Understanding your Aid
How We Package Financial Aid
Financial need is calculated by taking the annual Cost of Attendance and subtracting your family’s “Expected Family Contribution” as determined by the FAFSA. Once we calculate your financial need, we consider two additional resources:
The Olin Tuition Scholarship
The merit-based Olin Tuition Scholarship is awarded to all students, and was created to recognize hard work and superior achievement in your pre-college work. This scholarship is one of the pillars of Olin’s commitment to keeping its education affordable. Currently valued at more than $100,000 over the eight semesters of study, the scholarship increases in tandem with any tuition increases, so you have a reliable base on which to plan the financing of your education. While the Olin Tuition Scholarship is offered independent of financial need, your merit award will be included in the aid provided to meet your financial need. Thus, merit awards are coordinated with other need-based aid to help meet demonstrated financial need and cannot be used to help reduce the family's calculated contribution.
The Olin Tuition Scholarship is awarded for a maximum of eight semesters of full-time study. Anyone permanently disqualified to attend or return to Olin College for academic or disciplinary reasons will forfeit the remaining portion of the scholarship.
Full-time Study Away (which requires pre-approval) counts as one of the eight scholarship semesters (the student is maintained as full-time at Olin and is expected to pay Olin tuition after the merit scholarship and any additional costs associated with any such activity at the host institution including any tuition exceeding Olin's, room, board and fees if applicable).
- For students who leave Olin College during a semester of study (withdrawal or leave of absence), the partial semester counts as one of the eight scholarship semesters.
Payment of full tuition is required for any semester(s) beyond eight before graduation. Olin College provides accommodations for documented disabilities. In extenuating circumstances, exceptions may be granted by the Provost and Dean of Faculty.
While the Olin Tuition Scholarship is awarded independent of financial need, your merit award will be included in the aid provided to meet your financial need. Thus, merit awards are coordinated with other need-based aid to help meet demonstrated financial need and cannot be used to help reduce the family's calculated contribution.
Student Contribution equaling $3500/year
Olin College expects every student to contribute $3500 annually toward their Olin education. This contribution – or “self-help” – can be met through outside scholarships or a student loan. If a family demonstrates additional financial need, that need will be met with grant funding provided application deadlines are met.
Types of Assistance
Our need-based aid programs are funded through grants and scholarships. The Olin Tuition Scholarship, which is awarded based on your admission, is considered part of the resources used to meet your financial need. If you meet eligibility requirements* and demonstrate need beyond that, we will work to meet your full financial need. Your package will always include a student contribution of $3500 – this can be met with outside scholarships or a Subsidized Direct Loan.
* A student must meet all eligibility requirements as determined by the Free Application for Federal Student Aid (FAFSA).
Eligibility for the Federal Pell Grant is determined by the U.S. Department of Education based on the completion of your FAFSA. Based on 2016-17 data, approximately 9% of full time students at Olin College are eligible for the Federal Pell Grant. Students who are eligible for the Federal Pell Grant may also be awarded a Federal Supplemental Opportunity Grant (FSEOG) by the school based on available funding.
Olin Need-Based Grants
Olin Need-Based Grant may be awarded to eligible students who demonstrate financial need.
Donor Funded Grants
These awards are designated with the name of the donor and/or are a particular fund established in honor of a person or organization. These funds are awarded annually on the basis of financial need and may be renewable. Eligibility is determined based on the FAFSA and no additional application is necessary.
Federal Student Loans
If you complete a FAFSA we will let you know what Federal loans you are eligible to apply for. A student loan is one way you can meet your student “self-help” contribution of $3500 each year. Approximately 32% of Olin's 2016 graduates utilized this program with an average cumulative debt of $15,849.
Direct Loan eligibility will be indicated on your award letter and will be denoted as either subsidized or unsubsidized. The student should either accept or decline the loan on the award letter. The award letter must be signed and returned for the loan to be processed. This is a loan program and funds must be paid back according to the terms of the loan. If you are a first time borrower in the Federal Direct Loan program, you must complete a Master Promissory Note (MPN) and Entrance Loan Counseling.
Visit StudentLoans.gov for information on interest rates and current terms and conditions and to complete your loan paperwork.
Direct Subsidized Loan This loan program is available to students who demonstrate financial need. The interest on the Subsidized Direct Loan is paid by the federal government while the student is enrolled in school at least half-time.
Direct Unsubsidized Loan This loan program is available to students who do not demonstrate financial need, or whose financial need has been met by other resources (i.e. grants and scholarships). Borrowers are required to either pay the interest as it accrues, or have it capitalized (added to the principal) into a repayment schedule that starts after graduation.
