St. Mary’s believes that no qualified student should be denied the right to pursue an education because of inadequate financial resources. We understand that financing a college education requires careful planning, and our financial aid office will work with families to create these plans. Although we believe it is primarily the responsibility of the parents and student to finance a college education, we help bridge the gap between family resources and the cost of education by offering federal, state, and campus-based programs, including a tuition payment plan.
FASFA St. Mary’s College Code: 002095
If you are applying for the 2015-2016 year, the How To Apply section will guide you through the process.
What is Financial Aid?
Financial aid consists of funds provided to students and families to help pay for post-secondary educational expenses. St. Mary’s College of Maryland offers support to students through both need-based and merit-based programs. Of the first-year students in the entering class of 2012, 85% were offered financial aid, and 57% received a grant and/or scholarship from St. Mary’s College. Transfer students are also eligible for both types of institutional support.
Free Application for Federal Student Aid (FAFSA)
The U.S. Department of Education conduct a “need analysis” of your or your family’s income, and then based on their findings they will determine your financial need. The government will then award funds based on that need. Annual awards can range between $602 to $5,730 for full-time study and do not have to be repaid. The student/parent must apply for FAFSA in order to qualify. To be eligible for need-based aid for the fall semester, students must file the FAFSA by February 28. The spring semester deadline is November 15.
Scholarships are funds donated to a student who meets certain requirements. Requirements may include gender, background, ethnicity, financial need, or minimum GPA. These funds do not have to be repaid.
Grants are funds that are generally given by individuals or non-profit organizations. Grants are usually given to fund a project or an endeavor and the recipient may have to provide progress reports or an overall report upon completion. The recipient does not have to repay these funds. Need-based grants are offered at the federal, state, and institutional level. Federal grants include the Pell Grant and the Supplemental Education Opportunity Grant. The state of Maryland also offers a variety of need-based grants for students. At the institutional level, St. Mary’s offers grants to students who demonstrate financial aid.
Loans may be provided by the government or a private agency. They may cover the entire cost of going to college including tuition, room and board, or only a portion of the cost. It is the responsibility of the student, parent, or guardian to seek out and apply for loans. These funds must be repaid plus interest. When choosing to lend from a private loan a student/parent may borrow up to the student’s yearly Projected Cost of Attendance minus any other aid the student is receiving (including other student/parent loans). To apply for a private loan, borrowers should contact their lender directly.
Student Employment & Work Study
St. Mary’s offers various opportunities for student employment. Student employees fill a number of positions on campus, from barista to research assistant. Employment opportunities may be advertised by the Career Development Center, a department, or individual professors. The Federal Work Study Program provides funds for part-time employment to assist students in financing the cost of their college education. In order to qualify for the program, students must have filed a FAFSA before February 28 and have demonstrated financial need.
As a state supported institution, St. Mary’s College of Maryland has extremely limited resources for institutional financial aid. The college does not have sufficient funding to meet the financial needs of international applicants who are not eligible for federal financial aid programs. On rare occasions, an international applicant may be eligible for a merit scholarship – these decisions are made by the Admissions Committee and no supplemental form is required.
How to Apply
To apply for financial aid, complete the Free Application for Federal Student Aid (FAFSA) online by visiting fafsa.gov.
St. Mary’s FAFSA code is 002095.
Learn more about applying for financial aid:
Important Dates & Deadlines
Submit the FAFSA as early as possible. You are responsible for making sure that all financial aid documentation is submitted before the deadlines.
2015-2016 FASFA Availability: January 1, 2015
Maryland State Scholarship Deadline: March 1, 2015
St. Mary’s College of Maryland Scholarship Deadline: February 15, 2015