Direct Student Loans
Most students enrolled in the graduate programs are eligible to borrow up to their Cost of Attendance, i.e., tuition and fees plus allowances for room and board, books, transportation, and spending money. These allowances are established by the financial aid office at the beginning of each academic year. The following steps are necessary in applying for the Direct Loan:
- Complete the Free Application for Federal Student Aid (FAFSA). This form should be completed electronically at www.fafsa.ed.gov. The Mount’s Title IV school code is 002086. Please understand that this form must be sent to a federal processing center and can take up to a week to be processed; thus it needs to be completed as soon as possible prior to the term. The FAFSA needs to be completed each academic year.
- Complete the Direct Loan Master Promissory Note. First-time borrowers must complete a Master Promissory Note at www.studentloans.gov.
- Complete the Direct Loan Certification Form. This form is mailed with the student’s financial aid award letter. It must be completed each semester that the student wishes to borrow a Direct Student Loan. It can also be downloaded from the financial aid office’s website at www.msmary.edu/financialaid.
- Direct Loan funds are disbursed directly to the University’s Office of Accounting and Finance in two equal installments (one at the beginning of the term and one at the term’s mid-point). If the funds create a credit on the student’s account, the Office of Accounting and Finance will issue a Mount St. Mary’s University check to the student for the amount of the overage. Students should not expect to receive the full refund until the loan has been fully disbursed at the term’s mid-point.
Students receiving federal financial aid must make satisfactory academic progress towards completion of a certificate or degree if their aid is to be processed or continued. The general rule is that students must complete with passing grades at least 67 percent of the credits they attempt and maintain a cumulative grade point average of 3.0 or better. All courses ever attempted at the university are considered when calculating satisfactory progress, even though the student may not have received aid for prior courses. The rate is calculated by dividing credits earned by credits attempted. Attempted credits include grades of Withdraw, Incomplete, and Audit. Repeated courses count as attempted credits during each term the student is enrolled in the course but can only be counted as completed once. A student receiving aid who falls below the minimum rate of 67 percent satisfactory completion of courses and/or has a cumulative grade point average below 3.0 will be placed on financial aid probation. If the student fails to achieve both standards after completion of the second or subsequent semester of enrollment, aid will be discontinued. Aid will be reinstated only after the student’s completion rate is 67 percent or above and the cumulative grade point average is 3.0 or better.
Students who believe that unusual circumstances have caused their failure to make satisfactory progress may petition the Financial Aid Committee in writing; a decision about eligibility for additional aid will be made by the committee. The maximum period for which a student may receive any federal aid is 150% of the published length of an academic program.
Withdrawal and Refund of Financial Aid
Financial aid recipients who withdraw from all of their classes during a term will be subject to federal refund policies, which are different from the university’s refund policy. The amount of aid earned is determined by a pro rata calculation, multiplying the percentage of the academic term the student has completed by the total amount of federal aid disbursed to the student. If the academic term is more than 60 percent complete, the student has earned 100 percent of the aid.
Veteran Benefits
Veterans, as well as children and spouses of veterans, who are eligible to receive education benefits should contact the Division of Continuing Studies School Certifying Official
Division of Continuing Studies
Mount St. Mary’s University
5350 Spectrum Drive, Frederick MD 21703
301-447-5784
Veterans Receiving Chapter 33 Post 9/11 GI Bill® or Chapter 31 Veteran Readiness & Employment Benefits
In compliance with the Veterans Benefits and Transition Act of 2018, any student using Chapter 33 Post 9/11 GI Bill® or Chapter 31 Veteran Readiness & Employment benefits who has been certified for benefits by the School Certifying Official, is exempt from the deadlines and penalties listed above for the semester(s) certified. In order to be certified, the student must provide the VA’s Certificate of Eligibility and complete Mount St. Mary’s University’s VA Declaration of Intent form, available here on MyMount under the Student Forms tab.
GI Bill® is a registered trademark of the U.S. Department of Veterans Affairs (VA). More information about education benefits offered by VA is available at the official U.S. government Web site at https://www.benefits.va.gov/gibill.
Active Duty Military Tuition Assistance (TA) Program
The Mount’s Division of Continuing Studies is proud to support Active-Duty Military by offering a special tuition rate of $250 per credit. Active-Duty members can also work with their military branch to participate in the DOD Tuition Assistance program. Appropriate documentation is required each semester to receive the special tuition rate. For additional information on the DOD Tuition Assistance program consult:
https://www.militaryonesource.mil/education-employment/for-service-members/how-to-use-the-military-tuition-assistance-program/
Military Tuition Assistance (TA) Return of Funds Policy
Military tuition assistance (TA) is awarded to a student under the assumption that the student will attend school for the entire period for which the assistance is awarded. When a student withdraws (officially or unofficially) on or before 60 percent of the course(s) meeting period has been completed, Mount St. Mary’s University will comply with the Department of Defense policy to return unearned TA funds to the federal government on a proportional basis through the 60 percent portion of the period for which the TA funds were provided. After a student completes 60 percent of the term, all TA funds are considered fully earned.
