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Types of Financial Aid

Explore the various types of Financial Aid available at Stevenson University.

  • Scholarships & Grants

    Scholarships & Grants

    Need Help?

    There are more scholarships available than you think. We’ve prepared some videos to show you how to find and apply for scholarships to help pay for your education.
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    Stevenson University has a generous scholarship program that awards qualified students based on academic merit. Stevenson selects recipients based on academic achievement, participation in activities, and leadership roles. Scholarship recipients are expected to continue striving for excellence in these areas while enrolled at the University.

    Scholarship Programs

    Private Scholarships

    Many scholarships and grants are offered by private sources, such as fraternal and religious organizations, labor unions, professional associations, social groups, and ethnic associations. Because they are private and therefore not administered by Stevenson, you will need to research and apply for them on your own. The best place to start your research is your local church or synagogue or a local club such as the Lions or Kiwanis. In addition, various publications contain private resource information; they can be found in your local library or bookstore.

    The following free scholarship search engines provide information on thousands of scholarships as well as information on financial aid and money management.

    Report Your Private Funding

    Any outside funding you receive must be taken into account when your eligibility is determined for need-based financial aid, such as the Direct Student Loan program. If you have been offered funding from a source outside the University, you should notify the Financial Aid Office of the amount and of the donor.

  • Federal Grants & Work-Study

    Federal Grants & Work-Study

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    Grants

    Grants can be a great way to ease the cost of education.  You just need to know how to access them. Check out our videos to find out more about the process.
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    Tax Credits

    Did you know that tuition can be tax deductible? Find out how tax benefits and credits can help offset the costs of paying for college.
    Learn More

    All of the following programs require completion of the Free Application for Federal Student Aid (FAFSA). Detailed program information is also available at http://studentaid.ed.gov.

    In completing the FAFSA, the IRS Data Retrieval Tool can be helpful. The IRS Data Retrieval Tool allows students and parents to pull tax information directly from the IRS data base. Many students and parents complete the FAFSA using estimated taxes. The IRS Data Retrieval Tool should be used after tax returns for the previous year have been filed.

    For more information see the Financial Aid Application page or www.fafsa.gov.

    Federal Pell Grant

    This federal grant is awarded based on exceptional needs as defined by the federal government. It is free money and does not have to be repaid. Pell Grants are awarded to undergraduate students who have not earned a bachelor's degree. The award amount depends on several factors including financial need, the cost of education at the school a student attends, and if you enroll full-time or part-time. As of January 2014, the maximum award for the 2014-2015 award year is $5,730 pending final approval by the federal government.

    Congress Changes Time Length for Pell Grant Support

    The amount of Federal Pell Grant funds you may receive over your lifetime is limited by a new federal law to be the equivalent of six years or twelve semesters of Pell Grant funding. Since the maximum amount of Pell Grant funding you can receive each year is equal to 100%, the six-year equivalent is 600%.

    For example, a student who has attended full-time for a full year will have received 100 percent of his scheduled award for that year. If this student receives payments for half-time attendance for the next full academic year (e.g., two semesters or three quarters), he will have received 50 percent of his scheduled award. At the end of the two years, this student's "lifetime eligibility used" (LEU) is 150 percent. The Department of Education keeps track of your LEU by adding up the percentages of Pell Grant received by the student received for each award year.

    The law eliminated any grandfathering for this provision, and all students are affected. Once all past Pell Grant usage is totaled, any student whose LEU equals or exceeds 600 percent may not receive additional Pell Grant funds. If the LEU is more than 500 percent but less than 600 percent, the student may receive a Pell Grant for the next year but it will be less than a full award. To learn more about Pell Grant limits and how your eligibility is calculated, see here.

    The Department of Education will perform the tracking and notification functions associated with the Pell Grant limit. However, The Department of Education's information will be only as up-to-date as reporting timeframes allow; students whose LEU is very close to the maximum limit will be carefully monitored.

