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Financial Aid FAQs
How do I apply for Financial Aid and when do I do it?
Beginning January, the Free Application for Federal Student Aid (FAFSA) or Renewal FAFSA can be filed in order to be considered for federal, state and institutional need-based aid. Complete the FAFSA form carefully. If you process a paper application make sure that you mail the form in the envelope that is attached to the FAFSA instructions. The Office of Financial Aid must receive the results from the federal processor before March 15 in order for you to receive priority consideration for all types of aid at Marymount Manhattan College. You may also process your FAFSA online at www.fafsa.ed.gov . You do not need to be accepted for admission to file the FAFSA. The Marymount Manhattan College Federal School Code is 002769.
Do I have to reapply for financial aid each year?
You must file a FAFSA form or a Renewal FAFSA each year, if you wish to be considered for need-based financial aid. This can be done by paper or on-line. Continuing students must also maintain good academic standing and satisfactory academic progress in order to continue to receive financial aid.
What is good academic standing and satisfactory academic progress?
Each school is required to publish standards for good academic standing and satisfactory academic progress. These standards are listed in the College Catalog and list the conditions that must be met which include:
A minimum grade point average
A minimum number of credits earned each term
A minimum number of cumulative credits earned each period
When will I receive my award letter?
Once your FAFSA is processed by the federal processor, you will receive a Student Aid Report (SAR). Financial Aid will also receive and review the information. A Financial Aid Award Letter or a request for information will be mailed to you. Incoming Freshmen and Transfer Students will be packaged in early March. Continuing students will be packaged after the spring grades are processed, usually in late June.
How much aid will I qualify for?
If your FAFSA form is received by our March 15th priority consideration date and any additional information requested has been received, you will be considered for funds from all programs for which you are eligible. After March 15th, funding in many programs may be exhausted.
Can I be considered for more financial aid?
All students whose FAFSA form is received by March 15th, our priority consideration date, are automatically considered for all available aid. If a family's financial situation has changed and special circumstances exist, we ask that you contact the Center for Student Services for a Reconsideration Form. Reconsideration reviews cannot occur before May 1st of each year. A FAFSA form must be filed and all requested paperwork must be attached to the Reconsideration Form. Please allow 4 to 6 weeks for processing of your reconsideration request. If the review results in increased eligibility for aid and funds are available, you may receive additional assistance.
How do I apply for a student loan?
Eligibility for your student loan is calculated based on need. If you qualify for a subsidized federal Stafford loan, the government pays the interest on the loan while you are attending school at least 1/2 time and during the loan's grace period. If you receive an unsubsidized federal Stafford loan, you must either make interest payments while in school or you may choose to capitalize the interest on the loan. Your loan eligibility will be listed on your award letter. All requested documentation must be received and reviewed before your loan is processed.
To process a Federal Stafford loan (e-MPN):
- New, first time borrowers must go on-line at www.mappingyourfuture.org to complete an entrance counseling session.
- Then go to www.hesc.com.
- Under Students, Families, Borrowers & Counselors
- Select New York Resident or Outside of New York
- Select Complete the e-mpn/Apply for your loan
Note: Federal regulations require that all new, first-time borrowers have their loan disbursement delayed 30 days. At disbursement, the loan funds will be sent via electronic funds transfer (EFT) and credited to your student account.
Continuing Students will automatically be processed for their maximum eligibility unless Financial Aid is notified by the student, to reduce the loan amount.
How does my parent apply for a Parent (PLUS) loan?
Unlike the Federal Stafford loan, your parent must be credit worthy in order to receive a PLUS loan. The Federal Parent PLUS Loan program helps parents pay the educational expenses of a dependent undergraduate student enrolled at least half time. A valid FAFSA must be on file in order to determine PLUS loan eligibility. The maximum a parent may borrow each year is limited to the difference between the students' cost of attendance and other financial aid. The current PLUS loan is a fixed rate of 8.5%. Each loan also carries an origination fee of 3% and a federal default fee of 1% of the amount borrowed. The lender deducts these fees from disbursements sent to the college.
To process a credit pre-approval & to E-Sign the Parent MPN:
- Go to www.hesc.com.
- Under Students, Families, Borrowers & Counselors
- Select New York Resident or Outside of New York
- Select Complete the e-mpn/Apply for your loan
- Under Parents only click on "Begin the Parent PLUS Loan e-MPN and/or Credit Check Process"
Note: If your parent is denied a PLUS loan, we will automatically process an additional Unsubsidized Federal Stafford loan for you.
I received my bill but there is no financial aid listed, why?
There are numerous reasons why your financial aid may not be listed on your bill. You may not have been packaged when the bills were created. You have been selected for federal verification and your documents have not been submitted and reviewed in time. You have not completed your entrance counseling session so your Stafford loan has not been processed. Your parent has not processed the PLUS MPN. If you have questions about your financial aid, you can call the Center for Student Services at (212) 517-0500 or you can email us at Financial Aid.
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