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Office of Financial Aid

Financial Aid FAQ

What paperwork is needed to apply for financial aid?
Marymount’s office requires completion of the FAFSA. It is needed for students who wish to be considered for Federal Stafford loans, grants, Marymount tuition grants, scholarships, and paid employment. If you’re a Virginia resident, then you should also apply for a Virginia Tuition Assistance Grant Program (VTAG). The VTAG is available to all Virginia undergraduate students; Virginia graduate students who are pursuing a degree in the health-related professions are eligible for this grant.

Is there a deadline for applying for financial aid?
Marymount does not have a deadline for financial aid applications. However, you need to allow a minimum of eight weeks to process your FAFSA. You also need to allow extra time for corrections or verification procedures. It is important to remember that some sources of need-based aid, such as the Marymount Tuition Grant, may be depleted if you wait until late in the year. Therefore, it is a wise idea to file the FAFSA as early as possible after January 1 for the next academic year. Marymount's priority deadline is March 1.

What is Marymount's school code to fill in when completing the FAFSA?
Marymount's school code is 003724.

Who do I call with questions about FAFSA processing?
Questions concerning FAFSA processing should be directed to the Federal Student Aid Information Center (1-800-4-FED-AID) or on the Web at www.fafsa.ed.gov. Help completing the FAFSA can be obtained by calling or scheduling an appointment with the Financial Aid Office.

Do I have to apply for financial aid every year?
Yes! You must reapply for financial aid every academic year by completing the renewal application for federal student aid. If you do not receive the renewal application then you must complete the next year's FAFSA.

What determines whether or not I will qualify for financial aid?
Because each family is unique, all students are considered for financial aid on an individual basis. A financial aid package is created using three specific factors:

  • Cost of the institution: tuition and fees, room and board, books and supplies, and a personal allowance as set by the
  • University Contribution: the amount the family is able to make, based on income, family size, state of legal residence, assets, and age of the parents
  • Need: calculated by subtracting your contribution from the cost.
Regardless of your income level, there are financial aid options to help meet your need.

What are the types of aid?
Financial aid is any grant, scholarship, loan, or paid employment offered for the specific purpose of helping a student meet educationally related expenses. All financial aid, except the Federal College Work-Study program, may be credited toward direct education expenses.

When will my loan proceeds arrive?
Loans are applied to your account the first day of classes each semester if your level of enrollment and eligibility for funds have been verified. If your file is not completed by the beginning of the semester, time delays will be experienced. If you are expecting a refund after your balance has been paid then you need to check with the Student Accounts Office to inquire when a refund check will be mailed.

Can I get financial aid for study during the summer?
The summer sessions are considered part of the preceding award year. Students must have completed a FAFSA application and a Marymount summer application by April 1. Priority consideration will be given on a first-come, first-served basis. There are no grants available during the summer and funding is limited. Summer applications are available from the Financial Aid Office in Rowley Academic Center.

Does my GPA affect my eligibility for federal or state aid?
Students must maintain a certain level of satisfactory academic progress requirements to retain financial aid eligibility.

The Financial Aid Office notifies students who do not meet academic standards. Students have the right to appeal, and the Financial Aid Office provides information about appeal procedures when notifying students.