    Federal Supplemental Educational Opportunity Grant (FSEOG)

    This federal grant is awarded to undergraduate students with exceptional financial need. The federal government requires priority in awarding these funds be given to those who are eligible to receive a Federal Pell Grant, and is subject to fund availability.

    Federal Work-Study

    Federal Work-Study (FWS) provides part-time jobs for students with financial need, allowing them to earn money to help pay education expenses. This program allows students to work around their class schedules while obtaining valuable work experience. Students will receive a regular paycheck for hours worked. Unlike grants and loans, you cannot apply your FWS eligibility to your account for payment of tuition and fees. Jobs are available on-campus and at various community service off-campus sites.

    If you receive a work-­study award and are interested in working, you must apply for a position using the University's online employment site and click on Employment Opportunities. If you were not offered work-­study but are interested, please submit a written request for consideration to the Financial Aid Office.

    Work-Study Orientation

    Students who have been awarded work-study will be notified when they can attend a required orientation session before they begin work.

    All sessions will be held in the Mustang Room in Rockland Center on the Owings Mills Campus.

    General Forms

    Payroll Forms

    For current FWS positions available at the University, please visit Human Resources.

  • Loans

    Loans

    Need Help?

    The process for securing student loans can be difficult to navigate. That’s why we’ve prepared some videos to explain the process.
    Learn More

    A part of your financial aid award may be a loan from the Federal Direct Student Loan Program. A loan must be repaid. Therefore, when deciding whether to borrow, you should examine your need for assistance and your future ability to repay. Generally, you will have from 10 to 25 years to repay your loan, depending on the repayment plan you choose. Your monthly payment amount will be based on how much you borrowed and how long you take to repay. Direct Loans have a fixed interest rate that differs depending on the loan type. The terms and conditions of all loans are explained in the Master Promissory Note which all borrowers must complete and sign. Instructions for completing the Master Promissory Note are included in the Financial Aid Award Guide.

    Federal Direct Student Loans for Undergraduate Students

    There are two types of Federal Direct Student Loans for undergraduates. Both loans require a student be enrolled at least half-time (at least 6 credits per semester). Direct Subsidized Student Loans are for students with financial need, as determined by federal regulations. No interest is charged while you are in school at least half-time, for the first six months after you leave school (referred to as a grace period)*, and during a period of deferment (a postponement of loan payments). Direct Unsubsidized Student Loans are not based on financial need; interest is charged during all periods.

    For more complete information on the Direct Loan Program, visit the federal web site, http://www.direct.ed.gov. According to federal regulations, the maximum you can borrow each year is based on your grade level and dependency status as indicated on the chart below

    Level Undergraduate Dependent Student Undergraduate Independent Student
    Freshman Undergraduate (0 to 26.5 credit hours) $5,500 (maximum $3,500 subsidized) $9,500 (maximum $3,500 subsidized)
    Sophomore Undergraduate (27 to 54.5 credit hours) $6,500 (maximum $4,500 subsidized) $10,500 (maximum $4,500 subsidized)
    Junior/Senior undergraduate (55+ credit hours) $7,500 (maximum $5,500 subsidized) $12,500 (maximum $5,500 subsidized)
    Maximum Total Debt from Subsidized and Unsubsidized Loans when you graduate $31,000 (maximum $23,000 subsidized) $57,500 (maximum $23,000 subsidized)

    *Note: If you receive a Direct Subsidized Loan that is first disbursed between July 1, 2012 and July 1, 2014, you will be responsible for paying any interest that accrues during your grace period. The interest will be added to your principal balance.

    150 Percent SUBSIDIZED Loan Time Limitation

    If you are a first-time borrower on or after July 1, 2013, there is a limit on the maximum period of time (measured in academic years) that you can receive Direct Subsidized Loans. This time limit does not apply to Direct Unsubsidized Loans or Direct PLUS Loans.

