Financial Aid 101

Gift Aid
Gift aid includes scholarships (awards for academic achievement, community service, demonstrated leadership, etc.) and grants (funding to meet a student's need). These programs reduce school costs but do not require repayment and/or work to receive the funds.

Maryville has a broad range of institutional scholarship programs. They include: The Presidential Scholarship, which is for incoming, full-time freshmen and covers tuition, room and board; Achievement Awards for both incoming freshmen and new transfer students; endowed scholarships, which are gifts to the University from alumni, friends and philanthropic organizations for new and returning students; and programs restricted to specific majors.

Freshman may also apply to participate in the M-Pact Scholarship Program to earn funding for creating programs and events on campus which have an impact on the student population.

The PTK Scholarship is a supplement to the Transfer Achievement Award for junior college transfers who were a member of this academic organization. Funding is limited so be certain to apply early and follow up until the award notice is received.

The University also participates in federal grant programs (Pell, Academic Competitiveness and SMART Grant, as well as the Supplemental Educational Opportunity Grants), State grants and scholarships (Gallagher, Bright Flight, Ross Barnett and Teacher Scholarships) and our own Maryville Grant Program.

Scholarships awarded directly to the student from outside sources become part of the total package. Students need to notify the University when they receive any privately funded scholarship.

Self Help
Student Loans (repaid with interest after leaving school) and campus employment (working on campus and deducting earnings from tuition) may reduce both direct (tuition, fees, campus residence and books) and indirect costs (living expenses, transportation and day care).

Federal loans allow students to defer payment until after leaving the University. Some loans carry an interest subsidy. All currently have long-term repayment and fixed, low interest. There are also privately funded alternative loan programs designed to supplement funds from institutionally administered programs. These are not federally insured and usually carry a higher interest rate, mandatory cosigner and/or favorable credit history.

Campus employment refers to jobs arranged through the Financial Aid Office that can be either on or off campus, partially or completely funded by the University and requiring five to 15 hours per week throughout the semester. Students may receive their payroll checks, or deduct the amount of the award from the balance due by signing paychecks over to their student account throughout the semester as the assigned hours are worked.

Student awards may come from federal, state, institutional or private sources. Many (but not all) financial aid programs are "need based", which is determined by the federal government's formula which affixes a value to a family's income and assets. That value is the family's "ability to pay", which once formulated and sent to the University by the processor for the Department of Education is deducted from a school's costs (tuition, fees, dorm, books and miscellaneous) to establish a family's need.

Financial awards are a combination of available aid from scholarships, grants, loans and employment programs for which students have established eligibility put together into a "package." The bottom line is important, but the components and the type of aid each represents are equally crucial in determining the best financial aid options available.

The determination of aid is affected by many factors: family size, timing, grade level, state of residence, previous funding, etc. Changes in any of these may create a change in either the programs or amounts or both. Be certain to complete the student portion of the process as soon as possible to avoid diminishing funds and missing deadlines. Be responsive to communications from the Financial Aid Office whether by mail, e-mail or phone.

Communication is an important resource for students, especially with student counselors, academic advisers and financial aid staff. The earlier aid is determined, offered and accepted, the better.