Need Based Financial Aid Policies
Students who wish to be considered for need-based financial aid must file the appropriate applications each year. The Free Application for Federal Student Aid (FAFSA)is used to determine eligibility for state and federal (Pell Grant, Work Study and Perkins & Stafford Loans) programs.
Submit applications by February 15 so the financial aid office receives them no later than March 1. Maryland residents should be aware that the State Scholarship Administration requires the FAFSA to be filed no later than March 1 to be considered for any of their programs.
In order to compute a student's need, the financial aid office must first determine the student's cost of attendance (COA). For a resident student, the COA includes charges for tuition, room and board, plus allowances for books, travel and miscellaneous expenses. For a nonresident, it includes tuition, plus allowances for living expenses, books, travel and miscellaneous expenses. After determining the COA, the financial aid office subtracts from it the expected family contribution (EFC) that is provided by the FAFSA. The cost of attendance minus the expected family contribution equals NEED.
A change in enrollment status (full time to part time or ¾ time to ½ time) or a change in residence status will affect the cost of attendance, thus changing the need and prompting a review of the financial aid package.
Likewise, students who receive additional financial aid after receiving their financial aid package will have their federal aid eligibility reviewed.
Financial Aid Packages
Financial aid packages for returning students are mailed between the final week of May and mid-June. To accept the offer, students are asked to sign and return a copy of the Award Letter within two weeks.
A random selection of FAFSAs are chosen for verification by the federal processing system. Those selected will be required to submit appropriate paperwork, including federal tax returns for both the student and parents (for dependent students), to the financial aid office. The financial aid office will make this request in early May. Failure to comply with any of these requests will result in the cancellation of all federal aid in the student's package.
Up to 50% of tuition annually is awarded based on financial need to students who live at home and commute to the Mount. When combined with an academic scholarship, total money from the Mount cannot exceed 50% of tuition.
Families with unusual expenses (e.g., medical and dental expenses, elementary/high school tuition) should complete the appropriate Appeals Form and submit it to the Financial Aid Office with a letter of explanation