Beloit College provides a significant amount of need-based student financial aid. Most families qualify; about 95% of our students receive assistance. We combine need-based College grants, merit-based scholarships, loans, work study, and state and federal funds into our financial aid packaging. These awards significantly reduce out-of-pocket costs and make Beloit an affordable choice.
Approximately ninety percent of applicants to Beloit are considered under a “need blind” admissions policy. That is, their family financial resources do not factor into the admission decision. As the demand for financial aid increases, however, we may be “need aware” at the margin of the applicant pool. This means that for some students whose candidacy is not as strong as others, financial need may be taken into consideration as part of the admission decision. By exercising need sensitivity at the margin, Beloit has been able to maintain our commitment access and affordability, both evidenced by the significant number of students—over 90%—who are receiving financial aid. The average incoming student to Beloit received over $30,000 in financial aid of which, typically, 80% is grant or scholarship funding that doesn't need to be repaid.
Applying for Financial Aid
You should apply for admission by November 1 (Beloit's binding Early Decision plan); November 1, December 1 (Beloit’s non-binding Early Action plans); or by January 15 under the Regular Decision plan.
Need-based financial aid is determined annually. To continue receiving aid, you must file the Beloit College Financial Aid Application and the Free Application for Federal Student Aid (FAFSA) each year. You must also make satisfactory academic progress. Specific terms and conditions for each award are mailed with its announcement.
1. CSS Profile (Required for Early Decision Plan Only)
Students applying for admission under the Early Decision Plan who wish to be considered for need-based institutional financial aid (by far the largest source for Beloit students) must file the CSS Profile and identify Beloit College (CSS code 1059) as a recipient of the results. The CSS Profile must be completed and submitted by the Early Decision application deadline, November 1.
2. Beloit College Financial Aid Application (Early Action I, Early Action II, and Regular Decision Plans)
Students applying under the non-binding Early Action Plans or the Regular Decision Plan who wish to be considered for need-based institutional financial aid (by far the largest source for Beloit students) must submit the Beloit College Financial Aid Application (the CSS Profile will also be accepted). The Beloit College Financial Aid Application is sent to each applicant beginning in January, along with additional details about the financial aid process and deadlines. This form, which you may also download above, should be returned to the Office of Admission no later than March 1, 2014.
3. The FAFSA
Submit the FAFSA after January 1, 2015, preferably when you and your parents have completed your 2014 federal taxes, but no later than March 1, 2015. Designate Beloit College (code # 003835) as a recipient of the analysis. FAFSA tips are available here.
Determining Financial Need
We determine your family’s financial need using both the FAFSA and the Financial Aid Application. Using a methodology that considers many variables—household size, state of residence, income taxes paid, number of children in college, other financial responsibilities—we determine your Expected Family Contribution (EFC). This amount, what you can reasonably be expected to contribute to college education, is compared with Beloit’s total cost. From there, we construct your aid package.
Will I Qualify for Financial Aid?
Beloit College's financial aid program supplements the resources of the student and family in meeting the cost of education through a combination of merit and need-based grants and scholarships, campus employment, and student loans. Use our Net Price Calculator to estimate your cost of attendance at Beloit. While this is only an estimate and is not a precise way to determine whether you qualify for one of Beloit's merit scholarships, we believe it is a helpful start in understanding the financial aid process and aid eligibility.