financial aid award determination-current students
What is financial need?
Need is the difference between the estimated cost of your attendance and your family contribution, calculated by our Office of Financial Aid per federal regulations.
What is cost of attendance?
The cost of attendance has two parts. The first part consists of directly billed educational expenses such as tuition and fees. The second part includes costs such as books/supplies, living allowance, personal expenses and travel. Child care costs, tutoring, etc. also may be allowed as part of the cost of attendance.
Although you will see only the direct expenses (tuition and fees) on College billing statements, the comprehensive cost is used in determining eligibility for financial aid. Remember that expense budgets may be adjusted to reflect your individual circumstances.
What is an estimated family contribution (EFC)?
Springfield College uses a consistent method to determine your family's ability to pay for college costs. This method incorporates an assessment of your family's income, assets, family size, and number in college. The eligibility determination for federal funds is calculated using a formula called the "federal methodology." Care is taken to account for the individuality of your family situation. Please report changes in either your family's or your financial circumstances to the Office of Financial Aid so that your eligibility for aid may be correctly determined. Circumstances such as loss of employment or serious illness can impact your eligibility for aid.
What can you expect from our financial aid decision?
Whether you qualify for need-based aid or not, you will receive a written decision called an award letter. Our financial aid decision may offer an aid package that is a combination of grant and loan, or that is loan only. We will advise you of your eligibility for Federal Pell Grants (undergraduates only), state grants (undergraduates only), Springfield College grant (undergraduates only) and federal Stafford Loans if the information on file is sufficient to do so.
Springfield College cannot assist all needy students to the full level of need. College funds are available on a limited basis to fulltime undergraduate students with high need who also meet federal eligibility requirements. Level of need is the primary basis for determining who will receive College grant funds. Priority for College grant is given to students who are accepted for admission, meet the appropriate priority date for receipt of all required financial aid documents, and meet the eligibility requirements.
What if you receive outside scholarships or qualify for tuition remission from your job?
The total financial assistance you receive cannot exceed your need as determined by the Office of Financial Aid. You are required to advise the Office of Financial Aid if you receive outside agency and/or scholarship aid. If there is a gap between your calculated eligibility and the amount of aid in your financial aid package, your outside aid will be allowed to fill that unmet need. If your full eligibility has been funded, outside aid will reduce the loan component of your financial aid package first.