Answers to the Questions We Hear Most Often

Who is eligible to receive financial aid?
Students who apply for and receive financial aid must be degree-seeking candidates, enrolled at least half-time (at least six credits per semester) to receive federal aid, or enrolled full-time (at least 12 credits per semester) to receive institutional aid. Federal regulations specify that federal aid recipients must be U.S. citizens, U.S. nationals, or eligible non-citizens. Some Pell recipients can receive Pell grant for less than half time enrollment.

On what criteria are financial aid awards based?
Awards are based on demonstrated need, academic progress, and fund availability.

What's a FAFSA?
FAFSA is a "Free Application for Federal Student Aid." The first step in applying for financial aid is to fill out this standard federal application used to determine a student's eligibility for all federal and most forms of other financial aid. Submit the FAFSA as soon after January 1 as possible to increase your chances of getting the aid you need. You will need both your parents' and your tax information from the previous year to complete the FAFSA. The schools you indicate on your FAFSA will also get a copy of the application.

On average, how much aid do students usually receive?
The average undergraduate award in 07-08 was nearly $11,634.

How is the amount of aid determined?
A federal and institutional formula is used to calculate a family's contribution. This is deducted from the cost of attendance, resulting in the family's need. The amount of need a family demonstrates determines the amount of assistance the student is eligible to receive. The college does not meet need in all cases.

Does a financial aid request affect my admissions decision?
Financial need has no bearing on your admission to Elms College.

What is the deadline for submitting financial aid applications?
Financial aid applications from incoming students are accepted on a rolling basis. To receive priority consideration for financial aid, new students should return all requested documents by March 1(returning students by April 15)

Can I view my financial aid information online?
Yes. Visit ElmsNet. Student ID's are mailed to all new students from Amissions. PIN's are mailed to all applicants for admission starting in January of each year.

What documents are required to make a complete financial aid application at Elms College?
All students should submit the following documents:

• Free Application for Federal Student Aid (FAFSA) - Elms College school code is 002140.
• If selected for a process called verification, student will be asked to send signed copies of the most recent federal 1040 and federally dependant students will be asked to also send a copy of the parent's signed 1040.

Should I wait until after I am admitted to file financial aid applications?
First year and transfer students must be accepted for admission to Elms College before aid eligibility will be determined and awarded. However, you should begin applying for financial aid as soon as possible after January 1.

How are private scholarships incorporated into financial aid awards?
Federal regulations require that students notify financial aid services of any scholarships, grants, or loans received from sources outside the college. The outside resources must be considered as financial aid, and therefore may result in a change in the aid package. In the event of an overaward, we will reduce or eliminate PLUS loans, Alternative Loans, unsubsidized Stafford Loans, Federal Work Study, Federal Subsideized Stafford Loans, Grants/ Scholarships, in that order.

Can students expect to receive similar aid packages from year to year?
Financial aid is not automatically renewable. Families must reapply each academic year. If financial circumstances remain unchanged from year to year and applicants meet the priority-filing deadline, financial aid packages should contain approximately the same amount of aid. Changes to a family's financial circumstances include increases or decreases in overall income, number of family members in the household, and the number of family members in college.

A financial aid package may be made up of federal, state and college funds, available in the following forms:

• Merit based scholarships, which are awarded by the college at the time of admission and do not depend on need
• Need-based assistance, such as grants, which do not require repayment, awarded by the college, Federal Pell Grants, or state grants
• Loans, which must be repaid, are available from the federal and state governments
• Employment, through federal work-study funds, which provides part-time jobs for students during the academic year

As a student, can I be the applicant for an alternative loan?
Yes, some lenders will allow you to be the primary applicant. If you or your parents (who are typically co-signers) have adverse credit (including late payments, charge-offs or bankruptcies), you might want to consider a more creditworthy co-signer.

Does the college offer a payment plan?
Yes, the college contracts this service with Tuition Management Systems.

How can parents apply for a PLUS loan?
Contact Sallie Mae at www.opennet.salliemae.com or call 1-888-799-5118

On Average, how much debt do Elms College students incur?
For students who graduated between September 1, 2006 and September 30, 2007, the average debt from loans (from any source) while at Elms College was $26,605.50. The average debt from federal loans while at Elms College was $18,063.

What is the percentage of students at Elms College who borrow money from any source for their college education?
The percentage of students who borrowed from any source between 09/01/2006-06/30/2007 was 84.21%. The percentage of students who borrowed from a federal source was 83%.