Undergraduate Catalog: Financial Assistance

University-Funded || Transfer Students || Federal/State || Application Procedures || Other Payment Options || More Information || Federal Loans || Endowed Scholarships

Marywood University offers a comprehensive program of financial aid to assist students in meeting educational costs. Eligibility for federal and state-funded programs is based upon demonstrated financial need. In determining financial need, a federal eligibility formula is used to analyze family income and assets. In addition, the University also awards scholarships/grants from institutional sources on the basis of academic merit, without regard to financial need. Accepted students at Marywood University are considered for all financial assistance programs for which they qualify. 99 percent of incoming first-­time students receive some type of finan­cial assistance. Over $27,000,000 in institutional aid is awarded each academic year to Marywood students.

University-Funded Programs

Marywood University Scholars Program recognizes undergraduate students who have demonstrated their outstanding academic abilities. Candidates for the freshman class whose combined Critical Reading and Math scores of the SAT are 1200 or higher and whose six-semester high school GPA is 3.50 or higher (on a 4.00 scale) are considered for these awards. Candidates for these awards must have applied and been accepted to Marywood prior to December 15 of their senior year in high school.

These awards are only available for full­-time students entering in the fall semester. These awards are renewable for up to eight (8) full­time undergraduate semesters. Students are required to maintain full­-time status and a minimum 3.25 cumulative grade point average to renew the award each academic year. Since the Marywood University Scholar Program supports undergraduate studies, this award ceases upon completion of undergraduate degree requirements.

IHM Scholarships recognize students whose combined SAT scores are typically 1150 or above (based on Math and Critical Reading only) and who rank academically among the upper fifth of their graduating class. Transfer students are also eligible for consideration based upon their prior postsecondary academic records. The number of awards and scholarship amounts vary from year to year.

Marywood University Grants are awarded to students who demonstrate academic ability. These grants vary in value depending upon the applicant’s academic profile and financial need.

Talent Awards are made to students who demonstrate outstanding proficiency in music, art, theatre or communication arts and who plan to major in one of these areas at Marywood. Talent is demonstrated through evaluation of an art portfolio, a music audition, a communication arts portfolio, or participation in the annual theatre competition. Evaluations must be completed by March 1.

Maxis/Gillet Service Awards. The University grants service awards to incoming students who have demonstrated outstanding service to the community during their high school years and have a commitment to continue that service while enrolled at Marywood. To be considered for this award, the applicant must be accepted for admission and complete the Maxis/Gillet Service Award Application by January 28. For more information, contact the Office of Collegiate Volunteers or Campus Ministry at 570-­961-­4723 or visit www.marywood.edu/www2/stu_life/campmin/home.htm.

Marywood Scholarships/Grants are renewable for a total of eight (8) full time semesters of undergraduate study, if the student maintains the required minimum cumulative QPA of 3.00 for an IHM scholarship and 2.50 for a grant.

Scholarships for Transfer Students

In addition to the scholarships listed above, transfer students also qualify for:

Phi Theta Kappa Scholarships are awarded to transfer students who are members of this International Scholastic Order of two-year colleges. A minimum transfer QPA of 3.50 is required for consideration for this scholarship as well as an earned associate degree. The student must enroll at Marywood immediately upon graduation from a two-year college. Proof of PTK membership is required. This scholarship is renewable if the recipient maintains a minimum of a 3.00 cumulative QPA at Marywood University. Part-time students are not eligible for this award.

Federal/State Funded Programs

Marywood participates in all established programs of federal/state financial aid, which includes the following: Federal Pell Grants, Federal Supplemental Educational Opportunity Grants (FSEOG), Federal Perkins Loans, Federal Aca­demic Competitiveness Grants (ACG), National Science & Math Access to Retain Talent Grant (SMART), Federal Direct Student Loans, and Federal Work­-Study Programs. Parents can borrow under the Federal Direct Parent Loan (PLUS) Program. Students who are residents of Pennsylvania can apply for the PHEAA State Grant; residents of other states can apply through their respective State Higher Education Assistance Agency for state grant/scholarship consideration. Students should also investigate other scholarships/grants available through local, civic, religious and fraternal organizations, as well as Veterans Benefits or Office of Vocational Rehabilitation (OVR) funds, if eligible. Students are personally respon­sible for contacting these agencies directly.

Financial Aid Application Procedures

To apply for any type of financial assistance at Marywood University, freshmen and new transfer students must:

1. Apply for Admission
2. File the Marywood Undergraduate Financial Aid Application with the Office of Financial Aid by February 15 (fall semester entry) or November 1 (spring semester entry)
3. File the Free Application for Federal Student Aid (FAFSA) by February 15 (fall semester entry) or November 1 (spring semester entry). (This application can be accessed online at www.fafsa.ed.gov)

All federal, state and need-based financial aid is awarded for an academic year period only. Using the FAFSA, students must re-apply each academic year, if they wish to continue receiving such assistance. The Federal School Code for Marywood University is 003296.

The deadline for upperclassmen applications is usually April 15. If one misses the deadline date (either for incoming freshmen/transfer students or upperclassmen), certain funds may not be available.

 Other Payment Options

1. QuikPay: QuikPay is a secure on-line student account billing and payment system, which allows the student or authorized payer(s), such as parents or guardians, to view the student account bill on-line, print the bill, and make online payments to their student’s account. Students and authorized payers will receive an e-mail notification when a new student account bill is available.
   
