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In the 2022-23 academic year, the College provided $42.8 million in total institutional financial aid to undergraduate students. Increasing ���ճԹ�’s ability to provide financial aid was among the key goals of the College’s recent “Defy Expectation” fund-raising campaign. Currently, 78% of ���ճԹ� students receive financial aid, with an average award of $62,230.

“Equity and inclusion are an explicit part of ���ճԹ�’s mission and these additional investments in financial aid help put a ���ճԹ� education more within reach for students with financial need,” says ���ճԹ� Former President Kim Cassidy. “Prioritizing need-based financial aid in building the College’s budget and the generosity of our donors has allowed the College to take this critical step to live our mission of excellence and access.” 

The policy change will impact two groups of students: 

• Students with a total family income of less than $110,000 and total family assets of less than $500,000. For these students, 100% of demonstrated need, as calculated by the student’s financial aid application, will be met with grant and work-study. Starting in the Fall 2024 semester, loans will no longer be used to meet need. 
• For students with total family income above $110,000 who receive need-based institutional aid and with total family assets of less than $500,000, these students will receive an additional $4,000 in grants from the College to help offset or eliminate a portion of their loan obligation needed to pay their college expenses. While these students will still see a loan in their financial aid offer*, part of this loan will help cover their calculated Student Aid Index (SAI), instead of meeting their need. 

*Per Federal regulations, the Office of Financial Aid will continue to notify students of their loan eligibility. 

Total income includes taxed and untaxed income reported by a student’s family (or families in the case of separated/divorced parents) on the financial aid application.

Total assets include money in cash, savings, and checking accounts; the value of businesses or farms; investment farms; real estate, UGMA, UTMA accounts that the parent is the owner; stocks, bonds, certificates of deposits, etc. reported by a student’s family (or families in the case of separated/divorced parents) on the financial aid application.

���ճԹ� has had a long-standing commitment to meet 100% of the demonstrated need of our students. This means the College offers students enough financial aid to cover the difference between the college’s cost of attendance and a family’s ability to pay, or student aid index (SAI, as determined by the financial aid application required by the Office of Financial Aid. This policy change will increase the amount of grant used to meet the need of all need-based aid eligible students. 

Please keep in mind that students also have a responsibility to contribute towards their educational costs. Please read about this in more detail here.

This policy change is for both domestic and international students. This type of classification of the student is defined at the point of admission or if there is a change in citizenship status while enrolled. As international students do not reapply for financial aid, their eligibility will be based on their financial aid application at the time of admission.

The Student Aid Index (SAI) is calculated using the reported income and assets of all parent households on the financial aid application and is also impacted by the number of undergraduate students in the family. This can sometimes also be referred to as a measure of a family’s ability to pay. This policy change will increase the amount of grant used to meet the need of all need-based aid-eligible students.  Students with a total family income of less than $110,000 and total family assets of less than $500,000 will see a small loan included in their financial aid award to help cover their student aid index (SAI) as determined by their financial aid application. For students with total family income above $110,000 who received need-based ���ճԹ� Grant, these students will still see a loan on their financial aid offer, part of this loan will help cover their calculated SAI. 

This policy will meet the need of a qualified undergraduate student with more need-based grant than under our previous policy. This means that the student will have lower out-of-pocket costs and more financial aid available to them. Some students and families may still choose to borrow loan funding to assist with their family contribution.

Students will see an increase in the grant aid received depending on family income and assets. A student who is eligible for an increase in grant will see a decrease to their out-of-pocket bill, but the amount due or refund will vary student-to-student based on their overall financial aid eligibility.

This policy should not affect the student’s ability to work, either through the Federal Work-Study program or through Campus Employment. There may be limited situations where a student’s work award can be affected if they have other need-based aid awards, like outside scholarships, that will make their total aid greater than the cost of attendance. All outside aid will continue to be adjusted under our normal policy.

Per Federal regulations, the Office of Financial Aid will continue to notify students of their loan eligibility. For students who will no longer have loans used to meet their need, any loan eligibility to help cover the student aid index (SAI) will be included in the student’s financial aid package. As always, the student can accept or decline the loan in their student portal. 

Students who are ineligible for a need-based ���ճԹ� grant will not see a change to their financial aid eligibility. However, we encourage U.S. citizens and Permanent Residents and their families to complete the financial aid process annually, as we will reassess your eligibility for ���ճԹ� Grant every year.

For current students, financial aid applications are due on April 15. Until we have received and reviewed a student’s financial aid application, we will not be able to definitively let a student know how their grant eligibility will increase. We recommend completing your financial aid application as soon as possible if you are unsure how this change in policy will impact you.

U.S citizens and Permanent Residents must reapply for need-based financial aid every year. Financial aid eligibility can fluctuate based on a change in income, change in assets or change to the number of siblings enrolled as undergraduate students. Please remember that while we are basing your financial aid eligibility on 2022 for the 2024-2025 academic year, in future years we will ask families to reapply with the next tax year. As financial aid eligibility is assessed every year if your family income or assets went up in 2025 or 2026 your aid eligibility will go down in future years (if all other factors remain similar)

Per Federal regulations, the Office of Financial Aid will continue to notify students of their loan eligibility. For students who will no longer have loans used to meet their need, any loan eligibility to help cover the student aid index (SAI) will be included in the student’s financial aid package. As always, the student can accept or decline the loan in their student portal. 

Students may always submit a request for reconsideration if their family has experienced a significant change in financial circumstances or when a family’s circumstance has changed after the applications for financial aid have been filed. Students can refer to the change in financial circumstance page for situations that the Office of Financial Aid can consider. Please note that students are required to exhaust all self-help opportunities (such as loans and student employment) before they are eligible to be considered for an appeal grant.