    If this limit applies to you, you may not receive Direct Subsidized Loans for more than 150 percent of the published length of your program. This is called your "maximum eligibility period." Your maximum eligibility period is based on the published length of your current program.

    For example, if you are enrolled in a four-year bachelor's degree program, the maximum period for which you can receive Direct Subsidized Loans is six years (150 percent of 4 years = 6 years).

    Loan Fees

    The Direct Loan Program charges a loan fee of 1.073 percent of the total amount of borrowed principal. The 1.073 percent fee is deducted from your loan funds prior to the funds being posted to your Stevenson University account. The loan amount you actually receive will be less than the amount you have to repay.

    Interest Rates for Undergraduate Borrowers

    Legislation (The Bipartisan Student Loan Certainty Act of 2013) provides for the establishment of interest rates each year by July 1 for the following academic year. The interest rate established will apply to any loans obtained for that academic year.

    The rate each year will be determined by a somewhat complicated index and the rate is different for undergraduate students than for graduate students. Undergraduate loans will be at the same rate, graduate loans will be at a different and usually higher rate, and Direct PLUS loans for parents of dependent undergraduate students will also be at a different and usually higher rate.

    For the current year 2014-2015, any undergraduate loans have an interest rate of 4.66 percent.

    The interest rate each year will apply for the life of the loan; that is the loan will be a fixed rate loan. Many students will end up with a set of loans that have a different interest rate. Each loan does have a maximum rate that can be charged.

    Master Promissory Note, Entrance and Exit Counseling

    First-time borrowers at Stevenson University of Federal Direct Loans are required to complete entrance counseling and Master promissory Note (MPN) before the Financial Aid Office can process their loan. The purpose of the entrance counseling is to ensure that you understand your rights and responsibilities as a new loan borrower and that you understand the regulations governing each loan program, such as interest rates, grace, deferment/ forbearance options, prepayment, consolidation, and other general repayment obligations. You are also informed of the consequences of not repaying your student loans (default) and of various repayment strategies.

    All student loan borrowers are required to complete exit counseling before graduating or withdrawing from Stevenson University or ceasing to enroll at least half-time. The online session covers all subjects that were covered in the entrance counseling, with an emphasis on repayment strategies.

    For more complete information on the Direct Loan Program, visit the federal web site, www.direct.ed.gov.

    Funds will post to your student account after the financial aid census date. The census date typically marks the end of the add/drop period for the semester. This is the date we take a “snapshot” of all students’ enrollment to establish the “official enrollment” for reporting purposes and financial aid eligibility. The classes for which you are registered as of the census date determine the amount of financial aid you will receive.

    Federal Direct PLUS (Parent) Loans for Undergraduates

    Stevenson University participates in the Federal Direct PLUS Loan Program. The U.S. Department of Education is the lender for the Direct PLUS Loan Program rather than a bank or other financial institution. Direct PLUS Loans are for the biological or adoptive parent of dependent students. The stepparents of dependent students are also eligible if their financial information is included on the Free Application for Federal Student Aid (FAFSA). The U.S. Department of Education requires that all students complete the FAFSA.

    Eligibility Requirements

    The student must be enrolled at least half-time status (6 credits or more per semester).

    • The borrower and the student must be a U.S. citizen or eligible noncitizen.
    • The borrower and the student must not be in default on a prior education loan.
    • The borrower must meet federally defined credit worthiness standards.
    • The student must be making satisfactory academic progress.

    Credit Worthiness Standards

    • The borrower cannot be 90 days or more delinquent on the repayment of any debt.
    • The borrower cannot be the subject of a default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment or write-off of a Title IV debt during the last five years.
    • If the parent is denied the PLUS loan because of an adverse credit history, the parent may reapply with a cosigner.
    • If the parent is denied the PLUS loan due to an adverse credit history and does not reapply with a cosigner, the student may borrow additional Direct Unsubsidized loan money. Freshmen and sophomores are eligible to borrow an additional $4,000 and juniors and seniors are eligible to borrow an additional $5,000.

