{"id":7,"date":"2014-06-05T12:39:12","date_gmt":"2014-06-05T12:39:12","guid":{"rendered":"http:\/\/www.smcm.edu\/financialaid\/?page_id=7"},"modified":"2026-07-14T19:55:10","modified_gmt":"2026-07-14T19:55:10","slug":"assistance-types","status":"publish","type":"page","link":"https:\/\/www.smcm.edu\/student-financial-assistance\/assistance-types\/","title":{"rendered":"Types of Assistance"},"content":{"rendered":"<div id=\"pl-7\"  class=\"panel-layout\" ><div id=\"pg-7-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-7-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-7-0-0-0\" class=\"so-panel widget widget_smcm-gold-buttons panel-first-child panel-last-child\" data-index=\"0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-smcm-gold-buttons so-widget-smcm-gold-buttons-default-d75171398898-7\"\n\t\t\t\n\t\t><nav class=\"smcm-gold-buttons\"><ul><li><div class=\"smcm-gb-item\"><a href=\"#scholarships\"><div class=\"smcm-gb-label-wrapper\"><i class=\"fa-regular fa-ballot\"><\/i>Scholarships<\/div><div class=\"smcm-gb-icon-wrapper\"><i class=\"fa-solid fa-angles-down smcm-gb-linktype\" aria-hidden=\"true\"><\/i><\/div><\/a><\/div><div class=\"smcm-gb-item\"><a href=\"#grants\"><div class=\"smcm-gb-label-wrapper\"><i class=\"fa-solid fa-award\"><\/i>Grants<\/div><div class=\"smcm-gb-icon-wrapper\"><i class=\"fa-solid fa-angles-down smcm-gb-linktype\" aria-hidden=\"true\"><\/i><\/div><\/a><\/div><div class=\"smcm-gb-item\"><a href=\"#loans\"><div class=\"smcm-gb-label-wrapper\"><i class=\"fa-solid fa-money-bill\"><\/i>Loans<\/div><div class=\"smcm-gb-icon-wrapper\"><i class=\"fa-solid fa-angles-down smcm-gb-linktype\" aria-hidden=\"true\"><\/i><\/div><\/a><\/div><\/li><li><div class=\"smcm-gb-item\"><a href=\"#se-ws\"><div class=\"smcm-gb-label-wrapper\"><i class=\"fa-solid fa-briefcase\"><\/i>Student Employment &amp; Work Study<\/div><div class=\"smcm-gb-icon-wrapper\"><i class=\"fa-solid fa-angles-down smcm-gb-linktype\" aria-hidden=\"true\"><\/i><\/div><\/a><\/div><div class=\"smcm-gb-item\"><a href=\"#mhec\"><div class=\"smcm-gb-label-wrapper\"><i class=\"fa-solid fa-earth-americas\"><\/i>State of Maryland Programs<\/div><div class=\"smcm-gb-icon-wrapper\"><i class=\"fa-solid fa-angles-down smcm-gb-linktype\" aria-hidden=\"true\"><\/i><\/div><\/a><\/div><div class=\"smcm-gb-item\"><a href=\"#military\"><div class=\"smcm-gb-label-wrapper\"><i class=\"fa-regular fa-person-military-to-person\"><\/i>Military Scholarships &amp; Benefits<\/div><div class=\"smcm-gb-icon-wrapper\"><i class=\"fa-solid fa-angles-down smcm-gb-linktype\" aria-hidden=\"true\"><\/i><\/div><\/a><\/div><\/li><li><div class=\"smcm-gb-item\"><a href=\"#private-loans\"><div class=\"smcm-gb-label-wrapper\"><i class=\"fa-solid fa-money-bill-transfer\"><\/i>Private Loans<\/div><div class=\"smcm-gb-icon-wrapper\"><i class=\"fa-solid fa-angles-down smcm-gb-linktype\" aria-hidden=\"true\"><\/i><\/div><\/a><\/div><div class=\"smcm-gb-item\"><a href=\"#foundation-scholarships\"><div class=\"smcm-gb-label-wrapper\"><i class=\"fa-solid fa-hands-holding\"><\/i>Foundation Scholarships<\/div><div class=\"smcm-gb-icon-wrapper\"><i class=\"fa-solid fa-angles-down smcm-gb-linktype\" aria-hidden=\"true\"><\/i><\/div><\/a><\/div><\/li><\/ul><\/nav><\/div><\/div><\/div><\/div><div id=\"pg-7-1\"  class=\"panel-grid panel-has-style\" ><div id=\"scholarships\" class=\"panel-row-style panel-row-style-for-7-1\" ><div id=\"pgc-7-1-0\"  class=\"panel-grid-cell\" ><div id=\"panel-7-1-0-0\" class=\"so-panel widget widget_smcm-title panel-first-child\" data-index=\"1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-smcm-title so-widget-smcm-title-base\"\n\t\t\t\n\t\t><h2 class=\"smcm-section-title navy\" style=\"\"><strong>Scholarships<\/strong><\/h2><\/div><\/div><div id=\"panel-7-1-0-1\" class=\"so-panel widget widget_sow-editor\" data-index=\"2\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p>At St. Mary\u2019s College of Maryland, we believe that academic excellence and hard work should be rewarded. Our merit-based scholarships recognize academic achievement demonstrated through a rigorous academic curriculum including advanced placement courses, honors courses, and co-curricular accomplishments. Merit-based scholarships are awarded without regard to a student\u2019s financial need.<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-7-1-0-2\" class=\"so-panel widget widget_smcm-button panel-last-child\" data-index=\"3\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-smcm-button so-widget-smcm-button-base\"\n\t\t\t\n\t\t><div class=\"smcm-cta-container\"><a class=\"smcm-cta-button red\" style=\"max-width: 100%; width: 100%;\" href=\"https:\/\/www.smcm.edu\/student-financial-assistance\/assistance-types\/scholarships\/\">Learn more about Scholarships at SMCM<\/a><\/div><\/div><\/div><\/div><div id=\"pgc-7-1-1\"  class=\"panel-grid-cell\" ><div id=\"panel-7-1-1-0\" class=\"so-panel widget widget_sow-image panel-first-child panel-last-child\" data-index=\"4\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-image so-widget-sow-image-default-8b5b6f678277-7\"\n\t\t\t\n\t\t>\n<div class=\"sow-image-container\">\n\t\t<img \n\tsrc=\"https:\/\/www.smcm.edu\/app\/uploads\/sites\/224\/2026\/06\/53002438032_4f7c2a39c7_k-2.jpg\" width=\"2048\" height=\"1536\" srcset=\"https:\/\/www.smcm.edu\/app\/uploads\/sites\/224\/2026\/06\/53002438032_4f7c2a39c7_k-2.jpg 2048w, https:\/\/www.smcm.edu\/app\/uploads\/sites\/224\/2026\/06\/53002438032_4f7c2a39c7_k-2-300x225.jpg 300w, https:\/\/www.smcm.edu\/app\/uploads\/sites\/224\/2026\/06\/53002438032_4f7c2a39c7_k-2-1024x768.jpg 1024w, https:\/\/www.smcm.edu\/app\/uploads\/sites\/224\/2026\/06\/53002438032_4f7c2a39c7_k-2-768x576.jpg 768w, https:\/\/www.smcm.edu\/app\/uploads\/sites\/224\/2026\/06\/53002438032_4f7c2a39c7_k-2-1536x1152.jpg 1536w\" sizes=\"(max-width: 2048px) 100vw, 2048px\" alt=\"Aerial view of a large, brick academic campus with green lawns, walking paths, and a lake in the background surrounded by autumn trees.\" \t\tclass=\"so-widget-image\"\/>\n\t<\/div>\n\n<\/div><\/div><\/div><\/div><\/div><div id=\"pg-7-2\"  class=\"panel-grid panel-has-style\" ><div id=\"grants\" class=\"panel-row-style panel-row-style-for-7-2\" ><div id=\"pgc-7-2-0\"  class=\"panel-grid-cell\" ><div id=\"panel-7-2-0-0\" class=\"so-panel widget widget_smcm-title panel-first-child\" data-index=\"5\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-smcm-title so-widget-smcm-title-base\"\n\t\t\t\n\t\t><h2 class=\"smcm-section-title navy\" style=\"\"><strong>Grants<\/strong><\/h2><\/div><\/div><div id=\"panel-7-2-0-1\" class=\"so-panel widget widget_smcm-accordion\" data-index=\"6\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-smcm-accordion so-widget-smcm-accordion-base\"\n\t\t\t\n\t\t><div class=\"smcm-accordion  navy\"><div class=\"title-container\"><h3>Discover SMCM Grant<\/h3><i class=\"fa-solid fa-plus open-close\" ><\/i><\/div><div class=\"smcm-accordion-content\"> <div class=\"smcm-ac-content-wrapper\">There\u2019s nothing like visiting St. Mary\u2019s College of Maryland, the National Public Honors College. From our stunning 360-acre waterfront campus to our vibrant community, you\u2019ll quickly see why students from across the country choose SMCM. Now, visiting campus comes with even more value! We are pleased to introduce the Discover SMCM Grant of $1000 for MD\/DC residents and $2000 for non-MD\/DC residents to make your visit even more beneficial.