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Frequently Asked Questions

Federal School code: 003724

Financial Aid FAQs

Q: Is there a deadline for applying for financial aid?
A: Our office does not have a deadline for financial aid applications. However, you need to allow a minimum of eight weeks to process your application (FAFSA). You also need to allow extra time for corrections or verification procedures. It is important to remember that some sources of need bases aid such as Marymount Tuition Grant may be depleted if you wait till 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.

Q: What paperwork is needed to apply for financial aid?
A:
Our office requires completion of the FAFSA. If you're a Virginia resident then you should also request a Virginia Assistance Grant (TAG) application. Completion of the FAFSA is needed for students who wish to be considered for federal Stafford loans, Grants, Marymount tuition grants as well as scholarships and paid employment.

Q: What is Marymount's school code needed when filling out the FAFSA?
A:
Marymount's school code is 003724

Q: Who do I call with questions about FAFSA processing?
A:
Questions concerning FAFSA processing should be directed to the Federal Student Aid Information Center (1-800-4-FED-AID) or on the web www.fafsa.ed.gov Help completing the FAFSA can be obtained by calling or scheduling an appointment in the financial aid office.

Q: Do I have to apply for financial aid every year?
A:
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 most complete the next year's FAFSA.

Q: What determines whether or not I will qualify for financial aid?
A:
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:
 
Contribution: family size, number in college, income, assets, or untaxed income.
Costs: tuition and fees, room and board, books and supplies, and a personal allowance as set by the university. The COA for Marymount University for the academic year 2006-2007 are estimated as follows:
 
Independent Commuter
Tuition $19048, Room/BD $4500, Tech. Fees $151, Books/Supplies $800, Transportation $750, Personal $1000, Medical $500

Resident
Tuition $19048, Room/BD $8210, Tech. Fees $151, Books/Supplies $800,
Phone Serv.$382, Transportation $470, Personal $900
 
Need: The amount that Marymount tries to meet to help you pay for your education is your need. For example, if your contribution were $1,000 or $10,000 then your need would be calculated by subtracting your contribution from the cost. *Regardless of your income level, there are financial aid options to help meet your need. *

Q: What are the types of aid?
A:
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.
 
Q: When will my loan proceeds arrive?
A:
Loans are applied to your account the first day of classes each semester if your level of enrollment and eligibility for funds has 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 Account's Office to inquire when a refund check will be mailed.

Q: Can I get financial aid for study during the summer?
A:
The summer sessions are considered part of the preceeding 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 or on the financial aid website under the download forms tab.

Q: Does my GPA affect my eligibility for federal or state aid?
A:
Students must maintain a certain level of satisfactory academic progress requirements to retain financial aid eligibility:
 
Freshmen who have not previously attended another college must complete at least 75% of the credit hours they attempt, with a cumulative GPA of at least 1.5
Sophomores must complete at least 75% of their attempted credit hours with a cumulative GPA of at least 1.7
Juniors must complete 75% of their attempted credit hours with a cumulative GPA of at least 1.9.
All other undergraduates must complete at least 75%of their attempted credit hours with a cumulative of at least 2.0
Graduate students must complete at least 75% of their attempted credits with a cumulative GPA of at least 2.6 at the end of their second semester.
All other graduate students must complete at least 75% of their attempted credits with a cumulative GPA of at least 3.0The financial aid office notifies students who do not meet academic standards. Students have the right to appeal. Details on the appeal procedure can be obtained through the financial aid office or downloaded on this website.