A financial
aid package comprises funds from one source or a combination of sources,
depending on individual needs and the availability of funds. The following types
of aid can make up a financial aid package and are provided specifically to help
students meet education-related expenses.
Grants and Scholarships.
Grants and scholarships are awarded to students and do not have to be paid
back. Generally, grants are based on a demonstration of financial need, while
scholarships are based on student performance and talent. Some scholarships,
however, do consider student need in determining eligibility.
Loans.
Loans are monies that a student or parent borrows and agrees to repay with
interest. Usually loans are offered at low interest with long-term repayment
that generally begins when the student leaves school. Some loans require a
demonstration of financial need while others do not. Note: If
you take a leave of absence, repayment of a loan will begin
after a
one-time-only, six-month grace period. Federal regulations require students to
attend a Loan Exit Counseling Session with the Financial Aid Office before
leaving the School.
Work-Study Employment Opportunities.
Employment enables you to earn income at an hourly rate in return for
part-time work. Employment is generally on campus; however, some eligible
students have the opportunity to perform community service jobs on and off
campus. The School also participates in the America Reads program, which
promotes reading to young children in various settings. Details are available in
the Financial Aid Office. More about work-study…
How
Are Awards Disbursed? The total dollar amount listed on your financial
aid award letter is divided into equal amounts for each semester, unless
otherwise specified. Any funds in excess of tuition may be used for fees, books,
supplies, transportation, and living expenses. However, refunds are not
processed until after the add/drop period. You can expect your refund approximately five weeks into the semester.
Please plan accordingly for all expenses. Work-Study
awards may not be used toward tuition. If you choose to work, you will receive
these funds throughout the year as weekly paychecks for hours worked.
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