\n\nIt\u2019s our way of saying thank you for taking the time to visit campus and discovering what makes SMCM so special.\n<ul>\n \t<li><a href=\"https:\/\/www.smcm.edu\/admissions\/discover-smcm-grant\/\">Learn more about this grant<\/a><\/li>\n<\/ul><\/div><\/div><\/div><\/div><\/div><div id=\"panel-7-2-0-2\" class=\"so-panel widget widget_smcm-accordion\" data-index=\"7\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-smcm-accordion so-widget-smcm-accordion-base\"\n\t\t\t\n\t\t><div class=\"smcm-accordion  navy\"><div class=\"title-container\"><h3>DC Tuition Assistance Grant Program<\/h3><i class=\"fa-solid fa-plus open-close\" ><\/i><\/div><div class=\"smcm-accordion-content\"> <div class=\"smcm-ac-content-wrapper\">The D.C. Tuition Assistance Grant Program provides funding to Washington D.C. students to attend post secondary institutions anywhere in the nation. Under this program, the federal government pays the difference between in-state tuition and out-of-state tuition. Need is not a determining factor. To be considered for this award you must be a resident of Washington D.C., and you must complete D.C. Tuition Assistance Grant application. For more information on this program please contact the D.C. Mayor's Office by calling (202) 727-2824.\n<ul>\n \t<li><a href=\"http:\/\/osse.dc.gov\/service\/dc-tuition-assistance-grant-dc-tag\">Start Application<\/a><\/li>\n<\/ul><\/div><\/div><\/div><\/div><\/div><div id=\"panel-7-2-0-3\" class=\"so-panel widget widget_smcm-accordion\" data-index=\"8\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-smcm-accordion so-widget-smcm-accordion-base\"\n\t\t\t\n\t\t><div class=\"smcm-accordion  navy\"><div class=\"title-container\"><h3>Federal Pell Grant<\/h3><i class=\"fa-solid fa-plus open-close\" ><\/i><\/div><div class=\"smcm-accordion-content\"> <div class=\"smcm-ac-content-wrapper\">The Federal Pell Grant Program provides need-based grants to low-income undergraduates. Grant amounts are dependent on: the student's expected family contribution (EFC); the cost of attendance (as determined by the institution); the student's enrollment status (full-time or part-time); and whether the student attends for a full academic year or less. Students may not receive Federal Pell Grant funds from more than one school at a time. Financial need is determined by the U.S. Department of Education using a standard formula, established by Congress, to evaluate the financial information reported on the Free Application for Federal Student Aid (FAFSA) and to determine the family EFC.\n<ul>\n \t<li><a href=\"http:\/\/www.ed.gov\/programs\/fpg\/index.html\">Federal Pell Grant Information<\/a><\/li>\n<\/ul><\/div><\/div><\/div><\/div><\/div><div id=\"panel-7-2-0-4\" class=\"so-panel widget widget_smcm-accordion\" data-index=\"9\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-smcm-accordion so-widget-smcm-accordion-base\"\n\t\t\t\n\t\t><div class=\"smcm-accordion  navy\"><div class=\"title-container\"><h3>Teacher Education Assistance for College and Higher Education Grant<\/h3><i class=\"fa-solid fa-plus open-close\" ><\/i><\/div><div class=\"smcm-accordion-content\"> <div class=\"smcm-ac-content-wrapper\">This program provides grants for up to $4,000 a year to students who are planning to teach. As a condition for receiving a TEACH Grant, you must sign a grant agreement in which you agree to teach in a high-need field at a school that serves low-income families for at least four years.\n<ul>\n \t<li><a href=\"https:\/\/studentaid.gov\/understand-aid\/types\/grants\/teach\">TEACH Grant Information<\/a><\/li>\n<\/ul><\/div><\/div><\/div><\/div><\/div><div id=\"panel-7-2-0-5\" class=\"so-panel widget widget_smcm-accordion\" data-index=\"10\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-smcm-accordion so-widget-smcm-accordion-base\"\n\t\t\t\n\t\t><div class=\"smcm-accordion  navy\"><div class=\"title-container\"><h3>Federal Supplemental Educational Opportunity Grant<\/h3><i class=\"fa-solid fa-plus open-close\" ><\/i><\/div><div class=\"smcm-accordion-content\"> <div class=\"smcm-ac-content-wrapper\">The Federal Supplemental Education Opportunity Grant Program provides need-based grants to help low-income undergraduate students finance the costs of postsecondary education. Priority for these grants goes to students with exceptional need.\n<ul>\n \t<li><a href=\"https:\/\/studentaid.gov\/understand-aid\/types\/grants\/fseog\">Access Grant Information<\/a><\/li>\n<\/ul><\/div><\/div><\/div><\/div><\/div><div id=\"panel-7-2-0-6\" class=\"so-panel widget widget_smcm-accordion\" data-index=\"11\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-smcm-accordion so-widget-smcm-accordion-base\"\n\t\t\t\n\t\t><div class=\"smcm-accordion  navy\"><div class=\"title-container\"><h3>Other Federal Programs<\/h3><i class=\"fa-solid fa-plus open-close\" ><\/i><\/div><div class=\"smcm-accordion-content\"> <div class=\"smcm-ac-content-wrapper\"><ul>\n<li>Children of Fallen Heroes Scholarship - To qualify for this scholarship, a student must have a parent\/guardian who died in the line of duty while performing as a public safety officer. The student must be Pell-eligible and be less than 24 years of age or enrolled at an institution of higher education at the time of his or her parent or guardian's death.<\/li>\n<li>Iraq and Afghanistan Service Grant - You may be eligible for this scholarship if you are Pell-eligible and your parent or guardian was a member of the U.S armed forces and died as a result of military service performed in Iraq or Afghanistan after the events of 9\/11; and at the time of death, you were under 24 years old or enrolled in college at least part time. <a href=\"https:\/\/studentaid.gov\/understand-aid\/types\/grants\/iraq-afghanistan-service\" rel=\"noopener noreferrer\">Iraq and Afghanistan Service Grant Information<\/a><\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div><div id=\"panel-7-2-0-7\" class=\"so-panel widget widget_smcm-accordion\" data-index=\"12\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-smcm-accordion so-widget-smcm-accordion-base\"\n\t\t\t\n\t\t><div class=\"smcm-accordion  navy\"><div class=\"title-container\"><h3>St. Mary's Grant<\/h3><i class=\"fa-solid fa-plus open-close\" ><\/i><\/div><div class=\"smcm-accordion-content\"> <div class=\"smcm-ac-content-wrapper\">The St. Mary's Grant is awarded based on financial need which is determined by the FAFSA. You must reapply annually for financial aid to determine eligibility. Institutional grants are limited to a maximum of eight semesters (fall and spring) and are only awarded to full-time students (12 credits or more).