Student Loans

The Federal Direct Student loans are funds borrowed from the federal government for educational costs. They must be repaid starting six (6) months from the date in which the student completes a degree, ceases to be enrolled, or drops below half-time status. The loan is made to the student, and the student is directly responsible for repayment of this debt. Eligibility is contingent upon completion of a FAFSA and submission of all required supporting documentation.

If a student demonstrates need – as defined by the federal government based on the information provided on the FAFSA – a portion of the Federal Direct Student Loan may be subsidized. In this case, the federal government pays the interest as it accrues, until the end of the student’s six (6) month grace period. All applicants who complete the FAFSA are automatically eligible for anunsubsidizedFederal Direct Student Loan, on which interest accrues while the student is in school.Federal loan limits are determined by year in school.

Repayment of the subsidized and unsubsidized loans can be made over 10 or more years. The federal government chargesan origination fee for each student loan. These fees are deducted from each semester’s check to the school. The fixed interest rate, set each year on July 1^st, is based on the 91-day Treasury bill, plus a 3.1% allowance, not to exceed 8.25%

To receive a Federal Direct Student Loan, the student must complete Entrance Counseling and sign a Master Promissory Note for a Subsidized/Unsubsidized Loan (MPN), both available atstudentaid.gov.

Loans will be electronically certified by the College in equal amounts for each semester of eligible enrollment in an academic year. The Office of Student Accounts will receive the net amount and credit it to the student account.

The Federal Parent Loan for Undergraduate Students (PLUS) is a program whereby credit-worthy parents may borrow up to their child’s cost of attendance, minus any financial aid already awarded. The Bipartisan Student Loan Certainty Act of 2013 sets theannual fixed interest rateon Direct PLUS Loans at the rate on high-yield 10-year Treasury notes plus 4.6%, but caps that rate at 10.5%.

To apply for a PLUS Loan, eligible parents and caregivers must visitstudentaid.govand complete the application, as well as the PLUS MPN for Parents of a Dependent Undergraduate Student.

If an applicant is denied, they may appeal the credit decision or seek out an endorser. Otherwise, the student is then entitled to additional unsubsidized loan funds up to the independent limit determined by their year in school.

If at any time you with to decline or change a loan, simply e-mailfinaidmail@mville.edu.

Many forms of financial aid can be applied toward the cost of a study abroad program depending on the type of program selected. Note students will not be admitted into a study abroad program if they owe a balance to the College.Please reach out to the Study Abroad office at 914-323-5168 for general information about each type of program.

Direct Exchange (DEXCO)

• Students are billed Manhattanville tuition (no fees)
• Students are responsible for their room, board, transportation and related expenses
• Financial aid awards may be impacted due to the adjustment in their cost of attendance for the semester abroad
• Students WILL retain any institutional merit scholarships (including tuition exchange) or need-based grants they were receiving in the semester prior to studying abroad
• Students WILL retain their state and federal aid (if applicable)

• Ex. PELL Grant, SEOG Grant, TAP Grant, Stafford Loans, PLUS loan

• Students WILL NOT retain scholarships awarded for participation in any special programs, including Sister Mary T. Clark Community Service Award Program, Manhattanville First Generation Award Program, Castle Scholars Honors Program, Community College Honors Scholarship, etc.

Cooperative (COOP)

• Students are billed Manhattanville tuition (no fees)

• Students are responsible for their room, board, transportation and related expense
• Financial aid awards may be impacted due to the adjustment in their cost of attendance for the semester abroad

• Students may receive a $5,000 Manhattanville Scholarship Award. Funds are available for a maximum of fourteen (14) students annually to assist with the cost of studying abroad.
• Students WILL retain their state and federal aid (if applicable)

• Ex. PELL Grant, SEOG Grant, TAP Grant, Stafford Loans, PLUS loan

• Students WILL NOT retain any institutional merit scholarships or need-based grants they were receiving in the semester prior to studying abroad
• Students WILL NOT retain scholarships awarded for participation in any special programs, including Sister Mary T. Clark Community Service Award Program, Manhattanville First Generation Award Program, Castle Scholars Honors Program, Community College Honors Scholarship, etc.

Independent

• Students are not billed by the College and are billed directly by the independent study abroad program
• A consortium agreement must be approved and completed by the student in order to retain any state or federal aid
• The consortium agreement must be approved and completed by the host school and the following offices at Manhattanville:

• Dean of the School of Arts and Sciences (or for Radiologic Technology and Nursing majors, approval required by the Dean for the School of Nursing and Health Sciences)
• Director of Financial Aid

• Copies of the approved and completed documents must be submitted to the following:

• Manhattanville OneStop Office
• Study Abroad host program

• Students WILL NOT retain any institutional merit scholarships or need-based grants they were receiving in the semester prior to studying abroad

• Students WILL NOT retain scholarships awarded for participation in any special programs, including Sister Mary T. Clark Community Service Award Program, Manhattanville First Generation Award Program, Castle Scholars Honors Program, Community College Honors Scholarship, etc.