Undergraduate Financial Aid
Don’t overlook a school based on cost!
At Mary Baldwin, very few students pay full tuition. We create customized scholarship packages that reward academic and extracurricular accomplishments and recognize your potential to succeed.
We take careful consideration of the financial challenges with paying for college. That’s why we’re bucking nationwide trends and freezing undergraduate tuition and fees for 2018-19. One more way that MBU puts our students front and center.
ESTIMATED 2017-18 DIRECT COSTS
|Tuition (two semesters of full-time enrollment)||$30,690|
|May Term||$0, included in tutition|
|Total direct cost (billed expenses)||$40,495|
Students should also anticipate additional expenses such as books, supplies, travel, recreation and personal items. These expenses are considered when determining financial aid awards and families should anticipate an increase in expenses from year to year.
Now, let’s reduce that total cost…
Remember, very few MBU students pay the full direct cost. We know that paying for college takes planning, saving and drawing from a variety of resources. The MBU Office of Student Financial Aid is here to help you determine whether you qualify for aid and to successfully apply for it.
Your Customized Financial Aid Package May Include:
If you are a Virginia resident you will receive an estimated grant of $3,300. The state will advise colleges of the exact amount during the academic year. Complete the Tuition Assistance Grant form (PDF). It is easy to apply and you do not pay it back. Other states grants may be available based on FAFSA information. Out of state tuition assistance grants are also available.
If you are in the Virginia Women’s Institute for Leadership (VWIL), you may apply for a ROTC scholarship as a high school senior or after your enrollment at MBU. Contact firstname.lastname@example.org for more information.
STUDENT EMPLOYMENT PROGRAM
The Student Employment Program (SEP) is designed for experiential hands on learning that will inspire, mentor and coach students for future professional expectations and career endeavors. All positions within Student Employment are on-campus jobs.
A variety of low-interest loans are available. Our financial aid office will help you determine which are right for you. For more information regarding loans, please click here.
FINANCIAL AID HINTS
- Learn everything you need to know about applying for financial aid, including important deadlines and step-by-step instructions.
- Always apply for federal financial aid.
- Make sure to ask about lesser-known ways to finance your college education, such as outside scholarships (start early!), installment payment plans, and campus employment.
When applying for student financial aid, it is important to pay attention to dates and deadlines, follow all of the required steps and provide requested documentation. Listed below is a summary of the steps for applying for financial aid. Detailed information about the process is contained in the Financial Aid Handbook.
STEP 1: APPLY FOR ADMISSION
STEP 2: FILE THE FAFSA
File the Free Application for Federal Student Aid (FAFSA) to be considered for the most financial aid. You won’t know aid you might be eligible for if you don’t file! If you’re not ready to file, you can get an early estimate of your aid using our Net Price Calculator.
STEP 3: REVIEW YOUR STUDENT AID REPORT (SAR)
After you submit your FAFSA, the U.S. Department of Education will send you a Student Aid Report (SAR), which is a summary of the FAFSA data you submitted and includes your Expected Family Contribution (EFC). Make sure your SAR is correct and complete. MBU uses the SAR to calculate the aid it can offer you.
STEP 4: WATCH THE MAIL FOR YOUR FINANCIAL AID OFFER FROM MBU
STEP 5: HAVE YOU BEEN SELECTED FOR VERIFICATION?
Verification is a process in which MBU confirms the accuracy of information provided on the FAFSA. Verification is a federally mandated program to ensure accuracy in the administration of federal financial aid.
If you are selected for verification, Mary Baldwin University is required by federal regulations to collect certain financial documents to ensure the accuracy of your FAFSA. The priority deadline for completing verification in a timely manner to finalize the financial aid process is June 15. (The Financial Aid Handbook provides detailed information about verification and the information required to complete the process.
STEP 6: ACCEPT AID
STEP 7: PACK FOR COLLEGE!
Grants and Scholarships
Grants and scholarships are funds that do not need to be repaid. Their sources may be institutional, federal, state, or private.
To be considered for a federal grant, students must file a FAFSA for each academic year and complete other financial aid processes as requested by the financial aid office.
Pell grant: A federal need-based grant available to students earning their first undergraduate degree or enrolled at least half-time in the post graduate teacher licensure program with remaining lifetime eligibility.
Iraq and Afghanistan Service Grants: For students who meet the Pell grant eligibility criteria except for the FAFSA expected family contribution and a parent or guardian was member of the US Armed Forces and died as a result of military service performed in Iraq or Afghanistan after the events of 9/11 and you were under 24 years old and enrolled in college at least part-time at the time of your parent’s or guardian’s death. More information here.
SEOG: The Federal Supplemental Educational Opportunity Grant (FSEOG) is available for undergraduates with exceptional financial need.
