Aid from Other Sources
Students are encouraged to seek additional financial assistance from outside sources.
Because Haverford meets full financial need, it is likely that most outside assistance will affect the amount of Haverford Grant students can receive, although not always on a dollar-for-dollar basis. See “Outside Scholarships”.
Federal and State Aid
Students applying for financial aid at Haverford are required to complete the Free Application for Federal Student Aid (FAFSA). This allows students to be considered for federal financial aid programs, including:
- Federal Pell Grants
- Federal SEOG
- Federal Work-Study
- Federal Perkins Loans
- The William D. Ford Federal Direct Loan Program
- Many state grant programs
Students who appear eligible for grant aid from government sources are required to meet all obligations to receive such aid. Grants from government sources will replace Haverford Grant dollar-for-dollar. Haverford will not compensate a student who fails to meet the obligations to receive government grants.
Information concerning these aid programs can be found at https://studentaid.ed.gov/sa/.
State Aid is also available to students who may or may not qualify for federal aid. Visit the Education Resource Organizations Directory.
Education and Tuition Benefits
Education benefits, such as social security payments, Veterans Affairs benefits, and tuition assistance from parents’ employers, will be considered as resources for financial aid purposes, and will reduce Haverford Grant funds dollar-for-dollar.
Because Haverford uses the College Board’s need analysis formula to determine a student’s financial need, and then meets that need in full, the inclusion of outside scholarships will most likely reduce Haverford grant funds. Examples of outside scholarships include scholarships from national or local programs, religious, fraternal, social and scholastic organizations.
However, because there are several components in the need analysis formula that represent a student’s inherent responsibility to help pay for college, we can use some of those components to offset some of the outside funding. These student “self-help” components include an assumed summer savings expectation and a job earnings expectation. (The latter is represented by an amount of Federal Work-Study funds on the student’s Financial Aid Decision.) Doing this gives the College an opportunity not to reduce its grant funds on a complete dollar-for-dollar basis when an outside scholarship is added. Be aware that this policy does not apply to government grant funds or resources from your own or your parents workplace, such as tuition benefits. Such resources will reduce Haverford Grant dollar-for-dollar.
The formula for outside scholarships works this way:
- For outside scholarships that are $500 or less, the College will reduce one or both of the student self-help components to the full amount, and the student’s Haverford Grant will remain unchanged.
- For outside scholarships that are greater than $500 but less than $1,000, the College will reduce one or both of the student self-help components up to $500, and the difference will reduce Haverford Grant. For example, an outside scholarship of $800 will reduce student self-help by $500 and Haverford Grant by $300.
- For outside scholarships that are equal to or greater than $1,000, the College will use 50% of the scholarship to reduce student self-help, and the remaining 50% will reduce Haverford Grant.
This formula is applied to each outside scholarship individually, not cumulatively. For example, if the student received two $500 outside scholarships, the Haverford Grant would not be changed, even though the total of the two scholarships equals $1,000.
Self-help is not reduced by its full amount, but only up to a predetermined amount. After that, any subsequent outside scholarships will reduce Haverford Grant dollar-for-dollar. This predetermined amount varies from class to class in the following way:
- Class of 2020 and Class of 2021. For the 2019-2020 academic year, we will offset student self-help components up to $4,200. Once that amount has been offset, future outside scholarships will reduce Haverford Grant dollar-for-dollar.
- Class of 2022. For the 2019-2020 academic year, we will offset student self-help components up to $3,350. Once that amount has been offset, future outside scholarships will reduce Haverford Grant dollar-for-dollar.
- Class of 2023. For the 2019-2020 academic year, we will offset student self-help components up to $2,500. Once that amount has been offset, future outside scholarships will reduce Haverford Grant dollar-for-dollar.
Resources for Finding Outside Aid