Financial Aid Types for Online Students
Mary Baldwin creates customized financial aid packages that reward academic and extracurricular accomplishments and address financial needs. These packages may include:
Scholarships
Scholarships are financial awards given to students based on their academic achievements, talents, or other criteria. They can be offered by MBU, various organizations, institutions, or private donors. Scholarships do not have to be repaid, making them a popular form of financial aid.
To find out what you’re eligible for, fill out the Free Application for Financial Student Aid (FAFSA) or talk to an MBU advisor today.
A one-time, $500 scholarship awarded to students recommended to the Office of Admissions by an alum. Alumni, refer a student here.
Students inducted into Phi Theta Kappa as Virginia community college students are eligible for a $1,500 merit scholarship. Please contact the Office of Admissions regarding this award.
Students currently employed in emergency medical services, law enforcement, and fire and rescue may qualify for this scholarship opportunity. Eligible students can receive up to $1,000 annually.
A $1,000 scholarship is available to students currently employed at a company or business that is a member in good standing with the Virginia Chamber of Commerce. Proof of employment is required.
Undergraduate students enrolled for the summer at least half-time — six or more credit hours — are eligible for a $500 scholarship.
A $1,000 annual discount is available to students honorably discharged from military service. Spouses and dependents may also qualify. Students must be enrolled in at least six credits per qualifying semester to receive $500 up to the annual limit. Proof of military service is required. This discount may be used toward undergraduate or graduate classes. Learn more about VA benefits at MBU.
Mary Baldwin is fortunate to have over 250 endowed scholarships funded by our generous alumni and other private donors. Each scholarship has specific criteria and eligibility requirements. You’re automatically considered for our endowed scholarship program after you’re admitted to Mary Baldwin and have filed the Free Application for Federal Student Aid (FAFSA).
In addition to MBU’s generous scholarship options, there are dozens of scholarship opportunities available to students. Check with your employer and any community or religious organization to which you belong to see if they offer tuition assistance, or talk to an MBU advisor for more info. Students, you should NEVER pay for a scholarship search!
Grants
Grants are similar to scholarships in that they are financial awards that do not require repayment. However, grants are typically based on financial need rather than academic merit. They are often provided by government agencies, institutions, or private foundations to help students cover educational expenses.
MBU advisors can help you find available grants, but the best place to start is by submitting a Free Application for Federal Student Aid (FAFSA) to find out what grants you may be eligible for.
Students who demonstrate exceptional financial need, and who are earning their first undergraduate degree or a postgraduate teaching certificate, may be eligible for a Federal Pell Grant of up to $7,395 per year. Eligibility is determined using the FAFSA.
Virginia residents taking at least 12 credit hours are eligible for a tuition assistance grant of $2,500 for the 2023-2024 academic year. Military and dependents stationed in Virginia are also eligible. The deadline to apply is July 31st. Apply here.
Tuition Equity Provision for High School Completers
Virginia residents who are not US citizens (or whose parents are not US citizens) but meet the below criteria may qualify for VTAG under the Tuition Equity Provision if:
- The student does not have a current valid student (F), trainee (H3), exchange visitor (J), or vocational (M) visa;
- The student attended high school in Virginia for at least two years;
- The student completed high school requirements (high school graduation or completed GED) in Virginia, on or after July 1, 2008; and
- The student, or if dependent, the dependent student’s parents, file Virginia income taxes for at least two years.
An application is required to determine eligibility under this provision and can be found here.
Students whose parents or guardians were members of the US Armed Forces and died as a result of military service performed in Iraq or Afghanistan after the events of 9/11 may qualify for federal service grants, even if they do not meet the eligibility requirements for the Pell Grant. Students must have been under 24 years old and enrolled in college at least part-time at the time of their parent or guardian’s death.
Students who are planning to become teachers in low-income areas may be eligible for Teacher Education Assistance for College and Higher Education Grants of up to $4,000. Click here to learn more about TEACH Grants.
