Financial Aid

General Information

1. Because funds are limited, all aid awards are made on a firstcome basis. Applications will be considered until funds have been depleted.
2. In order to apply for maximum financial aid, the Free Application for Federal Student Aid (FAFSA) is required. The application may be found at www.fafsa.ed.gov. Malone’s school code is 003072.
3. A student must be admitted to the University as a degree-seeking student before a financial aid award will be made. Aid cannot be awarded to students classified as “special” or “transient.”
4. Recipients of institutional aid must be enrolled on a full-time basis. Some government aid may be available for part-time enrollment. Students should inquire with the Malone Financial Aid Office if considering part-time attendance.
5. Malone merit aid may be received for up to four years if the recipient continues to meet program eligibility requirements. The Ohio College Opportunity Grant (OCOG) may be received for up to ten semesters. Malone need-based grant money may be awarded in a fifth year if the FAFSA results show demonstrated need.
6. No institutional financial aid is offered in the summer sessions. However, students may borrow a portion of the academic year’s eligibility in a Federal Stafford or PLUS loan provided they are enrolled for at least six semester hours in the summer.
7. No aid is automatically renewed at an equal value after separation from the University. Aid may be renewed based on need, grade point average, and the reason for separation.
8. Financial aid awards that are received through Malone University are divided between the fall and spring semesters and may not be used completely for any one semester. One-half of the total awards may be used for each semester.
9. Once a student qualifies for a Malone Academic Scholarship, the University has the right to limit the addition of ANY other Malone aid.
10. Academic awards are not increased or decreased for changes in the grade point averages of students during their college attendance.
11. Any aid received from any source must be considered as part of the financial aid package; this includes all scholarships, need-based and leadership grants, loans, work study, discounts, and aid from outside sources such as scholarships or tuition reimbursement plans.
12. An aid package which involves Title IV money will not exceed financial need (as determined by a federally approved needs analysis system).
13. Federal and state award estimates may be revised if federal regulations change, if state funding levels change, or if the verification process indicates errors or omissions on the original FAFSA. The University will not assume any losses.
14. If a student’s application is selected for verification by the federal edits, signed copies of student and parent income tax returns for the previous year must be submitted to the Malone Financial Aid Office, along with a verification worksheet.
15. Limited institutional funds are awarded to incoming freshmen granted conditional status. Current Malone students must also maintain satisfactory academic progress in order to renew financial aid. See our satisfactory academic progress fact sheet for details.
16. Packaging of financial aid shall include some form of self-help (loan or work) for every student unless outside grants cover entire costs. Although the self-help portion may include any combination of loan and/or work, the family may choose to meet this obligation with personal resources.
17. Because resident students have a higher total bill (and aid budget), financial aid is awarded accordingly. Aid may be reduced for a change to commuter status. Malone merit aid (including all academic and athletic awards) will be 75% of the on-campus value. Resident academic scholarships awarded during and after the 2009-10 academic award year will be reduced to the commuter equivalence of the resident award.
18. MMP and Nursing degree-completion students may apply for federal and state aid; no Malone aid is offered for these programs.
19. Students participating in approved CCCU/Consortium Visitor/International Studies Program semesters have aid calculated based on Malone’s block tuition rate for one semester only. The student is responsible for the balance. All state and federal funds transfer with the exception of federal work study. Institutional aid is limited to a total dollar value of not more than 50% of the current Malone block tuition rate.
20. Graduate students may apply (using the FAFSA) for federal loans only. Graduate students are not eligible for grants or institutional aid.

Grants

(Aid that does not have to be repaid)

Ohio Need-based Grant is available to students who have been Ohio residents for a minimum of the last twelve consecutive months. For dependent students, the residency requirement applies to parents as well. The FAFSA serves as the application for this grant. The OCOG grant will be awarded to students with an EFC (Expected Family Contribution) of between 0 and $2,190, as long as total family income is not greater than $75,000.

Federal Pell Grants are available to students with financial need as determined by the Pell formula. Maximum grant is determined by federal legislation. The Free Application for Federal Student Aid (FAFSA) must be filed to apply for this grant.

Federal Supplemental Educational Opportunity Grants (FSEOG) are available to a limited number of students who file the FAFSA, display great financial need and receive a Federal Pell Grant. The University is responsible for making this award.

Malone General Grants are available to students who file the FAFSA and show demonstrated financial need.

Malone Athletic Grants are available to participating students with exceptional ability in one of our athletic programs. Grants are awarded for up to four years by the coach with the approval of the Athletic Director and vary in amount. All awards are reduced to 75% of their value for a change in housing status from resident to commuter.

