Total Basic Budget
Family
Resources
Summer Earnings
Self-Help
Expectations
Jobs
Student
Loans
Parent Loans
Other
Loans
Total Grant
Request
for Reconsideration TOTAL BASIC
BUDGET Students' financial aid packages are based on total educational costs
incurred during the academic year. The Committee on Financial Aid will use the
following budgets in 2008-09 to determine the eligibility of each applicant:
| Resident | | | Commuter | | Tuition and Fees:
Room and Board:
Books/Supplies:
Miscellaneous:
Total Basic Budget: | $37,538
$11,926
$1,146
$1,366
$51,976 | | Tuition and Fees:
Lunches at College:
Books/Supplies:
Miscellaneous:
Total Basic Budget: | $37,538
$1,256
$1,146
$1,366
$41,306 | | +travel | | +travel | Barnard
gives each student an allowance toward travel to and from the College. For resident
students who live within a 75-mile radius of New York City there is no travel
allowance. For resident students who live outside the 75-mile radius of New York
City we determine an allowance individually. For commuting students who require
one fare each way for subway/bus we allow $650. For those who commute by train
or by bus other than New York City subway/bus we allow an amount to equal eight
monthly commutation tickets plus one-round-trip subway fare each day. The Committee
on Financial Aid realizes that even though the above allowances are realistic,
they may not reflect the exact expenses incurred by each student. The Committee
believes, however, that the combined allowances will permit the student to meet
her expenses at Barnard for the academic year. Any cost incurred above these allowances
must be assumed by the student and her family.
(Back
to Top) FAMILY RESOURCES
After determining the budget for each financial aid applicant, the
Committee on Financial Aid determines the amount each parent can reasonably be
expected to contribute towards educational costs. The parents' contribution for
Barnard aid is based on information supplied on the CSS Profile Form and documentation
of all income and assets. The Committee on Financial Aid thoroughly reviews each
application and may adjust a parents' contribution whenever there is reason to
believe that information provided on the application form is incorrect or incomplete.
The College will be the sole judge of financial aid to be granted from the College
and may at any time withdraw or discontinue such aid. In addition to parental
resources, each applicant is expected to provide a reasonable amount from her
own assets and other resources to which she may be entitled, such as VA benefits
and faculty remission grants. (Back to Top) SUMMER
EARNINGS Financial aid recipients are also expected to contribute toward
their 2008-2009 college expenses from summer student income. The minimum
student income contributions from financial aid recipients by class are: | First Year |
$1,700 | |
Sophomore |
$1,800 | |
Junior | $1,900 | |
Senior | $2,000 | A
student is usually able to meet her student income contribution from summer earnings.
Some students may have higher expectations as a result of a federally mandated
formula. If that is the case, the loan and/or job portion of the financial aid
package will be reduced. The total grant portion of the package will remain the
same. A student who is unable to meet her minimum student income contribution
should plan to replace the shortfall with increased parental support, additional
academic year earnings or increased borrowing. Barnard cannot increase the total
grant to cover a shortfall in the student income contribution. (Back
to Top) SELF-HELP EXPECTATIONS Barnard
expects each financial aid recipient to borrow and/or work during the academic
year to pay for part of her college expenses. The Committee on Financial Aid has
determined what each student is expected to provide through a loan and/or job.
The amounts which financial aid recipients are expected to provide through self-help
are based upon family financial strength. The total amount that a student
receives through a loan and job award cannot exceed the self-help expectation,
except in cases where the student was unable to provide her summer student income
contribution. (Back to Top) JOBS
To help fulfill self-help requirements, Barnard offers the following:
- Federal College Work Study Program (FCWS)
Priority for
participating in the FCWS Program is given to students demonstrating the greatest
need. This is a federally funded program and is only available to students receiving
grant aid from the College. On- and off-campus jobs are arranged through Career
Development. - Barnard College Job Program
Barnard provides
a variety of on-campus jobs with priority given to students receiving aid directly
from the College. - Placement Assistance for an Off-Campus Job
The Career Development
staff is available to assist students in finding the jobs most appropriate to
their needs. Total earnings in this program are not monitored. These jobs may
be career oriented and they include a wide range of opportunities. A
student who was offered a Barnard College Job, a Federal Work Study award, or
an Off-Campus Job opportunity should make an appointment with a counselor in Career
Development during the first week of the fall term to review job openings
and to arrange for a job interview. Earnings are used throughout the academic
year to pay personal expenses. First-year students work an average of 8 to 10
hours a week and returning students work 10 to 15 hours a week. All first-year
aid recipients are guaranteed on-campus jobs. Sophomores and juniors are offered
both on- and off-campus job opportunities and most seniors are expected to work
off campus. A student working on campus is paid bi-weekly by Barnard College and
each student working off-campus must negotiate directly with the employer on issues
of schedule, salary and length of job. (Back to Top) STUDENT
LOANS The majority of students borrow the loan portion of their
self-help from one of three programs: Federal Stafford Student Loan
Students apply for the Stafford loan from the lender of their
choice. Barnard has lenders we recommend if students do not have a lender in mind.
