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How do you award aid--is
it based on need?
Almost all Smith College
aid is need-based aid. The College is committed to a very generous financial
aid policy that guarantees to meet the full financial need, as calculated
by the college, of all admitted students. Evaluation and rating of applicants
is based strictly on academic and personal qualities of each applicant
without considering need.
Full aid packages are
offered to students with the highest ratings until the aid budget is exhausted.
If the class is not yet complete, some decisions on the margin may take
into account the amount of financial aid required to fully fund the student.
Please see the next question for more information on this policy, which
is termed "need-conscious" admission.
What is need-conscious
admission?
"Need-conscious" is an
admission term which means that at the margin, in other words within the
final group of applicants from which we will compose the class, we look
at the financial aid a student might need when deciding on her admission.
Once the student enrolls, we meet her "need" each year. We do try to be
consistent throughout a student's time at Smith, but must do so within
the confines of the need analysis formula.
Remember : "need" is
a calculation and may or may not reflect the perceived need of a student.
How do you meet full
need, and if so, by what formula?
The Office of Student
Financial Srvices determines a family contribution based on information
you and your family provide on the CSS
PROFILE form, documented by tax returns. Standard factors such as income,
assets, the size of your household and how many family members are already
in college are just the beginning. We also may be able to take into account
other significant factors, such as unusual medical costs or imminent retirement.
Our staff calculates
the contribution expected from your resources and those of your family.
This amount is subtracted from the total cost of your academic year, including
the estimated cost of travel (if your home is in the United States and
outside New England), books, supplies, and personal expenses. The remainder
is your documented need, which will be met with financial aid. This formula
is known as "Institutional Methodology" and differs from "Federal Methodology"
which is used to determine eligibility for federal aid. "Institutional
Methodology" was developed by the College
Board and is used by most selective private colleges.
What does a typical
need-based package include? Do you use any parent loans in an aid package?
Smith's resources for
financial aid include loans, campus jobs, and grants. A student's financial
aid package will include one or more of these. A loan and a job (considered
self-help) are usually the first components of an aid package; remaining
need is met with grant aid. The ratio of self-help to grant in a package
will increase as you progress toward your degree. No parent loans are included
to meet the students' need in a Smith aid package, but the College offers
a select group of loan options for parents needing to finance the expected
family contribution.
How does a need-based
package get renewed each year? Are your current job and loan levels for
all four classes?
You will continue to
receive aid as long as you demonstrate need for it, as calculated by the
college. The amount may change from year to year depending on changes in
your family's financial circumstances. For example a subsequent increase
in family income would decrease aid eligibility and a subsequent decrease
in family income would increase aid eligibility. Remember--need is normally
calculated on prior year income.
The balance of loan and
grant will also change, based on federal loan limits. After the first year,
the amount of federal work study also increases. Each spring, you will
have to submit updated materials to renew your aid. Materials and instructions
for the following year are made available early in December to all students.
How often do you aid
or admit a student with aid from the wait list?
Students needing aid
may be admitted from the wait list if there is aid available after assessing
the aid total offered to enrolling students.
What happens to my
aid if there is a significant change in my family's financial circumstances
while I am enrolled at Smith?
Aid packages are renewed
yearly and aid levels reflect current family financial circumstances. Awards
can both decline and increase, although we try to maintain as much consistency
as possible. Reasons for change can be increases/decreases in family income
or assets or the number of siblings enrolled in college. We try to note
reasons for any substantial changes on the award letter.
Does Smith College
negotiate financial aid awards with families?
Members of our staff
are able to discuss financial aid awards and to review them if families
can provide new information which might impact the aid level or if they
have questions about the decision or about financing. Since the College
fully meets documented need, there is no negotiation process possible or
necessary. We are unable to evaluate or discuss aid offers from other institutions
and do not make a practice of "matching" other aid awards.
What is the non-custodial
parent policy at Smith?
In cases of separation
or divorce, the parent with whom the student resides is responsible for
completing the aid application. We also require the other parent to complete
a Noncustodial Parent's Statement. We do allow for the cost of two
households in our calculations, but it is our policy to assume that divorce
does not absolve either parent from the obligation to contribute toward
their child's college education. The policy for determining the financial
need of students whose parents are separated or divorced derives from the
principle upon which we determine need for all of our students; that is,
both parents are responsible for their children's educational expenses
to the extent that they are financially capable. To treat divorced parents
differently would create an injustice for married parents who both work,
and whose dual incomes are expected to support the cost of children's college
educations. We do, however, look at each student's situation, and may make
decisions to waive information or contribution from a non-custodial parent
if extremely unusual circumstances can be documented.
Step parents' income
and assets are generally not considered for purposes of assessing need.
There are situations, however, when the step parents' financial strength
comes into consideration.
If I don't apply for
financial aid at the time of admission, may I apply later?
Students who do not apply
for financial aid at the time of admission, are ineligible to apply for
or receive college aid until they have completed 64 credits at Smith. Exceptions
may be made only if you have an unexpected family financial emergency
that can be documented. This policy does not include students who applied
for but were not eligible for need-based financial aid at the time of their
admission to Smith. Those students may reapply for aid each year.
Transfer applicants and
Ada Comstock scholars will be ineligible to apply for or receive college
aid until they have completed 32 credits at Smith.
How hard is it to
find a job on campus?
All jobs are posted outside
the Student Financial Services and our website. There are many possibilities
for students who wish to work on campus. First year students are assigned
to work for Residence and Dining Services within housing clusters. This
makes locating a job for the first year student easy and efficient. Please
refer to the Work-Study Information for First Year Students
section of the website.
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