Bryn Mawr College

Types of Financial Aid

Grants, Loans & Work Study

Financial aid awards generally consist of a combination of three types of assistance: Grants, Loans & Work Study.

Bryn Mawr Grant

Bryn Mawr Grants are awarded by the College to full-time students based on demonstrated financial need. The funds are available from various sources, including the College's endowment, its alumnae and other beneficiaries. All recipients of a Bryn Mawr Grant are asked to write a thank-you letter to donors of the scholarship funds who are alumnae, foundations and friends of the College. Their contributions, past and present, are used to support the Bryn Mawr Institutional Grant Program. To be considered for Bryn Mawr Grant funds, students must complete the PROFILE Form and the Free Application for Federal Student Aid. Only students who apply for grant assistance as freshmen will be considered for Bryn Mawr Grants in subsequent years of enrollment.

Federal Pell Grant Program

The Pell Grant is a federal grant for undergraduate students demonstrating exceptional financial need who have not earned a bachelor's or professional degree. The funds come directly from the federal government. Eligibility is determined by the information provided on the Free Application for Federal Student Aid (FAFSA). If the amount of the Pell Grant is not known or is estimated at the time of the initial Bryn Mawr award announcement, the amount of the Bryn Mawr Grant will be reduced by the amount of the Pell Grant. Part time students may be eligible for Pell Grants.

Federal Supplemental Educational Opportunity Grant (FSEOG)

The FSEOG is a federal grant for undergraduate students with exceptional financial need who have not earned a bachelor's or professional degree. The College awards FSEOG from federal funds allocated to Bryn Mawr. Eligibility is determined by the information provided on the Free Application for Federal Student Aid (FAFSA). In compliance with federal regulations, priority is given to students who receive Federal Pell Grants. If the amount of the FSEOG is not known or is estimated at the time of the initial Bryn Mawr award announcement, the amount of the Bryn Mawr Grant will be reduced by the amount of the FSEOG. Part time students may be eligible for FSEOG.

Federal Academic Competitiveness Grant (ACG)

The ACG is a new federal grant program that began I 2006-2007 for first and second year academic year students. To be eligible, students must be full-time undergraduates enrolled in an eligible program who receive Federal Pell Grant and are U.S. citizens. Students must have completed a rigorous secondary school program. To receive a first academic year award of up to $750, the student must have graduated from high school after January 1, 2006. To receive a second academic year award of $1,300 the student must have graduated from high school after January 1, 2005, and have at least a 3.0 grade point average (GPA) for the first academic year of their eligible program.

Federal National Science and Mathematics Access to Retain Talent Grant (National SMART Grant)

The National SMART Grant is a federal program for third or fourth year academic year students who receive Pell Grants and are U.S. citizens. To be eligible students must also be full-time undergraduates enrolled in an eligible program pursuing an eligible major with at least a 3.0 cumulative grade point average (GPA). The award is up to $4,000 for each of the third and fourth years. For a complete list of eligible majors see:

Complete List of Eligible Majors for 2007-2008 National SMART Grant Awards in PDF Format, 53KB

State Grants

State grants are awarded to students by the state scholarship office of the state in which the student resides. Students who are residents of Connecticut, Delaware, the District of Columbia, Maine, Maryland, Massachusetts, Ohio, Pennsylvania, Rhode Island, Vermont or West Virginia are required to apply on time to their state grant program. If the amount of the state grant is not known at the time of the initial Bryn Mawr award announcement, the amount of the Bryn Mawr Grant and/or other need-based grant will be reduced by the amount of the state grant. If a student fails to meet her state grant deadline, the College is not able to replace lost state grants funds with Bryn Mawr Grant.

Students are responsible for checking with their State Higher Education Agency for the correct application and deadline necessary for their state grant. For contact information and the Web site address of your State Higher Education agency, go to www.studentaid.ed.gov . At the site, click on "Funding," then click on "State aid."

Federal Perkins Loan

The College awards Perkins Loans from federal funds allocated to Bryn Mawr. The Perkins Loan is a low-interest (5%) loan for both undergraduate and graduate students with exceptional financial need. Loan repayment is deferred while the student is enrolled at least half-time in any approved postsecondary school. Repayment begins nine months after graduation, withdrawal from the College or dropping below half-time enrollment status. No interest accrues until the repayment schedule begins. Recipients may be allowed up to ten years to repay.

Eligibility is determined by the information provided on the Free Application for Federal Student Aid (FAFSA). Recipients must complete a Perkins Loan Questionnaire and a Perkins Loan Promissory Note before funds can be credited to their student account. Federal law requires recipients to attend a Perkins Loan Exit interview.

Federal Stafford Loan Program

Please check back for information regarding Stafford Loan processing procedures and interest rates for 2008-2009 in the next few weeks. This delay is due to recent changes to U.S. Department of Education federal regulations. 