<\/div><\/div><\/div><\/div><\/div><div id=\"panel-7-2-0-8\" class=\"so-panel widget widget_smcm-accordion panel-last-child\" data-index=\"13\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-smcm-accordion so-widget-smcm-accordion-base\"\n\t\t\t\n\t\t><div class=\"smcm-accordion  navy\"><div class=\"title-container\"><h3>St. Mary's Financial Hardship Grant<\/h3><i class=\"fa-solid fa-plus open-close\" ><\/i><\/div><div class=\"smcm-accordion-content\"> <div class=\"smcm-ac-content-wrapper\">SMCM has a financial hardship grant for those that need additional aid to assist in covering educational costs. Students requesting funds may be required to meet with the Director of OSFA to discuss the request. Students must submit the completed <a href=\"https:\/\/forms.gle\/GVkQZMQbSagTfXDg6\">Financial Hardship Grant Application<\/a>, including any additional information necessary. Once all of this is completed, the review committee will make a decision based on the information provided.<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><div id=\"pg-7-3\"  class=\"panel-grid panel-has-style\" ><div id=\"loans\" class=\"panel-row-style panel-row-style-for-7-3\" ><div id=\"pgc-7-3-0\"  class=\"panel-grid-cell\" ><div id=\"panel-7-3-0-0\" class=\"so-panel widget widget_smcm-title panel-first-child\" data-index=\"14\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-smcm-title so-widget-smcm-title-base\"\n\t\t\t\n\t\t><h2 class=\"smcm-section-title navy\" style=\"\"><strong>Loans<\/strong><\/h2><\/div><\/div><div id=\"panel-7-3-0-1\" class=\"so-panel widget widget_sow-editor\" data-index=\"15\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<h3>Types of Federal Aid<\/h3>\n<p>The Federal Direct Loan Program enables students to borrow money for educational expenses. There are two\u00a0types of direct loans: subsidized and unsubsidized. Subsidized loans have no interest charged while\u00a0the student is enrolled at least half-time. Unsubsidized loans accrue interest during all periods. All terms and\u00a0conditions of these loans will be provided when you complete the <a href=\"https:\/\/studentaid.gov\/app\/counselingInstructions.action?counselingType=entrance\">Entrance Counseling<\/a> and <a title=\"Master Promissory Note (MPN)\" href=\"https:\/\/studentaid.gov\/mpn\/\">Master Promissory Note. (MPN)<\/a><\/p>\n<h3>Eligibility<\/h3>\n<p>Students applying for federal financial aid must be a United States citizen or a permanent resident alien with a valid FAFSA on file. For more information about eligibility, please visit: <a href=\"https:\/\/studentaid.gov\/understand-aid\/eligibility\/requirements\">studentaid.gov<\/a><\/p>\n<div><sup>*<\/sup>The Department of Education assesses an origination fee for each federal loan. This fee is calculated as a percentage of the total loan amount and is deducted from each loan disbursement. This means that the amount applied to your account will be less than the total amount that you actually borrowed\/requested. Your specific loan fee will be included in a disclosure statement that you will receive after the first disbursement of your loan. Please note that you will still be responsible for repaying the requested\/awarded amount. <a href=\"https:\/\/studentaid.gov\/understand-aid\/types\/loans\/interest-rates\">Learn more about loan fees<\/a>.<\/div>\n<\/div>\n<\/div><\/div><div id=\"panel-7-3-0-2\" class=\"so-panel widget widget_smcm-accordion\" data-index=\"16\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-smcm-accordion so-widget-smcm-accordion-base\"\n\t\t\t\n\t\t><div class=\"smcm-accordion  navy\"><div class=\"title-container\"><h3>Subsidized Student Loans (Need Based)<\/h3><i class=\"fa-solid fa-plus open-close\" ><\/i><\/div><div class=\"smcm-accordion-content\"> <div class=\"smcm-ac-content-wrapper\"><p>The loan will <strong>not<\/strong> accrue interest while the student is enrolled at least part-time.<\/p>\n<p><strong>Interest Rate:<\/strong> Fixed Rate- 6.53%<\/p>\n<p><strong>Repayment:<\/strong> You do not need to start repayment until:<\/p>\n<ul>\n<li>6 months after graduation<\/li>\n<li>Withdrawal<\/li>\n<li>Leave of Absence<\/li>\n<li>Drop below half-time enrollment<\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div><div id=\"panel-7-3-0-3\" class=\"so-panel widget widget_smcm-accordion\" data-index=\"17\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-smcm-accordion so-widget-smcm-accordion-base\"\n\t\t\t\n\t\t><div class=\"smcm-accordion  navy\"><div class=\"title-container\"><h3>Unsubsidized Student Loans (Non-Need Based)<\/h3><i class=\"fa-solid fa-plus open-close\" ><\/i><\/div><div class=\"smcm-accordion-content\"> <div class=\"smcm-ac-content-wrapper\"><p>The loan will begin to accrue interest after disbursement.<\/p>\n<p><strong>Interest Rates:<\/strong> Fixed rate- 6.53%<\/p>\n<p><strong>Repayment:<\/strong> You do not need to start repayment until:<\/p>\n<ul>\n<li>6 months after graduation<\/li>\n<li>Withdrawal<\/li>\n<li>Leave of Absence<\/li>\n<li>Drop below half-time enrollment<\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div><div id=\"panel-7-3-0-4\" class=\"so-panel widget widget_smcm-accordion\" data-index=\"18\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-smcm-accordion so-widget-smcm-accordion-base\"\n\t\t\t\n\t\t><div class=\"smcm-accordion  navy\"><div class=\"title-container\"><h3>Federal Parent Plus Loan<\/h3><i class=\"fa-solid fa-plus open-close\" ><\/i><\/div><div class=\"smcm-accordion-content\"> <div class=\"smcm-ac-content-wrapper\"><p>A loan taken by the parent of a dependent student for educational expenses which accrues interest until the loan is paid in full. A credit check is required as part of the application process and the amount requested can not exceed the cost of attendance. <a href=\"https:\/\/studentaid.gov\/plus-app\/parent\/landing\">View the parent plus loan application<\/a>.<\/p>\n<p><strong>Interest Rates:<\/strong> Fixed Rate - 9.08%<\/p>\n<p><strong>Repayment:<\/strong> Borrower must contact their loan servicer to explore repayment options.<\/p>\n<\/div><\/div><\/div><\/div><\/div><div id=\"panel-7-3-0-5\" class=\"so-panel widget widget_smcm-accordion\" data-index=\"19\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-smcm-accordion so-widget-smcm-accordion-base\"\n\t\t\t\n\t\t><div class=\"smcm-accordion  navy\"><div class=\"title-container\"><h3>Federal Unsubsidized Graduate Loan<\/h3><i class=\"fa-solid fa-plus open-close\" ><\/i><\/div><div class=\"smcm-accordion-content\"> <div class=\"smcm-ac-content-wrapper\"><p>Unsubsidized Loans accrue interest during all periods.<\/p>\n<p><strong>Interest rate:<\/strong> Fixed Rate - 8.08%<\/p>\n<p><strong>Repayment:<\/strong> You do not need to start repayment until:<\/p>\n<ul>\n<li>6 months after graduation<\/li>\n<li>Withdrawal<\/li>\n<li>Leave of Absence<\/li>\n<li>Drop below half-time enrollment<\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div><div id=\"panel-7-3-0-6\" class=\"so-panel widget widget_smcm-accordion\" data-index=\"20\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-smcm-accordion so-widget-smcm-accordion-base\"\n\t\t\t\n\t\t><div class=\"smcm-accordion  navy\"><div class=\"title-container\"><h3>Federal Graduate PLUS Loan<\/h3><i class=\"fa-solid fa-plus open-close\" ><\/i><\/div><div class=\"smcm-accordion-content\"> <div class=\"smcm-ac-content-wrapper\"><p>A loan taken by a graduate student enrolled in a master's program for educational expenses. Interest is charged on this loan starting from the day of disbursement. A credit check is required as part of the application process. <a href=\"https:\/\/studentaid.gov\/plus-app\/grad\/landing\">View the graduate plus loan application<\/a>.