    Annual Loan Limits

    Cost of attendance less other aid.

    Loan Fees

    The Direct PLUS Loan Program charges a loan fee of 4.292 percent of the total amount borrowed. The 4.292 percent fee is deducted from your loan funds prior to the funds being posted to your student's Stevenson University account. The loan amount you actually receive will be less than the amount you have to repay.

    Interest Rate (Direct PLUS Loans)

    Legislation (The Bipartisan Student Loan Certainty Act of 2013) provides for the establishment of interest rates each year by July 1 for the following academic year. The interest rate established will apply to any loans obtained for that academic year.

    The rate each year will be determined by a somewhat complicated index and the rate is different for undergraduate students than for graduate students. Direct PLUS loans for parents of dependent undergraduate students will also be at a different and usually higher rate than for subsidized and unsubsidized loans.

    For the current year 2014-2015, Parent PLUS loans for a dependent undergraduate student have a 7.21 percent rate. Interest starts to accrue the day the loan funds are disbursed.

    The interest rate each year will apply for the life of the loan; that is the loan will be a fixed rate loan. Many students will end up with a set of loans that have a different interest rate. Each loan does have a maximum rate that can be charged.

    For more information you are encouraged to visit: http://studentaid.ed.gov/types/loans/interest-rates

    Repayment Terms

    • Payment of principal and interest begins 60 days after the final disbursement.
    • For loans first disbursed after July 1, 2008, your parent borrower can apply for an in-school deferment as long as you are enrolled at least half-time (6 credits or more per semester).
    • Application instructions are included in the Financial Aid Award Guide 2013-2014.

    FSA Student Loan Ombudsman

    Students or Parents receiving Direct Student Loans or Plus Loans should be aware that if they are in a dispute about a federal student loan, they can contact the Federal Student Aid Ombudsman Group as a last resort.

    If you've completed the steps to resolve your loan dispute and you still are not satisfied, you may need to contact the Federal Student Aid (FSA) Ombudsman Group of the U.S. Department of Education (ED). The Ombudsman Group is a neutral, informal, and confidential resource to help resolve disputes about your federal student loans.

    Contact the Ombudsman Group as a last resort. Make every effort to resolve your student loan problems before contacting the Ombudsman Group.

    The FSA Student Loan Ombudsman Group may be contacted via their website, or one of the following alternate ways:

    Telephone: 877-557-2575
    Fax: 202-275-0549
    Mail:
    U.S. Department of Education
    FSA Ombudsman Group
    830 First Street, N.E., Mail Stop 5144
    Washington, D.C. 20202-5144

    Alternative/Private Education Loan

    Alternative Student Loans, also commonly referred to as Private Education Loans, are consumer loans offered by banks, credit unions and other private lenders to cover the cost of college not covered by financial aid.

    Before applying for an Alternative Student Loan, the student and parent of a dependent student should compare the terms of the loan with loan assistance available through the Federal Direct Student Loan and Federal Direct Parent PLUS Loan Programs. Most Alternative Student Loan Programs are not competitive with the Federal Loan Programs and are only intended to provide supplemental education financing after all federal options are exhausted.

    If you live in the following states, you should also review information about your state's Private Education Loan Programs: Alaska, Connecticut, Iowa, Maine, Massachusetts, Minnesota, Montana, New Jersey, New York, North Dakota, Rhode Island, South Dakota South Carolina, Texas, Vermont, Wisconsin, and Wyoming.

    Stevenson University does not provide a Preferred Alternative Student Loan Lender List, but we are able to provide you with a list of banks and credit unions that have made loans to our students in the past. Please be advised that Stevenson University does not recommend, promote, or endorse the loan products of the lenders on these lists. You are free to borrow from any lender of your choice.

