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About St. Mary's College of Maryland

Financial Assistance Guides & FAQs

Office of Student Financial Assistance > Financial Assistance Guides & FAQs

College Cost Transparency

St. Mary's College of Maryland joins a growing list of higher education institutions in partnering with the College Cost Transparency (CCT) Initiative. In the fall of 2022, the leaders of 10 higher education associations representing college presidents, financial aid offices, and admissions and school counselors announced the formation of a task force — the College Cost Transparency Initiative (CCT) — to improve the clarity, accuracy, and understanding of student financial aid offers by producing the following set of guiding principles and minimal standards to be used when communicating aid offers.

Principles and Standards

Colleges and universities must ensure that all financial aid offers are clear about the costs and the financial aid available. Standards ensure students and families can compare financial aid offers and costs from multiple institutions. The principles and standards provide that financial aid offers to undergraduate students:

  • Are transparent, ensuring that costs are understandable for students and families, and include the most accurate estimate possible of a student’s costs.
  • Describe and explain all types of aid offered using standardized, plain language.
  • Prominently display critical components, such as an estimate of the student’s total cost of attendance, broken down by costs to be paid to the institution and costs paid to others; types and sources of financial aid being offered, separated into grants and scholarships, student loans, and student employment or work; an estimated net price; and more.
  • Follow U.S. Department of Education guidance with regard to referencing Parent PLUS Loans.
  • UProvide information about employment requirements and information on job placement, if student employment is offered.
  • Explain the terms and conditions and information on how much student loan debt may cost over time, if federal student loans are included.

SMCM is committed to providing students transparent and easy to understand information about the costs associated with their college experience.

Read more on the College Cost Transparency Initiative (CCT)

Financial Assistance Resources

A financial, academic, and life skill support tool.
Knowledge is power!
Quick videos to answer your questions.

  • Federal Student Assistance
    The official student gateway to federal financial assistance, including eligibility, application, repayment, and more -- plus self-service tools to help you prepare, choose, and apply for College from the US Department of Education.
  • FAFSA
    FAFSA is the application used by nearly all colleges and universities to determine eligibility for federal, state, and college-sponsored financial assistance, including grants, educational loans, and work-study programs.
  • Finaid.org
    “The smart student guide to financial assistance"
  • Navigator
    IPEDS gathers information from every college, university, and technical and vocational institution that participates in the federal student financial assistance programs.
  • FSA ID
    You can log into your FAFSA form online by registering for an FSA ID.
  • College Confidential
    Find hundreds of pages of articles about choosing a college, getting into the college you want, how to pay for it, and much more.
  • Maryland Higher Education Commission (MHEC)
    The State has an extensive array of financial assistance programs in the form of grants,
    scholarships, and other awards for students.
  • Maryland Prepaid College Trust
    The College Savings Plans of Maryland is the easy, affordable, and smart way to save for your child's education at nearly any college in the nation.Welcome to GradReady

Financial Assistance FAQs

For the most up-to-date FAQs from all campus departments, see the master list on the Seahawk Success Center.

St. Mary’s is committed to offering an accessible and affordable education.

What are my chances of receiving financial assistance?

The only way to determine your eligibility for financial assistance is to submit a Free Application for Federal Student Aid (FAFSA). The likelihood of receiving some form of financial assistance is probably better than most students and their families anticipate.

In order to receive financial assistance, do I have to apply every year?

Yes. In order to receive consideration for all programs, you must file a Free Aid for Federal Student Assistance (FAFSA) each year. File the FAFSA in the month of January. If necessary, you may estimate your taxes to complete the form.

What is the deadline to apply for financial assistance?

To receive maximum consideration for assistance, students should apply using the FAFSA, which must be received by the processor prior to March 1st of each year to be considered for MD State Scholarships. High school seniors applying for St. Mary’s College of Maryland scholarships must apply before February 15.

I missed the March 1 application deadline, can I still apply for financial assistance?

Yes, students may still be eligible for a loan or grant through the FAFSA. There is no specific deadline for these two federal programs. Anyone who completes a Free Application for Federal Student Aid (FAFSA) will be considered for these two types of assistance. You must be enrolled at the time funds are disbursed.

Will I be required to submit additional forms to St. Mary’s College of Maryland other than the FAFSA?