<\/p>\n<p><strong>Interest rate:<\/strong> Fixed Rate - 9.08%<\/p>\n<p><strong>Repayment:<\/strong> Borrower must contact their loan servicer to explore repayment options.<\/p>\n<\/div><\/div><\/div><\/div><\/div><div id=\"panel-7-3-0-7\" class=\"so-panel widget widget_smcm-accordion panel-last-child\" data-index=\"21\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-smcm-accordion so-widget-smcm-accordion-base\"\n\t\t\t\n\t\t><div class=\"smcm-accordion  navy\"><div class=\"title-container\"><h3>Private Alternative Loans<\/h3><i class=\"fa-solid fa-plus open-close\" ><\/i><\/div><div class=\"smcm-accordion-content\"> <div class=\"smcm-ac-content-wrapper\"><p>Students who are looking to cover the cost of education may be interested in private loans. While we recommend exhausting your federal loan options first, students may opt to use private loans to fund their education. The ability to receive a private loan is based on the credit rating of the borrower and their co-signer. Eligibility, interest rates and the terms and conditions for each loan are dependent on the lender. Students can work directly with the lender of their choice to determine the best situation for them.<\/p>\n<p><a href=\"https:\/\/www.elmselect.com\/v4\/school\/604\/program-select\">List of lenders.<\/a><br \/>\n<em>*You may use a loan\/lender that is not provided on this list.<\/em><\/p>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><div id=\"pg-7-4\"  class=\"panel-grid panel-has-style\" ><div id=\"se-ws\" class=\"panel-row-style panel-row-style-for-7-4\" ><div id=\"pgc-7-4-0\"  class=\"panel-grid-cell\" ><div id=\"panel-7-4-0-0\" class=\"so-panel widget widget_smcm-title panel-first-child\" data-index=\"22\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-smcm-title so-widget-smcm-title-base\"\n\t\t\t\n\t\t><h2 class=\"smcm-section-title navy\" style=\"text-align: center;\">Student <strong>Employment<\/strong> &amp; Work Study<\/h2><\/div><\/div><div id=\"panel-7-4-0-1\" class=\"so-panel widget widget_smcm-card-container panel-last-child\" data-index=\"23\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-smcm-card-container so-widget-smcm-card-container-base\"\n\t\t\t\n\t\t><div class=\"smcm-card-container\"><div class=\"card factcard navy \"><span class=\"topText\">20%<\/span><div class=\"supportingText\"><p>of incoming students are participating in Federal Work Study<\/p>\n<\/div><\/div><div class=\"card factcard navy \"><span class=\"topText\">$15.00<\/span><div class=\"supportingText\"><p>Minimum wage starting in 2024<\/p>\n<\/div><\/div><div class=\"card highlightcard gold \"><span class=\"topText\">Want to get working?<\/span><div class=\"supportingText\"><p>We are ready to help you find work suitable to your skillset!<br \/>\nOffice of Career Development &amp; Community Engagement<br \/>\nGlendening Hall, Room 210<br \/>\n<a href=\"tel:2408954203\">(240) 895-4203<\/a><br \/>\n<a href=\"https:\/\/www.smcm.edu\/career-development\/\">Find a Job on Campus<\/a><\/p>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><div id=\"pg-7-5\"  class=\"panel-grid panel-has-style\" ><div id=\"mhec\" class=\"panel-row-style panel-row-style-for-7-5\" ><div id=\"pgc-7-5-0\"  class=\"panel-grid-cell\" ><div id=\"panel-7-5-0-0\" class=\"so-panel widget widget_smcm-title panel-first-child\" data-index=\"24\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-smcm-title so-widget-smcm-title-base\"\n\t\t\t\n\t\t><h2 class=\"smcm-section-title navy\" style=\"\">State of Maryland Programs (MHEC)<\/h2><\/div><\/div><div id=\"panel-7-5-0-1\" class=\"so-panel widget widget_sow-editor\" data-index=\"25\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p>The Office of Student Financial Assistance (OSFA) at the Maryland Higher Education Commission (MHEC) provides a number of state grants, scholarships, and loan assistance repayment programs for eligible Maryland residents.<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-7-5-0-2\" class=\"so-panel widget widget_smcm-accordion\" data-index=\"26\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-smcm-accordion so-widget-smcm-accordion-base\"\n\t\t\t\n\t\t><div class=\"smcm-accordion  navy\"><div class=\"title-container\"><h3>Howard P. Rawlings Guaranteed Access (GA) Grant<\/h3><i class=\"fa-solid fa-plus open-close\" ><\/i><\/div><div class=\"smcm-accordion-content\"> <div class=\"smcm-ac-content-wrapper\"><p>A grant that provides postsecondary financial assistance to eligible in-state students currently enrolled as high school seniors who will complete a college preparatory program or a student who has obtained a General Educational Development Diploma (GED), and is under the age of 26. The amount of the GA Grant equals 100 percent of the student\u2019s financial need and a student may receive an award for up to $20,200. \u200b<\/p>\n<ul>\n<li><a href=\"https:\/\/mhec.maryland.gov\/preparing\/Pages\/FinancialAid\/ProgramDescriptions\/prog_gagrant.aspx\">Guaranteed Access Grant<\/a><\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div><div id=\"panel-7-5-0-3\" class=\"so-panel widget widget_smcm-accordion\" data-index=\"27\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-smcm-accordion so-widget-smcm-accordion-base\"\n\t\t\t\n\t\t><div class=\"smcm-accordion  navy\"><div class=\"title-container\"><h3>Howard P. Rawlings Educational Assistance (EA) Grant<\/h3><i class=\"fa-solid fa-plus open-close\" ><\/i><\/div><div class=\"smcm-accordion-content\"> <div class=\"smcm-ac-content-wrapper\"><p>If eligible, students attending four-year institutions will be awarded an EA Grant equal to 40% of OSFA adjusted financial need. The minimum annual award amount is $400 and the maximum award is $3,000. Should you be offered and accept certain State scholarship awards, your EA Grant will be recalculated. You may hold the EA Grant with all State awards except the Guaranteed Access Grant and Part-Time Grant. The total dollar amount of all State awards may not exceed your cost of attendance as determined by your school\u2019s financial aid office or $28,000, whichever is less. All financial aid received, including State aid, may not exceed your cost of attendance.<\/p>\n<ul>\n<li><a href=\"https:\/\/mhec.maryland.gov\/preparing\/pages\/financialaid\/programdescriptions\/prog_ea.aspx\">Educational Assistance Grant<\/a><\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div><div id=\"panel-7-5-0-4\" class=\"so-panel widget widget_smcm-accordion\" data-index=\"28\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-smcm-accordion so-widget-smcm-accordion-base\"\n\t\t\t\n\t\t><div class=\"smcm-accordion  navy\"><div class=\"title-container\"><h3>Legislative Scholarships<\/h3><i class=\"fa-solid fa-plus open-close\" ><\/i><\/div><div class=\"smcm-accordion-content\"> <div class=\"smcm-ac-content-wrapper\"><p><em>Scholarships are awarded by Maryland Senators and Delegates<\/em>. All Maryla\u200bnd residents may apply for the Legislative Scholarships.<\/p>\n<ul>\n<li><a href=\"https:\/\/mhec.maryland.gov\/preparing\/Pages\/FinancialAid\/ProgramDescriptions\/prog_delegate.aspx\">Delegate Scholarship<\/a> The Delegate Scholarship is offered to Maryland residents who plan to pursue a postsecondary credential full-time or part-time at a two-year or a four-year Maryland college, university or private career school.