Grants and Loans

NOTE: Marymount California University’s school code is: 010474
For a student to be eligible for any kind of need-based Financial Aid, the school code MUST be listed in the FAFSA.

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 the Free Application for Federal Student Aid (FAFSA).
Financial aid for students enrolling in the Fall 2017 semester is evaluated on a first-come, first-served basis once all requested documents have been received and the financial aid file is complete. Below is a list of grants available at Marymount California University.

Pell Grant:

Eligibility: Students with financial need.

Application: FAFSA Form with Marymount School Code (010474) listed.

Amount: Varies – Maximum $5,930 for 2017 – 2018 academic year.

Renewable: Yes, annually, according to need.

Funding: Federal grant; prorated per enrollment status.


Cal Grant A:

Eligibility: Students with a minimum 3.0 GPA who fall below the established income and asset ceiling as determined by the California Student Aid Commission. Must be a California resident (visit www.csac.ca.gov for definition of eligible California resident).

Application: Complete and submit the following (1) Cal Grant GPA Verification Form (must be verified by an authorized high school official) and (2) FAFSA Form (with Marymount California University school code (010474) listed) by March 2.

Amount: The anticipated minimum 2017 – 2018 award is be $4,542 Used for payment of tuition and mandatory fees only.

Renewable: Yes. You will be notified by email or U.S. mail by the California Student Aid Commission of your eligibility status. Award will be determined on satisfactory academic progress and financial need.

Funding: California Student Aid Commission www.csac.ca.gov


Cal Grant B:

Eligibility: Students with a minimum 2.0 GPA who fall below the established income and asset ceiling as established by the California Student Aid Commission (www.csac.ca.gov). Must be a California resident.

Application: Complete and submit the following (1) Cal Grant GPA Verification Form (must be verified by an authorized high school official) and (2) FAFSA Form (with Marymount California University school code (010474) listed) by March 2.

Amount: First year students receive an allowance of up to $1,672 for living expenses only (including supplies and books). In subsequent years, the grant helps pay tuition and fees; the current amount has yet to be disclosed for 2017-2018, please check the Cal Grant website for award amount.

Renewable: Yes. You will be notified by email or U.S. mail from the California Student Aid Commission of your eligibility status. Award will be determined on satisfactory academic progress and financial need.

Funding: California Student Aid Commission. Payments vary per first year of eligibility. www.csac.ca.gov


Federal Supplementary Educational Opportunity Grant (FSEOG):

Eligibility: Marymount awards FSEOG awards on a first come first serve basis. The FSEOG award is reserved for students with the highest need based on information from the FAFSA.

Deadline: March 2 and based on availability of funds. However, the funds are usually exhausted by January 5th so apply early!

Application: FAFSA Form (With Marymount school code (010474) listed)

Amount: Varies, depending on availability of funds.

Renewable: Yes, annually, depending on need.

Funding: Federal grant.


Marymount Grant:

Eligibility: Students with financial need.

Deadline: July 15th

Application: FAFSA Form with Marymount School Code listed (010474).

Amount: Varies

Renewable: Yes, annually, depending on financial need.

Funding: Marymount California University – calculated on cost of tuition, room and board, upcoming GPA results and other resources available to student. Available only to students enrolled full time (A minimum of 12 units for Undergraduate Students).

* Effective Spring 2015, the Marymount Grant is not transferable to another institution, applicable to any study abroad programs, and available to Graduate Students.


Loans

Loans are funds available to students and/or parents that must be repaid to assist in financing the student’s educational costs. Most student loans are repaid after completion of studies, but some loans require repayment to begin shortly after the loan funds have been sent to the University, i.e., Parent PLUS Loans & Private Educational Loans.

Federal Direct Loans:

Federal Direct Loans are available to most eligible borrowers who apply for financial aid.

To be eligible for the Federal Direct Loan, you must:

  • Be enrolled at least half-time (6 units)
  • Maintain Satisfactory Academic Progress toward your degree objective
  • Not have previously borrowed over the aggregate maximum loan limit for Direct Loan programs

These are the most common loans for undergraduate students and must be repaid with interest. There are two types of Federal Direct Student Loans – Subsidized and Unsubsidized.

Year Dependent Students (except students whose parents are unable to obtain PLUS Loans) Independent Students (and dependent undergraduate students whose parents are unable to obtain PLUS Loans)
First-Year Undergraduate Annual Loan Limit $5,500—No more than $3,500 of this amount may be in subsidized loans. $9,500—No more than $3,500 of this amount may be in subsidized loans.
Second-Year Undergraduate Annual Loan Limit $6,500—No more than $4,500 of this amount may be in subsidized loans. $10,500—No more than $4,500 of this amount may be in subsidized loans.
Third-Year and Beyond Undergraduate Annual Loan Limit $7,500—No more than $5,500 of this amount may be in subsidized loans. $12,500—No more than $5,500 of this amount may be in subsidized loans.
Graduate or Professional Students Annual Loan Limit Not Applicable (all graduate and professional students are considered independent) $20,500 (unsubsidized only)
Subsidized and Unsubsidized Aggregate Loan Limit $31,000—No more than $23,000 of this amount may be in subsidized loans. $57,500 for undergraduates—No more than $23,000 of this amount may be in subsidized loans.
$138,500 for graduate or professional students—No more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all federal loans received for undergraduate study.

