Do I have to reapply for financial aid every year? Will my financial aid package change from one year to the next?
Each year, you will be asked to complete the College Board PROFILE and FAFSA and provide updated tax returns and W-2 forms so that we can re-evaluate your family’s financial need. Financial aid at Bates is renewable, provided that you submit your application on time and your family continues to demonstrate eligibility for aid. It’s important to remember that your eligibility for financial aid may increase or decrease in future years, due to fluctuations in family income, changes in your educational expenses (due to a study abroad program, for example), or if you have a sibling who enters or graduates from college.
Does applying for Early Decision affect my financial aid package?
No. If you are admitted to Bates through Early Decision, you will receive a financial aid package that is comparable to what you would receive as a student admitted through Regular Decision. The package you receive will be tentative based on estimated data you provide on the College Board PROFILE and prior year tax returns. Bates will verify your eligibility when your family’s current year tax returns become available, and we’ll adjust your award to reflect your family’s actual income, if necessary.
What happens to my financial aid package if I receive an outside scholarship? Will you reduce my Bates Scholarship?
Bates has a generous outside-scholarship policy. Outside scholarships can be used first to reduce the loan and/or work portions of a financial aid package. A student’s Bates Scholarship will be adjusted when the combination of scholarship aid from all sources (Bates, federal, state or other) exceeds the student’s calculated cost of attendance.
How much will I be expected to borrow through student loans? How much loan debt do Bates students graduate with?
While a student loan and the option to work are typically included in the institutional financial aid packages offered to students who qualify, students are asked to borrow no more than $4,500 per year. The average federal student loan debt for the class graduating in May 2010 was $12,301.
Can I apply for financial aid after I’ve been admitted?
No. To be considered for Bates financial aid, you must indicate an intent to apply for financial aid on the admission application – no consideration for institutional financial aid can be given after admission decisions are mailed. Students can apply for federal financial aid, in the form of student loans or work-study assistance, at any time during the school year.
Will I receive more financial aid from Bates if I earn good grades or play sports?
No. All financial aid at Bates is awarded on the basis of financial need. Bates doesn’t offer any scholarships for academic or athletic achievement.
If I decide to study abroad, can I still receive financial aid?
Financial aid is available to eligible students who enroll in approved off-campus study programs and is awarded based on the actual cost of these programs. Examples of programs eligible for financial assistance include Junior Year and Junior Semester Away programs and the Bates Fall Semester Abroad programs. Financial aid is also available for eligible students who enroll in extra-cost Short Term programs during April and May.
If you have other questions not listed here, please contact us in Student Financial Services by phone (207) 786-6096 or by email email@example.com More information can also be found at www.bates.edu/financial-services