Frequently Asked Financial Aid Questions
Cost of Attendance
What does it cost to attend Scripps College for a year?
The cost of attendance at Scripps College includes tuition, room, board (i.e. meals), books and personal expenses. Review the most current cost of attendance.
Before I apply, can I get a sense of whether I might qualify for aid?
Yes. Just enter your financial information into the Scripps College Net Price Calculator to get an idea of how much aid you may be qualified to receive
Can I afford to attend Scripps College?
Financial aid is intended to make college available to students from diverse financial backgrounds. The Office of Financial Aid considers family income, the number of family members in college, medical expenses and many other factors when reviewing your financial aid application. Scripps College meets 100% of demonstrated need.
Is there a payment plan at Scripps College?
Scripps College offers a payment option for families who wish to pay in installments. With this plan, the comprehensive fees, minus financial aid, are paid in eight equal installments. Fall semester payments are due August 1st through November 1st, and January 1st through April 1st for spring semester. Payment Option Forms for this plan must be mailed in May and received in the Billing Office by June 15th. A non-refundable fee of $50.00 per semester will be charged to your student account to participate in the payment plan. For more information, click here.
Types of Financial Aid
What is financial aid?
Financial aid is monetary assistance to help cover the cost of college tuition, room and board and other expenses.
What are the major types of financial aid?
Financial aid can consist of gift aid (grants or scholarships that do not need to be repaid), loans (borrowed money that must be paid back, usually with interest), and student employment (money earned by the student through a job to make college more affordable).
What are the main sources of financial aid?
There are four main sources: the federal government (the largest source), state governments, colleges and universities and private organizations.
What is Federal Work Study and how does it work?
Federal Work Study provides part time employment for undergraduate students with financial need, allowing them to earn money to help pay education expenses. The work-study amount awarded is the maximum amount students can earn for the fall and spring semester. You are only paid for the hours you work. You are not required to earn the amount of your award and there is no penalty if you earn less.
Federal Work Study will not appear as an expected financial aid credit on your bill. Instead, employment earnings are paid directly to the student.
What types of loans are available?
Student Federal Loans
- Direct Subsidized – If you are offered a subsidized loan, it means that the federal government pays the interest that accrues on your loan while you are enrolled at least half-time. After you graduate, withdraw, or cease to be enrolled at least half-time, you are responsible for the interest and must begin to make payments after a 6-month grace period. Eligibility for the Direct Subsidized Loan is determined based on financial need. Based on academic level, dependency status and amount of financial need, a student may be able to borrow up to the following amounts annually in a Direct Subsidized Loan*:
- 1st Year: $3,500
- 2nd Year: $4,500
- 3rd and 4th Year: $5,500
*Scripps students entering in 2015-2016 will be packaged with the following loan amounts over their four years: 1st year $3,500, 2nd and 3rd Year: $4,500, 4th Year: $5,500. If you are interested in receiving the federal maximum, please contact our office.
- Direct Unsubsidized– This loan is available to students regardless of financial need. Unsubsidized means that you are responsible for the interest from the time the loan is disbursed. While you are enrolled at least half-time you may defer interest payments, but interest will accrue and be added to the principle amount of your loan. Repayment on the Unsubsidized Loan will begin six months after you graduate, withdraw, or cease to be enrolled at least half-time. To reduce the total cost of your loan, consider making in-school interest only payments. If you would like to make in-school interest payments, please contact your loan servicer. Please note, Scripps does not automatically package students with Direct Unsubsidized Loans. If you are interested in receiving this loan, please contact our office for instructions.
- 2015-2016 fixed interest rates for Direct Subsidized and Unsubsidized Loans will be published in May, 2015, but is currently 4.66%. Both loans currently carry an origination fee of 1.073%. The net loan disbursed to your student bill is the gross loan amount, less origination fees.
- Students accepting federal loans must complete online Entrance Counseling and sign a Master Promissory Note prior to disbursement.
Student Institutional Loans
- An institutional loan is a loan offered directly from Scripps. Repayment and financing will be handled directly through the school.
- Interest rates and requirements vary. The average amount awarded in an institutional loan is $4,000.
- Institutional loans require a co-signer. Students must sign a Master Promissory Note prior to disbursement.
- If you are interested in receiving an institutional loan, please contact our office.
Federal Direct Parent PLUS Loan
- The Federal Direct Parent PLUS Loan is a loan program administered by the federal government which allows creditworthy parents to borrow money to assist with costs related to their student’s undergraduate expenses, regardless of a family’s financial need.
- After completing the FAFSA, interested parents should log in to http://studentloans.gov to complete the application process. (Note: Applications will be available beginning June 15).
- The fixed interest rate for the Direct PLUS Loan will be published in May, 2015, but is currently 7.21%.
