Your award letter details the financial aid
for which you are eligible. The college reserves the right to modify your award at
any time because of changes in your financial status or in the availability of funds
over which we have no control. If there is a substantial change in your circumstances,
you may request a review. Please refer to the Request for Review Form for the criteria and timelines for reviews.
The amount you and your family are expected
to contribute toward your Smith education has been calculated from the materials
you have submitted, according to federal regulations and institutional policy. This
amount includes a portion of your assets, any benefits to which you are entitled,
and an amount from your summer earnings. For dependent students, a parental contribution
has also been determined. Expected loan and job levels increase each year to offset
a portion of any tuition increase and also to reflect the Federal Direct Loan levels.
If family income hasn’t changed significantly, grant aid may decrease as a
result of the increase in loan and work.
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Grants are gifts and are not repaid. The grant
portion of your aid award may be made up of a variety of sources, including Smith-funded
grants, as well as federal and state aid programs administered by Smith. No special
application is needed for any college grants, as they are automatically assigned
to eligible students by the staff of Student Financial Services. While amounts
and sources of grant aid within a financial aid package may change, total grant aid
only changes if the calculation of need changes.
Smith Grant
This is direct gift aid from the college. Gifts and donations from alumni, parents
and friends of Smith College provide these grant funds. The College reserves the
right to notify donors of the names of recipients of funds generated by the donor’s
gift to the college.
Federal PELL Grant
This federally funded grant provides awards from $523 to $4,731 to eligible undergraduates.
The FAFSA you submitted to the federal processor documents your eligibility for
this grant. If corrections are necessary, the grant will be estimated until corrections
have been processed by SFS and will appear as a pending credit on your student
account. When the correction process is completed, the verified grant will be credited
to your student account.
FSEOG (Federal Supplemental Educational Opportunity
Grants)
Smith allocates these grants to selected eligible students. Awards are made to Pell
Grant eligible students, pending federal funding.
State Grants
This award comes directly from the student’s state of legal residence. State
grants are estimated until we receive an official notice from the state. The funds
will show as a pending credit on your billing statement and will be credited to your
student account when funds are actually received. The state grant replaces the Smith
grant dollar for dollar. Smith College cannot replace any federal or state grants
lost because of failure to meet deadlines or comply with federal or state requirements.
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Loans may be included in the financial aid
package. The loan(s) shown on your letter reflect your total federal eligibility.
A lower level may have been used in determining your eligibility for college grant
aid.
You may choose not to borrow the loan(s) or borrow a
lesser amount than offered. Please refer to the instructions for completing promissory
notes included in this booklet.
Federal Direct Loans and Perkins/College
loans shown on your award letter appear as pending credits on your student monthly
statements. They will show as actual credits only after the funds have been disbursed.
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A job opportunity may be part of your financial
aid package. Entering students typically work with Dining Services. Returning students
are responsible for finding their own jobs. Search for available positions on the
internet at www.smith.edu/finaid (follow the links to Student Employment). Students
are paid every two weeks for academic year jobs. The base pay rate is $8.25/hr although
some jobs may be paid at a higher rate. Students participating in domestic exchange
programs are subject to the employment policies of the schools at which they enroll.
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Outside Aid Awarded on the Basis of Student Merit
Most outside scholarships are given to recognize
particular achievement on the part of the recipient. These awards are allowed to
reduce the suggested loan, job or family contribution. However, in no case will the
family contribution be reduced below the federally calculated contribution. When
outside awards have replaced the suggested loan and job amounts, and the family contribution
has been reduced to the federally calculated level, Smith Grant will be reduced dollar
for dollar for any award money beyond that. (Note: GEARUP scholarships are considered
within this category as outside scholarships.)
Non-Merit Based Outside Aid
This type of award includes tuition subsidies based on your parents' employment, or state and federal grant assistance. These awards are not based on student merit and reduce Smith Grant dollar for dollar. Benefits from rehabilitation agencies are treated in a slightly different manner. Rehabilitation assistance for books goes directly to the student and does not affect the aid package. One-half of other rehabilitation benefits will be used to replace the suggested loan and one-half will replace the Smith grant.
Need-based loans from state or outside agencies can be used to replace either the suggested federal loan or job dollar for dollar.
Student Financial Services must be notified
of all outside awards. If you notify us by July 1, the aid will be reflected in your
official award and on your first bill. If you notify us after September 1, the outside
aid may be used to reduce the Smith Grant.
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If family circumstances change substantially
during the year, you may request a review of your aid, using the Request for Review
Form. The deadlines for review requests are listed on the form. No enrolled student reviews will be
done before August 15.
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We will adjust your aid package and send a
revised award letter when you notify us of additional outside aid you receive or
if actual amounts differ from amounts expected. The College cannot replace aid you
lose by missing deadlines or by failing to fulfill application requirements.
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Deciding how to pay for your educational expenses
at Smith can be a challenge. Use this worksheet to help you make payment decisions.
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As part of your financial aid award you may
have been offered a Federal Subsidized or Unsubsidized Direct Loan, a Federal Perkins
Loan or a College Loan. Once you have decided to borrow one of these loans, you will
need to complete a promissory note(s). More > |