Direct Subsidized Loans:

The federal government pays the interest while you are in college.

Eligibility: Minimum halftime enrollment. Based on financial need.

Requirements:

  • FAFSA must be completed.
  • Master Promissory Note and Entrance Counseling must be completed by new Marymount students by visitingwww.studentloans.gov and signing in with the FAFSA pin number.

Loan Terms: Subsidized Direct Loans first originated & disbursed after July 1, 2017 have a fixed interest rate of 4.45%. A Federal Origination Fee of 1.069% will be deducted from your loans proceeds upon disbursement (subject to change for loans originated after October 1, 2015). For more information, visit studentaid.ed.gov.

Repayment: The Federal Government pays the interest on subsidized loans while you are in school, and during the grace and deferment periods.

Effective July 1, 2013 the 150% Direct Subsidized Loan Limit takes effect. First time borrowers borrowing on or after July 1, 2013 cannot receive subsidized loans for more than 150% published length of the borrower’s educational program. The law also states that a borrower who becomes ineligible for the subsidized loans because of the 150 % limit is ineligible for interest subsidy benefits on all subsidized loans first disbursed to the borrower on or after July 01, 2013.


Direct Unsubsidized Loans:

Student is responsible for paying the principal and interest on the loan during and after college.

Independent Undergraduate or Dependent Undergraduate students whose parents did not qualify for the Parent PLUS loan may qualify for the following:

Eligibility: Minimum half-time enrollment. Not based on financial need.

Requirements: FAFSA , Master Promissory Note, Entrance Counseling and Exit Counseling.

Loan Terms: Unsubsidized loans first disbursed after July 1, 2016 have a fixed interest rate of 4.45%. An origination fee of 1.069% will be deducted from your loan proceeds upon disbursement (subject to change for loans originated after October 1, 2015).

Repayment: The student is responsible for the principal and the interest on the loan and can defer interest payments while still in school. If this is done, the accumulated interest will be added to the loan principal when repayment starts.


Federal Direct Parent PLUS Loan:

This loan enables parents or stepparents 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.

Eligibility: These loans are available to parents who have satisfactory credit histories and the student carries at least a halftime course load. Amount borrowed cannot exceed the Cost of Attendance (COA).

Requirements: Parent must apply for loan at www.studentloans.gov and must sign a Master Promissory Note (MPN) also found at www.studentloans.gov. Parent must be a credit worthy applicant. Parent must specify the yearly amount of loan he/she wishes to borrow.

Loan Terms: The interest rate beginning July 1, 2017 is fixed at 7.00%. There is no penalty for early repayment. Interest accrues from the date loan funds are first disbursed until the loan is repaid in full.

Repayment: Begins immediately after the loan is fully disbursed unless in-school deferment is selected on the loan application.

A Federal Origination Fee of 4.276% will be deducted from your loan proceeds upon disbursement (subject to change for loans originated after October 1, 2017).


Alternative Loans:

Alternative Loans are private loans to supplement educational financing.

You may find out more about private loans by visiting https://choice.fastproducts.org/FastChoice/home/1047400

By following the link you will be able to complete the borrowing essentials which will help you understand the available lending options. Once complete you will be able to view all the private loan options available to you at MCU.

Eligibility: Most alternative loans require a credit-worthy applicant and/or co-signer. This includes a good credit history and a satisfactory income-to-debt ratio.

Requirement: Alternative Loan Application. Submit application directly to the lender.
Interest: Most loans have variable interest rates. Interest rates may be determined by the applicant and/or co-signer’s credit history.

Fees: Most alternative loans have fees that are added to the loan amount request

Repayment: Repayment, in most cases, begins 6 months after the student graduates, withdraws or drops below halftime from school. Some lenders require repayment while students are still in school.

Note: The terms of these loans differ depending on the lender through whom they were acquired. The student should always compare the terms of various loans to determine which loan best suits their needs. If an undergraduate takes out a loan, a co-signer may be required. If the student applies for an alternative loan, a revised aware report will be sent to the student as notification that the loan application has been sent to the lender. However, this does not implicate the loan has been guaranteed. The lender will notify the student directly.


Student Employment (Federal Work Study):

Federal Work Study funds are earned during the academic year at Marymount California University. The FWS award is reserved for students with the highest need based on information from the FAFSA. Students have the opportunity to apply for jobs on campus and work a set number of hours per week. Students must select “Yes” to indicate they are applying for Federal Work Study on their 2017-18 FAFSA.

Financial Aid

Email: financialaid@marymountcalifornia.edu
Phone: (310) 303-7217

Assoc. Dean of Enrollment
– Pedro Ladino
Assoc. Director of Compliance
– Nataly De La Peña
Assoc. Director of Operations and VA
– Henry Espinoza
Financial Aid Specialist
– Cristina Retamoza

Location
– Administration Building 111
Hours of Operation
– Monday-Thursday 8:30 am – 5:00 pm
– Friday: 8:30 am to 3 pm

Applying for financial aid is simple!  We understand that financing an education can be a confusing and tedious task.  The Office of Financial Aid is dedicated to providing you with the most concise and accurate information about financial aid.

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