Congratulations to all the Candidates for the Class of 2026! We know how hard you have worked to get to this point. Take a moment to reflect and be proud of your accomplishment!
OK – enough reflecting - now we can figure out what probably feels like the next hurdle - paying for college.
Step One: Complete the FAFSA
The FAFSA is the acronym for the Free Application for Federal Student Aid. The FAFSA will use your family’s financial and household information to calculate an “Estimated Family Contribution” (EFC) to you. The EFC is an indicator for the financial aid office to help determine what kind of need-based aid we can offer you. You must complete a FAFSA every year to renew your aid. As a prospective student the deadline to complete your FAFSA is February 15th. If you have not added the Olin school code (039463) to your FAFSA yet – no worries – but do it right away so we have your FAFSA available after Candidate Week is complete.
Step Two: Additional Information
Sometimes, the first time you complete the FAFSA the Education Department is unable to determine your expected family contribution. This may be because they need to verify your social security number or your citizenship. If you have applied for aid, refer to your checklist on your Olin portal to see if we need any additional information from you to help us determine your financial aid offer.
Step Three: Your Financial Aid Offer
After Candidates’ Week – the admission team has tough decisions to make. The Admission Committee will meet and determine who will be admitted to the Class of 2026 – then it is the financial aid teams turn to get to work!
Our commitment to affordability begins with the Olin Tuition Scholarship. This is a merit scholarship that recognizes all the demanding work that went into getting you to where you are today – a future member of the Olin Class of 2026! Valued at half the annual tuition and offered for 8 semesters of full -time study - the Olin Tuition Scholarship is our co-investment in you and your future as a member of the Olin community.
If your family has unmet financial need after considering your merit scholarship – we will next consider your eligibility for need-based aid (need-based aid is offered by subtracting your expected family contribution from the cost of attendance) We will first offer a $3500 Direct Subsidized student loan. If you decide to use this loan you will pay it back after you graduate. Any remaining unmet need will be met with a combination of federal (if eligible) and institutional grants. Remember -grants do not need to be paid back!
What Makes Olin’s Financial Aid Process Different?
We understand your academic accomplishments and your future goals, and our belief is that the cost of college should not get in the way of helping you reach them! The combination of our merit scholarship and generous need-based aid policies recognizes both your academic excellence and our vision and support for your future. Typically, the merit scholarship offered at admission is a fixed amount for four years of study. At Olin, the Olin Tuition Scholarship will increase in tandem with any potential tuition increases which reduces future fiscal impact to your family. We are also committed to meeting your demonstrated financial need in future years – even if it changes.
To help students borrow as little as possible for their education, the $3500 Direct Subsidized Loan will stay at $3500 for all 4 years that you apply for financial aid. You can reduce the amount you need to borrow by looking into outside scholarships from your community that can replace your student loan.
Know that our first financial aid offer is our best financial aid offer (based on the information we have on your FAFSA). Check out this visual that paints a picture of how we approach financial aid at Olin.
Still have questions? We are here to help. Email us at email@example.com or call 781-292-2215
Director of Financial Aid