Financial Aid Programs
Reed’s financial aid program includes federal, state, and institutional funding sources. Financial aid may be in the form of grants, loans, and student employment opportunities. All Reed grants are based on need; we offer no merit-based grants or scholarships.
The primary source of grant assistance at Reed is the college itself. Reed budgeted approximately $26 million in grant funds for the 2017-18 academic year. The average financial aid package (grants, student employment, and loans) for students receiving need-based financial aid is $45,456.
Students who qualify for institutional grant funding, receive an initial financial aid package that includes a Reed grant. The Reed grant fund includes funds from the operating budget as well as income from endowed scholarships and restricted gifts. Over one-fourth of the Reed grant fund comes from need-based endowed scholarships and restricted gifts created by alumni, parents, and friends of the college. Each fall, the financial aid office notifies those students whose Reed grant has been funded by an endowed scholarship or restricted gift. Students may be asked to write thank-you notes to the donors of the scholarships that funded their Reed grants.
Federal Pell Grants
These grants, awarded by the federal government, are based primarily on parent and student income, and determined financial need. Pell grants range up to a maximum of $5,920 for the 2017-18 academic year.
Federal Supplemental Educational Opportunity Grants
These grants, also known as SEOGs, are federal funds disbursed by Reed to Federal Pell Grant recipients who demonstrate exceptional financial need. SEOGs at Reed are typically $750 for an academic year.
Financial aid packages at Reed include a student loan. The amount of packaged student loan for domestic, first-year students is $3,500; $4,500 for sophomores, $5,500 for juniors, and $5,500 for seniors.
William D. Ford Federal Direct Loans
There are two types of Direct Loans: subsidized and unsubsidized. To be eligible for an interest-subsidized loan, a student must demonstrate financial need. Most Direct Loans included in a need-based financial aid package are subsidized. The federal government pays the interest on subsidized loans while the student is enrolled. The federal government does not pay the interest on unsubsidized loans. Effective July 1, 2017 through June 30, 2018, the annual interest rate for the subsidized and unsubsidized loan is 4.45 percent for undergraduate and 6.0 percent for graduate borrowers. Monthly repayment is usually made over a period of 10 years and begins six months after graduation or when the student ceases to be enrolled at least half time. The interest on an unsubsidized loan begins to accrue as soon as the loan is borrowed; however, the student may request a deferment of these interest payments while in school.
On-campus student work opportunities are available to Reed students. Students who qualify for Federal Work Study (FWS) can work in either on-campus or certain off-campus positions. Students with financial need who do not qualify for FWS are awarded Reed Work Study as part of their financial aid awards. Reed Work Study is funded by the college. Federal Work Study is funded in part by the federal government along with a Reed college match. The work portion of a financial aid award is usually $1,750 per year. To earn their full work award, students typically work about 4 to 6 hours per week .