Possibly. Some students may be selected for a process called verification through the Department of Education or by St. Mary’s. Students who are selected for verification must complete the verification process before financial aid is disbursed to your account.

What is verification?

The verification process assures the accuracy of the information on the FAFSA. This process helps document family size, number in college, and financial data. Families are now required to use the IRS Data Retrieval process to populate the FAFSA with actual figures submitted on tax returns. Due to this new policy by the Department of Education, the number of students selected for verification has lowered. Returning students must complete the verification process before an award will be made. New students must complete verification to finalize their awards.

New students: If changes need to be made to your FAFSA form, there is a chance your award will differ from when you were accepted.

How do I apply for merit-based St. Mary’s College of Maryland Scholarships?

You apply by completing the Application for Undergraduate Admission. All students accepted to SMCM are automatically considered for merit-based scholarships.

What happens after my freshman year? Will my assistance stay the same?

The Financial Assistance Office at St. Mary’s College of Maryland is committed to meeting as much of our students’ need as possible throughout their undergraduate years. However, an individual student’s need may change from year to year. Educational costs may increase, and changes in family size, number in college, and gross income can increase or decrease parental contribution from year to year. If a family’s circumstances remain the same, the parents’ calculated contribution should be relatively consistent.

If I am awarded financial assistance for both fall and spring semesters of the academic year, but do not enroll in the fall semester, will my assistance change?

Yes, assistance will be canceled for students choosing not to enroll in the fall semester. Students enrolling in the spring will be considered for assistance on a funds available basis.

I want to take a Summer or Winter session course, can I receive aid for those classes?

For both summer and winter courses, students may be eligible for additional aid. Pell-eligible students can use the Pell grant for summer classes. Students may use any available loan funds to cover the cost of the winter and summer sessions. Students should contact OSFA with questions and eligibility. More information on the session costs can be found here: Winter Session - Summer Session

How can I apply for work-study?

All students who receive the federal Pell grant are eligible to participate in the Federal Work-Study (FWS) program. Students will receive the work-study as a part of their financial assistance package. If you are not automatically awarded Federal Work-Study and have unmet need, you can apply for consideration to participate in the program. Please contact the office for an application to be considered.

What does it take to be considered an independent student?

Step Three of the FAFSA is used to identify students as either dependent or independent. To be considered an independent student, you must answer 'Yes' to at least one of the questions listed in the student section, step-3. The Financial Assistance Office can override a student's dependent status but to do so requires some very unusual family situations. These situations require documented evidence from third-party witnesses (police reports, clergy, counselors, etc.).

If my parents are separated or divorced, whose income is reported on the Free Application for Federal Student Aid (FAFSA)?

The parent you live with should complete the FAFSA. If the parent you live with has remarried, the income of that parent and their new spouse (step-parent) must be used. Help determining who should be on the FAFSA form.

Will my award be revised if I receive an outside scholarship?

If a student is awarded a scholarship by an outside agency or organization those funds may be used to reduce the self-help portion (loans or work-study) of the student's award or to cover the student's unmet federal need. Outside awards in excess of assigned self-help and unmet need may reduce a student's institutional need-based grant. This reduction will only happen if the total grant and scholarship funding exceed the Cost of Attendance for that academic year.

Is the money I receive from financial assistance programs taxable?

Any scholarships, benefits, fellowships, or grants (gift assistance) received from St. Mary's College of Maryland or any other source that, when combined exceeds the cost of tuition, fees, books, and required equipment and supplies, are considered taxable income. Loans are not included. Since you are required to report taxable awards to the I.R.S. as income, you should keep a detailed record of all expenditures for tuition, fees, books, and required equipment and supplies. Housing and food are considered non-exempt, so money spent on these items is subject to income tax. For more detailed information, consult a personal tax advisor. Work-study earnings are taxable and must be reported on tax returns.

What should I do if my family's financial circumstances change after I apply for financial assistance?

If a family's financial circumstances have changed due to the death of a parent, divorce, separation, or loss of employment; they should contact the Financial Assistance Office at (240) 895-3000. OSFA will do all we can to make SMCM as affordable as possible.

Does St. Mary's College of Maryland require the CSS profile?

No, all you need is the Free Application for Federal Student Aid (FAFSA).

Will the financial assistance offered at one school transfer to another school?

No. Financial assistance does not transfer from school to school. Students planning to transfer to another school should contact the Financial Assistance Office at both schools to find out what is required.