Financial Aid Guide
This Financial Aid Guide provides supplemental information regarding the Financial Aid Decision you received from
Haverford College. It is recommended that you save this document for future reference.
You must be accepted by Admissions and be enrolled as a matriculated student at Haverford to receive your financial
aid. Most financial aid requires a student to be registered as a full-time student taking a minimum of 3 Haverford
credits per semester (the equivalent of full-time enrollment). Some financial aid may be reduced or eliminated if you
enroll at less-than full-time status.
CONTROLLER'S OFFICE
Student Accounts, Billing
and Monthly Payment Plan
(610) 896-1251
ADMISSION AND FINANCIAL AID OFFICES
(610) 896-1350
TTY (610) 896-1436
HAVERFORD COLLEGE
370 Lancaster Avenue
Haverford, PA 19041-1392
WHAT YOU MUST DO
1. Read your Financial Aid Decision carefully. If you have questions, you should contact the Financial Aid Office.
2. If the Financial Aid Decision instructs you to complete the Free Application for Federal Student Aid (FAFSA), you
must do so. The FAFSA is required for Pell Grant and SEOG Grant eligibility, as well as all loans in the Federal
Direct Loan Program, including parent PLUS loans.
3. Report to the Financial Aid Office if there are any changes to your (or your parents’) financial circumstances that
were not reflected on your financial aid applications when you first submitted them. Changes include, but are not
limited to:
a. Increases or decreases in family income,
b. Changes to the number of people in the parents’ household,
c. Changes to the number of siblings attending college along with you during the 2021-2022 academic year,
d. Reporting any additional financial aid that you know you will receive in 2021-2022 but which is not reflected
on the Financial Aid Decision.
Be aware that these changes could affect the amount of your financial aid, even after it has been paid to your account.
This is why you must let the Financial Aid Office know of these circumstances as soon as possible.
4. If you have completed the FAFSA, you will be notified of your Federal Direct Loan eligibility via a separate notice.
If that notice is not included with this Decision, then you will receive it once all federal regulatory obligations have
been made.
2
TYPES AND SOURCES OF FINANCIAL AID
Financial aid generally comes from three sources—Federal, the
college, and other outside sources. There are also generally three
types of financial aid—gift aid, loans, and self-help.
GIFT AID
Grants and scholarships are called “gift aid” because they are
financial aid funds that do not have to be paid back. Haverford
financial aid applicants are expected to apply for all available grants
from state and government sources. Should a student fail to do
this, Haverford will not compensate the loss of outside grant with
additional college funds. For example, if you are eligible for a Pell
Grant but do not apply for it, Haverford will not compensate you
for what the grant would have paid for you.
Gift aid that may appear on your Financial Aid Decision include:
Federal Pell Grant – Requires submission of the FAFSA. Eligibility
is determined by the Federal Government.
Federal Supplemental Educational Opportunity Grant (SEOG)
– Requires submission of the FAFSA. Eligibility is determined
by the College within federal regulations and a limited annual
allocation of funds.
State Grants – Rules may vary from state to state, although most
require submission of the FAFSA. Few states permit their funds to
crossover to other states. States that do provide grant funds for their
citizens studying out of state include Massachusetts, Connecticut,
Maine, Ohio, Vermont, and West Virginia.
Haverford Grant – Requires submission of the CSS Profile. All
Haverford grants are based on an official measure of the family’s
financial need. There are no merit or talent scholarships offered.
Tuition Benefits – These generally come from employee benefit
plans provided by the parents’ place of work. Because Haverford
Grant meets a student’s full need, the inclusion of tuition benefits
will reduce Haverford Grant on a per-dollar basis.
Outside Scholarships – These are funds from a variety of outside
sources. Because Haverford Grant meets a student’s full need, the
inclusion of an outside scholarship may reduce Haverford Grant—
though not necessarily a dollar-for-dollar reduction. See “Other
Resources” in this information guide.
SELF-HELP
Self-help is funding provided to help a student in their effort to
pay for college. The most common form of self-help is the Federal
Work-Study Program, which provides funds to pay wages earned by
the student in a campus job.
