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  • Apply for Aid | U.S. Merchant Marine Academy
    EFC is calculated by submitting your Free Application for Federal Student Aid FAFSA The EFC is a determination of the costs that a family can reasonably be expected to contribute towards the CoA Financial Need is defined by Congress as the difference between the Cost of Attendance and what the family can be reasonably expected to contribute towards that Cost of Attendance Once your FAFSA is filed successfully you will receive a confirmation e mail from the US Dept of Education It is STRONGLY encouraged that you save this email for future reference records Step Two Financial Aid Award Letter The Financial Aid Office will review your FAFSA and will determine your eligibility for Federal Student Aid Provided there are no issues you will be given an award letter which details the maximum amount of aid you are eligible to receive While there is no deadline for receiving financial aid students are encouraged to file in a timely manner in order to receive their aid in time for the commencement of the term Once an award letter is received you may choose to accept or decline the award You may also choose to accept a partial amount of the award offered In addition should you decline to receive an award you can still accept it at any point throughout the academic year Should you choose to accept a Direct Federal Loan you will be required to complete Entrance Counseling and a to sign an Electronic Master Promissory Note see step 4 In addition should you choose to accept your award please e mail your signed award letter to BeckerJ usmma edu Letters may also be mailed or faxed to the Financial Aid office Please see the Contact Us portion of the Financial Aid page for details Step Three Federal Verification Process Your FAFSA may be subject to Verification Verification is a process whereby the Dept of Education randomly selects FAFSA applicants to submit additional documentation to verify their FAFSA data Verification is simply an additional step in the Financial Aid process and should not be viewed as a consequence or punishment Those applicants selected for verification will receive a self reporting worksheet to complete and will be required to verify their tax information It is strongly encouraged that all applicants utilize the IRS Data retrieval tool when filing the FAFSA This will clarify many issues in the verification process Step Four Completing Entrance Counseling and the Master Promissory Note New and current students who have not previously borrowed a Direct Loan while enrolled at the USMMA must complete Entrance Counseling and sign an Electronic Master Promissory Note MPN A Master Promissory Note is a binding legal contract between a loan holder and a borrower The promissory note contains the loan terms and conditions including how and when the loan must be repaid By signing this note the borrower agrees to repay the loan To complete the Entrance Counseling and file the MPN please visit the following websites Entrance Counseling Go

    Original URL path: https://www.usmma.edu/admissions/financial-aid/apply-aid (2016-02-14)
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  • Types of Aid | U.S. Merchant Marine Academy
    for Aid tab for further details In 2014 2015 the Federal Pell Grant annual award ranged from 602 5730 Federal Iraq Afghanistan Service Grant IASG To be eligible for a Federal IASG the student must have lost a parent or guardian due to military service in Iraq or Afghanistan after September 11 2001 IASG is considered gift aid and does not have to be repaid The amount of the award is based on the student s enrollment level For 2014 2015 IASG annual awards range from 1 411 5 730 Federal Direct Loans The Federal Direct Loan is a loan and funds received must be repaid As of the 2014 15 academic years the interest rate is currently fixed at 4 66 compounded annually In addition all Direct Loans are subject to a default fee of 1 073 which is immediately deducted from the loan upon disbursement Therefore the actual net amount disbursed may be less than the amount borrowed There are two types of Direct Loans Subsidized loans are available to undergraduate students with financial need The U S Dept of Education pays the interest while the student is enrolled at USMMA Repayment begins six months following graduation If a student can repay the loan in full within the six months following graduation no interest is required to be paid Unsubsidized loans are available to ALL undergraduate students Interest begins to accrue on any funds as soon as the first disbursement is made Repayment begins six months following graduation Award amounts are determined by the student s dependency status grade level and financial need Maximum Annual Award Amounts Grade Level Dependent Independent 1st Year 5 500 Max Subsidized 3 500 9 500 Max Subsidized 3 500 2nd Year 6 500 Max Subsidized 4 500 10 500 Max Subsidized 4

    Original URL path: https://www.usmma.edu/admissions/financial-aid/types-aid (2016-02-14)
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  • Scholarships | U.S. Merchant Marine Academy
    While the Academy offers Federal Student Aid FSA students may apply for outside award scholarships and grants The Academy welcomes any outside awards which may be used to help defray the Cost of Attendance In addition students who possess 529 College Savings Plans have the option of using their savings toward the Cost of Attendance Please contact the Financial Aid office with any questions regarding the use of a 529 plan at USMMA Scholarship Award checks can be mailed to USMMA Office of Admissions Financial Aid 300 Steamboat Road Kings Point NY 11024 1699 The following links are provided for reference purposes only USMMA has no affiliation with any award agency and does not offer any source of institutional or In House Aid Scholarships Website Additional Information College Board College Board s Scholarship Search Federal Employee and Education Assistance Scholarships FEEA has awarded over 3 5 million in college scholarships exclusively to federal and postal employees and their family members Federal Student Aid Student aid on the Web by the Department of Education Sources of free information about scholarships FinAid Financial Aid Scholarships Fedmoney org Free Guide to All Government Grants Scholarships Updated Monday June 8 2015 Financial Aid Office

