In addition to any federal and MICA aid you may be eligible to receive, we suggest you explore additional information about your college-financing options. The sections below offer links to a range of websites that can assist you in this process.
Maryland State Aid
A variety of scholarships and grants are available to residents of Maryland. Information, required applications, deadlines, and instructions may be obtained from:
Office of Student Financial Assistance
839 Bestgate Road, Suite 200
Annapolis, Maryland, 21401<br/
Yellow Ribbon Program
MICA is proud to participate in the Yellow Ribbon program for veterans.
Tuition Installment Plan
To help you plan for the year's educational expenses, MICA has authorized Sallie Mae to offer a monthly tuition installment plan. The TuitionPay Plan allows you to pay all or part of your academic year educational expenses in monthly installments.
For more information, contact a Sallie Mae representative designated to work with MICA families by calling 1-888-829-3880, or visit their website: www.tuitionpay.salliemae.com.
Private Educational Loans
A private educational loan features the student as a borrower. Private educational loans may be more expensive than Federal Grad Plus loans and students should first maximize any eligibility under the Federal Stafford programs. Private loan fees and interest rates vary among lenders. All lenders will review the borrow's credit history and may require a cosigner.
There are many reputable Private Education Loan companies. MICA has no preferred Private Loan Lender list, but provides the following lender tools as a good place to start the search.
Many students start by using the Maryland Student Loan Marketplace or the Great Lakes loan selection tool FASTChoice. These private loan comparison tools empower you to take control of the process and make an informed decision in selecting the best private loan for your individual situation. When using the Maryland Student Loan Marketplace you are able to securely submit your personal information only once, and the Marketplace will present personalized loan products and terms for you to sort and compare. The Marketplace keeps your personal information private, so only the lender that you select will contact you.
FASTChoice, powered by Great Lakes loan guarantor and processer, provides data for lenders that do not participate in the Maryland Student Loan Marketplace. FASTChoice also helps you choose the right loan by presenting you with loan details, including eligibility requirements, interest rates, loan limits, and borrower benefits. FASTChoice provides comparison tools for the following private lenders - CitiBank, Citizens, Chase, Sallie Mae, Suntrust, and Wells Fargo.
In the current economic and credit market difficulties, private educational loan companies are in a state of change. Make sure to check all lenders' websites for the most current information regarding credit criteria and interest rates.