The return of funds schedule is as follows:
| 15-week course |
|
| Days 1-5 |
100% |
|
| Days 6-12 |
80% |
|
| Days 13-19 |
60% |
|
| Days 20-26 |
40% |
|
| 27 |
34% |
|
| 28 |
33% |
|
| 29 |
32% |
|
| 30 |
31% |
|
| 31 |
30% |
|
| 32 |
30% |
|
| 33 |
29% |
|
| 34 |
28% |
|
| 35 |
27% |
|
| 36 |
26% |
|
| 37 |
25% |
|
| 38 |
24% |
|
| 39 |
23% |
|
| 40 |
22% |
|
| 41 |
21% |
|
| 42 |
20% |
|
| 43 |
19% |
|
| 44 |
18% |
|
| 45 |
17% |
|
| 46 |
16% |
|
| 47 |
15% |
|
| 48 |
14% |
|
| 49 |
13% |
|
| 50 |
12% |
|
| 51 |
11% |
|
| 52 |
10% |
|
| 53 |
10% |
|
| 54 |
9% |
|
| 55 |
8% |
|
| 56 |
7% |
|
| 57 |
6% |
|
| 58 |
5% |
|
| 59 |
4% |
|
| 60 |
3% |
|
| 61 |
2% |
|
| 62 |
1% |
|
| 63 |
0% |
(60% of course is completed) |
| 8-week course |
|
| Days 1-5 |
100% |
|
| Days 6-8 |
80% |
|
| 9 |
45% |
|
| 10 |
43% |
|
| 11 |
41% |
|
| 12 |
39% |
|
| 13 |
38% |
|
| 14 |
36% |
|
| 15 |
34% |
|
| 16 |
32% |
|
| 17 |
30% |
|
| 18 |
29% |
|
| 19 |
27% |
|
| 20 |
25% |
|
| 21 |
23% |
|
| 22 |
21% |
|
| 23 |
20% |
|
| 24 |
18% |
|
| 25 |
16% |
|
| 26 |
14% |
|
| 27 |
13% |
|
| 28 |
11% |
|
| 29 |
9% |
|
| 30 |
7% |
|
| 31 |
5% |
|
| 32 |
4% |
|
| 33 |
2% |
|
| 34 |
0% |
(60% of course is completed) |
| |
|
|
| 5-week course |
|
| Days 1-5 |
100% |
|
| Days 6-8 |
80% |
|
| 9 |
80% |
|
| 10 |
77% |
|
| 11 |
74% |
|
| 12 |
71% |
|
| 13 |
69% |
|
| 14 |
66% |
|
| 15 |
63% |
|
| 16 |
60% |
|
| 17 |
57% |
|
| 18 |
54% |
|
| 19 |
51% |
|
| 20 |
49% |
|
| 21 |
0% |
(60% of course is completed) |
Non-payment
Students who are delinquent in paying their account will be removed from registered courses until such time as their account is settled. In such cases, students are at risk of losing a seat in class should enrollment reach capacity. It is the student’s responsibility to make sure his or her account is up-to-date and all financial obligations have been met.
Upon non-payment, Mount St. Mary’s University may declare any remaining balance due and payable. In the event a student account is referred to an attorney for collection through legal proceedings or otherwise, the student will be responsible to pay reasonable collection costs and fees, attorney’s fees, court costs, and other related costs to Mount St. Mary’s University. Default interest shall accrue at the rate of one and one-half percent (1.5%) per month (18% APR) from the date of default until the date of payment, and shall be the rate of interest applicable in any judgement. A transcript release hold will be applied to the student record. Transcripts will not be released until the debt is paid in full.
Graduate Assistantships
Mount St. Mary’s University offers highly competitive graduate assistantships to provide an opportunity for graduate students to further their knowledge in both academic and professional fields through involvement in different areas of the University. While most Graduate Assistantships are offered for two years on a renewable one-year appointment, working 20 hours per week from August - May, there are a few appointments scheduled 15 hours per week from July - June. Compensation for graduate assistantship consists of partial tuition remission and an annual stipend.
The graduate assistantship application is by invitation only for students who have been admitted into a graduate degree program and have an undergraduate GPA of 3.0 or higher. For more information: https://admission.msmary.edu/portal/GraduateAssistantship
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