Students who have completed an associate’s degree with a GPA of 3.0 or higher and demonstrate financial need may be eligible for this $1,000 annual grant from the Commonwealth of Virginia. An additional $1,000 bonus award is offered for students in science, teaching, mathematics, or nursing. for more info: https://www.schev.edu/financial-aid/financial-aid/federal-state-financial-aid/two-year-college-transfer-grant
Loans
Loans are a type of financial aid that students or their families can borrow to cover educational expenses. Unlike scholarships, grants, or work-study, loans need to be repaid over time, often with interest. Loans can be obtained from the government (federal loans) or private lenders, and the terms and interest rates may vary.
For the Fall 2023 and Spring 2024 semesters, approximately 66.5% of all enrolled students at MBU (undergraduate and graduate students combined) have used federal student loan funding. MBU’s most recent federal student loan default rate is 0%, while the national average is 0%.
Federal Loans
Most students are eligible for Federal Direct Loans, and eligibility is determined by completing the Free Application for Federal Student Aid (FAFSA). There are two types of federal student loans available to students:
- Direct Subsidized loans accrue no interest until after graduation. They are available to undergraduate students who demonstrate financial need.
- Direct Unsubsidized loans begin to accrue interest immediately. Borrowers are not required to make payments while in school but may make payments at any time. You do not need to demonstrate financial need for an Unsubsidized loan, and this loan type is available to undergraduate and graduate students.
More information about federal loans can be found here.
Direct Parent PLUS Loan
The Direct Parent PLUS Loan is a loan for parents of undergraduate, dependent students. Loan eligibility is based on college costs, less other aid, subject to a credit check by the lender. A parent can increase the loan amount up to the student’s cost of attendance less any other financial aid received. The extra funds can be used to cover loan fees, books or other educational expenses.
Review current and historical interest rates and loan fees here.
Contact our office for assistance in determining the amount of loan you may need. Parents begin repayment 60 days after the second disbursement of the loan (usually in March of an academic year); however, repayment may be deferred. Parents can contact their lender about the deferment process – lender information can be accessed at studentaid.gov within a month of the first PLUS loan disbursement.
More information about the Parent PLUS Loan is available here.
Private/Alternative Loans
If you have used all of your federal loan eligibility you may want to consider applying for an alternative loan. An alternative loan is a student loan that may be borrowed through an outside lending institution to assist with education-related expenses such as tuition, housing, travel, and books. Alternative loans are based on credit, so loan applications are based on the credit of the student (and, if applicable) the cosigner. The Financial Aid Office strongly recommends that students exhaust all federal aid options before applying for alternative loans. We also caution students to be aware that alternative loans are credit-based, often carry variable interest rates, and cannot be consolidated with federal loans.
Mary Baldwin University is pleased to offer a list of lenders for review using the FastChoice lender selection and application tool. On this site, you will be able to compare the lenders on our list side by side, check out their benefits, interest rates, and terms. When you choose a lender, you can apply right from the site. You can access the FastChoice lender selection here. Please note, Mary Baldwin is happy to use any loan from any lender, provided that they are willing to lend to a student at Mary Baldwin. Students may apply for a loan with any lender they choose.
MBU wants to ensure you graduate with as little debt as possible.
Whenever possible, we want you to finance your education through scholarships, grants, and other forms of funding you won’t have to pay back. MBU advisors can also help you with any questions you have regarding loans to help you minimize your student loan debt after you graduate.
Additional Financial Support Options
Just as we create customized financial aid packages, we also provide additional opportunities that can enhance your financial aid journey. These options may include:
Employer Tuition Reimbursement
Some employers offer tuition reimbursement programs as a benefit to their employees. Under this arrangement, an employer agrees to reimburse a portion or all of an employee’s educational expenses, usually with certain conditions such as maintaining a specific grade point average or pursuing a degree related to their job.
There are additional opportunities available for veterans and students interested in studying abroad. Explore more, find answers to some Frequently Asked Questions, or talk with an MBU advisor to learn how we make an MBU education affordable for you!