Financial Aid

Olin’s generous scholarship policy stems from one of the founding principles of the college- to provide a world-class engineering education at significantly reduced cost to students and their families. All admitted students who enroll at Olin College receive an Olin Scholarship covering tuition during the eight semesters of the baccalaureate program. This scholarship is currently valued at approximately $140,000.

Estimated Cost: Academic Year 2008-09
Below are estimated costs for the upcoming academic year. We expect nominal increases in these figures for subsequent years.

Need–Based Assistance
Olin College offers need-based financial assistance in the form of federal, state, and institutional programs. Families interested in applying for additional assistance to meet costs in excess of the Olin Tuition Scholarship should complete a Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov. Olin College’s institutional code is 039463. For incoming students, it is recommended that your FAFSA be completed by February 15th for earliest consideration for need based assistance. Returning students should complete their FAFSA by April 15th and/or as soon as their Federal tax returns are complete. The only required form to apply for financial assistance at Olin College is the FAFSA.

The Department of Education requires that certain financial aid applications be selected for a process called Federal Verification. Olin College verifies all applications selected by the Department of Education. This involves the submission of a Federal Verification Worksheet and supporting Federal Tax Returns. Your Student Aid Report will indicate if you are required to participate in this process. In addition, the Financial Aid Office is required to clarify any unclear or conflicting information in a financial aid application. If additional documentation is necessary, you will receive notification from the Financial Aid Office.

An Example of Need Based Aid
Eligibility for need based aid at Olin College is determined based on the Expected Family Contribution (EFC) as determined by the Department of Education. Eligibility for need-based assistance is calculated by subtracting the EFC from the Cost of Attendance. This equals the financial need of that particular family. The Olin Tuition Scholarship is subtracted from that to determine a family’s “remaining financial need.”

If a family has remaining financial need, funding is awarded based on all standards of eligibility as determined by federal and state regulation and institutional policy. The financial aid award letter will indicate all Federal grant funding for which the student is eligible, and will also note eligibility for Federal loans. If additional funds are needed, families can take advantage of private loans and/or a monthly tuition management program. More details regarding grant and loan programs are provided below.

Please direct any questions regarding need-based assistance to Jean Ricker, Financial Aid Manager at Olin College. She can be reached at jean.ricker@olin.edu or 781 292 2343.

Types of Assistance
Olin Tuition Scholarship (Non-Need Based)
The Olin College Tuition Scholarship is awarded for eight consecutive semesters of full-time study. Anyone permanently disqualified to attend or return to Olin College for academic or disciplinary reasons will forfeit the remaining portion of the scholarship.

Study Away (which requires pre-approval) or an internship for credit counts as one of the eight scholarship semesters. The student is expected to cover the costs associated with such activity, including host institution tuition and fees (if required).

For mid-semester leaves of absence, the partial semester counts as one of the eight scholarship semesters. Payment of tuition is required for any semester(s) beyond eight before graduation. For end-of-semester leaves of absence, the semester on leave does not count as one of the eight scholarship semesters (unless the student requests transfer credit for this semester).

Olin College provides accommodations for documented disabilities. In extenuating circumstances, exceptions may be granted by the Vice President for Academic Affairs.

Olin Need Based Grant
Olin Need Based Grant may be awarded by the Financial Aid Office to students who demonstrate remaining financial need after consideration of their Olin Tuition Scholarship. For students who are also eligible for Federal Grant Funds, those Federal Grant Funds are awarded prior to consideration for Olin Need Based Grant.

Federal Pell Grant
Eligibility for the Federal Pell Grant program is based on a family’s expected family contribution. If your EFC is less than an amount pre-determined by federal regulation, you will be awarded Federal Pell Grant. For the 2008-09 academic year the maximum Pell Grant award is $4,731.

Federal Supplemental Educational Opportunity Grant (FSEOG)
The Department of Education provides Olin College with annual allocation of Federal Supplemental Educational Opportunity Grant (FSEOG). Olin College is required to provide a specified amount of matching funds to this allocation, and award the allocation as it determines appropriate to the neediest of students. To qualify for an FSEOG Grant you must have Pell Grant eligibility, however all students who receive the Pell Grant will not automatically receive the FSEOG Grant.

Federal Academic Competitiveness Grant (ACG)
The Academic Competitiveness Grant (ACG) is a relatively new federal grant program. Incoming students may be eligible for this program if they are US Citizens eligible for a Federal Pell Grant AND they have completed the requirements of an academically rigorous HS program. These requirements are specific and reviewed individually. This eligibility will be confirmed with review of a final high school transcript. Freshman may be eligible to receive $750 for their first year. If at the end of the first year they continue to meet eligibility requirements and have a cumulative GPA of 3.0 or greater, they may be eligible to receive $1300 in this grant program. If GPA requirements are not met, this grant will not be renewed.

