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Weekend College

Whether you’re a prospective or current student in the Mount’s Weekend College program to earn your bachelor’s degree, these are the types of financial support programs you can expect to apply for during your aid process.

Not every student qualifies for financial aid, or for specific programs; for more information, please do not hesitate to contact Student Financing at 310-954-4190. We are here to serve you.

Annual Costs

As you review your options for financial aid, it’s important to know how much attending Mount St. Mary’s College will be for you. Here is a quick matrix detailing tuition and fees:

Weekend College Program (2014-2015)
Per Unit

$669

College Service Fee $128
 
Grants

By definition, grants are considered “free” money and do not require repayment. Popular grant programs awarded to select Mount students include the Cal Grant A and B awards, and Pell Grants.

  • Cal Grants: If you’re enrolled as an undergraduate at Mount St. Mary’s College, you are eligible to apply for the Cal Grant A and B award programs. You can apply for up to four years, must maintain an eligible GPA, have demonstrable financial need, be enrolled in at least 6 units, and be a California resident. Click here for more info
  • Pell Grants: The Federal government also awards aid to qualified students in the form of Pell Grants. You must demonstrate financial need. By submitting your FAFSA you’ll learn if you qualify, and if so, what amount of award.
 
Loans

Student loans require repayment by either the student or his or her parents. Most repayment schedules begin after completion of studies; some begin immediately upon funding. There are three main types: Federal loans, Federal parent loans, and alternative loans.

  • Federal Direct Stafford Loans: These are the most common loan types for both undergraduate and graduate students. There are two types, both requiring repayment with interest: subsidized and unsubsidized.
    • Subsidized loans feature the Federal government paying the interest due while you are in college – you’ll repay the interest once you begin your payments.
      • Freshman: $3500 per year maximum
      • Sophomore: $4500 per year maximum
      • Eligibility: half-time enrollment, demonstrated financial need
      • Requirements: FAFSA, Master Promissory Note, Entrance and Exit Counseling
      • Interest: the current interest rate is X.X percent
      • Repayment: Principal balance is deferred until six months after graduation, withdrawal or dropping below half-time; the Federal government pays the interest on the loans while you are in school, and during grace and deferment periods
    • Unsubsidized loans require the borrower to pay the total sum as well as the interest that has been accrued, after they graduate. Payment of interest is not required as long as you are in school.
      • Freshman and Sophomore: $6000 per year maximum
      • Eligibility: half-time enrollment, financial need not required
      • Requirements: FAFSA, Master Promissory Note, Entrance and Exit Counseling
      • Interest: the current interest rate is X.X percent
      • Repayment: You are responsible for all the interest on the loan, but you may defer interest payments while you are in school; if you do, accumulated interest will be added to the loan principal when repayment begins.
 
Federal Direct Parent PLUS Loans

For many undergraduate students, it makes sense for their parents to borrow from the Federal government under the PLUS loan program. Here are key features of the PLUS loan program:

  • Credit worthiness: your parents must qualify for the loan with a minimum credit score and are required to complete the PLUS loan application
  • Total amount borrowed: your parents may borrow up to the total cost of your education, less any amount of other aid you may receive (e.g. grants, awards, other loans)
  • Interest rate: the current PLUS loan interest rate is 7.9%; it is variable but will never exceed 9%
  • Accrual: interest accrues from the date of the loan’s funding until the loan is repaid in full
  • Repayment: it begins sixty days after the loan is fully disbursed

 
Alternative Loans

A better term for “alternative” loans is “private” loans – that is, regular loans. Like a loan you might request for a car or mortgage, these require a good credit score and history, satisfactory income-to-debt ratio, and in some cases may require a co-signer.

It’s important to note that if you secure an alternative loan, you must inform Student Financing so that it may be added to your overall financing profile.

  • Eligibility: Requires a credit-worthy applicant and/or co-signer. You’ll need a good credit history and satisfactory income-to-debt ratio
  • Application: Requires an Alternative Loan Application; please submit your application to Student Financing for processing
  • Interest: Most alternative loans feature a variable interest rate, determined by the borrower’s credit history.
  • Fees: Most alternative loans include fees added to the total amount owed.
  • Repayment: It begins six months after graduation, withdrawal, or dropping below half-time enrollment.

It’s important to note that alternative loans vary widely, and you should compare them to see what works best for you and your financial situation.

 
Loan Entrance and Exit Counseling

Part of the loan experience is being counseled up front prior to borrowing, and at the completion of your studies, so that you are aware of your impending financial obligations.

Loan entrance counseling is required of first-time Mount borrowers, particularly for Federal Direct Stafford or PLUS loans. Click here to complete your loan entrance counseling

Loan exit counseling is also required of Mount student borrowers upon leaving the Mount; it is also required by Federal law. You will be required to accept legal and financial responsibilities owing from the loan obligations. Click here to complete your loan exit counseling

 

 
Outside Scholarships

Many students apply for and receive what are known as “outside” scholarships – awards and grants from organizations not affiliated with Mount St. Mary’s College. To learn more about the types of organizations granting such scholarships, click here.

It’s important that any outside scholarship award you receive be processed through Student Financing. This way, we can help you offset loans or work-study requirements, as well as adjust any grant awards you may be receiving.