How do I get started?
To be eligible for financial aid, you must complete the Free Application for Federal Student Aid (FAFSA). In order to receive your financial aid package in time to make your college decision, we recommend you complete the FAFSA no later than February 15. The FAFSA is available online at www.fafsa.ed.gov or a paper copy is available in either your high school guidance office or at any college financial aid office. Please note that the FAFSA must be completed annually in order to be reconsidered for need-based aid.
When will I receive my financial aid package?
Financial aid packages are typically sent out by April 1, provided you have filled out your FAFSA by February 15.
How is my financial aid package amount determined?
Upon completing your FAFSA, a statutory formula is used to determine your Estimated Family Contribution (EFC). The EFC is then subtracted from the Cost of Attendance (tuition/fees, room and board, books, and miscellaneous personal expenses), to determine your Financial Need. All scholarships are then subtracted from your Financial Need to determine if you are eligible for any need-based federal, state, or institutional funds; which can include grants, loans, and/or federal work study.
What if my financial aid package is not enough to cover the cost of my education?
If the awards that you are offered in your financial aid package do not add up to the amount you need to cover your educational costs, you may wish to look into the various available alternative financing options. These options include private education loan programs for parents and/or students and monthly payment plans; learn more at www.stevens.edu/finaid/afo.php. If you feel that you and your family have serious extenuating or unusual financial circumstances, you may submit a letter of appeal to the Financial Aid Office so that your aid package may be reviewed.
How do I apply for scholarships?
Your Stevens application for admission serves as your merit scholarship application. All applicants are considered for merit scholarship awards. If you are involved in the Performing Arts, you should consider applying for our DeBaun Performing Arts Scholarship. This is the only Stevens scholarship that requires an application. You can view and download the application at www.stevens.edu/undergrad/fin_aid.html. To learn more about additional outside scholarship opportunities, please visit www.fastweb.com and www.stevens.edu/finaid/scholarships.php.
How can I earn money to support my education?
Federal Work Study, a need-based employment program, allows students to earn $7.15/hr while working for a department on campus. If you are eligible for Federal Work Study, it will be awarded to you in your Financial Aid package. Stevens' Cooperative Education Program is another way many students earn money while gaining valuable work experience; learn more at www.stevens.edu/undergrad/coop_ed.
What is the difference between a loan, a grant, and a scholarship?
A loan must be re-paid, and in some cases, will accrue interest immediately. A grant is a financial aid award that is based on financial need and does not need to be re-paid. A scholarship is a financial aid award based on excellence in a given area (such as academics or the arts) and does not need to be re-paid.
Need to decipher the FAFSA? We can help. Join us for a Financial Aid Workshop on Saturday, January 20 or Saturday, January 27. Make a reservation online today at www.stevens.edu/undergrad/financialaidworkshop.