Scholarships

(Merit-based aid that does not have to be repaid)

Malone Academic Scholarships for academic excellence are available to incoming freshmen and transfer students with above average academic credentials.

Endowed Scholarships have been made available by faithful and generous supporters of Malone University, who believe in the University’s ability to provide students with a Christian education. We acknowledge these friends and applaud their expression of confidence, and their commitment to faith and learning.

An Individual Endowed Scholarship Fund may be established for any dollar amount; however, until the balance reaches $25,000, the income will not be used to underwrite student scholarships. Each year the income from the fund is used, while the principle amount stays intact. Donors are informed of the specific individual recipients and often receive correspondence from them. Family, friends, or loved ones can be honored through a named fund with either general or specific guidelines which direct the use of the available monies.

One time gifts of $500-25,000 may be made to the University’s Pooled Endowed Scholarship Fund, which supports student scholars who qualify for financial assistance. Donors will be notified as to the group of students which receives support, but will not be matched with specific students.

These scholarships, included in the following list, are awarded by the Financial Aid Office as a part of the student’s total aid package. Specific applications are not needed.

Current Gift Scholarships have also been made available by faithful and generous supporters of Malone University who believe in the University’s ability to provide students with a quality Christian education. We thank them for their belief in/and commitment to the students of Malone. A Current Gift Scholarship has no minimum and is awarded in the same year during which it is given. These scholarships, included in the following list, are awarded through the Financial Aid Office based upon specific aid and donor eligibility criteria.

Austin-Bailey Health and Wellness Foundation
Mary Ann Pennington Malone
Multicultural Great Commission Fund
George Record Foundation
Summers Family

The Ohio Foundation of Independent Colleges (OFIC) also provides generous assistance to our students each year through their donor gift scholarship programs. The foundation selects recipients from eligible student nominations that are submitted through the Malone Financial Aid Office. Awards from the current year include:

Loans

(Aid that must be repaid upon termination of enrollment)

Federal Perkins Loan – a federal loan program available to any student who files the FAFSA and displays great financial need. The University is responsible for making the loans. First payment becomes due nine months after graduation or termination of enrollment at Malone University at an interest rate of 5%. Awards range from $500 to $2,000 per year.

Federal Subsidized Stafford Loan – a federal loan program available to any student who files the FAFSA and displays adequate financial need. First payment becomes due six months after graduation or termination of enrollment. The interest rate is fixed at 6.0%. (Awards are up to $3,500 for the freshman year, up to $4,500 for the sophomore year, and up to $5,500 for each year beyond ($23,000 lifetime maximum).

Federal Unsubsidized Stafford Loan – a federal loan program available to any student who files the FAFSA. All loan limits, interest rates and repayment of principal terms are the same as in the subsidized program; however, the borrower is responsible for paying all accrued interest during the in-school period.

Federal PLUS Loan – a federal loan program available to parents of dependent students who need extra loan sources to help meet educational expenses. Loans may be approved up to the difference between the Cost of Attendance (COA) and all other aid already awarded. The interest rate is fixed at 8.5%. Repayment begins 60 days after the loan is fully disbursed or repayment may be deferred until the student graduates, up to a maximum deferment of four years. The parents’ credit must be approved. Students whose parents are denied a PLUS loan are then eligible to receive an Unsubsidized Stafford Loan of $4,000 as freshmen/sophomores and $5,000 as a juniors/seniors. Application for the Federal PLUS loan may be made online at www.FASTLoans.glhec.org.

Work

Federal Work Study jobs are available to resident students who file the FAFSA early and display adequate financial need. On- and offcampus positions are available. Students must be hired under an official contract in order to be paid. Unapproved earnings above the contract amount will not be paid.

Off-campus job opportunities are available to any student. Interested students should contact the Career Development Center.

Application Procedures

1. a. New Students – Apply for admission to Malone University. Then complete step 2 below.
   b. Returning Students – complete step 2 below.
2. Complete the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov. listing Malone University, Title IV Code 003072.

THE PRIORITY FILING DEADLINE FOR FINANCIAL AID IS MARCH 1.

Continuation of Aid

Each year the student must complete a new FAFSA no later than March 1. Continuation of financial aid is contingent upon the academic achievement required by the particular fund, financial need as specified, satisfactory academic progress, citizenship, and campus contributions. The student must attend continuously, except for summer school, and carry a full academic load. If a student withdraws during the semester, financial aid will be reduced according to federal guidelines.