How will my eligibility for financial aid be determined?
Your financial aid eligibility is determined by subtracting your
family’s ability to pay for your educational expenses for the year
(your EFC on your FAFSA) from your cost of attendance (including
tuition, fees, room, board, books, transportation, and personal
Cost of Attendance - EFC = Financial Need
is a Financial Aid “package”?
Your financial aid package is the summary of your financial aid
Will my financial aid vary from year to year?
Most likely, yes. As your/your parent’s information changes each
year, your family’s expected contribution (EFC) may change. You
need to reapply each spring with the latest FAFSA.
have had a drastic change in our family circumstances. Can you
If you have special circumstances that are not addressed on the
FAFSA (for example, lost or reduced salaries, unemployment,
unusually high medical or dental expenses, death of a family
member), please fill out a special circumstances form. We will
review the change(s) in your circumstance and if funds are
available, send a revised award letter.
do I, as a parent, apply for a Federal PLUS loan?
We ask that you apply no earlier than June 20. We process our
federal student loans, including PLUS, after July 10 of each award
year. This is to assist you with securing the lowest possible
interest rates, as they change each July 1. You may apply online
for your Federal Direct PLUS loan at www.studentloans.gov. This
is a secure website and a good source for all federal loan
information. Please review our Direct Loan Step by Step information
sheet. You may also contact StudentLoans.gov at
1-800-557-7394 if you have specific questions or a problem with the
site. A new Direct PLUS Loan application is required every year you
wish to utilize this loan option.
What is the current interest rate on my government loan?
The current interest rates for the 2014-2015 academic year are
|Loan Type||Interest Rate|
|Direct Subsidized Loans (Undergraduate)||4.66%|
|Direct Unsubsidized Loans (Undergraduate)||4.66%|
|Direct Unsubsidized Loans (Graduate or
|Direct PLUS Loans (Parents and Graduate or
What is your school code for the FAFSA?
Our Title IV School Code: 002778
Fill out the FAFSA form online: www.fafsa.ed.gov
NYS TAP Code (Undergraduate): 2110
Deadline: February 15 for freshmen; regular
deadline is March 1
Does the Mount have a Net Price
Yes. You may access the calculator using this link: www.msmc.edu/npc
Contact Financial Aid