How to Read Your Aid Decision Letter from Swarthmore

Swarthmore’s Financial Aid Decision letter contains a lot of information, and this page is here to help you figure it all out.

The Financial Aid Decision Letter has two pages; page one with the cost and financial aid information, and page two with a summary of what this all means for you. Financial aid decisions are individualized and specific. Some components indicated below may not apply to all students.

On page 1, you will see the following items and terms:

• Cost of Attendance.  This is what we expect will be your total cost to attend the College for the given academic year. Cost of Attendance is divided into…
  • Direct Costs.  These are costs billed by the College such as Tuition, Fees, Housing, and Food.
  • Indirect Costs.  These are costs we expect you to incur as a student, however, they are not billed by the College. This typically includes personal expenses (e.g. clothes, toiletries, phone bills), academic supplies (e.g. notebooks, art supplies), and travel expenses (e.g. plane tickets, gas for local travel). These expenses vary from student to student based upon personal choices and preferences, so we use an average to predict these costs.

Next, you’ll see your financial aid! This is support for your education and consists of the following items:

• Scholarships and Grants.  These are funds provided to pay for your education that you do not need to pay back. This can include Swarthmore’s scholarship funds as well as Pell grants from the Department of Education, state grants from your state, and scholarships from any other source.
• Campus Job.  If this is a component listed on your financial aid decision, you are expected (though not required) to work some hours on campus each week to support any indirect expenses. The amount listed is an estimate. You may work more, less, or not at all, but there is an expectation that you will need to acquire funds from somewhere to cover your costs. Most students choose to work in a campus-based job. US citizens, permanent residents, and international students with valid student or work visas may work in a campus-based job; enrolled students may work in a campus-based job even if a campus job is not listed in your financial aid decision.

On page 2, we have consolidated the information into what this means for you, and you will see the following items:

• Academic Year Summary.  Swarthmore College bills students separately for the fall and spring semesters, and half the bill is due before each semester begins. This section lists the total charges for each semester, how much is covered by scholarships, and finally how much you and your family should expect to pay for that semester. The actual bill may vary if you have other costs, such as the Student Health Insurance Plan, parking fees, or other charges for your specific circumstances.
• Your Remaining Family Contribution after Billing (or Refund).  Your bill from the College only details what is billed directly by the College. As noted above, you will likely incur indirect expenses which will not be reflected on your College bill, and the cost of this is listed here. If your cumulative scholarship and/or grant amount is lower than the costs billed to you by the College, this amount is calculated by subtracting a campus job or self-help expectation from the total estimated indirect costs. 
  If your cumulative scholarship and/or grant amount is greater than the costs billed to you by the College, your expected refund will be listed here instead. If you have a credit balance, you will need to contact the Student Accounts Office to request a refund when the semester starts.
• Your Student and Family Contribution (EFC).  Many colleges refer to this as an “expected family contribution,” abbreviated as “EFC.” This is the total amount you and your family should expect to pay for you to attend the College for this academic year. The number is found by subtracting all financial aid from the Cost of Attendance.
• Your Net Cost.  This is the Cost of Attendance minus the scholarships and grants for which you are eligible. This gives an estimate of how much you and your family should expect to pay if you do not pursue a campus job.
• Health Insurance Discount.  All Swarthmore College students are required to have adequate health insurance coverage for the academic year. Students who do not have their own insurance (private or through their parents) may sign up for a student health insurance plan (SHIP) with the College. This is billed to your student account separately. The total cost of the student health insurance plan is usually around $2,000 per year. All students receiving need-based College financial aid are eligible for a discount on the Swarthmore Student Health Insurance Plan (SHIP). This discount is between 25% and 100%, depending on your level of financial need.
  
  For example, if your student health insurance approved discount is 75%, you will be required to pay 25% of the student health insurance annual cost if you are signed up. If you have a 100% discount, you do not need to pay anything for the College’s student health insurance plan. The Student Health Center will communicate with you separately after you enroll at the College to sign up for the student health insurance plan or to submit a waiver requesting to remain with your own health insurance.

If you have any questions or concerns about the contents of your financial aid decision, please contact us at finaid@swarthmore.edu.