Financial Aid
Financial Aid
IN a sense, every student at Amherst College receives a discount. Beginning in September 2015, the comprehensive charge for tuition, room and board will be $62,940, and yet the education of each student costs the College more than $98,000 per year. General endowment income, gifts and grants to the College supply the difference. In addition, alumni and friends of the College contribute a substantial sum for financial aid purposes. Without this support, the College could not maintain its present financial aid program.
Financial aid is available from a variety of sources and awarded to applicants whose demonstrated financial need is less than the annual cost of education. Amherst College has a broad financial aid program that includes scholarship grants and student employment. Nearly sixty percent of the students receive need-based financial aid. Students and their parents may also borrow educational loans.
Additional financial aid is available to Amherst students from sources outside the College. A number of foundations and corporations grant funds which the College distributes on the basis of financial need. The College also participates in the Federal Work-Study, Pell Grant, Supplemental Educational Opportunity Grant, Direct Stafford Loan, Perkins Loan, and Direct PLUS Loan programs.
Full details of the Amherst financial aid program can be found on the website at www.amherst.edu/go/financialaid.
FINANCIAL AID POLICY AND PROCEDURE
The College grants financial aid only in cases of demonstrated financial need. Students’ financial needs are calculated by subtracting from estimated academic year expenses an amount that they and their families may reasonably be expected to supply. Academic year expenses include tuition, room, board and fees, and allowances for books, personal expenses, and transportation. The family contribution is computed in accordance with the need analysis procedures of The College Board and amended in individual cases by Amherst College policy. In awarding federal financial aid, the College determines eligibility according to the procedures specified in the Higher Education Act of 1965, as amended. The College assumes that students will assist in financing their education through summer employment and part-time jobs during the college year.
Financial aid awards are usually a combination of scholarship grant and student employment opportunities. After allowances have been made for parental contributions and student contributions from savings and income (usually from summer employment), the first $2,000 of an applicant’s demonstrated need will typically be met with a college-year employment opportunity. A student may expect to receive scholarship and grant aid to cover remaining financial need.
Outside scholarship awards and tuition benefits from parents’ employers will be used first to reduce the college-year employment portion of a financial aid award. Any excess outside aid may reduce the Amherst scholarship amount, in accordance with the recipient’s financial need.
Students have no loan included in their financial aid awards. Students with financial need may borrow long-term, low-interest, subsidized student loans to replace a shortfall in summer savings, to substitute for student employment in a financial aid award, or to purchase a personal computer. Unsubsidized student loans are available to students without financial need or to replace a portion of the expected family contribution.
APPLYING FOR FINANCIAL AID
The Free Application for Federal Student Aid (FAFSA) is the only form used to determine eligibility for federal dollars administered by Amherst College for the benefit of United States citizens and permanent residents.
- Free Application for Federal Student Aid (FAFSA)—for U.S. citizens and permanent residents only. File the FAFSA online at www.fafsa.gov (recommended) or complete and mail a paper version of the FAFSA (PDF FAFSA). The FAFSA should not be submitted until after January 1. The Amherst College code for the FAFSA is 002115.
To apply for financial aid from Amherst College, a candidate should submit the documents indicated below by the appropriate dates, as noted, in addition to the FAFSA, if eligible.
Students who are citizens or permanent residents of the United States or whose parents reside in the United States:
- CSS/Financial Aid Profile. Complete this form online at https://profileonline.collegeboard.com. The Amherst College code for the Profile is 3003.
Early Decision: November 1
Regular Decision: February 15
Fall Transfer: March 15
Spring Transfer: November 1
- Noncustodial PROFILE (NCP), as appropriate. If the student’s parents are separated, divorced or were never married, the noncustodial parent should file The College Board’s Noncustodial Profile after the student and the custodial parent have filed the CSS/Financial Aid Profile. Information about the NCP will be emailed to the student by The College Board soon after the Profile has been filed.
- Parents’ and student’s federal income tax returns and wage statements. Signed copies of tax returns and copies of W-2 forms for 2015 should be submitted through The College Board’s Institutional Documentation (IDOC) service. Students who file a CSS/Financial Aid Profile will receive information about submitting documents in early February. Students who apply for Early Decision admission and Regular Decision candidates whose family’s income tax forms are not available by March 10, should submit copies of the prior year’s tax returns and income documentation directly to the Office of Financial Aid. When the current documents are available, they should be submitted through the IDOC service.
