AWARD GUIDE FINANCIAL AID SELF-SERVICE

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1 McDANIEL COLLEGE FINANCIAL AID AWARD GUIDE YOU ARE RESPONSIBLE FOR READING THIS AWARD GUIDE. This information is essential to understanding the terms and conditions of your financial aid award. All McDaniel College policies are listed on 4How to Keep It 4Policies. Please note, if Federal and State Guidelines change this information may be updated. FINANCIAL AID SELF-SERVICE FINANCIAL AID SELF-SERVICE IS A NEW INTERACTIVE ONLINE FINANCIAL AID TOOL THAT GUIDES YOU STEP BY STEP THROUGH THE FINANCIAL AID PROCESS. Beginning with the Financial Aid Self-Service home page, you can view the status of your financial aid file. You have options to review required documents and view the amounts of financial aid awarded. You also have the ability to accept, reduce or cancel loans through Financial Aid Self-Service. For detailed information about Financial Aid Self-Service visit 4Quick Links 4Financial Aid Process.

2 VERIFICATION AND ADDITIONAL INFORMATION PROCESS Verification is a process to confirm information you provided on the FAFSA. Verification selection can be random or due to incomplete, estimated or inconsistent data reported on your FAFSA. If your application was selected for verification, we will ask you to provide additional information to document the accuracy of your FAFSA, which may include 2015 tax information obtained directly from the IRS. A list of required documents can be found on Financial Aid Self-Service. All requirements must be completed before a final award letter can be prepared. Accepted applicants chosen for the verification process or applicants required to provide the Financial Aid Office additional documentation will be sent an Estimated Award letter. Your financial aid awards will not be available for payment until verification is completed. PLEASE ALLOW TIME FOR DOCUMENT REVIEW. REVIEWING YOUR OUTSTANDING REQUIREMENTS Once you ve logged in, click on Checklist. If you see Action Needed please click on Complete required documents. YOUR RESPONSIBILITIES Review Financial Aid Self-Service regularly. Check your account for communication from the Financial Aid Office. Read all materials sent to you from the Financial Aid Office. Submit all documents and complete all requirements promptly to avoid delays. Keep copies of all forms you sign. Return fully completed documents to the Financial Aid Office by mail, by fax or in person. 2

3 REVIEW AND ACCEPT YOUR FINANCIAL AID AWARD PACKAGE ON FINANCIAL AID SELF-SERVICE AVAILABLE ONLY TO STUDENTS AND APPLICANTS WITH FINAL AWARD LETTERS DO YOU KNOW... Financial Aid Self-Service can be used to confirm the receipt of Entrance Counseling and Master Promissory Note. Financial Aid Self-Service is available 24 hours a day, 7 days a week. Grants and Scholarships do not require formal acceptance unless it is a Maryland State Scholarship. If it is a Maryland State Grant or Scholarship, visit to accept your award. Links for frequently used websites can be found on Financial Aid Self-Service. You must accept or decline Federal Student Direct and/or Perkins loans and work-study awards on Self-Service or the award offer may be withdrawn. These awards will require additional steps to be completed as explained below and on our website. FEDERAL STUDENT LOAN REQUIREMENTS After you accept a loan award, you may have new requirements to complete: Entrance loan counseling is required for all first-time borrowers. Master promissory note is required for all first-time borrowers. FEDERAL LOAN ENTRANCE COUNSELING Entrance loan counseling is required for first-time federal loan borrowers and must be completed before you can receive loan funds. Federal Direct Subsidized, Unsubsidized and Graduate PLUS Loan entrance counseling may be completed online at Federal Perkins Loan entrance counseling can be completed online at After your loan counseling session has been completed, we will receive notification within a few days. Check Financial Aid Self-Service for more information about these possible financial aid requirements. 3

4 FEDERAL LOAN PROMISSORY NOTES Promissory notes must be signed before a loan can be disbursed. Federal Direct Subsidized and Unsubsidized Loan: This promissory note only needs to be completed once every 10 years. Federal Parent or Graduate PLUS Loan: This promissory note only needs to be completed once every 10 years, unless an endorser is required. Federal Perkins Loans: Complete and electronically sign online at FEDERAL WORK-STUDY REQUIREMENTS The Federal Work-Study program provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses. The program encourages community service work and work related to the recipient s course of study. If you accepted your Federal Work-Study award, you will be contacted during the summer with more information about securing a job and completing necessary documents. REVIEW AND SIGN AWARD LETTER SMART BORROWING D0 YOU KNOW... Federal student loans are not based on your credit. Loan payments are deferred while attending McDaniel College. There are a variety of loan repayment options. Visit studentaid.ed.gov under How to Repay Your Loans for more information about Federal Direct loans. The last step on the Financial Aid checklist is to Review and Sign the Financial Aid Award letter. You are required to sign the award letter before Financial Aid funds post to your student account. ELECTRONIC CONSENT By selecting Yes under Correspondence on Financial Aid Self-Service, you will be able to receive electronic communications from the Financial Aid office. Without this consent, the Financial Aid Office cannot send you any information via or reply back to s sent to our office. Unless you consent to electronic communication, all communications with the Financial Aid Office will be limited to postal mail. 4

