Financial Aid

Financing Reed

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The Financial Aid Handbook has information for continuing Reed students.

Other topics

International students
Special circumstances
House advisers (HA)
Off-campus and foreign study
Withdrawals and leaves

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International students

Limited funds are available to assist international students who demonstrate need. The process used to determine if an international student will receive aid is very selective and is based on the strength of the candidate's application for admission. In a typical year, 90 to 100 qualified international freshman and transfer applicants compete for 10 to 20 awards. All offers of financial assistance includes grants, work opportunities, and loans. Loans must be repaid to the college.

Entering students who wish to be considered for financial aid must complete the College Board PROFILE. Fee waivers are available from the financial aid office for applicants who also qualify for an admission application fee waiver. To finalize an offer of financial aid, entering international students must submit the Certification of Finances form and provide documentation of income and assets.

Continuing students who wish to be considered for financial aid must submit the College Scholarship Service’s (CSS) Profile by April 1 each year to be considered for financial aid in each subsequent year.

Special circumstances

Because the need analysis formula is standardized, modifications might be necessary to fairly assess the expected family contribution in some individual circumstances. If your family has unique, documentable circumstances that affect your ability to contribute toward your educational expenses, you may request that the financial aid office reevaluate your eligibility for assistance based on those circumstances. Requests for reevaluation must be in writing and must include a detailed description of your family's unique circumstances.

Special circumstances are defined as unique conditions that exist for an individual student, not conditions that exist for a whole class of students. Examples of unique circumstances include substantial unreimbursed medical expenses, an involuntary reduction in income due to company downsizing, or loss of benefits (such as Social Security benefits). Lifestyle choices, such as mortgage and car payments, consumer debt, yearly fluctuations in income (due to loss of overtime, bonuses, etc.), or early retirement (before age 65) are not considered to be unique circumstances, and adjustments to the need analysis formula will not be made to reflect these conditions.

Requests for reevaluation of a financial aid package should be made within one month from the date of the original financial aid award offer, or as soon as possible after a change in a family’s financial circumstances. Often, financial aid funds are committed by July 1 for the following school year, and the college is unable to provide additional funding even though additional need is demonstrated.

House advisers

If you are hired as a house adviser (HA), your financial aid will not change in the first year you serve as an HA. In subsequent years, however, you are required to report the value of any compensation received (such as a free room and board) as untaxed income on the FAFSA and Profile. If you have other taxable and/or non-taxable income in addition to your HA compensation, your eligibility for some federal programs may be affected. The amount of income generated as a result of your HA compensation will be removed from the college's calculation of your contribution from income before determining your eligibility for institutional grant funding; therefore, any required reduction in your eligibility for financial assistance will be in the loan component of your financial aid package.

Off-campus and foreign study

Students who participate in one of the college's official off-campus study programs have their eligibility for financial aid based on the actual cost of the appropriate program.

 The college provides institutional financial aid consideration for only four years. The year (or semester) you participate in an off-campus study program counts towards this total eligibility. If it is necessary for you to be at Reed for a ninth semester because of your participation in an off campus study program, you will not be eligible for institutional financial aid for the extra semester; however, you would still be able to participate in federal financial aid programs.

The process of re-applying for financial aid while you are on an off-campus study program is the same as if you were still at Reed.

Withdrawals and leaves

Students who leave the college must notify appropriate offices, including student services, registrar, business office, and financial aid office. Students who withdraw or take a leave before the first day of classes will have their charges and their financial aid canceled for the period of non-enrollment.

Students who withdraw or take a leave after the first day of classes may be entitled to a refund. The refund of tuition and room and board is based on the percentage of the payment period completed by the student. The effective withdrawal or leave date, established by the student services office, determines the specific period of completion. No refunds of, or adjustments to, the student body fee or the student health insurance fee are made. Non-federal Title IV financial aid, including but not limited to institutional grants, outside scholarships, and state grants with no federally matched funds will be refunded according to this refund percentage.

For students who are recipients of federal Title IV financial aid, additional calculations must be made for refunds. First, the college calculates the amount of Title IV aid earned by the student for the percentage of payment period completed. If the percentage of payment period completed is greater than 60 percent, the student is considered to have earned 100 percent of their Title IV aid; otherwise, they have earned the actual percentage calculated. Second, the college compares the amount earned with the amount disbursed to determine the amount that must be returned to the Title IV programs. The amount disbursed is that aid awarded and disbursed to the student's account, plus the Title IV aid awarded that could have been disbursed to the student's account (such as memo balances). Third, the college determines the amount of Title IV aid that must be returned to the Title IV programs by the college and by the student. Aid is returned to the Title IV program in the following program order: unsubsidized Direct Loan, subsidized Direct Loan, Federal Perkins Loan, Federal PLUS Loan, Federal Pell Grant, Federal Supplemental Educational Opportunity Grant, and other Title IV programs such as Byrd Scholarships and state grants with federally matched funds. The business office has more detailed information on the refund policy.

Students who withdraw or take a medical leave of absence must be approved to return to the college before eligibility for financial aid will be reinstated.

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