Federal Work-Study (FWS) requires submission of the FAFSA.
FWS funds are used by Haverford to represent one of several
need analysis components used to represent a student’s inherent
responsibility to help pay for college. See “Determining Your
Financial Need” in this guide.
LOANS
The Federal Direct Loan Program includes subsidized and
unsubsidized Stafford Loans, and the parent PLUS loan.
Submission of the FAFSA is required for all of these loans.
Student loans are funds provided to students to help pay for
their education, but which need to be paid back, usually after
the student completes college, and always with interest attached.
Haverford does not encourage student loan borrowing, but we
do recognize that for some students it is the “make-or-break” in
their ability to meet their full college expenses. Borrowing a loan
is a serious responsibility, and must be done with thought and
planning.
Instructions on how to apply for a Federal Direct Stafford Loan can
be found on the Haverford Financial Aid Website under “Apply for
a Loan.” Instructions for the parent PLUS loan can be found there
as well.
DETERMINING YOUR FINANCIAL NEED
Your Financial Aid Decision is good for the 2021-2022 academic
year. Students and families must reapply for financial aid each year,
and will have a new financial measure taken each year. This can
change the amount of financial aid from one school year to the
next.
Financial need is determined by taking a full estimate of the
cost to attend Haverford for an academic year, and subtracting
the calculated resources the family is expected to provide. These
resources may include 1) a parent’s financial contribution, 2)
a contribution from the student’s personal assets, 3) a summer
savings expectation, 4) a job earnings expectation, and 5) a loan
expectation. The difference is the student’s calculated financial
need.
Total Estimated Costs – This is the sum of billable costs (costs
which will appear on the student’s college bill) and indirect costs
that won’t appear on the bill but the Financial Aid Office may
include as accepted college expenses. Billable costs include tuition,
fees, and room and board charges. Indirect costs include books,
supplies, and various personal expenses.
Parent Contribution – This amount is determined by the need
analysis formula developed and stewarded by the College Board,
using the income and asset data provided on the CSS Profile
application.
Student Asset Contribution – This amount is determined by the
need analysis formula developed and stewarded by the College
Board, using the student’s asset data provided on the CSS Profile
application.
Student Savings Expectation – This is one of three components
in the need analysis formula that represents all students’ inherent
responsibility to help pay for their education. The expected amount
comes from earnings saved by the student over the preceding school
year and summer. Because this represents a student responsibility to
pay, it cannot be removed from the need analysis formula.
Loan Expectation – This is one of three components in the need
analysis formula that represents a student’s inherent responsibility
to help pay for their education. Haverford does not encourage loan
borrowing, but we recognize that the Federal Direct Loan Program
is a viable resource to help pay for college, and have determined
that it is not unreasonable for students of certain family incomes to
take advantage of the loan program if they choose to do so.
Once determined, the loan expectation will not change for
subsequent academic years.
19-20
3
For the 2021-2022 year, the loan expectation will be as follows:
• Parental income less than or up to $59,999 will have no loan
expectation.
• Parental income from $60,000 to $99,999 will have a $1,500 per
year loan expectation.
• Parental income from $100,000 to $149,999 will have a $2,500
per year loan expectation.
• Parental income of $150,000 or greater will have a $3,000 per
year loan expectation.
The loan is an expectation only, and its use in the formula does
not mean you are obligated to borrow. If you choose to take out a
loan amount greater than the expectation, it will not reduce your
Haverford Grant.
Job Earnings Expectation – This is one of three components in
the need analysis formula that represents all students’ inherent
responsibility to help pay for their education. It does not subtract
from need (like the student savings expectation and the loan
expectation), but appears as part of the financial aid award itself,
shown as either as Federal Work-Study or Haverford Work-Study.
Because it represents a student’s responsibility to help pay for
college, this expectation cannot be removed (although it may be
offset by an outside scholarship—see “Other Resources”).
