Types of Financial Aid
There are many ways to make college more affordable. Please read the various types of Financial Aid that may be available to you.
Federal Pell Grant
• A Federal Pell Grant, unlike a loan, does not have to be repaid. Federal Pell Grants usually are awarded only to undergraduate students who have not earned a bachelor's or a professional degree. You are not eligible to receive a Federal Pell Grant if you are incarcerated in a federal or state penal institution or are subject to an involuntary civil commitment upon completion of a period of incarceration for a forcible or non-forcible sexual offense.
o Amounts can change yearly. The maximum Federal Pell Grant award is $5,775 for the 2015–16 award year (July 1, 2015 to June 30, 2016). The amount you get, though, will depend on
• your financial need,
• your cost of attendance,
• your status as a full-time or part-time student, and
• your plans to attend school for a full academic year or less.
You may not receive Federal Pell Grant funds from more than one school at a time.
o Effective on July 1, 2012, you can receive the Federal Pell Grant for no more than 12 semesters or the equivalent (roughly six years). You’ll receive a notice if you’re getting close to your limit. If you have any questions, contact your financial aid office.
Federal Supplemental Educational Opportunity Grant (FSEOG)
• A Federal Supplemental Educational Opportunity Grant (FSEOG) is a grant for undergraduate students with exceptional financial need. To get an FSEOG, you must fill out the Free Application for Federal Student Aid (FAFSA) so your college can determine how much financial need you have. Students who will receive Federal Pell Grants and have the most financial need will receive FSEOGs first. The FSEOG does not need to be repaid.
o The FSEOG program is administered directly by the financial aid office at each participating school and is therefore called “campus-based” aid.
Loans (Subsidized and Unsubsidized)
Subsidized and unsubsidized loans are federal student loans for eligible students to help cover the cost of higher education at a four-year college or university, community college, or trade, career, or technical school. The U.S. Department of Education offers eligible students at participating schools Direct Subsidized Loans and Direct Unsubsidized Loans.
Subsidized versus Unsubsidized
• Available to undergraduate students with financial need.
• Your school determines the amount you can borrow, and the amount may not exceed your financial need.
• The U.S. Department of Education pays the interest on a direct subsidized loan as long as you are in school with atleast half-time student status
• Available to undergraduate and graduate students; there is no requirement to demonstrate financial need.
• Your school determines the amount you can borrow based on your cost of attendance and other financial aid you receive.
• You are responsible for paying the interest on a Direct Unsubsidized Loan during all periods.
• If you choose not to pay the interest while you are in school and during grace periods and deferment or forbearance periods, your interest will accrue (accumulate) and be capitalized (that is, your interest will be added to the principal amount of your loan).
Annual Loan Limits
|Year in School||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.|
Interest Rates for Loans Disbursed between July 1, 2015 and June 30, 2016
|Type of Loan||Undergraduate Students||Graduate Students|
|Direct Subsidized Loan||4.66%||N/A|
|Direct Unsubsidized Loan||4.66%||6.21%|
Marion Military Institute offers various institutional scholarships to ease the cost of attending college. However, all institutional scholarships credit towards the cost of tuition so they cannot be combined together. Institutional scholarships are applied to student accounts in the way that will best help the student. Financial Aid has the right to at any time review a student’s awards and make adjustments to prevent an over award (over the cost of attendance or over the allowable amount of need based aid).
To receive any type of Institutional Scholarship one must complete the Free Application for Federal Student Aid (FAFSA).
Institutional Scholarships are listed below:
• In-State and Out-of-State Cadetship
• Leadership Scholarship
• Presidential Scholarship
• White Knight Scholarship
• Band Scholarship
• Service Academy Prep (SAP)
• Academic Dean Scholarship
• Black Belt Scholarship
• Military High School Scholarship
• Knight Fox Scholarships
• All athletic scholarships
Early Commissioning Program (ARMY Scholarships)
• These scholarships are offered by the ROTC department and are not institutional scholarships.
• ARMY scholarships are not paid (to the school or student) until the student contracts.
• Contracting begins 45 days AFTER classes begin.
• All monies due to the business office must be paid at registration and any credit balance that occurs AFTER the student contracts will be issued back to the student in the form of a check.
• ARMY scholarships cannot be combined with any institutional scholarships that cover tuition.