Award Descriptions
Students enrolled at the United States Merchant Marine Academy (USMMA) are eligible to apply for the Federal Student Aid (FSA) listed below.
Additional information on these financial 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). 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: $4,500 |
3rd & 4th Year | $7,500 Max Subsidized: $5,500 | $12,500 Max Subsidized: $5,500 |
Veterans Benefits
The Financial Aid Office assists veterans to coordinate tuition benefits based on the type of benefits for which the student is eligible. Please contact the Financial Aid office for further details.
Outside Scholarships and Grants
USMMA welcomes outside awards from any sources. Students are encouraged to apply for outside scholarships and grants. Please see the “Scholarships” Tab for further details.