The Stafford loan can be subsidized (the government pays the interest while you
are enrolled at least half time) or unsubsidized (you pay the interest or let
it accrue while you are enrolled at least half time). A recommended loan amount
may be included in your financial aid package. Annual maximums are $3,500 for
first-year students, $4,500 for sophomores, $5,500 for juniors and $5,500 for
seniors. Interest rates for Stafford loans disbursed after July 1, 2008 are a
fixed 6.0%. Repayment begins 6 months after graduation or 6 months after dropping
below half-time enrollment. Click here to apply for a
loan. Federal Perkins Loan Federal Perkins loans
are awarded by the College to our neediest students. If you were awarded a Perkins
loan, it will be noted in your financial aid award letter. You cannot apply for
a Perkins loan if it is not awarded to you. Perkins loans accrue no interest until
9 months after graduation or until you drop below half-time enrollment. The interest
rate is 5%. Barnard College Loan Barnard loans are
awarded to students on an as-needed basis by the College. If you are awarded a
Barnard College loan, it will be noted in your financial aid award letter. You
cannot apply for a Barnard loan if it is not awarded to you. Barnard loans accrue
no interest until 9 months after graduation or until you drop below half-time
enrollment. The interest rate is 5%. (Back to Top) PARENT
LOANS Parent loans are also available to assist families with the
expected contribution outlined in the financial aid award. Federal
Parent Loan for Undergraduate Students (PLUS) PLUS loans are available
to parents who would like to borrow all or a portion of the family contribution
calculated by Financial Aid. PLUS loans are at a fixed 8.5%. Repayment begins
60 days after full disbursement. Many lenders provide reduced interest rates as
well as flexible repayment options including forbearance (postponing payment for
up to 4 years while interest accrues). Click here to
apply for a loan. (Back to Top) OTHER
LOANS Private or Alternative Loan Programs Barnard
will not process any request for private loan funding on behalf of the student
or parent without first discussing all financing options available to the family.
If you are considering private loan borrowing, please contact Financial Aid before
proceeding. (Back to Top) TOTAL
GRANT The following formula is used to determine a student's
grant aid: Total Basic Budget minus Family Contribution (parents' contribution,
student's income contribution, student's contribution from assets, employee benefits
and other resources) = Financial Need Financial Need minus Self-Help (Loan/Job)
= Total Grant Total Grant = Federal Pell Grant, Federal Academic Competitiveness
Grant (ACG), Federal National Science and Mathematics Access to Retain Talent
(SMART) Grant, state grants, Federal Supplemental Educational Opportunity Grant,
Higher Educational Opportunity Program (HEOP) Grant, Barnard College Grant and
all outside scholarships such as National Merit and High School Awards.
(Back
to Top) REQUEST FOR RECONSIDERATION
A student and her parents may request a reconsideration of the financial
aid award if there has been a change in family circumstances or if the information
provided on the original application was inaccurate. The factors involved in determining
Expected Family Contribution are constrained by law, and where the College has
discretion, our guidelines are the same for all who are in similar economic situations.
Circumstances that could warrant a reconsideration are changes in parents' income,
family size, college enrollment status of siblings, and extraordinarily high medical
expenses. A request for reconsideration must be made in writing and must include
documentation of the change. For example, if a parent is recently unemployed a
request for a review should include documentation of termination of employment
and a careful itemization of estimated 2008 income. The Committee on Financial
Aid will respond to a completed request for reconsideration within 10 days. We
are sensitive to the May 1st response date for newly admitted first-year students
and will try to have all reviews completed by that date. (Back
to Top) | 
