2,000 in the Unsubsidized Direct Loan program each year of study.

Independent Undergraduate or Dependent Undergraduate students whose parents did not qualify for the Parent PLUS loan may qualify for the following:

Freshman and Sophomore: $6,000
Junior and Senior: $7,000

Eligibility: Minimum halftime enrollment. Not based on financial need.

Requirements: FAFSA Form, Master Promissory Note, Entrance Counseling and Exit Counseling.

Loan Terms: Unsub loans first disbursed after July 1, 2006 have a fixed interest rate of 6.8%

Repayment: The student is responsible for all of the interest on the loan and can defer interest payments while still in school. If this is done, the accumulated interest will be added to the loan principal when repayment starts.

Generally, one-half of your loan will be disbursed at the start of each semester.

Federal Direct Parent PLUS Loan:

This loan enables parents or stepparents to borrow up to the total cost of student’s education, minus any other aid the student may receive. These loans are for undergraduate students only. Federal Direct Parent PLUS Loans are credit based.

Eligibility: These loans are available to parents who have satisfactory credit histories and the student carries at least a halftime course load. Amount borrowed cannot exceed the Marymount Cost of Attendance (COA).

Requirements: Parent must apply for loan at www.studentloans.gov and must sign a Parent PLUS Loan Master Promissory Note (MPN) also found at www.studentloans.gov. Parent must be a credit worthy applicant. Parent must specify the yearly amount of loan he/she wishes to borrow.

Loan Terms: The interest rate is fixed at 7.9%. There is no penalty for early repayment. Interest accrues from the date loan funds are first disbursed until the loan is repaid in full.
Repayment: Begins immediately after the loan is fully disbursed unless in-school deferment is selected on the loan application.

A Federal Origination Fee of 4.0% will be deducted from your loan proceeds upon disbursement.

Alternative Loans:

Alternative Loans are private loans to supplement educational financing.

Eligibility: Most alternative loans require a credit-worthy applicant and/or co-signer. This includes a good credit history and a satisfactory income-to-debt ratio.

Requirement: Alternative Loan Application. Submit Application directly to the lender.
Interest: Most loans have variable interest rates. Interest rates may be determined by the applicant and/or co-signer's credit history.

Fees: Most alternative loans have fees that are added to the loan amount requested.
Repayment: Repayment, in most cases, begins 6 months after the student graduates, withdraws or drops below halftime from school. Some lenders require repayment while students are still in school.

Note: The terms of these loans differ depending on the lender through whom they were acquired. The student should always compare the terms of various loans to determine which loan best suits their needs. If an undergraduate takes out a loan, a co-signer may be required. If the student applies for an alternative loan, a revised aware report will be sent to the student as notification that the loan application has been sent to the lender. However, this does not implicate the loan has been guaranteed. The lender will notify the student directly.

Loan Entrance and Exit Counseling:

Loan Entrance Counseling: If a student is a first-time borrower at Marymount College, the Federal Government requires the student to participate in loan counseling prior to receiving a Direct Loan. It helps the student to fully understand his/her rights and responsibilities as a borrower, and provides information and terms to help the student make the right choice.

Steps:

Visit www.studentloans.gov and sign in with your 4-digit FAFSA pin number
Complete Loan Entrance Counseling for Direct Loans
Complete the Master Promissory Note (MPN) for Direct Loans

Loan Exit Counseling: Upon leaving Marymount College, the Federal Government requires students to participate in exit loan counseling to fully understand the obligations associated with accepting legal and financial responsibilities that last until the loan is repaid.