Policies & Procedures: Meeting Your Financial Need
HOW YOUR FINANCIAL NEED IS MET
Aid from Non-College Sources:
We ask you to seek assistance from all likely government and private sources of grant or scholarship aid. You must apply for Federal Aid by filing the FAFSA. You must apply to your appropriate state grant program; and according to the advice of your school authorities, you should try some of the national and local competitive scholarship programs.
Additionally, we urge you to consider your personal and family relationships with religious, fraternal, social and scholastic organizations, as well as your own or your parents’ employers. These, too, are potential sources of support. Haverford’s treatment of outside assistance sometimes allows you to receive a proportion of such assistance from outside the College without reducing your Haverford College Grant. This policy requires that Federal, VA, state/local, and employer grants replace an equal amount of Haverford College Grant. However, for all other outside grants, the first $500 or 50% of each outside grant will reduce your loan expectation. For example, an award of $500 would reduce your loan expectation by $500. An award of $800 would reduce the loan expectation by $500 and the Haverford College Grant by $300. An award of $1,000 would reduce the loan expectation by $500 and the Haverford College Grant by $500 (i.e. 50% reduction of each for award of $1,000 or more). We keep applying this process against each outside grant. Once your loan expectation is eliminated, Haverford College Grant funds will be reduced dollar for dollar.
Note that for the Class of 2013 and the Class of 2014 for the 2012-2013 academic year, since the Loan Expectation as part of the financial aid package has been eliminated, instead of reducing the $4,200 Loan Expectation, we will reduce according to the "for example" above up to $2,300 of the Summer Savings Expectation first and up to $1,900 of the Employment Expectation for a total of $4,200. Once the $2,300 Summer Savings Expectation and $1,900 of the Employment Expectation are used to offset other outside grants, Haverford College Grant funds will be reduced dollar for dollar.
Note that for the Class of 2015 for the 2012-2013 academic year, since the Loan Expectation as part of the financial aid package has been eliminated, instead of reducing the $3,350 Loan Expectation, we will reduce according to the "for example" above up to $2,300 of the Summer Savings Expectation and up to $1,050 of the Employment Expectation for a total of $3,350. Once the $2.300 Summer Savings Expectation and $1,050 of the Employment Expectation are used to offset other outside grants, Haverford College Grant funds will be reduced dollar for dollar. Note that, as indicated below, the loan expectation increases in the sophomore and junior years.
Note that for the Class of 2016 who enter the College for the 2012-2013 academic year, since the Loan Expectation as part of the financial aid package has been eliminated, instead of reducing the $2,500 Loan Expectation, we will reduce according to the "for example" above up to $1,900 of the Summer Savings Expectation and up to $600 of the Employment Expectation for a total of $2,500. Once the $1,900 Summer Savings Expectation and $600 of the Employment Expectation are used to offset other outside grants, Haverford College Grant funds will be reduced dollar for dollar. Note that, as indicated below, the loan expectation increases in the sophomore and junior years.
Note that for the Class of 2017 who enter the College for the 2013-2014 academic year, since the Loan Expectation as part of the financial aid package has been eliminated, instead of reducing the $2,500 Loan Expectation, we will reduce according to the "for example" above up to $1,900 of the Summer Savings Expectation and up to $600 of the Employment Expectation for a total of $2,500. Once the $1,900 Summer Savings Expectation and $600 of the Employment Expectation are used to offset other outside grants, Haverford College Grant funds will be reduced dollar for dollar. Note that, as indicated below, the loan expectation increases in the sophomore and junior years.
Since all Federal and some state student aid laws require that we reflect this additional aid somewhere in the analysis of your need, outside grants may reduce your eligibility for loans. In some cases, large outside grants (whether Federal, state or other) may totally offset your loan expectation and some or all of your College, Federal or State grants. In our analysis, we will include an estimate of your eligibility for Federal and state assistance. If you complete the proper applications, and if your estimate is proven incorrect, we will make an adjustment; but if you receive no award because you fail to complete the required applications by the Federal or state deadlines, your own resources will have to compensate for the foregone benefit. So be sure to apply; we will help you in any way we can.
Employment
We believe that you can provide for personal expenses, books and supplies from employment during the academic year. Campus employers are asked to give precedence to those students eligible for College grants who have a job as part of their aid package. Our Career Development Office will help you find on-campus, off-campus and even Summer employment, but only students eligible for College grants who have a job as part of their aid package are guaranteed a job. For 2012-2013 your on-campus, academic year job would meet up to the first $2,200 of your need as a freshman. For your information, the 2012-2013 academic year employment expectation for sophomores, juniors, and seniors is $2,300.
Loan
Haverford College does not include a loan expectation as part of the financial aid package. The College replaced the previous loan expectations of $2,500 for first year, $3,350 for the second year, and $4,500 for the third and fourth years with College grant aid. Students and parents who wish to take out a loan from the federal Stafford Student Loan or federal Parent PLUS Loan may do so.
Grants
Any gap remaining is your eligibility for grant funds from Haverford College. All these grants are need-based. You will be automatically considered for endowed funds used to meet need if you have the characteristics specified by the donor. All scholarship endowment is used to fund the need-based grants. You need not apply separately for such funds.