Virtual Financial Aid

Top 10 questions (and answers) about Financial Aid

On March 28, Amanda Abreu, Associate Director of Financial Aid at Merrimack, held a Financial Aid Workshop for admitted students and families. 

Topics included: 

You asked – we answered! 

Here are the most commonly asked questions during the workshop:

What is a Merrimack Grant?

A grant is a type of financial aid that does not need to be paid back. It is awarded based on financial need and students typically have to file the FAFSA to be considered for need-based grants.

What is a merit scholarship?

A merit scholarship is a type of financial aid that does not need to be paid back. Unlike need-based grants, these are awarded based on things like academic achievements, personal accomplishments, athletic or musical talents and more!

Are merit scholarship renewable annually?

Yes! Merit scholarships are renewable for four years of undergraduate coursework, as long as you maintain satisfactory academic progress. In the rare event that you do not maintain good academic standing, the scholarship may switch to a grant which means you will NOT lose funding.

Is need-based aid reviewed each year? Will it change annually?

Yes, filing the FAFSA is required each year you are in school so it’s possible need-based aid could change.

What's included in a comprehensive fee?

Comprehensive fees help the College to provide students with a variety of services which enhance their academic and student life experiences. Fees help cover services such as:

  • McQuade library (including online access)
  • Fully equipped fitness center and inside track
  • Campuswide Wi-Fi
  • Career Services, which includes career fairs and panels, job-search workshops, on-campus interviews and extensive one-on-one counseling
  • Free printing up to 1,000 pages each academic year
  • Discounted or free tickets for athletics and performances
  • Participation in intramurals/recreation, club sports, social and educational programs, clubs/organizations and Greek life
  • Hamel Health Center, which provides medical, psychological and health-education services.
Is the deposit applied to the bill?

Yes! Your deposit holds your spot in the class and gets applied to your first semester bill.

Do you have interest-free payment plans? What is the timeline for enrolling?

Yes! We offer interest-free payment plans spread out over 4, 5 or 6 months. The deadline to enroll is June 15 (for 6 months), July 15 (for 5 months) or August 15 (for 4 months). The fee to enroll in these plans is $55 per semester.

When is the deposit due?

For most students, the deposit is due May 1. However, we accept applications throughout the summer; in those cases, the deposit is typically due within a few weeks of decision release.

How does health insurance work if my student is already covered?

Students will receive email notification over the summer that instructs them on the steps to either enroll in or opt out of the health insurance plan. If opting out, a waiver is required along with proof of comprehensive health insurance coverage through an outside provider. If you do not actively waive coverage, you will be automatically enrolled.

What happens to my aid if I switch from resident to commuter?

If a student switches from resident to commuter it may result in a reduction of institutional aid. The cost of attendance changes when residency changes, which therefore affects the formula we use to determine financial aid eligibility. 

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