Types of Aid

Federal Grants

A grant is a financial aid award that does not need to be repaid. It is distributed based on financial need as determined by FAFSA.

Federal Pell Grant is a need-based undergraduate aid program. It is based on financial need indicated on the FAFSA, and the amount varies between $652-$6,095 for 2018-2019 academic year.

Federal Supplemental Educational Opportunity Grant (FSEOG) is awarded to students with exceptional financial need who qualify for Pell Grant. Amount varies depending on the availability of funds, and it is first-come, first-serve basis.

 

State Grants

The California Student Aid Commission (CSAC) awards Cal Grant A or B to California residents based on the eligibility requirements set by the state government. Cal Grant A and B may be renewable for up to four years provided the family continues to meet yearly income and asset ceilings set by CSAC and must apply for FAFSA every year. Income and asset ceilings are available on the CSAC website.

Cal Grant A is for students who meet basic eligibility criteria, financial criteria and have a minimum GPA of 3.0. Students are eligible to receive up to $9,084 per academic year.

Cal Grant B is for students who meet basic eligibility criteria, financial criteria and have a minimum GPA of 2.0. First year students receive a living stipend in amount of $1,670 per academic year and second to fourth year students receive both living stipend and tuition grant ($1,670 + $9,084) per academic year.

Chafee Grant is for students who are or were in foster care in between the ages of 16-18 as a dependent or ward of the court and have financial need. Students are eligible up to $5,000 per academic year. Please visit the CSAC website for detailed information.

 

Institutional Grants and Scholarships

MCU Scholarship is awarded based on GPA and SAT/ACT score upon acceptance. It is awarded for up to four years to entering first year students, provided they maintain the full-time status with the cumulative GPA of 2.0 or above and meet the Satisfactory Academic Progress Policy.

Marymount Grant is awarded based on student’s eligibility demonstrated on the FAFSA. Students must apply for FAFSA and it is reviewed in a yearly basis. Student must maintain the full-time status with the cumulative GPA of 2.0 or above and meet the Satisfactory Academic Progress Policy.

MCU Endowed Scholarships are one-time scholarships that students can apply in a yearly basis. It is for undergraduate continuing, domestic students at MCU who are in a good academic standing. Student must maintain the full-time status with the cumulative GPA of 3.0 or above and meet the Satisfactory Academic Progress Policy.

Below are the list of endowed scholarships MCU offers:

Barbara Ivins Foundation Scholarship
Clarise Pierson Endowed Scholarship
David Meid Memorial Scholarship
Debra Reed Endowed Scholarship
Eugenie B. Hannon Memorial Scholarship
Evan Leonard Grau Scholarship
Fletcher Jones Foundation Scholarship
Lee Hansbury Memorial Scholarship
Gailhac Scholarship
George H. Mayr Foundation Scholarship
Katherine Phelan Memorial Endowment Scholarship
Mary Pickford Foundation Scholarship
Nick & Mary Vilicich Endowed Scholarship
Norris Foundation Scholarship
Patricia McCarron McGinn Endowed Scholarship
Stotsenberg Foundation Scholarship
Thomas & Russell Wood Memorial Endowment Scholarship
Wanda Walters Scholarship

Veterans Benefits

MCU is proud to be able to assist veterans and their dependents in collaboration with U.S. Department of Veteran Affairs by participating in the Yellow Ribbon Program. For detailed information, please visit https://benefits.va.gov/gibill/.

The Post-9/11 GI Bill is for individuals with at least 90 days of aggregate service on or after September 11, 2001, or individuals discharged with a service-connected disability after 30 days. You must have received an honorable discharge to be eligible for the Post-9/11 GI Bill. The Post-9/11 GI Bill will become effective for training on or after August 1, 2009. The maximum tuition and fees reimbursement for 2018-19 school year is $23,671.94.

The Yellow Ribbon Program is a voluntarily agreement between MCU and V.A. If a student is eligible for Yellow Ribbon, MCU will match 100% to cover the remaining tuition and fees after Post-9/11 GI Bill reimbursement. To receive benefits under the Yellow Ribbon Program, student need to meet certain criteria:

  • Student must be eligible for the maximum benefit rate of 100% under the Post-9/11 GI Bill
  • Student must not be on active duty or a spouse transferee of an active member

If a student qualifies for Yellow Ribbon Program, any institutional aid awarded such as MCU Scholarship and/or Marymount Grant will be forfeited.


