FAQs: Financial Aid

Our six-digit Title IV Code is: 003033.

After you file the 2012-13 FAFSA, you will need to complete the Special Circumstance Form. It enables you to describe your situation and provide documentation.

Federal Direct Loans are a special type of loan made to college students. They can be subsidized or unsubsidized based on your financial need. You must have demonstrated financial need to qualify for a subsidized loan, which has the interest paid by the federal government while you are enrolled in school at least half time and during your six month grace period.

You may also be awarded an unsubsidized loan (interest accrues on this loan while you’re in college).  Some students are awarded both – a portion of a loan might be subsidized and the balance unsubsidized.

Your parents may take a Federal PLUS loan to cover your remaining balance. Sixty days after the final disbursement of the loan amount (each year’s loan is considered a separate loan), parents are required to begin the repayment process unless they opt to defer payment until you finish college. Parents have ten years to repay a PLUS loan. In addition, alternative loans are available to students to cover any remaining balance.

You have up to ten years to repay principle and interest for both of the Federal student loan programs we administer – Direct and Perkins Loans.

The Mount works with Tuition Management System (TMS) to offer you an option to budget yearly tuition over eight, nine or ten months with no interest. For more information or an application, go to www.afford.com/msj or call (800) 356-8329.

Repayment terms vary. You will have a grace period of six months after graduation before you must begin making payments on your Federal Direct Loan. With the Perkins Loan, you will have a nine-month grace period.

You should still complete the form. The FAFSA takes many things into consideration. Also, keep in mind that every student is eligible for a Federal Direct Loan.

If you have been accepted to the Mount, it will take approximately two weeks to receive notification.

When you add our code to your FAFSA record, the results are sent to the Mount. Once you’ve been admitted as a transfer student, we put together a financial aid package based on our awarding policy and available funding. You may receive some of the same types of financial aid and even the same amounts but packages can vary.

A student's participation in NCAA Division III athletics at the Mount cannot be considered in the assessment or awarding of financial assistance.  This is prohibited by NCAA Division III rules.

The needs analysis makes an adjustment to your income called the “income protection allowance” based on your family size and the number attending college. The larger your family, the higher the income protection allowance will be. It protects a portion of your income for the living expenses of your family.

This would be a good time to schedule an appointment to speak with a representative from Student Administrative Services, so we can ensure you have considered local scholarships and that you have accurate figures for your estimated costs. We’ll also discuss other options such as the Federal PLUS Loan, the alternative loans and the TMS payment plan.

Typically we know about academic scholarships before we package need-based aid. We adjust scholarship amounts as we get new ACT and/or SAT scores, when transcripts come in with recalculated grade point averages, or when final grades are received from previous college work. Some scholarships are awarded after the need-based process. These increases in scholarship amounts can result in a reduction in need-based funding.

We need to take a look at your need-based financial aid package to see if any adjustments are necessary. Changes to the self-help aid such as student loans or work study are made before we adjust any grant or scholarship funding.

If you provide Student Administrative Services with documentation of the assistance the third party has agreed to pay by the payment confirmation due date, we will not expect you to pay it up front. We will bill outside parties as long as we receive original authorization from the provider. You will continue to receive monthly statements for this amount until it is paid in full.