Federal TEACH grant: The TEACH Grant Program provides grants of up to $4,000 a year to students who are planning to become teachers in a high-need field in a low-income. For more information see this link.
Mary Baldwin Grants and Scholarship
Merit scholarships are awarded based on academic qualifications. Grants are awarded based on academic qualifications, need as determined by the FAFSA, or both. Applicants to the College for Women are considered for these.
Endowed scholarships may be awarded on other bases. Students will be notified of their eligibility for them.
Outside or Private Scholarships
These are scholarship funds from sources outside the institution and the federal government. You may find information about these in your high school guidance office, civic organizations or scholarship search sites such as www.fastweb.com. We caution you to be careful about releasing your personal information and not to pay for scholarship searches.
The VA determines your eligibility for benefits. You may apply for your education benefits or to transfer benefits to a child or spouse at www.gibill.va.gov. Find more information about the VA benefit process.
Federal Student Loans
Loans are funds that must be repaid. To be considered for a federal student loan, students must file a FAFSA for each academic year and complete other financial aid processes as requested by the financial aid office.
After you enter into an agreement with the federal government about your federal student or PLUS loan, your loan information will be released to NSLDS (the National Student Loan Data Service) and will be accessible by authorized agencies, lenders, and institutions.
First time student borrowers must complete student loan entrance counseling and a master promissory note (MPN) at www.studentloans.gov. You will need your FSA ID to complete this process.
First time parent or Grad PLUS borrowers must complete a PLUS master promissory note at www.studentloans.gov. They will need their FSA ID to complete the process.
Direct Stafford (Student) Loan Limits
Visit the Office of Federal Student Aid site to view the maximum amounts of subsidized and unsubsidized loans available to students based on their year in school and dependency status as determined by the FAFSA.
Subsidized loans – interest does not accrue during enrollment of at least half time status
Unsubsidized loans – interest begins accruing at disbursement
What’s your Title IV Code?
Our Title IV Code is 003723; put this in the College Release section of the FAFSA.
Is there a deadline to apply for aid?
Our office does not operate under a deadline for applications for financial aid. However, in order to have your aid in place to apply to your account at the beginning of your enrollment, it is best to allow a minimum of eight weeks to process your application. That does not allow extra time for correction of filing errors with the federal government or verification procedures and there will be delays in receiving loan proceeds. Also, some sources of aid for traditional students may be depleted before that time. Our recommendation? File as early as possible after January 1 for the next academic year.
Do I have to file a Free Application for Federal Student Aid (FAFSA)?
Yes, if you wish to be considered for need-based financial aid and student loans. Parent loans for dependent students can be obtained without filing the FAFSA.
What if I don’t want need-based aid or student loans?
Notify our office in writing and we will finalize your file. This may be necessary each academic year you are enrolled at Mary Baldwin. Of course, should you change your mind later and need our assistance, all you need to do is contact us and we will be glad to help as best we can.
Can I get money for books, personal expenses, etc.?
Yes, you can increase loans to cover those expenses. Check with the person responsible for aid for your program to determine how much extra you can borrow. If additional money is borrowed, it may be possible to receive a voucher from the Business Office for your books and excess funds will be refunded after the funds are actually credited to your student account in the Business Office.
What does it cost to go to Mary Baldwin?
This will vary by program. You should refer to your specific program guidelines for your program costs.
What is a TAG Grant?
The TAG Grant is the Tuition Assistance Grant from the State Council of Higher Education for Virginia residents.
When will my loan proceeds arrive?
If your aid is completed in a timely manner, your loan proceeds will not arrive until after the end of the add/drop period for each semester and your level of enrollment and continued eligibility for funds has been verified. If your file is not timely completed, delays will definitely be experienced. Do not count on refunds from loan funds to pay for rent or utilities.
Can I lose my financial aid?
Eligibility for financial aid is based on level of enrollment (how many courses you are taking). If you are enrolled only part time, your eligibility for financial aid is reduced. You must be enrolled at least half time to receive student loans. Your enrollment status is verified each semester and your aid is adjusted if necessary. Scholarships in the traditional program and TAG are based on full-time enrollment. You can also lose your aid eligibility if you fail to maintain satisfactory academic progress in your program.
Dates and Deadlines
January 1 – March 1
File the FAFSA by the March 1 priority deadline. If you’re not filing a FAFSA, please notify the Financial Aid Office so that we can finalize your aid file and award merit-based aid.
February – May 15
Sign and return all necessary forms. The sooner, the better! Certain sources of aid like work-study jobs and college grant money may be depleted after this date.
Deadline for incoming freshmen to pay your deposit.
Virginia students should ensure their Tuition Assistance Grant application is filed with the Financial Aid Office.