Grants and Student Loans

Grants, which are awarded based on need, are funded by the College as well as federal and state governments. Renewal of need-based aid is contingent on the timely filing of the FAFSA each year, as well as demonstrated need and satisfactory academic progress.

Loans are offered by the federal government and are used to help close the gap between cost of attendance and other awards offered. Below is an explanation of various programs typically available to undergraduate students.


College of Mount Saint Vincent grants help reduce tuition costs and are renewed annually. Each year the student must complete the FAFSA and maintain Satisfactory Progress.

Federal Pell Grants
Federal Pell Grants are given to students whose federally-defined expected family contribution (EFC) is less than $5,234. Each year, approximately half of the College’s first-year students are Pell Grant recipients.

Tuition Assistance Program (TAP)
The Tuition Assistance Program is available to full-time students who have been legal residents of New York State for at least one year. Amounts are based on a family’s New York State net taxable income. Learn more about TAP.


The College includes only subsidized loans in its financial aid awards, and the loan amount awarded yearly will increase according to the chart below. Depending on eligibility, additional loans may be borrowed to offset the expected family contribution.

Federal Direct Loans

  • Subsidized subsidized loans do not begin accruing interest until after graduation and have a fixed interest rate of 3.76% for loans after July 1, 2016 and 4.66% for loans after July 1, 2017 with a 1.068% origination fee
  • Unsubsidized unsubsidized loans accrue interest upon disbursement and have a fixed interest rate of 3.76% for undergraduates and 5.31% for graduates with a 1.068% origination fee. Repayment begins six months after the student graduates or drops below half-time enrollment

Students initiate the borrowing process by:

  • Completing the Free Application for Federal Student Aid (FAFSA)
  • Completing the College of Mount Saint Vincent Direct Loan Request Form
  • Completing the Direct Loan Entrance Interview Counseling
  • Completing the Direct Loan Master Promissory Note
Federal Student Loan Limits per Academic Year:
Year of Study Maximum Subsidized /
Unsubsidized Base Amount
Additional Unsubsidized Maximum Eligibility
Freshman $3,500 $2,000 $5,500
Sophomore $4,500 $2,000 $6,500
Junior $5,500 $2,000 $7,500
Senior $5,500 $2,000 $7,500

Federal Perkins Loan

  • Eligibility for a Perkins Loan is based on financial need. Students are notified in their Award Letter
  • Perkins loans offer a 5% fixed interest rate
  • Repayment begins 9 months after graduation and must be repaid in 10 years
  • Students must complete all loan forms in the Financial Aid Office after the start of classes each term

Work Study

Work-study is the “self-help” portion of a student’s financial aid award (along with loans). The amount of work-study offered to a student in his/her financial aid award is based on demonstrated financial need. Whether or not a student works the number of hours required to fulfill the awarded amount of work-study is a decision each student must make based on their ability to hold a job while attending classes during a semester. If a student decides not to work, this would increase the expected family contribution.

Earning Your Work-Study

  • Work-study income is earned via a bi-weekly paycheck based on the number of hours worked and the position salary. It is not paid in advance.
  • Work-study income does not affect the tuition bill directly, but is typically used to pay for non-billable educational expenses (such as books, travel to and from home).
  • A student may earn more (or less) than the dollar amount awarded to him/her. If the student earns less than the amount awarded, the difference would increase the expected family contribution.
  • It is recommended that students work 10-15 hours per week; work-study is not to exceed 20 hours per week.

Please note: students are not guaranteed a position by virtue of being offered work-study in their financial aid awardAll students must apply for work-study jobs by submitting a resume and cover letter to the Human Resources Office, which will forward their materials to the hiring department. The department will then contact students they would like to interview. During the hiring process, each department will give preference to students who were issued work-study as a portion of their financial aid award.