    The banks, credit unions, and lenders that have made loans to our students in the past 5 years are as follows:

    Lender Name Phone Number
    Baxter Federal CU 1-877-654-5258
    Boeing FCU 1-877-654-5258
    Campus Door 1-717-249-8800
    Chase Bank 1-877-968-7331
    CitiAssist 1-800-846-1290
    Citizens Bank 1-888-333-0169
    Comstar Federal CU 1-877-654-5258
    Digital Federal CU 1-877-654-5258
    Discover Student Loans 1-877-728-3030
    Everence Federal CU 1-888-549-9050
    Fynanz Student Loans 1-888-549-9050
    Heritage Valley FCU 1­-877-654-5258
    Island Federal Credit Union 1-877-654-5258
    LendKey 1-888-549-9050
    Member 1st CU 1-877-654-5258
    Mid-Atlantic Federal CU 1-888-654-5258
    Lender Name Phone Number
    Motorola FCU 1-877-654-5258
    NASA Federal CU 1-877-654-5258
    Nassau FCU 1-877-654-5258
    Northwest Federal CU 1-877-654-5258
    Pentagon Federal CU 1-800-247-5626
    PNC Bank 1-800-762-1001
    Sallie Mae 1-888-2-Sallie
    Sun Coast FCU 1-877-654-5258
    Sun Trust Bank 1-866-232-3889
    Tobyhanna Federal CU 1-877-654-5258
    Transportation Federal CU 1-877-654-5258
    Union Federal 1-866-513-8445
    Wells Fargo Bank 1-800-658-3567
    White Rose CU 1-877-654-5258
    York Education FCU 1-877-654-5258


    (Note that sometimes the phone numbers listed here do change after this is published. If the number above does not work you may need to check with the lender or try the lender's website for more recent contact information.)

    Stevenson University provides Alternative Student Loan Counseling through the FASTChoice website. The FASTChoice website is powered by Great Lakes Student Loan Services and will provide you with general information about loan types, loan terms, and conditions and borrower responsibilities.

    For our larger volume lenders, you will be able to use the FASTChoice comparison tool to view individual bank loan details, including eligibility requirements, interest rates, loan limits, and borrower benefits. Since most credit unions have specific membership requirements, we would suggest that you contact them individually to determine their membership requirements.

    It is very important that you pay close attention to the information you receive about a private loan and the repayment of the loan and that you retain the information you receive. It will apply when you have to begin repayment of your loans. Private loans may not have the same flexibility and options available with Direct Loans. You do not want unwelcome surprises and issues when you begin repayment.

    The Alternative Student Loan industry has experienced a number of regulatory changes that could add additional time to the approval process. If you are planning to use an Alternative Student Loan to pay your charges, please allow sufficient processing time. Most lenders will agree that using a credit-worthy cosigner may speed up the application process, help lower the interest rate, and increase the chance of approval.

    When the lender has determined whether the student meets the approval criteria, the lender will contact Stevenson for the school certification. After the certification has been provided, the lender will issue a disclosure statement detailing the loan agreement. If you request to borrow an amount that exceeds eligibility, Stevenson will reduce the requested amount to comply with federal guidelines.

    Private Education Loan Applicant Self-Certification

    The Higher Education Opportunity Act was signed into law on August 18, 2008. The Act requires all colleges to adopt a College Loan Code of Conduct. Stevenson University has adopted the College Loan Code of Conduct proposed by the Attorney General of the State of Maryland.

  • State Grants & Scholarships

    State of Maryland Grants & Scholarships

    Need Help?

