How do I get a campus job?
If Federal College Work-Study or another work program was awarded as part of your financial aid, you must attend a Work Orientation Meeting during the first week of classes. In this meeting, you will complete the necessary tax forms and receive a listing of all campus employers. It is your responsibility to find a position that fits into your academic and co-curricular schedule. In the Student Employment Office in Human Resources, they keep a "Job Book" where employers can post their openings; this book sometimes helps students focus their job search. The typical campus job is based on 10 hours a week, at the current campus wage, for a full academic year. You may earn up to that dollar amount however you like. The dollar amount is the limit — it doesn't mean you must work 10 hours a week, or that you couldn't work more if you like — just don't go over the awarded amount, or we may have to adjust your other financial aid.
How do I get paid for campus employment?
Assuming your time-slips are submitted to the Accounting Office on time and you have completed the necessary tax forms, you will receive a paycheck every two weeks. It is up to each student and his or her family to decide on the purpose of these funds. Some families plan to use earnings to help pay tuition and other charges; in which case the student would take their paychecks to Accounting, to pay on their account. Some families see it as spending money, and so the student may use it for expenses. Work awards will not appear on the Accounting Office's bills because Earlham cannot assume that a family plans to use the funds for paying college charges.
I'd like to work. Why didn't I get Federal College Work-Study (FCWS)?
FCWS is a need-based award. If it was not included in your aid package, then you were not eligible as per Federal regulations. Although most campus jobs are reserved for FCWS-eligible students, there are a limited number of positions you can fill without work-study status: teaching assistant, tutor, certified lifeguard and food service. There are also several local businesses within walking distance of Earlham, if you would like to work off-campus.
What is a Direct Loan?
Direct Loans are Stafford and PLUS loans offered through Earlham and the U.S. Department of Education. It is called a Direct Loan because there are no banks involved in the process. Earlham determines a student's eligibility and disburses the funds directly to the student's Earlham account. The full name of the program is "William D. Ford Federal Direct Loan Program." This program offers Direct Stafford Loans, Direct Unsubsidized Stafford Loans, Federal Direct Additional Unsubsidized Loans, and Direct PLUS (parent) Loans. These loans are described in more detail within the Earlham College Terms & Conditions of Financial Aid pamphlet that accompanies your actual Award Notification.
Can I use my loan money for books?
Your student loan money can be used for educational expenses, including books. If your loan funds will create a "credit" in your student account, then you can have access to that credit for books and supplies. We suggest you bring at least $500 with you for first semester. This could be used for books, supplies and personal expenses.
What is a "loan origination fee"?
This is a fee charged by the loan servicer (Direct Loans) for processing and insurance costs. It is deducted from the amount you borrow. From December, 2013 – October, 2014, the fee is 1.072%. For example, if you borrow $3,500 through a Direct Loan, $38 will be deducted for the loan origination fee, and $3,462 is what actually is disbursed to your student account for the year.
When do I have to repay my student loans?
This depends on the type of loan.
Perkins Loan: repayment begins nine months after you graduate, withdraw or drop to less than half-time enrollment.
Direct Stafford Loan: repayment begins six months after you graduate, withdraw or drop to less than half-time enrollment.
Direct Unsubsidized Stafford Loan: interest begins to accrue immediately, although you do not need to make payments in school. Repayment of the principal balance and interest begins six months after you graduate, withdraw or drop to less than half time enrollment.
Direct PLUS Loan: (this is a parent loan) repayment typically begins 60 days after the loan is fully disbursed. For most loans the second/final disbursement is in January, so that would mean repayment starts sometime in March. Starting July 1, 2008 parents may defer payment on new loans until 6 months after the student graduates. However, interest must be paid or capitalized during this period. Please contact the Direct Loan Servicer for specific information.
Do I have to pay my loans while I'm in graduate/professional school?
You can apply for deferment (postponing your loan payments) if you are attending school at least half-time. There are other situations which merit deferment status as well. This information is covered in Loan Entrance Counseling which is required for first-time borrowers.
Can I borrow less than what is in my aid package?
Yes! We offer the maximum for which you are eligible so that you are aware of the loans as a resource, but we encourage students and families to borrow only what they need. Just let us know on the Financial Aid Update Form what student loans you want to reduce.
Are there payment plans I can use to pay my balance?
Yes. Earlham College has the Earlham Direct Pay Plan that allows a student/family to make 10 monthly payments. Earlham's Accounting Office also offers a Deferred Payment Plan. A comparison chart of loans and payment plans is included in the Planning section of this guide.