Financial Aid

Financial Aid FAQs

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 expenses).

Cost of Attendance - EFC = Financial Need

What is a Financial Aid “package”?

Your financial aid package is the summary of your financial aid awards.

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.

We have had a drastic change in our family circumstances. Can you help?

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.

When 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 as follows:

Loan TypeInterest Rate
Direct Subsidized Loans (Undergraduate)4.66%
Direct Unsubsidized Loans (Undergraduate)4.66%
Direct Unsubsidized Loans (Graduate or Professional Students)6.21%
Direct PLUS Loans (Parents and Graduate or Professional Students)7.21%

 

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 Calculator?

Yes. You may access the calculator using this link: www.msmc.edu/npc

 

Contact Financial Aid
Email: finaid@msmc.edu
Phone: 845-569-3700

Fax: 845-569-3302