    If you’re a Maryland resident, you may already qualify for these grants and scholarships. Watch our videos to see how you can access these programs.
    Learn More

    The Maryland Higher Education Commission (MHEC) sponsors numerous grant and scholarship programs for Maryland residents. The State of Maryland offers an online inquiry system that allows students to view the status of their financial aid application and/or award information. If you have an award from another state, be sure you follow their instructions to insure that you actually receive the funds. The programs available from the State of Maryland include:

    Howard P. Rawlings Guaranteed Access Grant Program

    This grant is available to current high school seniors who will complete a college preparatory program with a minimum, cumulative, unweighted 2.5 high school GPA. Applicants must enroll at a Maryland college or university as a full-time, degree-seeking undergraduate student; meet certain income requirements, which change yearly and are posted on the MHEC's webpage; and complete the Free Application for Federal Student Aid (FAFSA) and the Guaranteed Access Grant Application by March 1. Applications received after March 1 will be considered on a funds available basis. To renew an award, you must maintain satisfactory academic progress, submit the FAFSA by March 1, and continue to demonstrate financial need.

    Howard P. Rawlings Educational Assistance Grant Program

    Current high school seniors and full-time, degree-seeking undergraduates may apply for this need-based grant by completing the FAFSA by March 1. Students and their parents (if you are dependent) must be Maryland residents. Audited courses cannot be used to reach the minimum credit hours required for full-time status. Late applicants are placed on a wait list. Annual awards ranging from $400 to $3,000 may be renewed annually if the students maintains satisfactory academic progress, completes the FAFSA by March 1, and continues to show financial need.

    Delegate Scholarship Program

    Current high school seniors and students enrolled at least half-time in a degree-seeking, undergraduate or graduate program may be considered for these funds. Applicants must complete the FAFSA by March 1 and contact their delegates in February for further instructions. The Office of Student Financial Assistance can provide a list of all state legislators. Learn more.

    Senatorial Scholarship Program

    Current high school seniors and students enrolled at least half-time in a degree-seeking, undergraduate or graduate program may apply for these funds. Applicants must complete the FAFSA by March 1 and contact their senator in February for further instructions. The Office of Student Financial Assistance can provide a list of all state legislators. Learn more.

    Workforce Shortage Student Assistance Grant Program

    This grant is for students who plan on working in specific career/occupational programs upon graduation. Eligible fields include: child care, human services, teaching, nursing, physical and occupational therapy, and public service. Current high school seniors, full-time and part-time, degree-seeking undergraduate and graduate students enrolled in an eligible accredited Maryland postsecondary institution may apply for this grant. Please refer to the State's website to view a list of eligible majors. To apply, you must complete the Workforce Shortage Student Assistance Grant Application online and submit official transcripts from all institutions you have ever attended. To be considered based on need, students must file the FAFSA for the application year. The FAFSA is not required; however, it will be used to determine the order in which students will be awarded.

    Part-Time Grant

    This need-based grant is available to students enrolled part-time (6 to 11 credits) in a degree-seeking, traditional undergraduate program. For consideration, applicants must file the FAFSA by February 15.

    Graduate Nursing Faculty Scholarship and Living Expenses Grant

    This scholarship and grant is available to eligible graduate students who are sponsored by a Maryland higher education institution to complete the graduate education necessary to become a qualified nursing faculty at a Maryland higher education institution. The Graduate Nursing Faculty Scholarship and Living Expenses Grant application and documentation must be submitted prior to the start of the semester they wish to be considered for funding. Students are encouraged to apply by August 1 to start in the fall semester, by December 1 to start in the spring semester, and by May 1 to start in the summer semester.

    • SU need-based grants may be reduced by the addition of awards from the State of Maryland.
    • State awards post upon receipt of the funds from the State of Maryland; November for the fall semester, March for the spring semester. State aid recipient refund checks may be delayed due to the receipt of these funds.

    A detailed list of all State of Maryland financial aid assistance programs and applications is available at www.mhec.state.md.us. State financial aid assistance is based on availability of funds.

    Grants from states other than Maryland

    Information about grants and financial aid programs for residents of other states can be found here. Please select the link for "US State Government Aid."

Have a Question?

Contact Financial Aid
100 Campus Circle
Garrison Hall
Room 241
Owings Mills, MD 21117-7804
Phone: 443-334-3200
Fax: 443-352-4370
Email Financial Aid
 
 

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