Satisfactory Academic Progress for Financial Aid
Direct Student Loans
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 75 percent of the credits they attempt. 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. If, after completion of the second or subsequent semester of enrollment, a student receiving aid falls below the minimum rate of 75 percent satisfactory completion of courses, aid will be discontinued. Aid will be reinstated only after the student’s completion rate is 75 percent or above and the student requests reinstatement in writing.
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.
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.
Veteran Benefits
Veterans, as well as children and spouses of veterans, who are eligible to receive education benefits should inform the university registrar, who serves as the veterans certifying official.
Office of the Registrar
Mount St. Mary’s University
16300 Old Emmitsburg Road
Emmitsburg, MD 21727-7796
Phone: 301-447-5215
Email: registrar@msmary.edu
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
A limited number of graduate assistantships are awarded annually. Graduate assistants normally work 15 hours per week throughout the year (June 1 to May 31) or 20 hours per week during the academic year (August to May) in addition to being students. In return for the aforementioned work, the student is compensated with a stipend and tuition remission for up to seven graduate courses per academic year. Undergraduate courses, independent studies, and tutorials are not compensated.
Qualified graduate students with excellent academic credentials are encouraged to apply. To be eligible for an assistantship, all admission criteria must be satisfied and the student must be accepted into a graduate program.
Graduate assistant positions are available in the College of Liberal Arts, the School of Business, the School of Natural Science and Mathematics, and the Division of Education, as well as other offices on campus including the Office of Academic Affairs, Frederick Campus and Conference Center, Office of University Communications, Institutional Research, Learning Services, Residence Life, and Dean of Students. Students should apply online under HR employment opportunities to be considered. The deadline to apply is March 31st of the prior academic year.
|