National SMART Grant
The National SMART Grant is available to Junior’s and Senior’s who are Pell Grant recipients, US Citizens, and enrolled in specific majors in the areas of science, mathematics, and foreign language. Engineering majors who meet the criteria may be eligible for SMART Grant. Students receiving this grant must maintain a cumulative GPA of a 3.0 or above and be enrolled in a course required for your major each semester of eligibility. The annual grant is $4000. If these requirements are not met, this grant will not be renewed.

Federal Stafford Loan
Stafford Loan eligibility will be noted on your Financial Aid Award letter and will be denoted as either subsidized or unsubsidized. The award letter will also provide guidance on the process of completing promissory notes and Entrance Counseling to facilitate the disbursement of these funds. This program is a loan program and funds must be paid back according to the terms of the loan.

• Subsidized Stafford
  This loan program is subsidized by the federal government for students demonstrating financial need. Subsidized means the student is not responsible for the payment of interest during periods of at least half time enrollment.
• Unsubsidized Stafford
  This is a loan program that is not subsidized by the federal government for students who do not demonstrate financial need. Unsubsidized means the student is responsible for payment of accrued interest during periods of at least half time enrollment, although actual payment of this interest may be deferred.

Outside Scholarship Policy
Students are encouraged to pursue outside scholarships. The total of all scholarships, grants, and need based assistance cannot exceed the Cost of Attendance for the academic year. If the scholarship is restricted to tuition only, it reduces the amount of the Olin Scholarship accordingly.

Please note that all outside scholarships received by students must be reported to Olin College for incorporation in the Financial Aid Package.

NOTE: National Merit Finalists who win either a National Merit or National Achievement Scholarship from the National Merit Scholarship Corporation or another corporate sponsor are able to use this scholarship at Olin College and will be identified as National Merit Scholars. However, finalists who designate Olin College as their first choice college but do not receive a NMSC or corporate sponsored scholarship will remain National Merit Finalists, since Olin does not currently sponsor National Meritry or National Achievement Scholarships.

Other Loan Assistance
Students and families may be in need of additional assistance to pay their bill. Families should research the loan option that best suits their particular financial situation. Parents of dependent students are eligible to apply for a Federal PLUS Loan. Parents interested in this option can find additional information through American Student Assistance at www.amsa.com/direct/borrowers.

Olin students have participated in a variety of private loan programs in the past, the two most popular being offered by MEFA (Massachusetts Educational Financing Authority) and TERI (The Education Resources Institute). For more information, you may contact MEFA at www.mefa.org or 1 800 449 MEFA, or TERI at www.teri.org or 1 800 255 TERI.

Students and parents are eligible to apply for a PLUS or alternative loan up to the Cost of Attendance minus any other assistance received. School certification of these loans is necessary for processing.

Student Rights and Responsibilities
Student Academic Performance
Federal regulations require that students receiving financial assistance meet certain standards of Satisfactory Academic Progress. This means that the student is making progress toward completing their degree in a manner determined by the school. Financial Aid follows the same academic criteria as the Committee on Student Academic Performance (COSAP). Please refer to the Student Handbook for details.

Students who are not in Good Academic Standing will be placed on financial aid probation. During this probationary period students continue to receive financial assistance. If at the end of the probationary period the student is not meeting the required standard, they may be suspended from receiving financial assistance. Appeals to these decisions may be directed to the Financial Aid Manager and will be reviewed by the Appeals Committee.

Stafford Loan Borrowers
Students who are taking out student loans through the Federal Stafford Loan program are required to complete both Entrance and Exit Counseling to advise of their Rights and Responsibilities with regard to borrowing a student loan. Students can complete this process at www.mapping-your-future.org and clicking on “Student Loan Borrowers”. Entrance Counseling must be completed prior to the first disbursement of your student loan. Exit Counseling is completed upon graduation and/or less than half-time enrollment. Once completed, Olin College will receive an electronic notification confirming the requirement is complete.

Refund of Title IV Funds for Financial Aid Recipients
Students who withdraw from Olin College must file a College Withdrawal Form with the Assistant Dean of Student Life for Advising. Students who withdraw from all classes before the 60% point in a semester may be required to repay all or a portion of the financial aid they received for that semester. This is known as the Return to Title IV calculation. The exact amount to be returned will vary depending on the amount of aid received and at what point during the semester the student withdraws from the college. In addition, the student is liable for the balance owed the college as a result of the repayment of financial aid based on the Return of Title IV calculation. Students owing a balance to the college will receive a revised statement of account.

Study Away
Students who receive need based assistance who are planning to study away should meet with the Financial Aid Manager to discuss options and eligibility prior to submitting their study away plan for approval.