Grants and Loans
|Cal Grant A||Federal Direct Subsidized|
|Cal Grant B||Federal Direct Unsubsidized|
|FSEO Grant||Parent Plus Loan|
|Marymount Grant||Loan Counseling|
|Marymount California University Work Study Program|
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).
Cal Grant B:
Federal Supplementary Educational Opportunity Grant (FSEOG):
Federal Direct Student Loans:
- 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
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
- 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.
Direct Unsubsidized Loans:
- 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:
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.
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.
Loan Entrance and Exit Counseling:
- 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
- Visit www.nslds.ed.gov and sign in with your 4-digit FAFSA pin number
- Complete Loan Exit Counseling