Scholarships and Grants
All students accepted for admission to MICA who have completed the required financial aid applications by the deadline are considered for need-based grants and scholarships. Funded by the College, the federal government, and state agencies, these grants and scholarships do not have to be repaid.
- Federal Pell Grants up to $5,550 and Federal Supplemental Educational Opportunity Grants of $1,000 are reserved for the most needy students.
- Scholarships and grants awarded to Maryland residents through the Maryland State Office of Student Financial Assistance range up to $15,900. Go to www.mhec.state.md.us for more information.
- The MICA Grant is awarded on a need-only basis and the MICA Scholarship is awarded based on a combination of need and merit.
Loans and Work
All students accepted for admission to MICA who have completed the required financial aid applications by the deadlines are considered for need-based loans and work.
- Federal Perkins Loans carry a 5% simple interest rate and may be awarded up to $1,000 annually. Perkins Loans are reserved for needy students, and funds are limited.
- Federal Subsidized Stafford Loans are need based and carry a fixed interest of 3.4% (2013-14 rate set by congress and not yet available). Maximum amounts available are: freshmen-$3,500; sophomores-$4,500; juniors and seniors-$5,500. Federal Unsubsidized Stafford Loans are available to students regardless of need and carry a fixed 6.8% interest rate. Maximum amounts available is $2,000 for all grade levels.
- Borrowing opportunities are also available to parents of dependent undergraduate students. This Federal Parent Loan (PLUS) program is not need-based, and eligibility is based on credit-worthiness rather than income. Interest rates are fixed at 7.9%. PLUS Loan amounts can range up to cost of attendence. MICA must certify PLUS Loan applications, and a FAFSA is required.
- Federal College Work Study employment, on and off campus, is made available to students with demonstrated need