   The QuikPay system allows for electronic payments from a personal checking or savings account or credit card. (PLEASE NOTE: Credit card usage is limited to MasterCard, Discover, and American Express. There will be a convenience fee of 2.75% added to each credit card payment when using this service. This fee is not associated with nor passed on to Marywood University.)

2. Payment Plan: Marywood University has partnered with a third party vendor, Nelnet Business Solutions, to accomodate students who wish to make tuition payments monthly. Students can arrange for monthly automatic payments from a checking or savings account or by credit card. Payers will have the option of having the Nelnet site retain their bank account information, or it may be entered each time a payment is made. A $40.00 per semester nonrefundable payment plan fee will be charged for this option. Once your account has been established, it will be referred to as My FACTS Account. This option is only available for the Fall and Spring Semesters. If you have any questions, please contact Nelnet directly at 1-800-609-8056.

3. Payment by Credit Cards: Marywood University will no longer accept direct credit card payments for tuition, fees, room and board. Credit card payments may be made through the QuikPay system, as described above.

For More Information

If you would like more information about financial aid at Marywood, contact the Office of Financial Aid:

Phone: 1-TO-MARYWOOD (1-866-279-9663) or 570-348-6225
E-mail: finaid@marywood.edu
Website: www.MyMarywood.com or www.marywood.edu/fin_aid/index.stm
Scholarship Calculator: www.mymarywood.com/financial_aid.asp

Federal Student/Parent Loans

Federal Stafford Student Loan/Parent (PLUS) Loan Programs

Students who are enrolled on at least a half­-time basis (6 credits per semester) may borrow under the Federal Direct Student Loan Program to assist with educa­tional expenses. Applicants who meet federal eligibility requirements will receive a “subsidized” loan whereby the interest payments will be made by the federal govern­ment until the student is graduated or leaves school for any reason. Applicants who do not qualify for federal interest subsidy will receive an “unsubsidized” loan whereby the interest payments must be paid by the student. In both cases, the prin­cipal balance of the loan is deferred until the student is graduated or leaves school for any reason.

Parents of undergraduate students may borrow under the Federal Direct Parent Loan (PLUS) Program to help cover educational expenses. Under the Federal Direct PLUS Program, parents can borrow up to a maximum of the cost of attending Marywood University less any financial aid received by the student. Repayment of both principal and interest usually begins sixty (60) days after the funds are disbursed.

Alternative Loan Application Process

There are a number of lending institutions that have developed Alternative Loan programs to assist students in meeting educational costs. These Alternative Loans are in addition to the Federal Direct Student Loan and Federal Direct PLUS Loan programs sponsored by the federal government. A listing of current Alternative Loan options is available from the Office of Financial Aid or the Cashier’s Office at Marywood.

Borrower-Based Academic Year Policy

Marywood University uses the Borrower-Based Academic Year policy for the processing of all student loan applications. This policy is as follows:

The Borrower-Based Academic Year is individualized for each borrower and may begin at any time within the school’s Scheduled Academic year based on the student’s start date in his/her program of study. The Borrower-Based Academic Year must meet the statutory requirements of an academic year or its equivalence. Equivalence for a Borrower-Based Academic Year at a term-based school is determined in two steps:

1. The school counts the number of terms in its Scheduled Academic Year. The total of such terms then represents the minimum number of terms that must be included in a Borrower-Based Academic Year. At Marywood University, this number is two. A summer term falling outside the normal Scheduled Academic Year may be counted as one term in a Borrower-Based Academic Year. At Marywood University, a Borrower-Based Academic Year may consist of any of the following:
   • Fall and Spring semesters
   • Summer and Fall semesters
   • Spring and Summer semesters
2. The school must include in the Borrower-Based Academic Year only those terms in which it is or was possible for the student to enroll on at least a half-time basis.

IMPORTANT: In your best interest, Marywood University urges you to use discretion in borrowing money for school. In signing the loan application/promissory note, you are making a commitment to repay that loan. If you should default on your loan, the federal government can sue for collection, attach your wages, and/or withhold income tax refunds. In addition, your future credit rating will be affected. Therefore, borrow only those funds that are absolutely necessary for your educational expenses. All borrowers are required by Federal Law to complete an exit interview with the Office of Financial Aid prior to graduation, withdrawal, or leave of absence from Marywood University.

State Scholarships/Grants

Residents of Pennsylvania can apply for a PHEAA State Grant through the Pennsylvania Higher Education Assistance Agency (PHEAA), Harrisburg, PA. By completing the steps outlined under “Application Procedures” eligible students will be processed for a PHEAA State Grant and notified by PHEAA of their status. Residents of other states should follow the State Scholarship/Grant application procedures established by their respective State Higher Education Assistance Agency.

Satisfactory Academic Progress

In compliance with federal laws, financial aid recipients must make satisfactory academic progress each academic year according to standards established by the federal/state governments. Marywood University’s Satisfactory Academic Progress Policy is available on the Office of Financial Aid webpage. Print copies are available at the Office of Financial Aid.

The financial aid information listed in this catalog is current as of 2011. The University reserves the right, based upon changes in federal/state regula­tions and/or University policy, to amend such information when required or deemed appropriate.

Endowed Scholarships