<\/li>\n<li><a href=\"https:\/\/mhec.maryland.gov\/preparing\/Pages\/FinancialAid\/ProgramDescriptions\/prog_senatorial.aspx\">Senatorial Scholarship<\/a> The Senatorial Scholarship is offered to current high school seniors and full-time and part-time, degree-seeking undergraduate and graduate students, as well as students attending a private career school.<\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div><div id=\"panel-7-5-0-5\" class=\"so-panel widget widget_smcm-accordion\" data-index=\"29\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-smcm-accordion so-widget-smcm-accordion-base\"\n\t\t\t\n\t\t><div class=\"smcm-accordion  navy\"><div class=\"title-container\"><h3>Edward T. and Mary A. Conroy Student Grant Program and Jean B. Cryor Memorial Scholarship Program<\/h3><i class=\"fa-solid fa-plus open-close\" ><\/i><\/div><div class=\"smcm-accordion-content\"> <div class=\"smcm-ac-content-wrapper\"><p>The Edward T. and Mary A. Conroy Memorial Scholarship Program provides student financial assistance to certain Maryland residents due to their eligible military or public safety service or due to their eligible family or marital relationship to such an individual.<\/p>\n<p>The Jean B. Cryor Memorial Scholarship Program provides financial assistance to eligible children and surviving spouses of school employees who, , either died or sustained an injury that rendered the school employee 100 percent disabled, as a victim in an act of violence occurring in the line of duty.<\/p>\n<ul>\n<li><a href=\"https:\/\/mhec.maryland.gov\/preparing\/pages\/financialAid\/ProgramDescriptions\/prog_conroy.aspx\">Edward T. and Mary A. Conroy Student Grant Program and Jean B. Cryor Memorial Scholarship Program<\/a><\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div><div id=\"panel-7-5-0-6\" class=\"so-panel widget widget_smcm-accordion\" data-index=\"30\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-smcm-accordion so-widget-smcm-accordion-base\"\n\t\t\t\n\t\t><div class=\"smcm-accordion  navy\"><div class=\"title-container\"><h3>Tuition Waiver for Foster Care Recipients<\/h3><i class=\"fa-solid fa-plus open-close\" ><\/i><\/div><div class=\"smcm-accordion-content\"> <div class=\"smcm-ac-content-wrapper\">Tuition Waiver for Foster Care Recipients is available to foster care youth who are enrolled as a candidate for an associate, bachelor's degree, or vocational certificate at a Maryland public institution of higher education. The purpose of the Tuition Waiver for Foster Care Recipients is to provide financial assistance to foster care youth. Please submit the <a href=\"https:\/\/docs.google.com\/forms\/d\/e\/1FAIpQLScVD4OJvvUUJftaZI_gkWw0zT149r76yk2SLshhRnqRaMgQyA\/viewform?usp=sf_link\">Special Circumstances form (Google Doc)<\/a> to begin the process to be awarded the waiver.\n<ul>\n \t<li><a href=\"https:\/\/mhec.maryland.gov\/preparing\/Pages\/FinancialAid\/ProgramDescriptions\/prog_fostercare.aspx\">Tuition Waiver for Foster Care Recipients<\/a><\/li>\n<\/ul><\/div><\/div><\/div><\/div><\/div><div id=\"panel-7-5-0-7\" class=\"so-panel widget widget_smcm-accordion\" data-index=\"31\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-smcm-accordion so-widget-smcm-accordion-base\"\n\t\t\t\n\t\t><div class=\"smcm-accordion  navy\"><div class=\"title-container\"><h3>Tuition Waiver for \u200b Homeless Youth<\/h3><i class=\"fa-solid fa-plus open-close\" ><\/i><\/div><div class=\"smcm-accordion-content\"> <div class=\"smcm-ac-content-wrapper\"><p>The Maryland Tuition Waiver for Homeless Youth provides financial assistance to \u200bhomeless youth who are enrolled as a candidate for an associate degree, bachelor\u2019s degree or vocational certificate at a Maryland Public institution of higher education. Please submit the <a href=\"https:\/\/docs.google.com\/forms\/d\/e\/1FAIpQLScVD4OJvvUUJftaZI_gkWw0zT149r76yk2SLshhRnqRaMgQyA\/viewform?usp=sf_link\">Special Circumstances form (Google Doc)<\/a> to begin the process to be awarded the waiver.<\/p>\n<ul>\n<li><a href=\"https:\/\/mhec.maryland.gov\/preparing\/Pages\/FinancialAid\/ProgramDescriptions\/prog_homelessyouth.aspx\">Tuition Waiver for Homeless Youth<\/a><\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div><div id=\"panel-7-5-0-8\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"32\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p><a href=\"https:\/\/mhec.maryland.gov\/preparing\/Pages\/FinancialAid\/descriptions.aspx\">Find out more about all Financial Assistance programs offered by the state of Maryland<\/a><\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><\/div><div id=\"pg-7-6\"  class=\"panel-grid panel-has-style\" ><div id=\"military\" class=\"panel-row-style panel-row-style-for-7-6\" ><div id=\"pgc-7-6-0\"  class=\"panel-grid-cell\" ><div id=\"panel-7-6-0-0\" class=\"so-panel widget widget_smcm-title panel-first-child\" data-index=\"33\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-smcm-title so-widget-smcm-title-base\"\n\t\t\t\n\t\t><h2 class=\"smcm-section-title navy\" style=\"\">Military <strong>Scholarships &amp; Benefits<\/strong><\/h2><\/div><\/div><div id=\"panel-7-6-0-1\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"34\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<h3>Maryland State Programs (MHEC)<\/h3>\n<p><a href=\"https:\/\/mhec.maryland.gov\/preparing\/pages\/financialaid\/programdescriptions\/prog_conroy.aspx\">Edward T. and Mary A. Conroy Memorial Scholarship Program &amp; Jean B. Cryor Memorial Scholarship Program<\/a><br \/>\nThe Edward T. and Mary A. Conroy Memorial Scholarship Program provides student financial assistance to certain Maryland residents due to their eligible military or public safety service or due to their eligible family or marital relationship to such an individual.<\/p>\n<p>The Jean B. Cryor Memorial Scholarship Program provides financial assistance to eligible children and surviving spouses of school employees who, either died or sustained an injury that rendered the school employee 100 percent disabled, as a victim in an act of violence occurring in the line of duty.<\/p>\n<h3><a href=\"https:\/\/military.maryland.gov\/NG\/Pages\/tuition-assistance.aspx\">Tuition Waiver for Maryland National Guard<\/a><\/h3>\n<h3>VA Benefits<\/h3>\n<p>A full list of all VA Benefits SMCM participates in can be found on the <a href=\"https:\/\/www.smcm.edu\/registrar\/va-benefits\/\">SMCM Registrar's page<\/a>.