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Types of Aid

Award Descriptions

Students enrolled at the United States Merchant Marine Academy (USMMA) are eligible to apply for Federal Student Aid (FSA).  USMMA participates in the FSA programs listed below. 

Additional information on these Federal Student Aid Programs can be viewed online at https://studentaid.gov.

Federal Pell Grant

Recipients of the Pell Grant meet the required financial need criteria. Pell is considered gift aid and does not have to be repaid. The amount of the award is based on the Expected Family Contribution (EFC) calculated on the FAFSA (see Step #1 of the Apply for Aid tab for further details).  For 2020-2021, the Federal Pell Grant annual award ranges from $639-$6,345.

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 2020-2021, the IASG annual award maximum is $6,345.

Federal Direct Loans

The Federal Direct Loan is a loan, and the funds received must be repaid. As of the 2019-2020 Academic Year, the interest rate is fixed at 4.53%, compounded annually.  This rate is in effect for loans with a first disbursement date on or after 7/1/2019 and 7/1/2020.

In addition, all Direct Loans are subject to an origination fee of 1.059%, which is immediately deducted from the loan upon disbursement. Therefore, the “net” amount disbursed may be less than the gross amount borrowed.  This rate is in effect for loans with a first disbursement date on or after 10/1/2019 and before 10/1/2020.

There are two types of Direct Loans:

  • Subsidized Direct Loans are available to undergraduate students with financial need. The U.S. Department of Education pays the interest while the student is enrolled at USMMA. Repayment begins with interest accrual six months following graduation or separation from the institution. If a Direct Subsidized Loan is paid in full within the six months following graduation or separation from the institution, no interest is charged.
  • Unsubsidized Direct Loans are available to undergraduate students, regardless of Estimated Family Contribution (EFC) and financial need. Interest accrual begins at disbursement, but payments are deferred for six months after graduation or separation from the institution.

Award amounts are determined by the student’s dependency status, year in college, cost of attendance, and in the case of Subsidized Direct Loans, financial need.

 

Maximum Annual Award Amounts

Year in School

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: $4,500

3rd and 4th Year

$7,500

Max Subsidized: $5,500

$12,500

Max Subsidized: $5,500

 

Veterans Benefits

The Office of Financial Aid assists Veterans in obtaining educational benefits for which they are eligible. Please contact the Office of Financial Aid for more information.


Scholarships and Grants

USMMA does not provide institutional aid since the Federal Government covers the cost of tuition, room and board, uniforms, and books.  However, Midshipmen are encouraged to apply for private scholarships and grants from all other sources.  Please see the “Scholarships” page for further details.

Last updated: Tuesday, May 26, 2020

Now Accepting Applications for the Class of 2025

Learn more about the requirements and expectations of Midshipmen.