Answers to Frequent Financial Aid Questions

The Free Application for Federal Student Aid (FAFSA) is a form completed by current and prospective college students in order to determine their eligibility for student financial aid.  Rose-Hulman students must complete the FAFSA each year in order to be considered for federal grants, state grants (for Indiana residents), work-study, and loans.  The FAFSA must also be submitted in order to be considered for the Rose-Hulman Grant. 

You should complete the FAFSA as soon as possible after the form becomes available on October 1^st each year to apply for financial aid for the next school year.

The deadline to be considered for the state of Indiana aid is April 15^th.

Yes, you must reapply for financial aid every year after October 1 for the next school year by completing a new FAFSA in order to be considered for federal grants, state grants, work-study, and loans.  The FAFSA must also be submitted each year to be re-considered for the Rose-Hulman Grant. 

No, the Rose-Hulman Merit scholarship is not dependent on financial need.

The student applicant and the parent(s) who financially provides the most support to the student.

If your parents are divorced or separated, you and the parent who provide the most financial support with fill out the FAFSA. If you live with a stepparent, his or her information must also be included in the FAFSA.

The Federal Processor uses your FAFSA data and federally mandated formulas to calculate your Student Aid Index (SAI). The SAI will include both parent and student income, assets and family size. The SAI is used to help schools determine if a student qualifies for need-based financial aid.

No Rose-Hulman gift aid may be used toward the summer term without exception.

• A student who is deemed independent does not necessarily qualify for more financial aid. To be considered independent for financial aid, you must meet at least one of the following qualifications: 
  24 years of age by December 31 of the award year 
  An orphan or a ward of the court 
  A veteran of the Armed Forces 
  Married or have legal dependents other than a spouse at the time FAFSA is filed 
  A professional or graduate student 
  In a legal guardianship per the state you live in 
  An emancipated minor
  An unaccompanied youth who is homeless or self-supporting and at risk of being homeless

The FAO first determines a budget for the costs to attend college and for basic living expenses. This budget includes tuition and fees, room and board, books and supplies, and personal expenses. The FAO compares the budget to your Student Aid Index (SAI) to determine your financial need.

Using federal and state guidelines, the FAO will examine your eligibility for federal, state, and institutional aid programs. It checks your eligibility for grants first, followed by your eligibility for student loans or federal work-study. The FAO must also consider scholarships you are receiving from other sources. This process is called packaging.

In some cases yes, in others no. There are limits on the amount of financial aid money available. Depending on your situation, your costs may or may not be covered in full. The FAO strives to meet our students' financial needs. It is very important to apply on time for full consideration for all financial aid programs.

Rose-Hulman is a member of NCAA Division III; as such, no consideration is given to pre-enrollment or post-enrollment athletics participation in scholarship determination.

The Financial Aid Notification is a document we use to inform you of your financial aid awards for the academic year.  We consider you for all available assistance based on the information we have at the time of the award packaging.

Your financial aid notification may be changed if your financial need changes, you receive funding from other sources or the data on your Free Application for Federal Student Aid (FAFSA) changes.

The financial aid notification lists the total estimated cost of attendance, including both direct and indirect costs. We use actual costs for full-time tuition, average housing and food, and school fees. Other costs may vary, so we use averages for such items as books and supplies, personal expenses, and miscellaneous expenses.

Your SAI is calculated using a federal formula and is based on the information you supplied on your FAFSA. Your financial need is calculated by subtracting your SAI from the total cost of attendance. Some financial aid programs are based on your financial need and the above calculation is what is used to determine need for these programs.

This is what we estimate a student will spend on items such as transportation, entertainment, personal items.  These are expenses that will not be included in the Rose-Hulman bill.

The laptop is a required (one-time) purchase for all new incoming students.  We select a model each year so that everyone has the same laptop. Laptops must be paid for at the time the order is placed in June. If you indicate the payment is by loan, the loan must be secured, and the laptop paid in full by freshman move-in day.

Federal Work-Study provides jobs for students with financial needs, allowing them to earn money to help pay education expenses.  Students may choose to accept or decline the award.  Work-Study funds are earned through a regular paycheck.  The amount of pay depends upon the hours worked and the rate of hourly pay.  The FAFSA must be completed in order to be considered for this award.

Your financial aid award is based on a full academic year of full-time enrollment. If your plans change, your award will be adjusted accordingly. Students graduating at the end of any term are ineligible for undergraduate financial aid in subsequent terms. Wait-listed, audited, and non-credit courses do not count toward enrollment.

The Rose-Hulman Merit Scholarship is renewable for 4 years of undergraduate coursework.

The Rose-Hulman Grant is awarded based on financial need, therefore you must complete the FAFSA each year to be considered and the amount of the grant is not set in stone.  The Grant amount may increase, decrease, or even be removed completely depending upon changes in financial need.

This is a need-based grant that can be re-evaluated each year or with every change in your financial need. The availability of this award will also depend on the institutional funding available for the academic year. You must file a FAFSA each year to determine your eligibility to be considered for this award. 

The Rose-Hulman merit scholarship is renewable with no GPA requirement.

• Direct costs are expenses that appear on your Rose-Hulman bill and are charged directly to your student account.
• Indirect costs are expenses not billed by Rose-Hulman but that students should plan to pay out of pocket. These may include:
  • Transportation (gas, airline tickets)
  • Eating out
  • Personal expenses
  • Books and supplies

Important exception:
If a textbook is provided in an online format, the cost may be included on your Rose-Hulman bill as an Inclusive Access fee, even though books are usually considered an indirect cost.  The online version is designed to be a more affordable option, but you may opt out of the Inclusive Access fee if you prefer not to use the online format.

Self-help aid is financial assistance that requires a contribution from the student. This may include repaying student loans or earning wages through a Federal Work-Study job to help cover educational costs.

• Federal Stafford loan  (FAFSA required)
• Federal Work Study  (need-based, FAFSA required)

Federal Stafford Loans are a type of federal student loan offered through the U.S. Department of Education to help students pay for college.

Key things to know:

• They are borrowed money that must be repaid
• Offered to undergraduate and graduate students
• Require completion of the FAFSA
• Typically have lower interest rates and more flexible repayment options than private loans

Two types of Stafford (Direct) Loans:

• Subsidized Loans
  • Based on financial need
  • The government pays the interest while you’re enrolled at least half-time
• Unsubsidized Loans
  • Not based on financial need
  • Interest begins accruing as soon as the loan is disbursed

Step 1: Accept or Decline Your Stafford Loan

Recommended completion date: July 15

Loans accepted after July 15 may not appear on your initial fall billing statement.

• Sign in to Rose Connect
  • Click Banner Web General under the Common Links
  •  Select Student Self Service, then Student Financial Aid.  Click the Offer tab and scroll to loans to accept or decline the loan offer.

Step 2: Complete Federal Loan Requirements

(Required if you accept a Stafford Loan)

1. Go to www.studentaid.gov
2. Under the In School tab, complete:
   • Loan Entrance Counseling
   • Loan Agreement (Master Promissory Note – MPN)

Federal Direct PLUS Loans and Private Loans each require a separate application and are not automatically included in your financial aid award.  A new loan application is required for each school year.

Federal Direct PLUS loan (Parent loan)