- What are the various types of financial aid available?
- What is the difference between gift aid and self-help aid?
- How do I apply for financial aid?
- How do I apply for outside scholarships, and how do they affect my financial aid award?
- What if my financial situation changes?
- Is there some way of finding out now how affordable Stephens is for me before filing the FAFSA in January?
- After I am notified of my financial aid package, when will I receive the money?
- What can I do if my parents are unable to help pay for my education?
- What happens if I withdraw from school?
- What grade point average do I need to maintain?
Other Information
What are the various types of financial aid available?
Financial aid comes in the form of scholarships,
awards, grants, loans and student employment and is available
through Stephens College, the state and the federal government.
Merit-based financial aid takes into account your academic credentials
(i.e. SAT I and ACT scores, and grade point average). Need-based
aid takes into account your financial need, which is the difference
between the cost of a Stephens education and your expected family
contribution (EFC). Various factors affect the EFC, including the
size of your family, your family's income and the number of family
members currently enrolled in college. See the tuition and financial aid home page for more information and requirements for financial aid.
What
is the difference between gift aid and self-help aid?
Gift aid includes scholarships, awards and grants that do not have
to be repaid. Self-help aid includes loans and student employment
for which the student is held financially responsible for the funds
received.
How
do I apply for financial aid?
To determine the amount of financial aid you are eligible to receive,
you must first file the Free
Application for Federal Student Aid (FAFSA) as soon as possible
after Jan. 1. You can get a paper FAFSA from your high school counselor,
a public library, or by contacting the Office of Financial Aid.
You automatically apply for financial aid eligibility just by submitting
the FAFSA. Although you don't have to be accepted at Stephens College
before applying for financial aid, you do have to be admitted to
Stephens before any financial aid can be awarded.
It will be necessary for you to file a FAFSA each year you are a student at Stephens in order to reapply for financial aid. Every year thereafter you will receive a renewal FAFSA and/or PIN# from the Department of Education. Even if you are certain you won't qualify for need-based assistance, it's a good idea to file the FAFSA so that you may be able to qualify for aid if your financial situation changes.
If you are a graduate or continuing studies student, click here for financial aid information.
How
do I apply for outside scholarships, and how do they affect my financial
aid award?
Outside scholarships can be found through various sources: parent's
employers, large and small corporations, high schools, and community
organizations.
Fastweb, a free Internet scholarship search service, will help you locate other scholarship sources beyond Stephens College. See our list of "Excellent Financial Aid Websites" for more Internet scholarship search engines.
You must notify Stephens of all outside scholarship aid received so that the aid may be applied toward meeting your financial need at Stephens. If a reduction in the amount of aid awarded is necessitated by federal law, the Office of Financial Aid will first try to reduce self-help aid. Rarely is gift aid reduced as a result of outside scholarships received.
What
if my financial situation changes?
It isn't necessary to file another FAFSA. Send a letter explaining
these changes to the Director of Financial Aid at Stephens College.
You and/or your parents' financial situation, and thus the amount
of expected family contribution, is reviewed annually and at any
time upon request.
Is
there some way of finding out now how affordable Stephens is for
me before filing the FAFSA in January?
Residential students may complete the Stephens College Early
Financial Aid Estimator to find out just how affordable Stephens
can be — even before you complete the FAFSA. Processing of
the Estimator begins September 1 and ends December 31. The Stephens
College Office of Financial Aid provides this service free of charge.
Please note that the Estimator cannot replace the FAFSA, nor does
it guarantee that you will receive financial aid. Your financial
aid eligibility is determined only through filing of the FAFSA.
After I am notified of my financial aid package, when will I receive
the money?
You have to be admitted to Stephens before any financial aid can
be awarded. After you complete the appropriate forms, funds generally
will be credited to your Stephens account at the beginning of each
semester.
What
can I do if my parents are unable to help pay for my education?
The federal and state governments expect parents to assist their
children when it comes to financing a college education. If there
is a gap between the expected family contribution, as determined
by the FAFSA, and the actual contribution, contact the Office of
Financial Aid to find out about alternative loans or financing programs.
What happens if I withdraw from school?
Complete withdrawal prior to first day of class
Except for a $100 administrative fee, Stephens will refund all of the student's tuition and fees if he or she cancels his or her enrollment before the first day of the semester.
Complete withdrawal after the first day of class, but prior to 60% completion of the semester:
In the event that a student completely withdraws, after the first day of classes, either voluntarily or at the request of the College prior to 60% of the completion of the semester, a pro-ration of tuition, room, and board is calculated based on the number of days attended compared to the total number of days in the semester. Calendar days (including weekends) are used, but breaks of at least 5 days are excluded. The student's tuition, room, and board charges are credited and financial aid is charged back to the student's account according to this pro-rata share of time spent at the institution. Federally funded aid will be charged back in accordance with Federal regulations in the following order: Unsubsidized Federal Stafford loans, Subsidized Federal Stafford loans, Federal Perkins loans, Federal PLUS (Parent) loans, Federal Pell Grants, Academic Competitiveness Grant, National SMART Grant, and Federal SEOG (Supplemental Educational Opportunity Grant). "Official" notification of withdrawal must be given to the Dean of Students in all cases of voluntary withdrawal. "Official" notification is a verbal or written notice provided to the Dean of Students. If no "official" notice is given, the documented last date of attendance will be used.
Complete withdrawal after 60% completion of the semester:
After the 60% point in the semester, a student will be charged 100% of all fees and will be deemed to have earned 100% of their financial aid.
Refund of Fees
If a student changes her class schedule during the first three weeks of classes, fees will be added or deducted at 100% of the charge. Beginning with the first day of the fourth week of classes, no adjustment to the additional fees for a course will be made.
Partial Withdrawals
Refunds of tuition and financial aid will not be calculated for partial withdrawals.
Summer Session Withdrawal and Refund Policy:
The above policy also applies to the summer session.
What grade point average do I need to maintain?
Students need to maintain satisfactory academic progress to receive any financial aid. Merit scholarships require students to maintain a 3.0 or higher cumulative GPA and merit awards require a 2.5 cumulative GPA. Most other aid requires students to maintain satisfactory academic progress.
