Financial Aid Options
Generally there are two major categories of financial aid available to students at the College of Mount Saint Vincent—aid that does not need to be repaid, and various types of loans. The Mount also offers work study plans to assist you in paying for college.
Grants and Scholarships
Grants and scholarships are types of aid that do not need to be repaid. They include:
- College of Mount Saint Vincent Grants – these awards help reduce tuition costs and are renewed annually. The amount awarded is derived from the information supplied by the student on the Free Application for Federal Student Aid (FAFSA). Renewal is contingent upon completing the FAFSA each year and maintaining Satisfactory Academic Progress.
- College of Mount Saint Vincent Scholarships – these competitive scholarships are awarded by the College for academic performance, a special talent in an area such as writing or music, and other key factors.
- Federal Grants – funded by the federal government, these grants help students and families with significant financial need.
- State Grants – some states offer scholarships and grants through a state higher education authority.
- External Scholarships – these scholarships come from public and private sources outside the College.
Loans come from a variety of sources and must be paid back. However, with reasonable repayment terms, payments can be spread out over several years.
- Subsidized Direct Student Loan – these federal financial aid loans offer deferred interest to students who meet federal financial aid guidelines and who are enrolled at least half-time.
- Federal Perkins Loan – these are low-interest loans based on financial need and availability.
Non Need-Based Loans
- Unsubsidized Direct Student Loan – these loans provide an alternative for students who do not qualify for Subsidized Direct Student Loans, charge interest and offer no deferments.
- Private Loans – loans in this category are offered through private lenders who set interest and repayment terms.
- Parents with good credit histories qualify for Federal Direct PLUS Loans that can cover your entire education (minus any other financial aid you’re receiving).
Graduate Plus Loan
- Graduate students with good credit histories qualify for Federal Graduate PLUS Loans that can cover your entire education (minus any other financial aid you’re receiving)
If eligible, the Federal College Work Study program allows you to earn wages while in college. Work study jobs are part-time and support various offices on campus with basic administrative and clerical duties. Salaries earned as part of work study do not directly reduce tuition or other fees but can be used to cover incidentals like transportation, books, and meals.