- If the student’s parents own an interest in a business corporation, submit a copy of the corporate income tax return (IRS Form 1120, 1120A, 1120-S, and/or Schedule K-1). If your parents have income from a partnership, submit a copy of the partnership income tax return and/or a copy of the statement of partner’s share of income (IRS Form 1065 and/or Schedule K-1).
Early Decision: November 15
Regular Decision: March 10
Fall Transfer: April 10
Spring Transfer: November 1
Students who are citizens or permanent residents of Canada or whose parents reside in Canada:
- CSS/Financial Aid Profile. Complete the Profile by the dates indicated above for students in the United States.
- Noncustodial Profile (NCP). If the student’s parents are separated, divorced or were never married, the noncustodial parent should complete the NCP, as noted above for students in the United States.
- Parents’ and student’s federal and provincial income tax returns and wage statements. Submit signed copies of tax returns and copies of T-4 forms for 2015 directly to the Office of Financial Aid. Students who apply for Early Decision admission and Regular Decision candidates whose family’s income tax returns are not available by March 10, should submit copies of the prior year’s tax returns and income documentation. Current documents should be submitted when they become available.
- If the student’s parents own an interest in a business corporation, submit a copy of the corporate income tax return. If your parents have income from a partnership, submit a copy of the partnership income tax return.
Other international students (whose parents do not reside in the United States or Canada):
- CSS/Financial Aid Profile. Complete the PROFILE by the dates indicated above for students in the United States. Students from Benin, Cameroon, Ghana, Iran, Nigeria, North Korea, Sudan, and Togo should contact the Office of Financial Aid regarding procedures for applying.
- Noncustodial PROFILE (NCP), as appropriate. If the student’s parents are separated, divorced or were never married, the noncustodial parent should file The College Board’s Noncustodial Profile after the student and the custodial parent have filed the CSS/Financial Aid Profile. Information about the NCP will be emailed to the student by The College Board soon after the Profile has been filed.
- Parents’ and student’s income tax returns and income documentation. Submit copies of your and your parents’ most recent income tax return(s) and/or other documentation of income directly to the Office of Financial Aid.
- If the student’s parents own an interest in a business or farm, complete the International Business/Farm Supplement, which is available on the Office of Financial Aid website.
Early Decision: November 1
Regular Education: February 15
Fall Transfer: March 15
Spring Transfer: November 1
Transfer Applicants. Transfer applicants are treated identically to first-year applicants, with admission decisions made on a need-blind basis and financial need met in full.
International Applicants. Amherst College offers financial aid to international students based on financial need. Admission of international students is made without considering whether students apply for aid or to what degree they have financial need.
Early Decision. Early Decision applicants who submit their financial aid application materials on time will receive a preliminary financial aid award soon after getting a letter of admission. This award will be confirmed later, after the cost of attendance for the coming year has been set and after income is confirmed on the basis of the student’s and student’s parents’ income tax returns. A student who wants to compare financial aid packages from several colleges should apply as a Regular Decision applicant.
Renewal of Financial Aid. Students in the upper classes who desire renewal of their financial aid awards or who wish to apply for financial aid for the first time must file applications by April 25. The Amherst Application for Renewal of Financial Aid should be completed and submitted online at Amherst.edu/go/netpartner, using the ‘Apply On-Line’ tab. Students should review the online portal, Net Partner (Amherst.edu/go/netpartner), for a complete listing and links to required renewal documents. Renewal of financial aid is based on filing a complete application, including all required forms; continuing to show need for financial aid; and maintaining satisfactory academic progress toward your degree. Students will receive email notification of their financial aid awards in June.
College financial aid will not be considered for the current academic year after February 12.
A brochure with a more detailed description of the financial aid program is available upon request from the Admission or Financial Aid office. Additional information is also available from the College’s website at www.amherst.edu/go/financialaid. Questions about the financial aid policy of Amherst College should be directed to the Office of Financial Aid, Amherst College, B-5 Converse Hall, P.O. Box 5000, Amherst, MA 01002-5000 or finaid@amherst.edu.