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FAQ Answers

What is Beloit's six-digit federal school code?

Beloit's six-digit federal school code is 003835. If you want your FAFSA information sent to Beloit you should include our name and code in the section where you specify which schools are to receive your FAFSA information.

What forms are necessary for me to apply for financial aid?

1) FAFSA

All U.S. citizens and permanent residents - whether living in the United States or abroad - must file the Free Application for Federal Student Aid (FAFSA). The FAFSA can be filed online at  http://www.fafsa.ed.gov/, or paper forms can be obtained at the student's high school guidance office.

2) Beloit College Financial Aid Application

In addition to the FAFSA, these students must also file the appropriate Beloit College Financial Aid Application - either the Beloit College New Student Financial Aid Application, or Beloit College Continuing Student Financial Aid Application.

or

CSS Profile

The CSS Profile is only required of Early Decision Applicants who are interested in applying for need-based aid. However, any domestic applicant may submit the CSS Profile instead of the Beloit College New Student Financial Aid Application since it includes the same data elements. (This may be more convenience if a student is applying to other schools that require the CSS Profile).

Note:  International students who are neither U.S. citizens nor permanent residents are not eligible to file a FAFSA. Instead of the above forms, international students should file the CSS Profile

Does Beloit require the CSS Profile?

Beloit College requires the CSS Profile of Early Decision Domestic Applicants who are interested in being considered for need-based aid. While Early Action and Regular Decision students are not required to submit the CSS Profile, they may choose to submit it in lieu of the Beloit College Financial Aid Application.

When should I apply for financial aid?

The deadlines differ depending upon your enrollment status (i.e. - whether you are a first-year applicant, a transfer applicant, or a continuing student). Please review the information under the status that applies to you.

New First-Year Students

Early Decision Applicants must file the CSS Profile by November 1.  All domestic first-year applicants (including Early Decision) have a priority deadline of March 1 to complete the FAFSA and the Beloit College New Student Financial Aid Application. Failure to submit these forms by March 1 will not preclude the student from consideration for need-based aid; however it will likely delay the delivery of a financial aid package.

Parents are advised to complete and file federal income tax returns as soon as possible and make use of the IRS Data Retrieval Tool to complete the FAFSA.

In cases where parents are unable to complete their Federal Tax Return by the March 1 deadline, the FAFSA should still be filed by March 1 with estimated tax information. In these cases, the student will receive an estimated financial aid award. Estimated awards will not be finalized until the FAFSA has been updated with final tax information.

New Transfer Students

Review of Transfer admission applications begins on March 15 for fall semester applicants and November 1 for spring semester applicants.  Applicants should file the FAFSA and submit the New Student Beloit College Financial Aid Form by these dates. Failure to do so will not preclude the student from consideration for need-based aid; however it will likely delay the delivery of a financial aid package.

In cases where parents are unable to submit their Federal Tax Return by the March 15 deadline, the FAFSA should still be filed by March 15 with estimated tax information. In these cases, the student will receive an estimated financial aid award. Estimated awards will not be finalized until the FAFSA has been updated with final tax information.

Continuing Students

Continuing students have a priority deadline of March 1 to complete the FAFSA and the Beloit College Continuing Student Financial Aid Application. Failure to submit these forms by March 1 will not preclude the student from consideration for need-based aid; however it will likely delay the delivery of a financial aid package.  Those students receiving need-based aid who plan to study off-campus during the 2014-15 school year will also need to complete the Off Campus Study Budget Worksheet

How is my financial aid award determined?

When calculating your financial aid award, we consider all expenses, both direct and indirect.

Direct expenses are tuition, fees, room, and board. The Accounting Office bills you directly for these charges before the beginning of each semester (please note: first-year students are required to participate in the "Blue” meal plan).

We estimate that indirect expenses (books, supplies and personal expenses) cost $950 to $1,150 per semester. Transportation is an additional expense, which is also estimated when we calculate the total cost of education.

Beloit College's Financial Aid Policies and Procedures are used to establish the student's aid award in conjunction with the cost of attendance, the family's contribution information from the Free Application for Federal Student Aid (FAFSA), and the Beloit College Financial Aid Application.

We expect both the student and the family to exercise maximum effort to fund a Beloit College education. Each year we generally expect a modestly larger contribution from the student, since earning power usually increases as the student progresses through college.

What types of funding are available?

Funding to help families afford the cost of education comes from a variety of sources, including Beloit College funds, Federal Title IV funds, state funds, and outside scholarships and grants. Information about all of these sources of funding is available on the Financial Aid website and in our Policies and Procedures.

Who is considered "independent" for financial aid purposes?

The issue of dependency status is determined on the basis of how a student answers dependency questions on the FAFSA.

For financial aid purposes, a student is considered to be an “independent student” during the 2014-15 academic year if he or she can answer yes to one of the following questions when completing the FAFSA:

  •  Were you born before January 1, 1991?
  •  At the beginning of the 2014-2015 school year, will you be working on a master's or doctorate program (such as an MA, MBA, MD, JD, Ph.D., Ed.D. or graduate certificate, etc.)?
  •  As of today, are you married?
  •  Do you have children who receive more than half of their support from you?
  •  Do you have dependents (other than your children or spouse) who live with you and who receive more than half of their support from you, now and through June 30, 2007?
  •  Are (a) both of your parents deceased, or (b) are you (or were you until age 18) a ward/dependent of the court?
  •  Are you currently serving on active due in or are you a veteran of the U.S. Armed Forces?
  •  Have you been determined by a court in your state of legal residence to be an emancipated minor or to be  in legal guardianship?
  •  Are you considered to be homeless or at risk of homelessness by a school district homeless liaison or an emergency shelter?

