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Financial Assistance
|| University-Funded Programs
|| Endowed Scholarships || Standards
for Renewal || Federal Aid ||
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.
University-Funded Programs
- Presidential Scholarships recognize students
who have demonstrated their outstanding academic
abilities. Candidates for the first year class whose
combined SAT scores are 1300 or above (recentered scale)
and who rank academically among the upper tenth of their
high school graduating class are considered for these
competitive awards. The number of awards varies from year
to year.
I.H.M. Scholarships are funded through the
contributed services of the I.H.M. Sisters. Students
whose combined SAT scores are typically 1150 or above
(recentered scale) and who rank academically among the
upper fifth of their high school graduating class are
considered for these competitive awards. 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.
- Talent Awards are made to students who
demonstrate outstanding proficiency in music, art 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.
- Marywood University Grants are awarded to
students who demonstrate academic ability. These grants
vary in value depending upon the applicant's academic
profile.
- Marywood University Family Award. The
University grants a $250 tuition credit each academic
year to the older of two students from the same immediate
family, in simultaneous full-time attendance at Marywood.
This award applies only to undergraduate students.
- 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 University. To be
considered for this award, the applicant must be accepted
for admission and complete the Maxis/Gillet Service Award
Application. Contact the Office of Collegiate Volunteers
or Campus
Ministry to obtain an application at
570-961-4723.
Phi Theta Kappa Scholarships
Phi Theta Kappa Scholarships are awarded to transfer students who
are members of this International Scholastic Order of two-year colleges.
A minimum transfer GPA 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.
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.
Endowed Scholarships
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Standards for Scholarship/Grant
Renewal
A Marywood University scholarship/grant is renewable each
academic year for a total of four years, if the recipient
maintains good academic standing and meets the standards of
conduct expected of Marywood University students.
Presidential Scholarships awarded prior to the 2000-01
academic year require a cumulative QPA of at least 3.25 each
academic year and completion of the required service
component. Presidential Scholarships awarded for the 2000-01
academic year and thereafter require a cumulative QPA of at
least 3.25 during the first year and a cumulative QPA of
at least 3.50 thereafter and completion of the required
service component. Recipients of I.H.M. Scholarships or
Endowed Scholarships must maintain a cumulative QPA of at
least 3.00 each academic year; recipients of Marywood
University grants must maintain a cumulative QPA of at least
2.50 each academic year.
Federal Aid
|| Stafford/PLUS Loan Programs ||
Loan Application Process || Borrower-Based
Year || Alternative Loans ||
State Scholarships/Grants || Satisfactory
Progress || Application
Procedures ||
Marywood University participates in the Federal Pell
Grant, Federal Perkins Loan, Federal Supplemental
Educational Opportunity Grant and Federal Work-Study
Programs which are funded by the U.S. Department of
Education. Eligibility for funds under these programs is
based upon demonstrated financial need according to the
eligibility formula of the federal government.
-
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 Stafford 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 Parent Loan (PLUS) Program to help cover
educational expenses. Under the Federal 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 begins sixty (60) days after the funds are
disbursed.
-
Loan Application Process
- Marywood University prefers that both in-state and
out-of-state residents borrow through a lender serviced
by the Pennsylvania Higher Education Assistance Agency
(PHEAA) which allows electronic application processing
and discounted loan origination fees to the borrower.
Accepted students will receive further information by
mail, including a list of lenders and a loan
application.
-
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:
- 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
- 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 you 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.
-
Alternative Loan Programs
- 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 Stafford Loan and Federal 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.
-
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. A copy of the Satisfactory
Academic Progress Policy of Marywood University is
provided by the Office
of Financial Aid to all financial aid recipients each
year.
-
Application Procedures
- To apply for any type of financial assistance (scholarship,
grant, loan, work-study) at Marywood University, applicants must
complete the FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA)
and mail it to Federal Student Aid Programs in the self-addressed
envelope found in the application booklet. Marywood’s Federal
School Code # is 003296.
All financial aid is awarded for an academic year
period only. You must reapply by completing the required
financial aid applications each academic year if you wish
to continue receiving financial aid of any type. The
deadline for incoming/transfer students is February 15;
the deadline for upperclassmen is usually April 15. If
you miss the deadline date, your application will be
considered only if funds are available.
The financial aid information listed in this catalog
is current as of 2005. 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.
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