Federal Direct Loans

Federal Direct Loans are awarded based on the information provided on the FAFSA. To be eligible for Federal Direct Loans, you must be enrolled at least half-time, maintain satisfactory academic progress and have not yet reached your loan aggregate limit set by the Federal Student Aid.

Direct Subsidized Loans are available to undergraduate students with financial need. The U.S. Department of Education pays the interest on a Direct Subsidized Loan while student is in school at least half-time, for the first six months after student leave school (referred to as a grace period) and during a period of deferment (a postponement of loan payments).  For 2018-19 school year, the interest rate is at 5.05% with 1.062% – 1.066% processing fee.

Direct Unsubsidized Loans are available to both undergraduate and graduate students and there is no requirement to demonstrate financial need. Student is responsible for paying the interest on a Direct Unsubsidized Loan during all periods. If student choose not to pay the interest while in school and during grace periods/deferment/forbearance periods, the interest will accrue (accumulate) and be capitalized (that is, your interest will be added to the principal amount of your loan). For 2017-18 school year, the interest rate is at 4.45% for undergraduate and 6% for graduate with 1.066% – 1.069% processing fee.

In order to borrow Direct Subsidized and Unsubsidized Direct Loans, student must complete following:

Annual Direct Student Loan Limits for Dependent Students

Grade Level Base Subsidized/Unsubsidized Additional Unsubsidized Total
Freshman
(0-29 units)
$3,500 $2,000 $5,500
Sophomore
(30-59 units)
$4,500 $2,000 $6,500
Junior/Senior
(60 units & above)
$5,500 $2,000 $7,500

*Students are eligible for additional $4,000-$5,000 Unsubsidized Direct Loan if Parent PLUS Loan is denied.

Annual Direct Student Loan Limits for Independent Students

Grade Level Base Subsidized/Unsubsidized Additional Unsubsidized Total
Freshman
(0-29 units)
$3,500 $6,000 $9,500
Sophomore
(30-59 units)
$4,500 $6,000 $10,500
Junior/Senior
(60 units & above)
$5,500 $7,000 $12,500

Annual Direct Loan Limit for Graduate Students

Grade Level Unsubsidized Loan Amount
Graduate Students $20,500

Parent PLUS Loan enables parents to borrow up to the total cost of student’s education, minus any other aid the student may receive. These loans are for undergraduate dependent students only. Parent must apply and get approved at www.studentloans.gov and must sign Master Promissory Note. Parent must not have an adverse credit history to obtain this loan and parent need to apply for the loan every year. For 2018-19 school year, the interest rate is at 7.6% with 4.248% – 4.264% processing fee.

Graduate PLUS Loan enables graduate students to borrow up to the total cost of student’s education, minus any other aid the student may receive. These loans are for graduate students only. Student must apply and get approved at www.studentloans.gov, sign Master Promissory Note and complete Entrance Counseling. Student must not have an adverse credit history to obtain this loan and student need to apply for the loan every year. For 2017-18 school year, the interest rate is at 7.6% with 4.248% – 4.264% processing fee.

 

Private Loans

Private loans available for students who are U.S. citizen, eligible non-citizen or an international student with a U.S. citizen co-signer (varies by lender). Students must be creditworthy and may require a co-signer. Private loans are certified throughout the school year but it is recommended that students submit the loan application to the lender no later than a month before the last day of the semester. Please allow 4-6 weeks for processing.

FASTChoice is a tool that can assist you in selecting a private educational loan. The website allows you to compare private loan terms and rates side-by-side. The website will give you an overview of loan options before requesting an application and credit check. The application and credit check will occur once you select the loan of your choice.

Note: The inclusion of a loan or lender on this site does not imply endorsement. MCU do not endorse any loans or lenders. Note that information is provided by the lender and is subject to change. MCU is not responsible for the content lenders provide or the content of lender websites. You can contact lenders directly to confirm details, if needed.

AB 721 Disclosure of Student Loan Data

Federal Work Study

Federal Work Study is funded by the U.S. Department of Education and it is limited to students submitted FAFSA who demonstrated financial need. This fund does not pay towards to your tuition balance, it will be a paycheck directly to the student if student obtains a job and work at MCU.