5 FAMILY EDUCATIONAL RIGHTS AND PRIVACY ACT (FERPA) FERPA is a federal law designed to protect the privacy of your educational records. Educational records are all records that contain personally identifiable student information, which includes student financial aid information. Once you are enrolled at McDaniel College, all FERPA rights transfer from your parent to you, regardless of parental information used to apply for financial aid. If you would like to authorize release of financial aid and billing information, complete the FERPA Release form, found on under Forms and Publications. AWARD REVISIONS Your award may be revised or cancelled: If aid was based on false or inaccurate information. For example, changes in enrollment or housing status. If an error was made in determining your eligibility or in disbursement of aid. If the amount of aid you receive will exceed your financial need or budget. (This may occur if you receive additional aid or as a result of verification.) If you withdraw from one or more classes. If you do not submit all the required documents. If you fail to maintain Satisfactory Academic Progress. If additional funds become available. If extenuating circumstances warrant an adjustment in your eligibility for financial aid. If you fail to achieve the required standards for merit-based aid you receive from McDaniel College. If you do not achieve the proper grade level needed for student loans that were initially awarded. If a revision is made, you will be contacted to review your updated award on Financial Aid Self-Service. KEEPING YOUR AWARD DO YOU HAVE A FINANCIAL AID PLAN? A good financial aid plan includes understanding how much financial aid will be available to you to cover your educational expenses. Accepted applicants are mailed their estimated balance due. Returning students are notified by the Bursar s Office of their financial obligation to McDaniel College. If your accepted aid is not sufficient to cover your entire balance, you may need to pursue additional options to satisfy your balance. Additional financial options could include: External Scholarships Installment Payment Plan Federal Direct PLUS loan Private Alternative Loans Maintaining financial aid eligibility is an ongoing process. Not only must you reapply for financial aid every year, but the Financial Aid Office is required to continually monitor your eligibility. You must make Satisfactory Academic Progress toward your degree or program. See page 6. You must maintain at least half-time enrollment (at least 6 credits) to remain eligible for the majority of financial aid funds. You must complete courses. Withdrawing from one class or all classes can negatively affect your ability to retain the funds awarded and/or disbursed to you. See page 7 for Consequences of Enrollment Changes. 5

6 SATISFACTORY ACADEMIC PROGRESS Satisfactory Academic Progress (SAP) Standards Academic progress is measured both qualitatively and quantitatively at the end of spring semester against the following standards: Cumulative Grade Point Average (GPA) Attempted Credits Cumulative GPA (includes both transferred and * For Undergraduate Students McDaniel-earned credits) or higher * or higher * or higher * 85 or higher 2.0 or higher * NOTES Renew FAFSA annually. Meet with Financial Aid Counselor when you have questions about Financial Aid. Apply for External Scholarships. Graduate Student 3.0 or higher Completion Percentage (Pace): You are required to complete a minimum of 67% of all attempted courses. Maximum Time Frame: Undergraduate students must complete their program of study in no more than 150% of the average published length of the program measured in academic years, semesters or credit hours attempted. For Graduate students Maximum Time Frame may be no longer than the number of credits established by the Registrar s Office for the program of study. If it is determined that you are not making Satisfactory Academic Progress, you will be given the status of Financial Aid Suspension. You will have the opportunity to appeal a suspension; however the circumstances to appeal a suspension decision are limited. You may appeal a suspension if you did not make SAP standards due to the death of a relative, illness, or other extenuating circumstances. All circumstances must be documented (and may or may not be approved by the committee). The outcome of the appeal will determine whether a student is granted financial aid probation or if the suspension remains unchanged. You are strongly encouraged and advised to see an academic advisor each semester to ensure you are selecting appropriate courses and progressing through your program of study. Please see our website for more information on Satisfactory Academic Progress. 6

