Financial
Aid
The Financial Aid
Office helps qualified applicants who without
assistance would be unable to pursue a college
education. For 166 years, Oberlin alumni and
friends have generously assisted needy students
through gifts and permanent
scholarships.
Oberlin's
historic dedication to an economically diverse
student body results in nearly all funding through
our Office of Financial Aid being committed to
students and families in financial need.
More than one-fifth of Oberlin's
annual budget goes to scholarship assistance. During the 2000-2001
academic year, Oberlin College provided more than $32 million in
need-based financial aid. Almost two-thirds of students received
more than $42 million in aid from Oberlin College, federal, state
and private sources.
Application
Process
Financial-aid
applications for new and transfer students are
included in Oberlin College's admissions materials
mailed to all prospective students.
The PROFILE form
of the College Scholarship Service (CSS) is used to
calculate family contributions for all first-time
aid applicants. Students may register for the
PROFILE in the fall preceding the academic year for
which they are applying for aid.
The Oberlin
Office of Financial Aid carefully reviews each
PROFILE, frequently revising the CSS evaluation,
with particular attention paid to such factors as
income and business losses, other family members
attending college and family assets.
All students must
also complete the confidential Free Application for
Federal Student Aid (FAFSA) after January
1.
Applications for
currently enrolled students are available through
the Office of Financial Aid in December and are due
by April 15.
Returning
students not currently enrolled or in residence
should write to the Office of Financial Aid for an
application. Applications from returning students,
including the FAFSA, are due by April 15 for the
fall semester and by November 1 for the spring
semester.
Students must
apply each year for renewal of financial aid. The
amount of awards through four years (five years for
double-degree students) will reflect changes in
Oberlin's costs as well as changes in the financial
profile of the student and family.
The Funding
Package
Oberlin evaluates
the PROFILE, tax returns and other information to
determine financial need, which is the difference
between the total cost of attending Oberlin and the
ability of the family to contribute to those
educational costs. Oberlin College costs are
tuition and fees charged to all students, double
room and dining, plus an allowance for books and
supplies, estimated personal expenses and limited
travel.
Oberlin College calculates the amount
a family can contribute to a student's education by examining
- parental
income and assets;
- benefits,
such as those from an employer;
- awards from
outside agencies; and
- student
assets and expected savings from summer
employment.
Financial aid is usually awarded
to students in a three-part package which consists of:
- money earned
by the student from campus
employment;
- education
loans taken out by the students or family;
and
- outright
gifts or grants of scholarship
money.
Eligibility
for Scholarship Aid
Students may apply for assistance
for eight semesters (10 semesters for double-degree students). The
eligibility for transfer students will be prorated based on their
class standing at the time of matriculation. They must be enrolled
in an academic program leading toward their undergraduate degree
(or degrees, if part of an Oberlin program leading to a double degree),
and show satisfactory progress toward the completion of degree requirements,
as determined by the Academic Standing Committee of each division.
Other Sources
of Funding
Eligible students
can avail themselves of the National Merit
Scholarships, the National Achievement
Scholarships, the Ohio Choice Grant and other
outside scholarships offered by local foundations,
clubs and business organizations.
Oberlin College
sponsors a number of National Merit Scholarships,
in amounts ranging from $750 to $2,000. Finalists
in the National Merit Scholarship program
competition are eligible for consideration for
Oberlin-sponsored National Merit Scholarships if
they (a) declare Oberlin as their first-choice
college; (b) have filed applications for admission
to Oberlin College; and (c) have not been selected
as winners of other Merit Scholarships.
Scholarships and
grants do not have to be repaid.
Combining
Sources of Assistance
Various kinds of
financial assistance from agencies other than
Oberlin College are considered in calculating a
student's financial award to ensure availability of
assistance to as many eligible students as
possible. Consequently, all students are asked to
apply for all federal and state grants for which
they may be eligible. Should they receive
assistance from public or private agencies,
students must notify the Oberlin Office of
Financial Aid. This applies even if assistance is
received after the financial-aid application is
completed or after an Oberlin award is
made.
Parent
Loans
Loans to parents, including the
Federal Parent Loans for Undergraduate Students (PLUS), are available.
Information about these loans, which usually carry low interest
rates, may be obtained from banks, savings associations and other
lending agencies in most communities.
International
Applicants
Oberlin is a
leader in offering financial aid to the most highly
qualified international applicants. The amount of
aid is determined solely on the basis of the
student's financial need. Before a visa is issued,
all international students who request financial
aid are asked to show evidence of having resources
equal to the difference between Oberlin's cost and
the financial-aid package for each year they will
be in the United States.
For additional information on financial
aid, please contact the Office of Admissions or the Office of Financial
Aid at Oberlin.
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