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Financial Aid

How to Pay for College
When to Apply for Financial Aid
The Application Process
What Do Packages Include?
Financial Aid Estimator
Additional Resources

How to Pay for College

You may be wondering how you will pay for college. You know an Adventist college offers great educational value in a Christian atmosphere, but will you be able to afford it? It's tempting to compare a community college's, public university's, even another private college's tuition with an Adventist school and assume that you just can't afford a private Christian education. Don't jump to that conclusion without looking past the "sticker price":

The average 4-year private college tuition costs $21,235¹, and the average Adventist college tuition is approximately $15,000². You can often get a quality private Adventist education for less than many other private schools.

¹For the 2005-2006 school year according to The College Board.
²For the 2005-2006 school year. Does not include FHCHS or KCMA.
Up to 85% of Adventist college students, at all income levels, receive financial assistance – much of it in grants and scholarships that do not have to be repaid. Individual colleges offer average grants that range from $2,000 to $14,000 or more per year. Never assume your household income makes you ineligible for financial assistance!
Most Adventist colleges also offer a variety of scholarships that are not based on financial need, but instead reward a student's academic achievement or talent in a particular area, or support specific career goals. There are also many scholarships available from outside sources that may be applied toward tuition at Adventist colleges.
Most financial awards include taking a student loan – but with low interest rates, long repayment periods and payment deferral while you are in school, these loans do not create an unmanageable burden. At one Adventist university, for example, the average total debt for loan recipients who graduated in 2006 was $16,000. Under a typical repayment plan, this works out to about $215 per month, or about eight percent of the average graduate's $30,000 a year salary.
All Adventist colleges offer on-campus jobs for students so you can earn money for your education with the convenience of your class schedule in mind. Plus, there are also hundreds of off-campus jobs within a few minutes of most of our campuses.
The earlier you start thinking about paying for college, the better. There's a wide variety of saving and financing options that can easily bring an Adventist college education within reach.
Each Adventist college has different ways to help you pay for your education. It is in your best interest to contact all of the schools you are considering applying to and develop a specific financial plan, including monthly payments if required, at each school. This will help you make a smart decision about which school is the best fit for you.

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When is the Best Time to Apply for Financial Awards?

You will first apply for financial assistance during your senior year in high school. Most Adventist colleges request financial applications to be submitted by March or April of your senior year. Be sure to ask each school you are considering what their deadlines are.

A key component of the financial application is the Free Application for Federal Student Aid, or FAFSA, available in your public library, in the school counselor's office, or online at www.fafsa.ed.gov. The FAFSA will determine if you qualify for any government grants or low-interest loans. Most schools will also use your FAFSA information to determine your eligibility for certain school grants and scholarships.

Much of the information requested on the FAFSA comes directly from your federal tax return. (Unless you are an independent student, which very few first-time college students qualify for, you will also be using one or both of your parent's tax information to complete the FAFSA.) So if at all possible, you should complete your tax return and encourage your parents to complete theirs before the financial application deadlines. If this isn't possible, you should estimate the data requested on the FAFSA in order to meet application deadlines.

You will need to re-apply for financial assistance each year you are in college.

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The Application Process

January - February

Complete your federal tax return (and have your parents complete their return) as early as you can. (If you are unable to complete your tax return in time to meet the financial application deadlines, estimate to the best of your ability. If you miss these deadlines, you will reduce your opportunity to obtain financial grants, loans and scholarships.)
Complete the FAFSA and ask that the results be sent directly to the school(s) you are applying to. (You will be mailed an acknowledgement after completing the FAFSA. Verify that the information shown in the acknowledgement is accurate and submit any corrections immediately.)

March - July

Colleges will notify you of their admission decisions and make financial award and scholarship offers.
Celebrate your acceptances! Review your financial awards (making sure to check if the schools you are applying to require additional financial forms) and make a deposit to hold your place in the first-year class of the college of your choice.

Summer

Complete necessary loan forms, if applicable.
Begin making tuition payments.

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What Do Packages Include?

After you apply for financial grants, loans and scholarships, colleges calculate your financial package using a predetermined formula to evaluate your family's financial situation. The basic financial package starts with awards based solely on need. Some colleges also give merit-based awards that recognize student achievement and are not dependent on financial need.

Financial award packages may include the following:

Grants based on demonstrated financial need, such as the Federal Pell Grant
Scholarships based on "merit," as determined by such variables as: standardized test scores; general academic achievement; or exceptional accomplishment in a particular area, such as music, drama, sports, mathematics or science. (These differ among individual colleges.)
Federally subsidized, low-interest loans, such as the Stafford and Perkins loans. These loans are repayable by the student, with interest and repayment deferred as long as he or she is in school at least half-time. Loans for parents are also available from banks and other private sources.
Work-study – the opportunity to take a part-time, on-campus job for a certain number of hours per week. College jobs recognize students' academic priorities and offer flexible schedules at exam time. Many also offer valuable experience in the student's area of academic/career interest.

Ask for more information about financial award packages from each school you are considering.

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