There are three types of financial aid available to you as an applicant: grants and scholarships, loans, and work-study. The amounts of each aid package will vary. If you are admitted to F&M and are awarded financial aid, you will receive an electronic aid package letter along with your admission letter. Your package will outline each type and amount of financial assistance F&M is offering. 

Keep in mind that there is no right or wrong way when it comes to financing your education, and each family’s situation is unique. 


Grants and Scholarships

Grants and scholarships are considered gift aid and do not need to be repaid. These funds could come from F&M, as well as federal and state governments. If a student receives any outside scholarships, they are required to notify F&M. 

F&M Grants & Endowed Scholarships

Financial need determined by: CSS Profile.
Available to both U.S. residents and international students.

F&M grants and endowed scholarships are funds that come directly from F&M. They have been made possible by the generosity of alumni, parents and friends of the College. Our largest fund is the F&M Trustee Grant, which is offered to students to fill the gap between federal need-based aid and overall institutional need eligibility. The F&M Trustee Grant is revised to accommodate any grant money you may receive from a federal or state grant, a college-endowed scholarship, or an employee tuition benefit. 

Examples of F&M scholarships include: 

  • Merit Scholarships (determined by the Office of Admission)
  • Athletic Scholarships (Division I only; determined by F&M Athletics)
  • Diplomat Leadership Scholarship (determined by the Office of Admission)
  • F&M International Student Grant (available to international students only)

Federal and State Grants

Financial need determined by: FAFSA.
Available to U.S. residents only.

Federal grants include: 

  • Federal Pell Grant
  • Federal SEOG (Supplemental Educational Opportunity Grant)

State grants are awarded to you by the state scholarship office of the state in which you reside. Please be aware that not all state scholarships can be used or transferred outside of your home state. 

State Grants & F&M

If we are notified of your eligibility for a state grant after you have received your financial aid package, the F&M Trustee Grant will be reduced by the amount of the state grant, and a revised financial aid notification will be sent to you. Please be advised that if you would have been eligible for a state grant but fail to meet your state grant deadline, F&M will not replace forfeited state grant funds with F&M Trustee Grant funds.



A loan is borrowed money that helps eligible students finance the cost of their education. Loans are considered “self-help” aid and must be repaid with interest. When considering loans to finance your education, we recommend exhausting all federal loan options before considering a private student loan.

Federal Direct Loans

Federal Direct loans are offered by the U.S. Department of Education. There are three types: subsidized, unsubsidized, and Parent PLUS. To be considered for any of these loans, you must first file your FAFSA.

Federal Direct Subsidized Loan

Financial need determined by: FAFSA.
Available to U.S. residents only.

The Federal Direct Subsidized Loan is available to undergraduate students with financial need. Your college of choice determines the amount you can borrow. The U.S. Department of Education pays the interest while you are enrolled at least half-time and for the first six months after you leave the institution. 

Federal Direct Unsubsidized Loan

No requirement to demonstrate financial need, but FAFSA must be filed. Available to U.S. residents only.

The Federal Direct Unsubsidized Loan is available to any student; there is no financial need requirement. Your college of choice determines the amount you can borrow based on your cost of attendance and other aid you receive. You are responsible to pay interest; if you choose not to pay interest while you are enrolled, the interest will accumulate and be added to the principal amount of your loan.

Federal Direct Parent PLUS Loan

FAFSA must be filed. 
Available to U.S. residents only. 

The Federal Direct Parent PLUS Loan is available to biological or adoptive parents of full- or half-time undergraduate students. The amount a parent can borrow is the difference between the cost of attendance and the student’s financial aid package. Parents can borrow for a full academic year; we recommend you apply in mid-June. Principal and interest payments begin 45 days after the loan is fully disbursed. 

PLUS Denial: Students whose parents are denied the PLUS loan can borrow a predetermined amount through the Federal Direct Unsubsidized Loan program.

Private Student Loans

No requirement to demonstrate financial need.
Available to U.S. residents only.

Private student loans — also known as alternative loans — are loans you acquire on your own outside of F&M. They should be your last consideration for financing your education. 

Almost all private loan lenders now offer you the choice of fixed or variable interest rates, as well as a variety of repayment plans. Private loans have become more difficult to obtain, and in most cases, you will require a creditworthy cosigner. If you opt for this route, be sure that you and your cosigner fully understand the terms and conditions of the loan before signing the promissory note and accepting the loan offer. 

Elm Select provides a list of lenders most often used by F&M families. Select “Undergraduate” or “Parent Loans” on their website in the “Select Your Program” dropdown. 

The F&M Loan

Financial need determined by: CSS Profile.
Available to international students only.

The F&M Loan is a College-funded, need-based loan. Eligibility is determined by the CSS Profile. The loan has a fixed simple interest rate of 4.5%. Principal and interest are deferred while you are enrolled full-time. Interest begins six (6) months from the date you are no longer enrolled full-time. 10-year standard repayment. 

Need-Based Employment (Work Study)

Financial need determined by: FAFSA and CSS. Available to both U.S. residents and international students.

Work-study financial aid — also known as Federal Work-Study or College Work Option — is self-help aid that is earned through on-campus employment. Students earn a wage and can work up to (but no more than) 8 hours per week. The money earned through on-campus employment is intended to provide you with spending money for personal expenses — not the direct costs of tuition, housing, and food. Therefore, work-study wages are not credited to a student’s bill. While on-campus positions are given first priority to work-aided students, you must apply for a position and your employment is not guaranteed. 

Learn about on-campus employment at F&M