Direct PLUS Loan This loan program is available to parents of dependent students. PLUS loans help pay for education expenses up to the cost of attendance minus all other financial assistance. Interest is charged during all periods. Families who wish to apply for a PLUS loan are required to submit a FAFSA. More information about current interest rates and terms of the loan can be found at StudentLoans.gov.
National Merit Finalists
National Merit Finalists who win either a National Merit or National Achievement Scholarship from the National Merit Scholarship Corporation or another corporate sponsor are able to use this scholarship at Olin College, and will be identified as National Merit Scholars. Finalists who designate Olin College as their first choice college, but do not receive a NMSC or corporate-sponsored scholarship, may be designated as Olin National Merit Scholars. Olin National Merit Scholars will be awarded a $1000 scholarship for four years, funded by Olin College. The student must submit renewal paperwork to National Merit each year for continued eligibility.
We encourage all students to pursue outside scholarships to help meet their annual student contribution. Students are required to inform their financial aid office of any grants, scholarships, or benefits received from sources outside the college. Please provide a copy of the award notification as soon as possible. An outside award that is restricted to tuition will reduce your Olin Tuition Scholarship only if it exceeds the remaining tuition.
It is our policy to use the first $3500 of outside scholarships received to meet your student contribution and reduce the amount you may need to borrow. If you receive need-based grants AND receive outside aid in excess of $3500, we will be required to reduce Olin Need-Based Grant to avoid receipt of need-based funds in excess of your financial need. The total amount of outside scholarship is divided equally between the Fall and Spring semesters. Outside scholarships must be reported to the Financial Aid Office annually. We will not automatically renew an award from a previous year without an annual notice from the agency indicating renewal.
Students who are selected to be an "R2" by Student Affairs and Resources receive a scholarship that is equal to the amount of their room charge. Student's are charged for their room, and then receive the equivalent amount in an "R2 Scholarship". Regulations require that, within a need-based aid package, these benefits be counted as a resource to meet a student's financial need. This award does not reduce or assist with the family contribution. The R2 Scholarship is packaged in such a way that it replaces the student contribution or "self-help" component of the student's financial aid award - similar to an outside scholarship- prior to any reduction in need-based grant. Depending on the individual award, some Olin Need-Based Grant may be replaced, but the total overall package will not be reduced due to a student becoming an R2.
Note: Taxability of Scholarships and Grants
Under current Internal Revenue Service (IRS) regulations, a portion of your grant or scholarship may be considered taxable income, which must be reported on your federal income tax return. IRS regulations consider any amount or combination of scholarship and grant benefits greater than the amount of tuition, fees, and your cost of books and supplies to be taxable income In addition, amounts received as payments for teaching, research or other services required as a condition for receiving the scholarship would be considered taxable. The final determination of any tax liability and the payment of tax on your grant/scholarship is your responsibility. If you have questions you should seek the advice of a qualified tax counsel.
Other Ways to Pay
Not all families apply for or are eligible for need-based aid, but are still looking for financing or alternative resources.
Monthly Payment Plan
Olin College participates in a monthly payment plan through Tuition Management Services which allows families to divide the amount they owe the College into 10 monthly payments, rather than paying the full balance on a semester basis. Although the plan has an annual application fee, it is interest free. More information regarding this option is available from the Student Accounts Office.
Many families opt to finance the amount they owe through an alternative or private loan. Most educational loans require school certification of enrollment and eligibility. We encourage families to exhaust their Federal Loan eligibility prior to using a higher interest rate funding option. Olin College does not have a preferred lender list for alternative loans; rather we encourage our families to research the loans that best meet their individual needs. Students or parents pursuing alternative loan options will be required to submit a Self-Certification form to the lender prior to obtaining loan approval. Most families using alternative financing apply for a loan during the summer to cover their balance for the entire academic year. This way the loan is in place for both the Fall and Spring billing cycle. If you plan to use an outside loan in lieu of payment for your bill, pay close attention to the deadlines listed with your billing statement.
US Veterans Education Benefits
Olin College is approved for the use of GI Bill education benefits. Veterans and eligible dependents who are accepted into a degree program at Olin and who also may qualify for the GI Bill should contact the United States Department of Veterans Affairs at 1-888-442-4551 or visit the VA website for the GI Bill application process. Once the GI Bill application has been processed by the VA and the Certificate of Eligibility has been received, the student should contact the VA Certifying Official at Olin College located in the Registrar's Office. The Certifying Official will then certify the student's enrollment with the VA so the benefits can be paid.