Students who cannot answer "yes" to at least one of these questions will be considered "dependent" for the purposes of filing a FAFSA. Students who are dependent must include the appropriate parental financial information when completing the FAFSA. Parents’ unwillingness to help with educational expenses, or the fact that the student is not claimed on the parents’ tax return, does NOT qualify a student as independent.

Is financial aid available for international students?

Financial aid is available for international students who demonstrate financial need. However, the process of applying for aid is different for international students, and the amount of funding available is much more limited.

International students who are considering applying to Beloit, either as a first-year or as a transfer student, should carefully review our policies and procedures for international student financial aid.

How do I receive my financial aid funds?

At the time you receive your bill, financial aid will be displayed as pending until after registration. Payments for scholarships and grants from outside sources will be credited to your account when they arrive. Federal financial aid funds (Pell Grant, SEOG, Perkins Loan, Federal Direct Loan and Federal PLUS Loan) for new, transfer, and continuing students will be credited during the first month of the semester. Federal College Work Study/Campus Employment moneys are paid to you on the 15th of the month for work done during the preceding month. If you would like to make direct tuition payments from Work Study/Campus Employment, you must complete the work earnings release when you arrive on campus.

How do I calculate my bill?

You may calculate how much you will need to pay the Accounting Office each semester by subtracting the gifts (scholarships/grants) and loans scheduled in your financial aid award from the appropriate tuition, fees, room, and board charges for the semester. Detailed information on direct and indirect costs, as well as billing and payment procedures, can be found here.

What is the difference between a subsidized and unsubsidized Stafford Loan?

The Direct loan comes in two forms: subsidized and unsubsidized. If the loan is meeting federally-demonstrated need, it will be offered in a subsidized form. This means that the federal government will pay the interest while the student is in college or in deferment. If, on the other hand, the student's federally-demonstrated need has already been met through other sources, then the student may still elect to borrow through the Direct Loan Program, but the loan will be unsubsidized. This means that the student will be responsible for paying the interest that accrues on the loan while in college or in deferment. The interest rate for Direct Subsidized Loans is set at 3.86%. The Direct Unsubsidized Loan has an interest rate of 3.86%. Please see more detailed information on the Federal Direct Loan Program.

What is a PLUS loan and how do we apply for it?

The PLUS loan is the Federal Parents' Loan for Undergraduate Students. Like the Direct Loan, the PLUS loan is offered through the Federal Family Education Loan Program. Through the PLUS program eligible parents can borrow the difference between the total cost of education and what the student has been offered in financial aid. Detailed information on the PLUS loan and how to apply for it can be found here.

 

NEW STUDENTS' FREQUENTLY-ASKED QUESTIONS 

School A offered me a subsidized Direct Loan, but School B did not. Why do the awards differ?

The subsidization is based on the Expected Family Contribution, Cost of Education (specific to the school), and total amount of grant assistance. School B may be less expensive or may have offered grant aid that minimized, or eliminated, your eligibility for the loan subsidy.

One college offered me a Perkins Loan and/or Supplemental Educational Opportunity Grant (SEOG), but another did not. Why is that?

Although Perkins and SEOG are federal funds, each school is allotted a certain amount of each to be distributed to its more needy families within some broadly-defined parameters. The total amount that each is allotted can differ.

Why are my financial aid packages so different between two comparably-priced colleges?

There are a number of possible explanations for this. One of the most common is that one or more of your awards may be estimated. Some schools send estimated awards and make adjustments later in the process, potentially after enrollment decisions have already been made. If the award is an estimate, it should be clearly noted.

Is my financial aid negotiable?

Generally it is not. Our scholarship criteria are clearly defined and we have a fair, sound need-based financial aid policy in place. We strive to make the College an affordable option based on the information we have in file but we realize other schools to which you have applied may present more affordable options. If there are details of which we may not be aware, you may appeal any aid decisions with documentation and a completed Request for Consideration of Special Circumstances form.

Are there other borrowing possibilities beyond those included in my financial aid package?

There are a number of different possibilities, including private student loans and home equity loans. We would be happy to provide additional information about these options and what people in similar circumstances have done in the past. Before pursuing other loans, we encourage families to consider making use of our interest-free payment plan through Tuition Management Systems (TMS).

My financial aid is adequate for this year, but I've heard that some schools reduce grant aid each year. What happens to my financial aid in the future?

Assuming no significant changes in family circumstances (different number of family members or dependent undergraduate students in the household; significant increase in financial resources; etc.), you can expect to receive the same amount of grant assistance from year to year. We will increase the Direct Loan offered each year in accordance with your eligibility, based on your year in school (see Federal Direct Loan information).

Beloit is affordable and our first choice. We have sent our enrollment deposit - now what?

After the National Candidate's Reply Date (May 1), we begin having conversations with the families of matriculants to help them make payment arrangements for the first year. During the late spring and early summer we will initiate the loan process for student and/or parent loans, as well as the process for interest-free payment plans. The first semester bills will be sent in early July, and we'd like families to have all planning done prior to this time so the transition to campus goes smoothly. Students who have not made payment arrangements by New Student Days in August risk incurring late fees and having their registrations placed on hold. Please contact the Admissions Office if you have any questions.