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Admissions and Financing Financing an Earlham Education Sources of Financial Aid All aid sources described below beginning with "Federal" are federally funded or guaranteed. Eligibility for assistance provided and/or guaranteed by the federal government, a state government or Earlham is determined according to the rules, regulations and policies governing the specific program. Every attempt has been made to ensure the accuracy of the information concerning the various aid programs listed. For the most current information, consult the Web site. Grants and Scholarships. Grants and scholarships are outright gifts that do not have to be repaid. Sources include Earlham College, the federal government and state governments. Federal Pell Grant. This need-based grant ranges from $400 to $4,050 for full-time students for the 2006-07 academic year. Federal Academic Competitiveness Grant (ACG). First offered during Fall Semester 2006, the ACG is for students in their first and second year of college who (1) are receiving Federal Pell Grants, (2) are registered full-time, (3) are U.S. citizens and (4) have completed a "rigorous secondary school program" as determined by Congress. For a first-year grant, the student must have fewer than 24 credits including credits from previously attended colleges or universities where the student was a regular, degree-seeking student. Students in their first year of college may receive $750 annually ($375 per semester). Students in their second year of college may receive $1,300 annually ($650 per semester). A student must earn a minimum grade point average of 3.0 and have completed at least 24 credits to a maximum of 47.9 credits to qualify for the second-year grant. Recipients also must have graduated from high school after certain dates established by Congress. An eligible student can receive this grant for four semesters. This grant is need-based; a student receiving significant aid from any source may not be eligible. Federal National Science and Mathematics Access to Retain Talent Grant (SMART). First offered during Fall Semester 2006, the SMART Grant is for students in their third and fourth year of college who (1) are receiving a Federal Pell Grant, (2) are registered full-time, (3) are U.S. citizens, (4) have a cumulative grade point average of at least 3.0 and (5) have declared a major approved by Congress for this program. Approved majors include most natural sciences, computer science and mathematics. A student may receive this grant for four semesters. The maximum grant for eligible students is $4,000 per academic year ($2,000 per semester). A student must have at least 48 credits to be considered a third-year student and receive this grant initially and must have a minimum of 72 credits to receive this grant as a fourth-year student. Students who have earned 122 credits are no longer eligible for this program. This grant is need-based; a student receiving significant aid from any source may not be eligible. Federal Supplemental Education Opportunity Grant (SEOG). This need-based grant represents federal funds allocated to Earlham College. Pell Grant recipients have preference for these funds. Awards range from $1,000 to $4,000. Higher Education Award and Freedom of Choice Award. These grants are awarded to Indiana residents. Indiana residents need to realize that the college listed first on the FAFSA receives a notice of their eligibility for these awards from the State Student Assistance Commission of Indiana (SSACI). Student accounts are credited when Earlham receives this notification from SSACI. Students who did not list Earlham first on the FAFSA but plan to attend Earlham must inform SSACI, using the form provided by SSACI, within 30 days of the first scheduled class day. State Grants. Residents of Pennsylvania, Vermont, Rhode Island and the District of Columbia who qualify for state or district-funded aid may use those grants to attend Earlham. Students are responsible for applying for these funds. Earlham College Grants. Earlham grants are need-based and have been made possible by the generosity of Earlham's friends and alumni. Earlham Funded/Controlled Merit Awards. These scholarships — including the Presidential Honors Scholarships, Cunningham Scholarships, Bonner Scholarships, Wilkinson Scholarships, and others — are based on student achievements or circumstances other than financial need. The College reserves the right to cancel a student's Bonner Scholarship during a semester if the student fails to fulfill the requirements established for the student by the Bonner Scholarship Coordinator. Recipients of other Earlham merit scholarships must have a minimum cumulative grade point average (GPA) of 2.0 at the end of their fourth semester at Earlham to continue receiving these awards. Federal Perkins Loan. The interest rate for this loan program is five percent. Payments on the loan begin nine months after a student graduates, withdraws or drops below half-time student status. The maximum repayment period is normally 10 