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Purposes of Student Financial Aid Programs
Eligibility for Need-based Aid
Financial Aid Application Procedure
Grants

Loans
Undergraduate Scholarships
Student Employment

PURPOSES OF STUDENT FINANCIAL AID PROGRAMS
The Marymount University program of financial aid attempts to help those students who have academic potential and limited financial resources. In addition, scholarships are awarded to students who demonstrate outstanding academic potential and performance, with financial need considered but not a prerequisite.
The objective of all federal and most state aid programs is to provide opportunities for those who would not be able to complete their college education without financial assistance. Certain states, such as the Commonwealth of Virginia, award grants without regard to financial need to those students who apply and can prove state residence.
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ELIGIBILITY FOR NEED-BASED AID
Financial aid is any grant, scholarship, loan, or paid employment offered for the express purpose of helping a student meet educationally related expenses. Determining how much financial aid a student will receive is calculated in the following manner:
1. The budget for a student’s academic year living and educational expenses is determined, taking into account factors such as residence, enrollment, and dependence.
2. The expected contribution by the student and family toward the student’s yearly expenses is determined through a federal formula.
3. The resources contributed by the student and family are subtracted from the budget, and the remaining amount is referred to as the student’s “financial need.”
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FINANCIAL AID APPLICATION PROCEDURE
1. New and currently enrolled undergraduate students must file a Free Application for Federal Student Aid (FAFSA). The information is analyzed and a report sent to the University on the estimated contribution expected from the family or the self-supporting student.
2. Awards are offered when applications are complete and the student has been accepted for enrollment into a degree program.
3. Financial aid applications must be submitted for each academic year in which financial assistance is required.
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GRANTS
DC Leveraging Educational Assistance Partnership (LEAP) Grant is a need-based program for undergraduates who meet DC residency requirements. Applicants must enroll at least half time in a degree program. Students must follow financial aid application procedures. The DCLEAP application must also be completed and submitted to the Financial Aid Office prior to the June deadline. Contact the Financial Aid Office for the exact date.

Federal Pell Grant program provides federal gift aid for students. The grants range from $400 to $4,000 a year based on enrollment status. Eligibility is determined by the federal government. A student applies for this grant by following the financial aid application procedures. Repayment is not required.

Federal Supplemental Educational Opportunity Grant (SEOG) is a federal grant for eligible full-time undergraduate students who demonstrate financial need. Awards range from $100 to $4,000 per academic year. Students must follow financial aid application procedures to apply.

Marymount Tuition Assistance Grants are sponsored by the University to make education affordable for as many full-time, first-degree undergraduate students as possible. To apply, students must follow financial aid application procedures. Awards are based on an indication of financial need.

Virginia State College Scholarship Assistance Program (CSAP) is available to Virginia residents who will be full-time undergraduates and who demonstrate financial need. Students must file for the Virginia Tuition Assistance Grant and follow the financial aid application procedure. Repayment is not required.

Virginia Tuition Assistance Grant (TAG) Program, not based on financial need, is available to all legal Virginia residents who are full-time students. The amount of the award varies each academic year based on state funding. Awards will be made by the Commonwealth to students who file their applications by July 31. Repayment is not required. Late applications will be considered if funds are available. For further information, contact the Financial Aid Office. The program is funded by the Commonwealth of Virginia.
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LOANS
The Federal PLUS Loan may be used to supplement other financial aid programs. Parents of dependent undergraduates are eligible to apply for this loan each academic year at a variable interest rate. Eligibility is based on credit worthiness. Students must follow the financial aid application procedures. Specific details may be obtained by contacting the Financial Aid Office.

The Federal Stafford Loan is for students enrolled on at least a half-time basis in a degree program; it enables them to borrow an annual amount based on their grade level and length of program. The federal government will pay the interest until the repayment period begins six months after the student leaves school.
The Financial Aid Office provides information on obtaining the loan with Award Letter notification. Students must complete the financial aid application process and demonstrate need in order to qualify. A Federal Unsubsidized Stafford Loan is available for those who do not demonstrate need. The terms are the same as those for the Federal Stafford Loan except that the student is responsible for the interest while in school.

The Federal Perkins Loan* is a federal program providing long-term loans to students who demonstrate financial need and are capable of academic performance at an acceptable level. The amounts awarded vary, depending on financial need. No interest accrues on the loan as long as the borrower remains at least a half-time student. Interest begins to accrue nine months after the borrower ceases to be at least a half-time student. The interest accrues at the rate of five percent per year. There are special cancellation provisions for borrowers who either become teachers in designated schools educating students from low-income families, or are teachers of handicapped students, or are in Head Start programs. Students must follow financial aid application procedures.

*Notice to Perkins Participants
By law, each student who participates in the Perkins Loan program must comply with the following requirements:

  • Attend an entrance interview at the time the promissory note is signed during which the borrower’s rights, responsibilities, and obligations under the loan are explained.
  • Attend an exit interview to be scheduled with the loan officer prior to leaving the University.
  • Repay the loan in accordance with the repayment schedule and notify the loan officer of any change in name or address.

Failure to comply with these rules will result in the withholding of academic transcripts and grade reports and re-entry may be refused by Marymount University. Delinquent accounts may be referred to a collection agency. Legal action or reassignment of the loan to the federal government may occur in cases of defaulted loans.
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UNDERGRADUATE SCHOLARSHIPS
Click here for a current listing of Undergraduate Scholarships.
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STUDENT EMPLOYMENT
Federal College Work Study (FWS), a federal program, makes on-campus jobs available to students with demonstrated financial need. The earnings are not credited to student accounts, but are paid directly to the student each month. Jobs are assigned through the Office of the Vice President for Enrollment and Student Services. Students must follow financial aid application procedures.
Campus Employment The University employs a large number of full-time students and pays them from its own resources. Students who are not eligible for FWS awards may apply for employment under this program. Applications are available from the Office of the Vice President for Enrollment and Student Services.
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