Financial Aid & Scholarships
How much is it going to cost?
It’s probably the #1 question on your mind when looking at a college.
The Offices of Financial Aid and Student Financial Services are here to help you answer that and all of your affordability questions.
Types of Financial Aid
First, what exactly is financial aid? Financial aid consists of all of the money you receive towards your education, whether it needs to be paid back or not. Prior to beginning college (and every year that you are enrolled), you’ll fill out the Free Application for Federal Student Aid (FAFSA) to determine your eligibility for financial aid. Here are the most common types of aid awarded:
Require repayment after final semester
Subsidized: Interest does not accrue while student is enrolled
Unsubsidized: Interest accrues while student is enrolled
Parent PLUS Loan: Federal loan option for parents of dependent undergraduate students
Grad PLUS Loan: Federal loan option for graduate students
Require repayment but secured by the student or parent independently of the college through an outside lender or bank.
Money that does not require repayment; eligibility is determined by your FAFSA application
Federal Pell Grant
FSEOG (Federal Supplementary Opportunity Grants)
TEACH Grant (Teacher Education Assistance for College and Higher Education)
Iraq/Afghanistan Service Grants
NYS TAP (eligibility determined by NYS HESC application)
ETA Grant (eligibility determined by NYS HESC application)
On-campus employment with funds paid directly to student; eligibility is determined by your FAFSA application and employment availability
Money that does not require repayment
Institutional scholarships (awarded by MSMC or donors to the college - considered for automatically upon application to the college)
Outside scholarships (researched and applied for independently by the student and awarded by external agencies or organizations)
Why Should You File the FAFSA?
Many scholarship organizations will not consider you for scholarships unless you have filed a FAFSA. Regardless of whether or not you think you will receive government funding, the FAFSA is a valuable way to maximize your potential for aid.
The FAFSA will determine what federal aid you'll qualify for; it's important to use any federal aid you receive. Always use available grant and scholarship aid before applying for a loan. When considering loan options, remember to use your federal loans before applying for private loans. Federal loans usually have lower fixed interest rates and more flexible repayment options than private loans.
Financial Aid Timeline
For first-time Mount students, you’ll go through the following steps to determine your eligibility for financial aid:
- File your FAFSA at fafsa.gov between October 1 and February 15 for those starting classes in the fall semester, or as soon as possible for those starting in the spring.
- If you are a resident of NY State, complete ETA/TAP/NYS Aid applications. The Mount’s code is 2110.
- You may be selected for Federal Verification randomly or because of missing documentation (about 30% of applicants need to be verified). If that is the case, you will need to fill out additional forms, which you can find here.
- You will receive a letter indicating what Mount scholarships you qualify for soon after receiving your admissions acceptance.
- A few weeks after that, you will receive a packet of information to your home address outlining all of the financial aid you are eligible for, including grants and loans. After submitting your deposit to the Mount, you will need to select which pieces of financial aid you would like to accept and then sign and return the packet’s enclosed award letter to the Office of Financial Aid.
- If you choose to take on loans, you will also need to complete supporting loan documentation.
- Finally, if you are eligible for work study funding and would like to participate, you can apply for campus work study positions on the MSMC Portal the summer before beginning classes.
Each year of enrollment following the first, you will be required to fill out the FAFSA again, sign your finance contract (stating your financial obligation to the college), make a payment prior to one week before the start of classes or enroll in our monthly payment plan, and elect to purchase Mount Money or commuter meal plans if you desire.
Student Financial Services Checklist
Download this checklist to keep on track with your financial aid and bill paying process!
Downloadable Student Checklist