<\/p>\n<h3>Military Scholarships<\/h3>\n<ul>\n<li><a href=\"https:\/\/studentaid.gov\/sites\/default\/files\/scholarships-for-military.pdf\">Federal Student Aid: Scholarships for Military Families PDF<\/a><\/li>\n<li><a href=\"https:\/\/usveteransmagazine.com\/scholarships\/\">U.S. Veterans Magazine List of Military Scholarships<\/a><\/li>\n<li><a href=\"https:\/\/www.militaryonesource.mil\/resources\/millife-guides\/higher-education-for-your-children\/\">Military One Source: Higher Education for Your Children<\/a><\/li>\n<li><a href=\"https:\/\/military.maryland.gov\/NG\/Pages\/scholarships.aspx\">Maryland Military Department<\/a><\/li>\n<\/ul>\n<\/div>\n<\/div><\/div><\/div><\/div><\/div><div id=\"pg-7-7\"  class=\"panel-grid panel-has-style\" ><div id=\"private-loans\" class=\"panel-row-style panel-row-style-for-7-7\" ><div id=\"pgc-7-7-0\"  class=\"panel-grid-cell\" ><div id=\"panel-7-7-0-0\" class=\"so-panel widget widget_smcm-title panel-first-child\" data-index=\"35\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-smcm-title so-widget-smcm-title-base\"\n\t\t\t\n\t\t><h2 class=\"smcm-section-title navy\" style=\"\">Private <strong>Loans<\/strong><\/h2><\/div><\/div><div id=\"panel-7-7-0-1\" class=\"so-panel widget widget_sow-editor\" data-index=\"36\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p>In accordance with 34 CFR 668.14(b)(29)(ii), an institution must, upon the request of the applicant, discuss the availability of Federal, State, and institutional financial aid. The Office of Student Financial Assistance will be happy to discuss financial aid opportunities with students, prospective students, and their parents. Students and parents may qualify for loans or other assistance under Title IV of the Higher Education Act programs. The terms and conditions of Title IV HEA program loans may be more favorable than the provisions of private educational loans.<\/p>\n<p>The Higher Education Opportunity Act of 2008 (Pub. L. 110-35) (HEOA) added section 128(e)(3) to the TILA to require that before a private educational lender may consummate a private education loan for a student in attendance at an institution of higher education, the private education lender must obtain the completed and signed Self-Certification Form from the applicant. The Federal Reserve Board\u2019s Final Regulations published on August 14, 2009 incorporate this new requirement at 12 CFR 226.48(e). Many lenders of private loans will provide the Self-Certification Form to the student borrower. The form is also available here in pdf format:<\/p>\n<p>Private Education Loan Self-Certification in PDF Format: <a href=\"https:\/\/choice.fastproducts.org\/faststatic\/fastchoice\/forms\/PrivateEducationLoanApplicantSelf-CertificationForm.pdf\">Private Loan Self-Certificaton Form (PDF)<\/a><\/p>\n<h3>Private Loan Disclosures<\/h3>\n<ul>\n<li><a href=\"https:\/\/ww2.salliemae.com\/student-loans\/smart-option-student-loan\/terms\/loan-app-solicitation\/\">Sallie Mae<\/a><\/li>\n<li><a href=\"https:\/\/www.alternativeloan.com\/CWA\/ASD?link_id=CITIZENSCC1\">Custom Choice<\/a><\/li>\n<li><a href=\"https:\/\/www.campusdoor.com\/Sites\/PNC\/asd.aspx\">PNC Bank<\/a><\/li>\n<li><a href=\"https:\/\/www.citizensbank.com\/student-lending\/disclosurehub.aspx\">Citizens<\/a><\/li>\n<li><a href=\"https:\/\/www.vsac.org\/sites\/default\/files\/uploads\/pdf_resources\/H18Advantage_ApplicationSolicitationDisclosureCurrent.pdf\">VSAC - Vermont Student Assistance Corporation (PDF)<\/a><\/li>\n<li><a href=\"http:\/\/www.lendkey.com\/wp-content\/uploads\/h-21\/LendKey_Private_Student_Loan_H-21.pdf\">Lendkey (PDF)<\/a><\/li>\n<li><a href=\"https:\/\/www.funding-u.com\/faqs\">FundingU<\/a><\/li>\n<li><a href=\"https:\/\/www.sofi.com\/legal\/#psl-asd\">SoFi<\/a><\/li>\n<li><a href=\"https:\/\/www.discover.com\/student-loans\/application\/download-student-loan-forms?acmpgn=F_ELM_XXXX_BM_X_HMPG3\">Discover Bank<\/a><\/li>\n<li><a href=\"https:\/\/www.ascentfunding.com\/ascent-embark-disclosure\/\">Ascent<\/a><\/li>\n<li><a href=\"https:\/\/www.earnest.com\/rate-disclosures\">Earnest<\/a><\/li>\n<\/ul>\n<div>\n<h3>Private Alternative Loans<\/h3>\n<p>Graduate and undergraduate students who are looking to cover the cost of education may be interested in private loans. While we recommend exhausting your federal loan options first, students may opt to use private loans to fund their education. The ability to receive a private loan is based on the credit rating of the borrower and their co-signer. Eligibility, interest rates and the terms and conditions for each loan are dependent on the lender. Students can work directly with the lender of their choice to determine the best situation for them.<\/p>\n<p><a href=\"https:\/\/www.elmselect.com\/v4\/school\/604\/program-select\">List of lenders.<\/a><br \/>\n<em>*You may use a loan\/lender that is not provided on this list.<\/em><\/p>\n<\/div>\n<\/div>\n<\/div><\/div><div id=\"panel-7-7-0-2\" class=\"so-panel widget widget_smcm-accordion panel-last-child\" data-index=\"37\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-smcm-accordion so-widget-smcm-accordion-base\"\n\t\t\t\n\t\t><div class=\"smcm-accordion  navy\"><div class=\"title-container\"><h3>Information Required under Sec. 128(e) of the Truth in Lending Act (15 U.S.C. 1638(e))<\/h3><i class=\"fa-solid fa-plus open-close\" ><\/i><\/div><div class=\"smcm-accordion-content\"> <div class=\"smcm-ac-content-wrapper\">Terms and disclosure with respect to private education loans.\n<ol>\n \t<li>Disclosures required in private education loan applications and solicitations.\u2013In any application for a private education loan, or a solicitation for a private education loan without requiring an application, the private educational lender shall disclose to the borrower, clearly and conspicuously\u2013\n<ol>\n \t<li>the potential range of rates of interest applicable to the private education loan;<\/li>\n \t<li>whether the rate of interest applicable to the private education loan is fixed or variable;<\/li>\n \t<li>limitations on interest rate adjustments, both in terms of frequency and amount, or the lack thereof, if applicable;<\/li>\n \t<li>requirements for a co-borrower, including any changes in the applicable interest rates without a co-borrower;<\/li>\n \t<li>potential finance charges, late fees, penalties, and adjustments to principal, based on defaults or late payments of the borrower;<\/li>\n \t<li>fees or range of fees applicable to the private education loan;<\/li>\n \t<li>the term of the private education loan;<\/li>\n \t<li>whether interest will accrue while the student to whom the private education loan relates is enrolled at a covered educational institution;<\/li>\n \t<li>payment deferral options;<\/li>\n \t<li>general eligibility criteria for the private education loan;<\/li>\n \t<li>an example of the total cost of the private education loan over the life of the loan\u2013\n<ol>\n \t<li>which shall be calculated using the principal amount and the maximum rate of interest actually offered by the private educational lender; and<\/li>\n \t<li>calculated both with and without capitalization of interest, if an option exists for postponing interest payments; the private educational lender may provide) following the date on which the application for the private education loan is approved and the borrower receives the disclosure documents required under this subsection for the loan; and<\/li>\n<\/ol>\n<\/li>\n \t<li>that a covered educational institution may have school-specific education loan benefits and terms not detailed on the disclosure form;<\/li>\n \t<li>that the borrower may qualify for Federal student financial assistance through a program under title IV of the Higher Education Act of 1965 (20 U.S.C. 1070 et seq.), in lieu of, or in addition to, a loan from a non-Federal source;<\/li>\n \t<li>the interest rates