The Federal Stafford Loan enables students who are enrolled at least half time (two units) to borrow from eligible lenders at a low interest rate to help meet educational expenses. The Federal Stafford Loan may be subsidized or unsubsidized. Eligibility for the interest subsidy is determined by the information provided on the Free Application for Federal Student Aid (FAFSA).

For students who demonstrate financial need, the federal government pays the interest on the loan as long as the student is enrolled at least half-time and during authorized periods of deferment. Students who do not qualify for the interest subsidy may borrow under the unsubsidized program. They will either need to pay the interest or capitalize the interest payments (i.e., add interest to the principal balance) from the time the loan is disbursed until it is paid in full. Under both programs, the principal is deferred as long as the student is enrolled at least half-time.

For Stafford Loans borrowed on or after July 1, 2006, the interest rate is fixed at 6.8 percent. (For loans borrowed prior to July 1, 2006, the interest rate is variable, based on the 91-day T-bill rate during school with an additional 0.6 percent increase upon graduation, but cannot exceed 8.25 percent.) Although all lenders offer the same interest rate for the Stafford Loan, some offer discounts for on-time and electronic payments.

Depending on the lender and guaranty agency the student chooses, she may pay a fee up to 2.5 percent (an origination fee of 1.5 percent and an insurance fee of 1 percent) of the loan deducted proportionately from each loan disbursement. Some guaranty agencies and lenders charge ZERO loan fees.

 

Stafford Loan repayment begins 6 months after the student leaves the College or is no longer enrolled at least half-time. The repayment term is usually 10 years, and the minimum monthly payment is $50.00. Students who borrow a lesser amount will have shorter repayment terms. Students who borrow a large amount may wish to consolidate their loan to extend the repayment term. Under certain conditions, federal regulations allow the deferment of loan repayment. The most common deferments are for enrollment on at least a half-time basis, unemployment and economic hardship. Complete information about loan deferments is provided during the entrance and exit interview process. Sample loan repayments charts and information about loan deferments, cancellations and consolidation can also be found on line at www.FederalStudentAid.ed.gov, click on “Student, Parents and Counselors” and you will find this information in the “Announcements” section.

Disbursement will be made either through electronic funds transfer (EFT) to the student's account in the Comptroller's Office or by check depending on which lender and guaranty agency is selected. In most cases the Stafford Loan is credited in two installments one-half in the fall and one-half in the spring, and no installment is greater than half the amount of the loan. For students who borrow for only one semester, the loan funds will be disbursed in one installment during the term for which the student borrowed.

 

Federal PLUS Loans (Parent Loan for Undergraduate Students)

The PLUS is a federally subsidized loan program designed to help parents of dependent students finance the parental portion of the family contribution. Parents must pass a credit check. Generally, repayment begins 60 days after the loan funds are disbursed. Some lenders offer forbearance and deferment options.

The yearly amount parents may borrow is limited to the difference between the student’s cost of attendance minus any other financial aid the student receives, including Stafford Loan assistance. There are no aggregate PLUS Loan limits. To be eligible to apply, the parent must be a citizen or eligible noncitizen, cannot be in default of a student loan, and cannot owe a refund on any federal student aid program. To apply a parent must complete a PLUS Loan application. Although not a requirement, parents are encouraged to have their dependent child submit a FAFSA, so the student can be considered for the maximum federal financial aid for which she is eligible. If the student does not submit a FAFSA, the parent must complete the Bryn Mawr College Parent Dependency Form to confirm eligibility to apply.    

 For PLUS Loans borrowed on or after July 1, 2006, the interest rate is fixed at 8.5 percent. For loans borrowed prior to July 1, 2006, the interest rate is variable, but does not exceed 9 percent. For July 1, 2005 to June 30, 2006, the interest rate was 6.10 percent during repayment. Interest rates are adjusted annually on July 1. The lender will send notifications about interest changes throughout the life of the loan. Depending on the lender and guaranty agency selected, the parent may pay a fee up to 4 percent of the amount borrowed.

The PLUS Master Promissory Note (MPN) is a multiyear promissory note which a parent needs to sign only once, at the time he/she first borrows for that dependent. The MPN will be sent to the parent by the lender or guaranty agency after the College certifies eligibility. Federal PLUS Loan funds are disbursed in equal semester installments by crediting the student account

Federal Work Study

The Federal Work Study Program provides jobs for undergraduates and graduate students with financial need, allowing them to earn money to help pay educational expenses. Eligibility is determined by information provided on the Free Application for Federal Student Aid (FAFSA). Current College policy requires that all first-year students meet their work study commitments through the Dining Services Department. The program encourages community service work and work related to the student's course of study for second, third and fourth-year students. Work-study aid will meet up to $2,000 in need and assumes a first-year student will work approximately 10 hours per week. Work-study funds are paid bi-weekly for the hours worked and are not credited toward the students' billing account.

On-Campus Employment

Campus jobs that are not part of the federally funded work study program are available to students, even those who do not qualify for need-based aid.