{"id":1040,"date":"2020-10-15T20:05:31","date_gmt":"2020-10-15T20:05:31","guid":{"rendered":"http:\/\/developmenttwo.marymount.edu\/admissions\/?page_id=1040"},"modified":"2025-11-21T15:26:30","modified_gmt":"2025-11-21T20:26:30","slug":"financial-aid-faqs","status":"publish","type":"page","link":"https:\/\/marymount.edu\/admissions\/financial-aid\/financial-aid-faqs\/","title":{"rendered":"Financial Aid FAQs"},"content":{"rendered":"
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Is there a deadline for applying for financial aid?<\/h3>\n
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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 based aid such as the 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 October 1 for the next academic year. Marymount\u2019s priority deadline is March 1.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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Terms and Conditions of your Financial Aid Award<\/h3>\n
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TERMS AND CONDITIONS OF AWARDS<\/strong><\/p>\n

READ THE FOLLOWING INFORMATION CAREFULLY. Acceptance of your award indicates that you have read and are willing to abide by the terms and conditions outlined below.<\/p>\n

A. SELECTION OF AWARD RECIPIENTS AND DETERMINATION OF FINANCIAL AID PACKAGE<\/strong><\/p>\n

Applicants for financial aid are evaluated on the basis of demonstrated financial need, potential for academic success and standards of satisfactory academic progress. Financial need is defined as the difference between the amount you and your parents can contribute from income and the cost of attending Marymount. A students cost of education is determined based on enrollment status, grade level, allowances for books and supplies, room and board, transportation. and personal\/miscellaneous expenses. The expected family contribution toward educational costs is determined using the Free Application for Federal Student Aid (FAFSA).<\/p>\n

B. RESPONSIBILITIES OF FINANCIAL AID RECIPIENTS<\/strong><\/p>\n

Your aid package has been constructed using all resources known at the time of the award. You are required to notify the Financial Aid Office of any additional financial aid you receive from other sources. Receipt of additional financial aid may result in an adjustment of your financial aid award.<\/p>\n

You are required to notify the Financial Aid Office of any change in your name, address, enrollment status, housing status, or other changes related to your attendance, as it may cause a revision to your award.<\/p>\n

You must reapply for need-based financial aid each academic year. Financial Aid applications received by March 1 will be given priority consideration. Renewal awards are based on continued demonstrated financial need and\/or satisfactory academic progress toward a degree.<\/p>\n

C. REFUND INFORMATION<\/strong><\/p>\n

Students who withdraw from the University before the 60% point of the semester, and who are receiving financial aid from a federal program, will have their financial aid for that term prorated based upon the University\u2019s tuition refund policy and a distribution formula approved by U.S. Department of Education. If after any semester, you have not earned at least one passing grade, your federal aid for that term must be prorated and returned.<\/p>\n

Funds credited to your student account in excess of University charges are refundable by the Office of Student Accounts.<\/p>\n

D. SATISFACTORY ACADEMIC PROGRESS AND RENEWAL OF AWARDS<\/strong><\/p>\n

Federal regulations require that a student receiving federal financial aid make satisfactory academic progress in accordance with standards set by the University. Students are normally expected to complete their undergraduate degree within eight terms. However, students are considered to be making satisfactory progress toward completion of degree requirements if they earn credits and achieve cumulative grade point averages according to the following schedule. There is a maximum time frame to receive financial aid of 150% of the published length of the program.<\/p>\n

All students must complete at least 67% of the credits they attempt. In addition:<\/p>\n

All Undergraduates must maintain a minimum cumulative GPA of at least 2.0<\/p>\n

All Graduate students must maintain a minimum cumulative GPA of at least 3.0<\/p>\n

NOTE: Although you may withdraw or repeat a class without it negatively affecting your GPA, the class may still count toward your credits attempted.<\/p>\n

SPECIAL CONDITIONS FOR INDIVIDUAL PROGRAMS<\/strong><\/p>\n

DIRECT SUBSIDIZED\/UNSIBSIDIZED STAFFORD LOANS AND PARENT LOAN (PLUS): If you wish to apply for a loan you must complete a promissory note.<\/p>\n

FEDERAL WORK-STUDY: The amount of the federal Work-Study award is an estimate of what you may earn during the academic year. Working hours are generally limited to 13 per week while classes are in session. Students are paid at least the current federal minimum wage on a monthly basis; according to the number of hours the student actually works. Federal Work-Study awards cannot be applied to University charges<\/p>\n

MARYMOUNT UNIVERSITY MERIT SCHOLARSHIPS:<\/strong><\/p>\n

Students with Merit Scholarships\/Awards from Admissions must maintain a 2.0 cumulative grade point average. Merit scholarships may be renewed up to four years (eight semesters) for full-time students who maintain eligibility. These awards are for tuition only.<\/p>\n

Please visit the financial aid webpage at www.marymount.edu<\/a> for full information about other eligibility items.<\/p>\n

For additional information on other types of financial assistance offered at Marymount University, such as campus employment or payment plans, refer to the financial aid website<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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What paperwork is needed to apply for financial aid?<\/h3>\n
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Our office requires completion of the FAFSA. If you\u2019re a Virginia resident then you should also request a (VTAG)Virginia Tuition Grant <\/a> 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.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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What is Marymount\u2019s school code needed when filling out the FAFSA?<\/h3>\n
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Marymount\u2019s school code is 003724<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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Who do I call with questions about FAFSA processing?<\/h3>\n
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Questions concerning FAFSA processing should be directed to the Federal Student Aid Information Center (1-800-4-FED-AID<\/a>) or on the web<\/a>. Help completing the FAFSA can be obtained by calling or scheduling an appointment in the financial aid office<\/a>.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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Do I have to apply for financial aid every year?<\/h3>\n
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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\u2019s FAFSA.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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What determines whether or not I will qualify for financial aid?<\/h3>\n
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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:<\/p>\n