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.
3) Signed and dated copies of parental Federal Income Tax Return and W-2s (new students only)
All new students who are applying for admission to Beloit must submit a copy of the parental Federal Income Tax Return, including all schedules and W-2s. Currently enrolled students are not required to submit these forms unless the Financial Aid Office specifically requests them.
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 International Student Financial Aid Application.
Does Beloit require the CSS Profile?
Beloit College does not require the CSS Profile; we only require the FAFSA. However, the Profile may be required by other schools to which the student is applying.
Although we do not require the Profile, we will accept it as part of the student's financial aid documentation, if the student sends it to us. Information on the Profile will then be compared to information reported on the FAFSA. If there is conflicting information between the two forms, the Financial Aid Office will contact the family for clarification.
When should I apply for financial aid?
The deadlines differ depending upon your enrollment status (i.e. - whether you are a new first-year student, a new transfer student, or a student who is currently enrolled at Beloit). Please review the information under the status that applies to you.
New First-Year Students
The priority deadline for financial aid is March 1. All new first-year students should file the FAFSA and submit the Beloit College New Student Financial Aid Application and copy (signed and dated) of the required parental Federal Tax Return by this same date. 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.
It is advisable for parents to complete the Federal Income Tax Return as early as possible and then submit the FAFSA based upon accurate income tax information. Typically this would be in early February, after the parents have received their W-2s.
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 based on estimated income tax information. In these cases, the student will receive an estimated financial aid award. Estimated awards will not be finalized until the required Federal Tax Return is on file.
New Transfer Students
The priority deadline for new transfer students applying to Beloit is March 30. All transfer applicants should file the FAFSA and submit the New Student Beloit College Financial Aid Form and copy (signed and dated) of the required parental Federal Tax Return by this date. Failure to submit these forms by March 30 will not preclude the student from 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 complete their Federal Tax Return by the March 30 deadline, the FAFSA should still be filed by March 30, based on estimated income tax information. In these cases, the student will receive an estimated financial aid award. Estimated awards will not be finalized until the required Federal Tax Return is on file.
Current Students
Students who are currently enrolled at Beloit College should file their FAFSA no later than March 30. By this same date they should also submit to the Financial Aid Office the Beloit College Continuing Student Financial Aid Application.
How is my financial aid award determined?
When calculating your financial aid award, we take into account 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 "20 meal plan").
We estimate that indirect expenses (books, supplies and personal expenses) cost $650 to $850 per semester. Transportation is an additional expense, which is also included 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 dependent or independent status is determined on the basis of how a student answers seven questions on the FAFSA.
For financial aid purposes, a student is considered to be an “independent student” during the 2006-07 academic year if he or she can answer yes to one of the following questions when completing the FAFSA:
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 for self-support status.
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 form that will be sent with your 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 going towards meeting federally-demonstrated need, then the Direct Loan will be offered in a subsidized form. This means that the federal government will pay the interest that accrues on the loan 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 in an unsubsidized form. 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 5.6%. The Direct Unsubsidized Loan has an interest rate of 6.8%. 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. Beloit has a fair, sound financial aid policy in place. We feel that all of our financial aid packages make the College an affordable option based on the information we have in file. If there are details of which we may not be aware, you may appeal any aid decisions with documentation and a completed Revision Request Form.
Are there other borrowing possibilities beyond those included in my financial aid package?
There are a number of different possibilities, including student signature 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.
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.