available with respect to such Federal student financial assistance through a program under title IV of the Higher Education Act of 1965 (20 U.S.C. 1070 et seq.);<\/li>\n \t<li>that, as provided in paragraph (6)\u2013\n<ol>\n \t<li>the borrower shall have the right to accept the terms of the loan and consummate the transaction at any time within 30 calendar days (or such longer period as<\/li>\n \t<li>except for changes based on adjustments to the index used for a loan, the rates and terms of the loan may not be changed by the private educational lender during the period described in clause (i);<\/li>\n<\/ol>\n<\/li>\n \t<li>that, before a private education loan may be consummated, the borrower must obtain from the relevant institution of higher education the form required under paragraph (3), and complete, sign, and return such form to the private educational lender;<\/li>\n \t<li>that the consumer may obtain additional information concerning such Federal student financial assistance from their institution of higher education, or at the website of the Department of Education; and<\/li>\n \t<li>such other information as the Board shall prescribe, by rule, as necessary or appropriate for consumers to make informed borrowing decisions.<\/li>\n<\/ol>\n<\/li>\n \t<li>Disclosures at the time of private education loan approval.\u2013Contemporaneously with the approval of a private education loan application, and before the loan transaction is consummated, the private educational lender shall disclose to the borrower, clearly and conspicuously\u2013\n<ol>\n \t<li>the applicable rate of interest in effect on the date of approval;<\/li>\n \t<li>whether the rate of interest applicable to the private educational loan is fixed or variable;<\/li>\n \t<li>limitations on interest rate adjustments, both in terms of frequency and amount, or the lack thereof, if applicable;<\/li>\n \t<li>the initial approved principal amount;<\/li>\n \t<li>applicable finance charges, late fees, penalties, and adjustments to principal, based on borrower defaults or late payments, including limitations on the discharge of a private education loan in bankruptcy;<\/li>\n \t<li>fees or range of fees applicable to the private education loan;<\/li>\n \t<li>the maximum term under the private education loan program;<\/li>\n \t<li>an estimate of the total amount for repayment, at both the interest rate in effect on the date of approval and at the maximum possible rate of interest offered by the private educational lender and applicable to the borrower, to the extent that such maximum rate may be determined, or if not, a good faith estimate thereof;<\/li>\n \t<li>any principal and interest payments required while the student for whom the private education loan is intended is enrolled at a covered educational institution and unpaid interest that will accrue during such enrollment;<\/li>\n \t<li>payment deferral options applicable to the borrower;<\/li>\n \t<li>whether monthly payments are graduated;<\/li>\n \t<li>that, as provided in paragraph (6)\u2013\n<ol>\n \t<li>the borrower shall have the right to accept the terms of the loan and consummate the transaction at any time within 30 calendar days (or such longer period as the private educational lender may provide) following the date on which the application for the private education loan is approved and the borrower received the disclosure documents required under this subsection for the loan; and<\/li>\n \t<li>except for changes based on adjustments to the index used for a loan, the rates and terms of the loan may not be changed by the private educational lender during the period described in clause (i);<\/li>\n<\/ol>\n<\/li>\n \t<li>that the borrower\u2013\n<ol>\n \t<li>may qualify for Federal financial assistance through a program under title IV of the Higher Education Act of 1965 (20 U.S.C. 1070 et seq.), in lieu of, or in addition to, a loan from a non-Federal source; and<\/li>\n \t<li>may obtain additional information concerning such assistance from their institution of higher education or the website of the Department of Education;<\/li>\n<\/ol>\n<\/li>\n \t<li>the interest rates available with respect to such Federal financial assistance through a program under title IV of the Higher Education Act of 1965 (20 U.S.C. 1070 et seq.);<\/li>\n \t<li>the maximum monthly payment, calculated using the maximum rate of interest actually offered by the private educational lender and applicable to the borrower, to the extent that such maximum rate may be determined, or if not, a good faith estimate thereof; and<\/li>\n \t<li>such other information as the Board shall prescribe, by rule, as necessary or appropriate for consumers to make informed borrowing decisions.<\/li>\n<\/ol>\n<\/li>\n \t<li>Self-certification of information.\u2013\n<ol>\n \t<li>In general.\u2013Before a private educational lender may consummate a private education loan with respect to a student attending an institution of higher education, the lender shall obtain from the applicant for the private education loan the form developed by the Secretary of Education under section 155 of the Higher Education Act of 1965, signed by the applicant, in written or electronic form.<\/li>\n \t<li>Rule of construction.\u2013No other provision of this subsection shall be construed to require a private educational lender to perform any additional duty under this paragraph, other than collecting the form required under subparagraph (A).<\/li>\n<\/ol>\n<\/li>\n \t<li>Disclosures at the time of private education loan consummation.\u2013Contemporaneously with the consummation of a private education loan, a private educational lender shall make to the borrower each of the disclosures described in\u2013\n<ol>\n \t<li>paragraph (2)(A) (adjusted, as necessary, for the rate of interest in effect on the date of consummation, based on the index used for the loan);<\/li>\n \t<li>subparagraphs (B) through (K) and (M) through (P) of paragraph (2); and<\/li>\n \t<li>paragraph (7).<\/li>\n<\/ol>\n<\/li>\n \t<li>Format of disclosures.\u2013\n<ol>\n \t<li>Model form.\u2013Not later than 2 years after the date of enactment of this subsection, the Board shall, based on consumer testing, and in consultation with the Secretary of Education, develop and issue model forms that may be used, at the option of the private educational lender, for the provision of disclosures required under this subsection.<\/li>\n \t<li>Format.\u2013Model forms developed under this paragraph shall\u2013\n<ol>\n \t<li>be comprehensible to borrowers, with a clear format and design;<\/li>\n \t<li>provide for clear and conspicuous disclosures;<\/li>\n \t<li>enable borrowers easily to identify material terms of the loan and to compare such terms among private education loans; and<\/li>\n \t<li>be succinct, and use an easily readable type font.<\/li>\n<\/ol>\n<\/li>\n \t<li>Safe harbor.\u2013Any private educational lender that elects to provide a model form developed under this subsection that accurately reflects the practices of the private educational lender shall be deemed to be in compliance with the disclosures required under this subsection.<\/li>\n<\/ol>\n<\/li>\n \t<li>Effective period of approved rate of interest and loan terms.