years. Information about loan deferments, partial cancellations and repayment is available from Earlham's Student Loan Administrator. To receive the loan, students must sign a promissory note. The annual loan maximum is $4,000; the maximum loan for undergraduate study is $20,000. Federal Direct Stafford Loan (FDSL). These loans, often referred to as "Direct Loans" or "Subsidized Loans," are made directly to students by Earlham College using federal funds. The federal government subsidizes this loan. Beginning with the 2007-08 academic year, annual maximums are $3,500 for first-year students (students with fewer than 29 semester credits), $4,500 for second-year students (students with at least 29, but fewer than 59 semester credits), and $5,500 for third- and fourth-year students. Third-year students must have earned at least 59.1 credits, but fewer than 89 credits. Fourth-year students must have at least 89 credits. Different annual limits applied in previous years. A dependent undergraduate student may borrow a cumulative maximum of $23,000 if otherwise eligible. Lower limits may apply for students attending less than an academic year. A student's Award Notification indicates the maximum the student is eligible to borrow for the 2007-08 academic year. A required origination fee is deducted at the time of disbursement. Students receiving Direct Loans are given a disclosure statement explaining the details. The net proceeds of the loan for first-time borrowers are not credited to a student's account until loan entrance counseling and a Master Promissory Note (MPN) have been completed. Borrowers are advised to read their promissory note fully. Students with an FDSL or FDUSL (see below) must complete exit counseling when they finish their academic career at Earlham College. Federal Direct Unsubsidized Stafford Loan (FDUSL). Students not eligible for the FDSL can obtain an FDUSL. Annual loan limits for dependent students are the same as for the FDSL. Maximum loans for independent students vary from these amounts. Students ineligible for the maximum annual FDSL may borrow the difference between the annual maximum and the student's FDSL eligibility as an FDUSL. Borrowers are required to pay the interest on any FDUSL while in school or during a deferment period. Interest may be capitalized if agreed upon by both the borrower and the lender. Most other provisions of this loan are identical to those of the FDSL (see above), including the required origination fee deducted at the time of disbursement. Borrowers are advised to read their promissory note fully. Students may cancel all or a portion of their Direct Loan disbursement within 14 days of receiving notice that their Direct Loan has been disbursed. The request to cancel or reduce the loan must be in writing. The Financial Aid Office notifies students when their loans have been disbursed. Federal Direct Parent Loans (FDPLUS). Parents of dependent students may apply to receive this loan regardless of income level. The maximum a parent may borrow is the difference between the student's cost of education (as determined by Earlham) and any financial assistance for which the student may be eligible (including a Federal Direct Unsubsidized Stafford Student Loan). A required origination fee is deducted at the time of disbursement. Parents should receive a disclosure statement from Direct Loans explaining the details of this loan program. Approved loans are credited directly to the student's account. An acknowledgment showing the loan has been credited to the student's account is sent to the parent within 45 days. PLUS Loan Request Forms are sent with the student's Award Notification from the Earlham College Financial Aid Office or you can obtain one at our Web site: www.earlham.edu/~sfs/. Graduate students should contact the Financial Aid Office about the Graduate PLUS program. Student Employment Opportunity. If Federal Work-Study (FWS) is indicated on a student's Award Notification, on-campus employers give this student preference when hiring workers. A student paid through the FWS program is paid partially from federal funds. It is the student's responsibility to find and satisfactorily perform a job on campus. The Service Learning and Career Development Center posts openings. Instructions for getting paid are provided by the supervising office. All student workers are paid the same wage. Any money earned on campus during the academic year and Spring Break counts toward a work award. If a student earns more than the award, eligibility for other aid may be affected. Before working on campus, students must comply with the Immigration Reform and Control Act by completing an "I-9" form available at Earlham. Students are required to show original documents to prove both identity and employment eligibility; a U.S. passport, or both a social security card and a valid driver's license, or both a birth certificate and valid driver's license qualify as original documents. |
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Earlham College · 801 National Road West · Richmond,
Indiana 47374-4095 |