- The PLUS loan carries an origination fee of 4.292%. The net loan disbursed to your student’s bill is the gross loan amount, less origination fees.
- The borrower has the option of beginning repayment on the PLUS loan either 60 days after the loan is fully disbursed or to begin repayment six months after you graduate or cease to be enrolled on at least a half-time basis. Interest will accrue during periods of deferment.
Applying for and Renewing Financial Aid
How do I apply for financial aid?
Students who are U.S. citizens or permanent residents will be required to complete the CSS/Financial Aid PROFILE (for institutional aid only), the Free Application for Federal Student Aid (FAFSA) and submit signed copies of parent(s) completed 2014 U.S. income tax return(s) to the College Board’s document imaging service to begin the evaluation of their financial aid eligibility.
When completing my Financial Aid Application, can I estimate my income?
Yes, you may estimate by using the previous year’s income.
What is federal verification?
- The Department of Education or Scripps may select a student for Federal Verification. This means families must submit tax information and other documents to our office to ensure accuracy. If you have been selected for Verification, we will post the required items as missing requirements to your Financial Aid portal. We cannot accept 1040 federal tax returns as fulfillment of the verification requirement. Instead, you can fulfill the tax return obligation by using the IRS Data Retrieval Tool on the FAFSA once your tax return is completed; or you can request a 2014 Tax Transcript from the IRS website (irs.gov).
- Verification does not result in a change of aid unless information submitted does not match what was initially reported on your FAFSA.
- We will NOT disburse aid to your student account until all required verification documents have been submitted and reviewed by the Office of Financial Aid.
How will I know if you have received my financial aid documents?
When approved, you will be given access to the My Financial Aid Portal to view your documents and messages. This will be an important tool to keep you connected to the process, as documents are added at various stages of the application and awarding process.
I did not qualify for any need-based financial aid. What are my options?
You and your parents may need to borrow, use current income and/or pay over time using the Scripps College payment plan. For your specific options, please contact the Office of Financial Aid.
Will the student receive the same aid each academic year?
- If the student meets all deadlines and renewal criteria and your family circumstances remain the same (including income, assets and number in college), it is reasonable to assume your aid will remain consistent. The student must also meet Satisfactory Academic Progress.
- Merit scholarships may be renewed from year to year as long as the student is meeting Satisfactory Academic Progress.
What is Satisfactory Academic Progress?
Scripps’ Satisfactory Academic Progress (SAP) guidelines are outlined in detail in the Scripps College Course Catalog and on our website. We encourage you to review these guidelines and contact our office with questions. In short, SAP requires that students:
- Maintain a minimum cumulative 2.0 GPA
- Complete (pass) 75% of the courses attempted
- Cannot exceed 6 years in which to complete a 4 year Bachelor’s Degree
- Must remain enrolled full-time each semester
My Financial Aid Award
When will I know if I will receive financial aid?
If you are admitted to Scripps College and have applied for aid, you will receive a financial aid award offer along with your offer of admission.
What kinds of funds will be included in my aid award?
If you receive financial aid, your award will normally include grants, loans and student employment, as well as any outside scholarships you earn.
If I qualify for aid, how much assistance will I receive?
We are committed to meeting 100 percent of the demonstrated need of each aid applicant based on an individual evaluation. We make this determination using the information you provide on your financial aid application and take into consideration any special circumstances you may have told us about.
How do I accept my award?
If you are admitted to Scripps College, you will be given access to your online financial aid award at My Financial Aid. You will be able to view, accept and/or decline your award on this site.
How do I know if I am still missing required documents?
The status of all documents, received or still missing, may be reviewed on the “Documents” tab of your Financial Aid Portal. Remember to check your documents tab often for requirements that may have been recently added.
If my aid award includes student employment, how many hours per week will I work?
We typically expect first-year students to work 8-10 hours per week. For more information on student employment contact Career Planning & Resources.
What if I receive an outside scholarship?
If you receive an outside scholarship at any time before or during the academic year, you must notify the Scripps College Financial Aid Office. Federal, state and institutional regulations require the Financial Aid Office to consider all student and parent income, assets and outside resources when determining your eligibility for financial aid.
Institutional policy states that outside scholarships will first replace the student’s self-help (loans and/or work study) awards where available, thus reducing the amount a student may need to borrow or work. Following the reduction of self-help aid, we will also allow outside scholarships to help cover your student income contribution. If the total of your outside scholarship(s) exceeds your self-help awards and student contribution, we may be required to reduce other forms of aid including Scripps Grant.
What if I have special circumstances and wish to appeal my financial aid offer?
An appeal should be submitted when a family can document a significant change in financial circumstances, or if you believe there are special circumstances that were not included/considered on your initial aid application. Please review our page on Appeals and Special Circumstances for detailed information.