\u2013\n<ol>\n \t<li>In general.\u2013With respect to a private education loan, the borrower shall have the right to accept the terms of the loan and consummate the transaction at any time within 30 calendar days (or such longer period as the private educational lender may provide) following the date on which the application for the private education loan is approved and the borrower receives the disclosure documents required under this subsection for the loan, and the rates and terms of the loan may not be changed by the private educational lender during that period.<\/li>\n \t<li>Prohibition on changes.\u2013Except for changes based on adjustments to the index used for a loan, the rates and terms of the loan may not be changed by the private educational lender prior to the earlier of\u2013\n<ol>\n \t<li>the date of acceptance of the terms of the loan and consummation of the transaction by the borrower, as described in subparagraph (A); or<\/li>\n \t<li>the expiration of the period described in subparagraph (A).<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<\/li>\n \t<li>Right to cancel.\u2013With respect to a private education loan, the borrower may cancel the loan, without penalty to the borrower, at any time within 3 business days of the date on which the loan is consummated, and the private educational lender shall disclose such right to the borrower in accordance with paragraph (4).<\/li>\n \t<li>Prohibition on disbursement.\u2013No funds may be disbursed with respect to a private education loan until the expiration of the 3-day period described in paragraph (7).<\/li>\n \t<li>Board regulations.\u2013In issuing regulations under this subsection, the Board shall prevent, to the extent possible, duplicative disclosure requirements for private educational lenders that are otherwise required to make disclosures under this title, except that in any case in which the disclosure requirements of this subsection differ or conflict with the disclosure requirements of any other provision of this title, the requirements of this subsection shall be controlling.<\/li>\n \t<li>Definitions.\u2013For purposes of this subsection, the terms \u201ccovered educational institution\u201d, \u201cprivate education lender\u201d, and \u201cprivate education loan\u201d have the same meanings as in section 140.<\/li>\n \t<li>Duties of lenders participating in preferred lender arrangements.\u2013Each private educational lender that has a preferred lender arrangement with a covered educational institution shall annually, by a date determined by the Board, in consultation with the Secretary of Education, provide to the covered educational institution such information as the Board determines to include in the model form developed under paragraph (5) for each type of private education loan that the lender plans to offer to students attending the covered educational institution, or to the families of such students, for the next award year (as that term is defined in section 481 of the Higher Education Act of 1965).<\/li>\n<\/ol>\n[Codified to 15 U.S.C. 1638]\n\n[Source: Section 128 of title I of the Act of May 29, 1968 (Pub. L. No. 90\u2013321; 82 Stat. 155), effective July 1, 1969, as amended by section 614 of title VI of the Act of March 31, 1980 (Pub. L. No. 96\u2013221; 94 Stat. 178\u2013180), effective October 1, 1982; section 2105 of title II of the Act of September 30, 1996 (Pub. L. No. 104\u2013208; 110 Stat. 3009\u2013402), effective September 30, 1996; section 1302(b)(1) of title XIII of the Act of April 20, 2005 (Pub. L. No. 109\u20138; 119 Stat. 209), effective April 20, 2005; section 2502(a) of title V of the Act of July 30, 2008 (Pub. L. No. 110\u2013289; 122 Stat. 2855), effective July 30, 2008; section 1021(a) of title X of the Act of August 14, 2008 (Pub. L. No. 110\u2013315, 122 Stat. 3483), effective August 14, 2008; section 130(a)(2) of title I of the Act of October 3, 2008 (Pub. L. No. 110\u2013343; 122 Stat. 3797), effective October 3, 2008]<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><div id=\"pg-7-8\"  class=\"panel-grid panel-has-style\" ><div id=\"foundation-scholarships\" class=\"panel-row-style panel-row-style-for-7-8\" ><div id=\"pgc-7-8-0\"  class=\"panel-grid-cell\" ><div id=\"panel-7-8-0-0\" class=\"so-panel widget widget_smcm-title panel-first-child\" data-index=\"38\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-smcm-title so-widget-smcm-title-base\"\n\t\t\t\n\t\t><h2 class=\"smcm-section-title navy\" style=\"text-align: center;\">Foundation <strong>Scholarships<\/strong><\/h2><\/div><\/div><div id=\"panel-7-8-0-1\" class=\"so-panel widget widget_sow-editor\" data-index=\"39\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p>Private scholarships give students opportunities to thrive in a higher education environment and beyond. The St. Mary\u2019s College of Maryland Foundation helps ensure that the College has the resources to foster the excellence that our National Public Honors College requires and to prepare the next generation of engaged, global leaders.<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-7-8-0-2\" class=\"so-panel widget widget_smcm-button panel-last-child\" data-index=\"40\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-smcm-button so-widget-smcm-button-base\"\n\t\t\t\n\t\t><div class=\"smcm-cta-container\"><a class=\"smcm-cta-button red\" style=\"\" href=\"https:\/\/www.smcm.edu\/student-financial-assistance\/assistance-types\/foundation-scholarships\/\">View a list of Foundation Scholarships at SMCM<\/a><\/div><\/div><\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>At St. Mary\u2019s College of Maryland, we believe that academic excellence and hard work should be rewarded. Our merit-based scholarships recognize academic achievement demonstrated through a rigorous academic curriculum including advanced placement courses, honors courses, and co-curricular accomplishments. Merit-based scholarships are awarded without regard to a student\u2019s financial need.<\/p>\n","protected":false},"author":245,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"full-width-content","jetpack_post_was_ever_published":false,"footnotes":""},"class_list":["post-7","page","type-page","status-publish","entry"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.smcm.edu\/student-financial-assistance\/wp-json\/wp\/v2\/pages\/7","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.smcm.edu\/student-financial-assistance\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.smcm.edu\/student-financial-assistance\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.smcm.edu\/student-financial-assistance\/wp-json\/wp\/v2\/users\/245"}],"replies":[{"embeddable":true,"href":"https:\/\/www.smcm.edu\/student-financial-assistance\/wp-json\/wp\/v2\/comments?post=7"}],"version-history":[{"count":4,"href":"https:\/\/www.smcm.edu\/student-financial-assistance\/wp-json\/wp\/v2\/pages\/7\/revisions"}],"predecessor-version":[{"id":1021,"href":"https:\/\/www.smcm.edu\/student-financial-assistance\/wp-json\/wp\/v2\/pages\/7\/revisions\/1021"}],"wp:attachment":[{"href":"https:\/\/www.smcm.edu\/student-financial-assistance\/wp-json\/wp\/v2\/media?parent=7"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}