How a Financial Aid Offer is Determined
Financial aid awards are based on the Student Aid Index (SAI). The SAI is calculated by the U.S. Department of Education based on your completed Free Application for Federal Student Aid (FAFSA). The financial aid budget (or cost of attendance) includes tuition charges, fees, estimated living expenses, books, transportation, and personal expenses.
Conditions Governing Financial Aid Awards
If Institutional grants are offered upon your admission, these grants will be awarded based on the number of credit hours you are enrolled in each semester. The College reserves the right to revise awards based on verification of information submitted and changes in student enrollment status. You are responsible for notifying the financial aid office of enrollment status changes.
To receive and continue to receive financial aid, a student must be making satisfactory progress toward the completion of the program. Please check the ASC Graduate Catalog for more information.
Federal Direct Stafford Loans
Federal Direct Stafford Loans are federally guaranteed student loans. The interest rate for the Federal Direct Stafford changes based on the Federal 10-year Treasury Bill rate as of June 1 each year. Once set, your interest rate within a given award year will be fixed for the life of the loan. The interest rate is currently 7.05 percent for 2024-2025. Interest on the unsubsidized loan will begin to accrue after disbursement and you may choose to pay the interest during enrollment or wait until the loan goes into regular repayment. Repayment begins six months after the student graduates or otherwise ceases at least half-time enrollment at an eligible post-secondary institution. Graduate students are only eligible for an unsubsidized Federal Stafford Loans.
| Annual Loan Limits | Aggregate Loan Limit | |
|---|---|---|
| Total Limit for Unsubsidized Loans | Includes all federal undergraduate loans received | |
| Graduate Students | $20,500 | $138,500 |
How to apply for a Federal Direct Stafford loan
Students must first complete the Free Application for Federal Student Aid (FAFSA). Students must also complete a Master Promissory Note (MPN) and Entrance Counseling. The MPN and Entrance Counseling can be completed online on this page. Once the MPN and Entrance Counseling results are received by the college, your loans may then be posted as a pending credit on your student account until the funds are actually received and posted.
Conditions of Federal Loan Programs
Loans included in your offer of aid are based on eligibility. You MUST indicate to the college your acceptance of the loan(s) in order for the application process to begin. The Federal Stafford loan program requires completion of a Master Promissory Note (MPN) and Entrance Counseling.
In order to receive federal financial aid, you must be enrolled in at least half-time status of 4.5 credit hours (in coursework attributable to your degree). If you drop below half-time status, the grace period and/or repayment of your loans will start. Agnes Scott College is required by federal law to notify the US Department of Education when student loan borrowers graduate or cease to be enrolled at least half-time.
Enrollment in post-secondary studies at another institution and the acceptance of federal aid from another institution, can affect your eligibility for aid towards your graduate studies at Agnes Scott. You are required to notify the Office of Financial Aid if you are receiving any federal aid or private loans from another institution while enrolled as a student at Agnes Scott.
complete. Loan disbursement processing will begin after the last date to drop a class without a “W” grade. Loan funds are required to be disbursed in multiple payments. NOTE: Loans for a student enrolled for all three terms of an award year will be split into three equal parts.
Additional Loan Options
If you need additional funds to cover the cost of the program or personal expenses, you may consider the following options:
Graduate or post-bacc students attending school at least half time may apply for a Graduate PLUS loan. Credit guidelines will apply in determining your eligibility. The interest rate is currently 8.05 percent for 2024-25. This rate varies each year similar to the Federal Direct Stafford Loan. Repayment typically begins six months after you graduate, leave school or drop below half-time enrollment. You have up to 10 years to repay the loan. You can apply for a PLUS loan online here and then select “Apply for a Grad PLUS Loan”.
All Grad PLUS Loans have an origination fee deducted from the proceeds of the loan. The fee is currently 4.228 percent (for loans disbursed on/after 10/01/2020 through 9/30/2024) of the amount borrowed. The actual net proceeds are applied to the student’s account upon loan disbursement.
Private loans made through a lending institution and are not part of federal government programs. Private loans should only be used when all other options have been exhausted. Each lender controls their rates and application process.
Withdrawals and Return of Title IV Funds (R2T4)
A refund refers to college charges that are refunded to the student and/or to the financial aid sources that covered those charges if a student fully withdraws from the college. Refunds are made within 30 days of the student’s withdrawal from ALL classes in a given semester. Students who withdraw from Agnes Scott College on or before the first class day of a semester will receive a full refund of any payment made toward tuition, room, and board. No refund will be made of the enrollment deposit.
The date of withdrawal is the last date of class attendance. This is defined as the date when the student initiates the withdrawal process by requesting a withdrawal form from the Office of Graduate Studies. The student must then complete the form, including all required signatures, within three business days after receiving the form. Withdrawal is complete when the completed form is submitted to the Office of Graduate Studies.
The semester begins with the first day of class. The first week of the semester is the seven-day period beginning on the first day of class. The point of withdrawal is measured in weeks, and the student is considered to have withdrawn within a given week, as defined above, if the withdrawal date is prior to the end of that week.
Return Title IV Funds
If a student completely withdraws from all enrolled classes and has received federal student financial assistance, the college must calculate the amount of federal funds that were “not earned.” This process is required to determine if the college and/or the student must return funds to the federal programs.
If a student withdraws from all classes before completing 60 percent of the semester, the percentage “earned” is equal to the percentage of the semester that was completed. (Basically, this percentage is calculated by dividing the total number of days enrolled by the total number of days in the semester.) If the student has received more financial assistance than the calculated amount “earned,” the college, the student or both must return the unearned funds to the appropriate federal programs. If the student withdraws after completing 60 percent of the semester, the student is considered to have earned 100 percent of the federal funds received.
The college must return the lesser of the amount of federal funds that the student does not earn or the amount of institutional costs that the student incurred for the semester multiplied by the percentage of funds “not earned.” The student must return or repay, as appropriate, the remaining unearned federal funds.
It should be noted that the Institutional Refund Policy and the Federal Return of Title IV Funds Policy (R2T4) are separate and distinct. Students who completely withdraw after the college’s refund period has passed and before the 60 percent point of the semester may owe a balance to the college that was previously covered by federal aid. Students receiving federal assistance are advised to consult the Office of Financial Aid before initiating the withdrawal process to see how these regulations will affect their eligibility.
Student financial aid refunds must be distributed in the following order by federal regulation:
- Unsubsidized Federal Stafford Loans
- Grad Federal Plus Loan
Any additional refund of charges, after federal funds have been returned, will be returned in the following order:
- Third-party assistance
- Institutional Grants
PLEASE NOTE:
- Financial aid may not exceed a student’s cost of attendance. This means that if you receive additional funds that are in excess of your cost of attendance and aid has already been disbursed, we may have to return a portion of your loan funds for the year.
- Changes in enrollment at Agnes Scott College or any other concurrent educational institutions could affect your eligibility for financial aid. It is your responsibility to notify the Office of Financial Aid immediately in the event of a change in enrollment.