7 CONSEQUENCES OF ENROLLMENT CHANGES The Financial Aid Office is required by federal statute to recalculate federal financial aid eligibility for students who withdraw, drop out, are dismissed, or take a leave of absence prior to completing 60 percent of a payment period or term. The federal Title IV financial aid programs must be recalculated in these situations. For detailed information about the Dropping Courses and Withdrawals policy, refer to 4How to Keep It 4Policies 4Dropping Courses and Withdrawals. REPORTING ADDITIONAL FINANCIAL AID RESOURCES You are required to notify the Financial Aid Office of any additional financial resources you receive that are not listed on your award notification. This includes scholarships, grants, fellowships, employee educational benefits and loans not sourced from the Department of Education. These resources may result in adjustments and/or reduction of the financial aid originally offered. Please complete the Outside Resource Notification form on our website to advise us of all grants, scholarships and outside loans you will be receiving. If we know about these scholarships or loans, your financial aid award and tuition statement will be more accurate and we may not need to revise your financial aid award later in the year. PAYMENT OF AID AND REFUNDS SPECIAL CIRCUMSTANCES We recognize that students may have extenuating circumstances that the FAFSA does not consider. If a significant change occurs in your financial situation (e.g., reduction in income, loss of employment, divorce/ separation, death of a parent/spouse), you may submit a Professional Judgment Appeal and request that your financial aid eligibility be reviewed. The forms are available at finaid under Forms and Publications. Financial aid for an academic year is applied in two payments: half for the fall semester and the other half for the spring semester. Federal, state and institutional aid for undergraduate students will be released to your student account no sooner than 10 days prior to the official start of the semester. Federal and state aid for graduate students will be released when the required enrollment is achieved. If you have a credit balance on your student account, a refund will be generated for use for other educational expenses. Financial aid refunds are released within 14 days of the start of classes. Refunds are generated weekly by the Bursar s Office. Late financial aid applicants will receive funds after an award is offered and accepted, provided other award conditions are completed. You have the right to cancel all or a portion of your student loans. Visit www. mcdaniel.edu/finaid 4How to Keep It 4Policies 4Loan Cancellation Policy. 7

8 IMPORTANT FINANCIAL AID DEADLINES* ALL STUDENTS January 1, 2016 March 1, 2016 Students may begin submitting their FAFSA to the Federal Processor at Make sure to have your FSA ID available. McDaniel College s Priority Deadline to submit your FAFSA. Also the deadline to submit your FAFSA for consideration for state aid, such as the Senatorial and Delegate Scholarships, Howard P. Rawlings Guaranteed Access Grant, and Educational Assistance Grant. NEW FRESHMEN AND TRANSFERS April 8, 2016 May 1, 2016 May 13, 2016 June 15, 2016 August 5, 2016 Priority deadline for new students to submit missing documents for the academic year. Deposit deadline for first-year students. Priority deadline for new students to apply for Direct, PLUS and alternative loans for the academic year. Deposit deadline for transfer students. Fall bill is due to the Bursar s Office. RETURNING UNDERGRADUATE STUDENTS May 6, 2016 July 6, 2016 August 5, 2016 GRADUATE STUDENTS Priority deadline for returning students to submit missing documents for the academic year. Priority deadline for returning students to apply for Direct, PLUS and alternative loans for the academic year. Fall bill is due to the Bursar s Office. Visit the Graduate Financial Aid Website for deadlines at * FOR THE LIST OF ALL FINANCIAL AID DEADLINES, visit the financial aid website at FINANCIAL AID OFFICE Elderdice Hall 2 College Hill Westminster, MD Phone: Fax: finaid@mcdaniel.edu Monday Friday 8:30 a.m. 4:30 p.m. OTHER SERVICES ON CAMPUS Academic Affairs Elderdice Hall Admissions Carroll Hall Bursar s Office Elderdice Hall Graduate and Professional Studies Merritt Hall Information Technology Hoover Library Registrar s Office Elderdice Hall Residence Life Decker College Center The McDaniel community has a reputation for academic excellence, collaborative learning, and social responsibility. A commitment to the principles of truth and honesty as outlined in the Honor Code is essential to the mission and academic integrity of the College. McDaniel is committed to the principle of equal opportunity for all qualified persons without discrimination against any person and admits students of any race, color, gender, religion, age, national or ethnic origin, disability, marital status or veteran status to all of the rights, privileges, programs, benefits, and activities generally accorded or made available to students at the College. Questions regarding Title VI, Title IX, and Section 504 should be referred to the Director of Affirmative Action, McDaniel College is a member of the National Association of College Admissions Counselors, and as such adheres to the principles contained in its Statement of Principles of Good Practice. We value the safety of all members of the McDaniel community. A copy of the McDaniel College annual security report is available from the Department of Campus Safety at The College reserves the freedom to change any programs, policies, requirements or regulations published in this brochure.