How Financial Aid is Determined

Demonstrated Financial Need

Financial aid at Scripps College is awarded on the basis of demonstrated financial need, which is the difference between the costs of attendance and the amount your family is expected to pay (your expected family contribution, or EFC). Scripps College meets 100 percent of this demonstrated need for all admitted students who meet all eligibility criteria and established application deadlines.

Cost of Attendance:

Educational expenses for the academic year include actual charges for tuition, standard fees, room, board, and an estimated allowance for books and supplies, transportation, and personal expenses, including average fees associated with federal student loans. Your actual cost of attendance may vary.

Please note that the estimated cost of attendance changes each academic year. Normally, the Board of Trustees will establish the rate of tuition and fees and room and board in their March meeting for the upcoming academic year. 

Estimated 2018-2019 costs for full-time, degree-seeking, residential students (on-campus or off-campus and not with parents):

Tuition and Fees $55,024
Room and Board $16,934
Books and Supplies $800
Personal Expenses* $1,000
Transportation** $50-$1,500
Total Costs $73,808-$75,258


*The personal expense allowance includes the average Federal Direct Loan origination fee experienced by borrowers in the 2017-2018 academic year.
**The transportation allowance vary by student based on the geographic location of their permanent residence.

 

Estimated Family Contribution (EFC):

Scripps College Office of Financial Aid determines the family contribution by carefully reviewing each family’s financial aid applications including the FAFSA and CSS /Financial Aid PROFILE Forms, along with parent and student tax returns and supporting documentation. Scripps College uses both Federal Methodology(FM) and Institutional Methodology(IM) to determine your EFC.

Federal Methodology is the formula used to determine eligibility for the Federal Pell Grant, Federal Direct Loans, Federal Work-Study, and state scholarship programs such as the Cal Grant.  The EFC is determined from the data provided on the Free Application for Federal Student Aid (FAFSA) and verified using data from federal tax returns and other supplemental documents. FM excludes some forms of income and expenses, and eliminates some assets from consideration, when calculating the EFC.

Institutional Methodology is a formula developed by the College Board used by over 400 colleges and universities in awarding institutional financial aid. Institutional Methodology includes several forms of income, asset, and expense elements not considered under Federal Methodology. We believe that this method of need analysis most accurately determines a family’s ability to pay for college.

Estimated Family Contributions may be made up from a custodial parent contribution, a noncustodial parent contribution, and a student contribution.

The following items are considered:

  • family size
  • number of children enrolled in undergraduate degree programs
  • student income and assets
  • parents’ income and assets (including home equity, business equity, but not retirement accounts)
  • extenuating family circumstances (such as illness or loss of employment)

Our need analysis allows for necessary family expenditures such as taxes, reasonable living costs (if you live in a more expensive area we have greater allowances for cost of living), educational savings for siblings and unusual medical expenses. Our analysis protects a portion of the family’s assets as allowances for emergencies and educational savings. Part of the remaining income and assets is considered to be available for current college expenses.

In addition to a parent contribution, each student is expected to provide a minimum student contribution from income of $1,700 each year for books and personal expenses and a portion of personal savings or assets.

The Financial Aid Award

Once the family’s financial contribution has been determined, Scripps awards a combinations of grants, loans, and work-study to meet the student’s financial need. Outside scholarships may be used to reduce the minimum student contribution from income and self-help awards (i.e., loans and work) before they reduce Scripps College Grants.

Financial Aid for Future Years

Students and families must re-apply for financial aid each year. If the family’s financial circumstance remain relatively stable from year to year, the Estimated Financial Contribution (EFC) and the amount of financial aid should remain fairly stable. If a family’s financial circumstances change from year to year (i.e., changes in income, changes in assets, changes in number of siblings who are undergraduates in college, then the EFC will change.

 

Families should note that the cost of attendance will change each year.  Historically, this change has been approximately 3 to 4 percent each year. In addition, the maximum annual amount of need-based student loans you will receive in your financial aid award will change each year. We cannot guarantee your financial aid award will not change in future years; however, for families whose financial circumstances do not change year-to-year, the amount of need-based grant aid will generally remain the same or increase slightly.

If a domestic student’s family experiences a change in circumstance during the academic year, the student should contact the Office of Financial Aid for more information.

Special Circumstances in Need Analysis

If your parent(s) owns a business, a farm, a partnership or a corporation, it is important that you provide copies of their business tax returns as well as Business/Farm Supplement Form for each separate entity. Many parents have Sole Proprietorship or LLC which may reported on IRS Schedule C.  Some parents have rental properties that are reported on IRS Schedule E. Farms are often reported on IRS Schedule F. If your parents have an IRS Schedule C, Schedule E, or Schedule F, they should include it when they submit their federal tax returns.

If you parent owns part of a partnership,  an LLC, or a corporation that reports income or losses on page 2 IRS Schedule E, you must also provide a copy of all pages their IRS Corporate Tax Return (Form 1120S) or Partnership Tax Return (Form 1065) as well as their K-1 statement(s). Again, a Business/Farm Supplement Form should be completed and submitted for each separate business entity.

Although the business equity from some small businesses are excluded from the federal need analysis, both the business equity and income or losses derived from the business will be considered in the determination of  your estimated family contribution under our institutional methodology.

Financial responsibility for education does not end due to divorce or separation of a student’s parents. Generally, financial information from both parents is used to determine financial need, even if they are divorced or separated. Students whose parents are divorced or separated must have both parents complete their own CSS / Financial Aid Profile application. Under certain limited circumstances, students may appeal to have the PROFILE requirement for the noncustodial parent waived. Additional documentation of the circumstance will be required.

One of the most important factors in determining a parent contribution is your parents’ expected contribution towards the cost of any sibling(s) who plans to attend a post-secondary undergraduate program at least half-time during the academic year while you are enrolled at Scripps. The calculation of the Expected Family Contribution takes into consideration the financial burden placed on a family when more than one sibling is attending college at the same time. For this reason, Scripps will ask students to submit a Sibling Enrollment Verification Form each year if your financial aid award has been based upon having two or more students in college. Should your sibling withdraw or graduate while you are enrolled at Scripps, your financial aid award will be recalculated to reflect this change.

Financial assistance for international applicants is limited. Financial aid for international students is only awarded at the time of admission. Your aid offer will be renewed each year for up to 8 semesters as long as you enroll full-time and make Satisfactory Academic Progress toward your degree.

Financial aid is not re-evaluated for international students. Since your EFC is fixed upon admission, your financial aid award in future years will adjust slightly with the change in cost of attendance. The CSS Profile is required for international students who wish to be considered for financial aid. International students are also required to submit a translated copy of their and their parents most recent tax documents or statement of earnings, and a International Student Certification of Finances.

Net Price Calculator

Because each family’s situation is unique, Scripps College will review all applications thoroughly with consideration given to your special circumstances. The best way to estimate your financial aid award is to use the Scripps College Net Price Calculator.