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 2001-02 academic year, Oberlin College provided almost $33.5
million in need-based financial aid. Almost two-thirds of students
received more than $45 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 30.
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 30 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
1. parental
income and assets;
2. benefits,
such as those from an employer;
3. awards
from outside agencies; and
4. student
assets and expected savings from summer employment.
Financial aid
is usually awarded to students in a three-part package which consists
of:
1. money
earned by the student from campus employment;
2. education
loans taken out by the students or family; and
3. outright
gifts or grants of scholarship money.
Eligibility
for Scholarship Aid
Students who matriculate
as freshmen 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 lower 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. The addresses for these
offices can be found on the inside front cover of this catalog.
