Grant award (undergraduates only). For students with unmet financial aid need, the student will be authorized for on-campus employment under the Federal Work Study program. Remaining need is then met with additional grants and/or scholarships from University sources to the extent funds are available. Federal Direct PLUS and Federal Direct Loans may be used to replace the expected family contribution, up to the maximum loan limits. The financial aid offered to a student by Marymount is only finalized once all required documentation is received, the student is enrolled in an Associate, Bachelor’s or Master’s degree program, and the student has accepted the Financial Aid Award within the student portal. Any appeals, requests for re-evaluation, or the processing of information received after the initial offer has been made will be evaluated as they are received, and will be considered if there are funds available after the initial offers have been received. Failure to respond to an offer of financial assistance within the indicated time frame will result in the withdrawal of the offer of financial assistance. If the student wishes the offer be reinstated, it he or she must submit it as a late application. Note: Students who appeal for additional assistance must officially accept the initial Financial Aid Award in order to retain it during the appeal process.
Disbursement of Financial Aid Funds
Financial aid award reports are normally sent to students with confirmation of registration for the upcoming term. For those students meeting the March 2 deadline, award reports are sent in May to provide the students with ample time to plan for their university expenses. Late applicants are notified of their eligibility on a rolling basis as applications are received. After a student has received and accepted the financial aid award and completed all necessary paperwork, Business Services is notified of the funds that will be available. That office determines each student’s tuition, fee, and room and board charges, and sends the student a statement of these charges, which also shows projected financial aid funds. Estimated awards do not appear on statements, as they may change before being credited. Any balance due that is not covered by financial aid is due at that time, either in a lump sum payment, through monthly payments through Tuition Management Systems, or through the Federal Direct PLUS parent loan program or private educational student loans. Financial aid funds are credited to the student’s account in Business Services as they are received and after the student’s enrollment level and residence have been confirmed. Most funds are credited directly to the student’s account. If there are funds in the student’s financial aid package that are to be used for other educational costs, such as books and supplies or living expenses, they will be disbursed to the student. Under the Federal Direct Loan Program, first-time borrowers must complete a pre-loan counseling session before the loan can be processed. Loan disbursements for first-time borrowers are available after the 30th day of the semester. Loan funds received electronically will post within three days of receipt. If a student’s enrollment cannot be verified, the EFT funds will be returned and the student billed for any charges the loan was intended to cover. 210