OTHER RESOURCES
Because Haverford Grant meets the full dollar value of a student’s
measured financial need, the inclusion of any outside scholarship
may reduce that Haverford Grant. However, because two of the
need analysis components (student savings expectation and job
earnings) represent an “expected” contribution from the student
and are not actual funds, we can make an adjustment with one or
both of these components to prevent a complete dollar-for-dollar
reduction in Haverford Grant funds—thus allowing you to receive
some monetary advantage from your outside scholarship. The
method Haverford uses works this way:
The first $500 of an outside scholarship will reduce either student
savings or job expectation by that amount, and Haverford Grant
will remain untouched. Outside scholarships greater than $500
but less than $1,000 will have the first $500 reduce either student
savings or job expectation, with the difference reducing Haverford
Grant. (Example: an $800 outside scholarship would reduce
student savings by $500 and Haverford Grant by $300.) Outside
scholarships equal to or greater than $1,000 will have 50% used
to reduce student savings or job expectation, and 50% to reduce
Haverford Grant. There are limits to this method, and this is how
it works per class:
Class of 2022 and 2023. For the 2021-2022 academic year, we
will reduce up to $4,200 of the student’s savings or job expectation
in the following manner: $2,400 from student savings and $1,800
from job expectation. Once these maximums have been reached,
Haverford Grant will be reduced dollar-for-dollar for any additional
outside scholarship.
Class of 2024. For the 2021-2022 academic year, we will reduce
up to $3,350 of the student savings or job expectation in the
following manner: $2,400 from student savings and $950 from job
expectation. Once these maximums have been reached, Haverford
Grant will be reduced dollar-for-dollar for any additional outside
scholarship.
Class of 2025. For the 2021-2022 academic year, we will reduce
up to $2,500 of the student savings or job expectation in the
following manner: $2,000 from student savings and $500 from job
expectation. Once these maximums have been reached, Haverford
Grant will be reduced dollar-for-dollar for any additional outside
scholarship.
If we estimate an outside award as part of your Financial Aid
Decision and the actual amount proves to be different, we will
adjust your Haverford Grant accordingly. However, if you receive
no outside award because you failed to complete all steps required
to obtain it, Haverford will not compensate for the loss of the
award.
STUDENT HEALTH INSURANCE
Student health insurance is a separate charge that cannot be covered
by financial aid. All students are required to have personal health
insurance, and will be charged for this by Haverford. Students who
can prove they are actively covered may have this charge waived.
During the 2020-2021 academic year, student health insurance
cost $1,782. More information about student health insurance can
be found on the Haverford Health Services web page. You can also
contact the College’s Health Services Office at (610) 896-1089.
TAX INFORMATION AND FINANCIAL AID
Many students are surprised to learn that a portion of their grants
may be taxed by the IRS. You are encouraged to review the tax
information provided on the Haverford financial aid website.
Questions may be directed to Frank Wilson in the Controller’s
Office. ([email protected])
STATEMENT OF REGISTRATION COMPLIANCE
Haverford College has consistently opposed the regulation that
male students be required to state and/or prove their compliance
with Selective Service laws before they are eligible for federal
and state financial aid programs. While we will continue this
opposition, current laws require male students receiving federal and
state student aid funds to be registered with Selective Service. If you
have a conscientious objection to complying with these procedures,
please contact the Director of Financial Aid.
Certain information contained in your application for financial
aid may be used to determine your eligibility for funds provided
by private donors or foundations, and may be reported to these
sources as a condition of receiving the award they may provide to
you. Information supplied by parents on forms which must also
be signed by the student may be discussed with the student when
routine questions are raised about the financial aid process. In the
case of certain federal programs, regulations may require that a
complete copy of the family’s Student Aid Report be returned to
the student to confirm the award.
THE EQUATION FOR DETERMINING
FINANCIAL NEED
Cost of Attendance
– Parent Contribution
– Student Asset Contribution
– Student Savings Expectation
– Loan Expectation (if applicable)
= Financial Need
370 Lancaster Avenue
Haverford, PA 19041-1392
