If a student is determined to have financial aid eligibility she will receive a financial aid package which typically consists of a combination of grant, loan, and work-study aid. These three types of assistance may be funded by institutional, federal, and state sources. Financial aid packages are constructed differently depending on individual family circumstances and institutional aid polices. A financial aid package may include some, but not all of the components listed below. (Note: a student who has completed the FAFSA only will receive a financial aid package consisting of any need-based federal aid that she is eligible for. She will not be considered for or packaged with institutional need based aid unless the PROFILE is filed in addition to the FAFSA.)
- The Cost of Attendance
- Mount Holyoke Merit-based Scholarships
- Outside Scholarships
- Veteran Benefits
- Student Loans
- Student Employment
- Glossary of Terms for Financial Aid (Provided by NASFAA)
A college investment yields significant rewards over a lifetime, and families should expect to pay for this investment over a period of years through savings, current income, and financing. The information below will help you decide what plan or combination of plans is best for you and your family.
Tips for Financial Health While at College
- Reapply for financial aid on time. Students who file late receive more loan and less grant and may not be considered for their full eligibility. Sign on to your Financial Aid Online account periodically to view your document requirements, as document requirements may change, and to view financial aid revisions and important messages.
- Maximize federal loans before turning to other, more expensive financing. All domestic students are eligible for federal loans and should submit FAFSAs to determine eligibility.
- Waive the health insurance if you have comparable health insurance. The fall deadline for waiving health insurance online is before the start of classes. Insurance must be waived by the deadline each year.
- Be sure to set up parents and sponsors as authorized users for eBill and ePayment. Students are responsible for making sure that parents and other sponsors can view the eBill and have access to the ePayment options.
- Pay bills on time to avoid late charges and fees on past-due balances.
- Make sure communications from firstname.lastname@example.org are accepted by your email account. All communications regarding registration or housing lottery holds, eBill notifications, financial aid award revisions, etc., are addressed to your MHC email account.
- Plan ahead. Consult with Student Financial Services staff and apply for financing well in advance of payment deadlines.
- Borrow wisely. Educational loans can be an important investment in your education and your future. Consider loans as part of your long-term financial plan.
- Build a healthy credit profile. Use credit cards wisely and pay balances in full each month.
- Establish a monthly budget. Start with fixed expenses, then figure in variable expenses. Record all your expenses and income, including student loans.
- Beware of scams. Students are subject to increasingly sophisticated attempts to collect financial and personal information, which then can be used in identity theft and other fraud. If you have any questions about the legitimacy of a request for personal and financial information, contact SFS.