Graduate Financing Options

A graduate degree is an important investment for your future. There are several options to help students fund their graduate degrees at McDaniel. From scholarships and grants, to loans and payment plans, the Office of Financial Aid is here to help students navigate these choices to find an affordable option to help students reach their educational and career goals.

Contact the Financial Aid Office

Meet the Financial Aid Staff

Loans

Federal Loans

Federal Direct loans are available to eligible students to help cover tuition, fees, and room and board charges. Federal loans offer a low, fixed interest rate. As a graduate student, you are eligible to borrow up to $20,500 in Federal Direct Unsubsidized Loans annually. Federal Graduate PLUS loans are also available for interested students; however, the interest rate on these loans is higher. The first step to receiving federal loans is the completion of a FAFSA.

Alternative Loans

Alternative loans or private loans are educational loans that students can acquire through retail banks, credit unions, or student loan providers. Alternative loans determine interest rates based on an applicants credit score. The terms and conditions of alternative loans will vary based on the lender that you have selected.

To determine eligiblity for federal loans, the FAFSA must be completed annually. Don't forget to add McDaniel's school code: 002109.

Complete the FAFSA

Scholarships and Grants

State Aid for Maryland Residents

Maryland residents may be eligible for additional scholarships and grants through the Maryland Higher Education Commission (MHEC). In order to be eligible, students must complete the FAFSA each year by March 1st. Students are encouraged to visit MHEC's website for a full list of scholarships and grants.

The Carolyn D. McGolerick Scholarship

McDaniel College has partnered with The Community Foundation of Frederick County to award graduate scholarships in school librarianship. The application deadline is April 7. You can find more information and the scholarship application here.

Federal TEACH Grant

The TEACH Grant Program provides grants of up to $4,000 a year to students who are completing or plan to complete course work needed to begin a career in teaching. The TEACH Grant requires that students complete a teaching service obligation as a condition for receiving the grant. If you do not complete the service obligation, the TEACH Grant will be converted to a loan, which you must repay.

Graduate Assistantships

Limited opportunities for graduate assistant positions are available annually. The benefits range from tuition remission for one course to up to tuition remission for six courses annually and a cash stipend. Available positions are listed on the McDaniel employment website when available. For more information on the policy, please click here.

Payment Plan

McDaniel College offers you the option to pay all or a portion of your semester balance in four monthly installments. You have the flexibility to set up a new payment plan for each semester. The fall semester payment plan begins in August and runs through November. The spring semester payment plan begins in January and runs through April. The payment plan is interest free but there is an enrollment fee of $75 each semester that you enroll.

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