Three Different Financial Aid Stories
Bob’s family
Family Income: $48,500
Assets: $4,200
| Mount Scholarship |
$11,000 |
| Mount Grant in Aid |
$2,500 |
| Federal Pell Grant |
$3,950 |
| Federal SEOG Grant |
$1,500 |
| Work Study |
$1,500 |
| Federal Perkins Loan |
$1,500 |
| Federal Stafford Loan |
$2,625 |
| TOTAL Financial Aid Award |
$24,575 |
|
| Mount costs |
$30,930 |
| Financial Aid Award |
$24,575(-) |
| TOTAL Family Contribution |
$6,355 |
|
| Family Contribution |
|
| Cash |
$1,000 |
| PLUS Loan |
$3,325 |
| Monthly Payment Plan |
$2,000 |
|
(10 monthly Payments of $200)
|
Noreen’s Family
Family Income: $102,200
Assets: $22,000
| Mount Scholarship |
$8,500 |
| Federal Stafford Loan |
$2,625 |
| TOTAL Financial Aid Award |
$11,125 |
Noreen’s initial award met her family need, as determined by the information on her financial aid forms. Noreen’s financial aid award was increased after her mother wrote a letter explaining a loss of income during the current year, which was not shown on the FAFSA or Mount St. Mary’s Financial Aid Application. After reviewing the information, the Mount Financial Aid Office recalculated the family need which allowed for the additional Mount Grant to be awarded.
Noreen’s Adjusted Family Income
Family Income: $85,700
Assets: $22,000
| Mount Scholarship |
$8,500 |
| Mount Grant in Aid |
$2,000 |
| Perkins Loan |
$1,500 |
| Federal Stafford Loan |
$2,625 |
| TOTAL Financial Aid Award |
$14,625 |
Stacey’s Family
Family Income: $67,000
Assets: $5,500
| Maryland EA Grant |
$2,700 |
| Mount Grant in Aid |
$2,500 |
| Mount Merit Grant |
$8,500 |
| Perkins Loan |
$1,500 |
| Work Study Program |
$1,500 |
| Federal Stafford Loan |
$2,625 |
| TOTAL Financial Aid Award |
$19,325 |
As a Maryland resident, Stacey made sure she submitted her FAFSA and Mount St. Mary’s Financial Aid Brochure financial aid applications no later than March 1. This allowed her to receive the Maryland State Educational Assistance Grant.
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