Loans

Federal Stafford Student Loans
Eligible undergraduate students may borrow up to $2,625 for the first year of study, up to $3,500 for the second year, and up to $5,500 for each remaining year. Eligible graduate students may borrow up to $8,500 per year. During periods of enrollment, interest payments are subsidized by the government. After graduation or termination of studies, and following a six-month grace period, students repay their loans at a variable interest rate which is tied to the 91-day T-Bill rate plus 3.1%, but not to exceed 9%.

Federal Unsubsidized Stafford Student Loans
Students who are not eligible or only partially eligible for a subsidized Stafford Loan may borrow funds via this program at annual limits and interest rates equivalent to those of the subsidized program. Students will be responsible for interest charges during periods of enrollment.

Federal Perkins Loans
This program enables selected students to borrow money interest-free while they are enrolled in college. Loans, which typically range from $500 to $2,000 per year, are repayable after graduation, or termination of studies, at a 5% interest rate.

Federal Parent Loans for Undergraduate Students (PLUS)
This program enables parents of dependent students to borrow the entire annual cost of attendance less financial aid awarded. The loans are repayable at a variable interest rate which is based on the one-year T-Bill plus 3.1% but capped never to exceed 9%.

Grants

Federal Pell Grants
This program provides students with grants of up to $4,050 per year. Application may be made by completing the FAFSA.

Supplemental Educational Opportunity Grants
Designed to assist exceptionally needy students, these grants typically range from $500 to $1,500 per year.

Work

Federal Work Study
Students selected for this program are employed in a wide variety of on-campus jobs. On the average, students work ten to fifteen hours per week and earn $1,000 to $1,500 per year. Learn more about the federal work study program in the federal government Student Guide

Other College Employment
College employment other than the federal work study program is available.

ROTC Scholarships
Mount students receive scholarships from the Army ROTC program in excess of $20,000/year, and are eligible for additional aid from the college. Scholarships may be for two-four years. Contact the Mount ROTC department at 310-447-5350 for additional information on these scholarships.

Maryland Programs

(Students interested in additional information about Maryland financial aid programs should refer to information from the state’s Office of Student Financial Assistance (www.mhec.state.md.us) for specific eligibility requirements and application instructions.)

Grants

Guaranteed Access (GA) Grants
Awards in excess of $13,000 per year for Maryland students from very low-income families. You must complete and mail a GA Grant application to the state’s Office of Student Financial Assistance prior to March 1. You must also submit the Free Application for Federal Student Aid (FAFSA) no later than March 1 of each year.

Educational Assistance (EA) Grants
The EA Grant is awarded to Maryland students from families with low to moderate income. The average grant for Mount students has been $2,700. For eligibility, you must submit the FAFSA to the federal processor no later than March 1 of each year.

Scholarships

Senatorial Scholarships
The average Senatorial Scholarship for Mount students has been $1,500. Contact the State Scholarship Administration for further information.

Delegate Scholarships
Write to each of your three Maryland Delegates for instructions on how to apply. Awards vary, with the average Mount student receiving over $1,000.