    Original URL path: https://www.usmma.edu/admissions/financial-aid/scholarships (2016-02-14)
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  • Frequently Asked Questions | U.S. Merchant Marine Academy
    be assigned your loan All loan servicers follow the same guidelines and are held to the same standards What is the difference between the Accounts Office and the Financial Aid Office The Accounts office is responsible for the invoicing and collection of mandatory fees Billed Costs as well as issuing refund credits The Financial Aid office is responsible for awarding processing and verifying those students who apply accept financial aid Where can I find additional information on Federal Student Aid For anything and everything related to Federal Student Aid please visit http studentaid ed gov FAFSA How do I apply for a Pell Grant and other types of need based aid Submit a Free Application for Federal Student Aid FAFSA The application in no way obligates you to accept financial aid It is merely an application The application is available at http www fafsa ed gov What is USMMA s Federal School Code 002892 enter this code when prompted to do so on your FAFSA Since filing my FAFSA my financial situation has drastically changed unemployment severe injury death of family member etc What should I do The Office of Financial Aid is sensitive to the fact that life events do occur If your financial situation has been impacted please contact our office at 516 726 5638 or via e mail at BeckerJ USMMA Edu I filed my FAFSA what happens next Within 1 2 business days the Dept of Education will e mail you a Student Aid Report SAR The SAR details the amount of aid you can expect to receive You should contact the Financial Aid Office via email at BeckerJ USMMA Edu to notify us that you have submitted your FAFSA Once the Financial Aid office reviews your information we will generate an award letter for your review You may opt to accept or reject the award Should you choose to accept the award you must submit the acceptance letter to the Financial Aid office You will then be required to complete entrance counseling and sign a Master Promissory Note MPN Both steps can be easily completed online by going to https studentloans gov Following successful completion of entrance counseling and signing the MPN the Financial Aid Office will notify the Dept of Education of your desire to accept Financial Aid The Dept will disburse funds to the Office of Midshipmen Accounts Midshipmen Accounts will then use the funds to pay any outstanding bills Any funds remaining will be given to you in the form of a check It is your responsibility to bring this check to your bank or financial institute How often are funds disbursed Since the Academy operates on a Trimester system funds are disbursed every Trimester generally within the first 3 4 weeks of the term Funds may also be disbursed at any time during the term In the event you file your FAFSA after a term s has been completed you may receive the previous terms aid in addition to the current

    Original URL path: https://www.usmma.edu/admissions/financial-aid/forms (2016-02-14)
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  • Contact Us | U.S. Merchant Marine Academy
    Policies FAQ Contact Us Contact Us Financial Aid Office Mr Joseph Becker Financial Aid Specialist beckerj usmma edu Admissions Center 2nd Floor Phone 516 726 5638 Fax 516 773 5390 Business Hours 8 00am 4 30pm ET M F Mailing Address U S Merchant Marine Academy Attn Admissions Financial Aid 300 Steamboat Road Kings Point NY 11024 Updated Tuesday May 26 2015 Financial Aid Office Joseph Becker 300 Steamboat Road

    Original URL path: https://www.usmma.edu/admissions/financial-aid/contact-us (2016-02-14)
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  • Feedback | U.S. Merchant Marine Academy
    are here Home Feedback Please provide feedback on the content of this page or the entire site by completing the form below If you have a specific question on a DOT program or resource please use the contact information provided on the web page I d like to provide feedback on the Entire site Previous page Title Cost of Attendance Link https www usmma edu admissions financial aid cost attendance

    Original URL path: https://www.usmma.edu/feedback?title=Cost%20of%20Attendance&url=https%3A/www.usmma.edu/admissions/financial-aid/cost-attendance (2016-02-14)
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  • United States Merchant Marine Academy's Net Price Calculator
    Published on U S Merchant Marine Academy https www usmma edu Home Net Price Calculator Source URL https www usmma edu content united states merchant marine academys net price calculator

    Original URL path: https://www.usmma.edu/print/4796 (2016-02-14)
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  • Feedback | U.S. Merchant Marine Academy
    feedback on the content of this page or the entire site by completing the form below If you have a specific question on a DOT program or resource please use the contact information provided on the web page I d like to provide feedback on the Entire site Previous page Title United States Merchant Marine Academy 039 s Net Price Calculator Link https www usmma edu content united states merchant

    Original URL path: https://www.usmma.edu/feedback?title=United%20States%20Merchant%20Marine%20Academy%26%23039%3Bs%20Net%20Price%20Calculator&url=https%3A/www.usmma.edu/content/united-states-merchant-marine-academys-net-price-calculator (2016-02-14)
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