For U.S. students whose calculated family income is $60,000 or less, the loan component of the financial aid package will be replaced with Vassar grant funds beginning in the fall of 2008. The standard package for other first year students demonstrating need, after considering outside grants and scholarships, includes a Stafford Loan and a campus job allocation. Students with need that exceeds these resources receive a Vassar Scholarship to the full extent of their demonstrated financial need.
Grants and Scholarships: Vassar Scholarships come from Vassar’s endowment, money raised by Vassar clubs, and gifts from friends of the college. In addition, students who qualify under the federal guidelines may receive grants from various federal programs — the Supplemental Educational Opportunity Grant program, the Pell Grant program (for students from low to lower-middle income families). Students apply for these programs by completing the FAFSA which is required of all financial aid applicants.
Students who are residents of New York State and are U.S. citizens (or have applied for citizenship) are also required to apply for a TAP (Tuition Assistance Program) grant. Students apply for TAP by listing Vassar as one of the schools on the FAFSA. In the late spring, before they enter college, New York State will send them an Express Tuition Assistance Program Application to complete the process.
Loans:
Stafford Loan is a federal educational loan for students offered at a fixed rate of interest. Anyone who files a Free Application for Federal Student Aid (FAFSA) is eligible to borrow under this program. The loan is available as a need-based subsidized loan at a 6.12% fixed rate of interest (federal government pays the interest while the student is in school), or a non-need based unsubsidized loan at a 6.8% fixed rate of interest (student or family pays the interest quarterly or capitalizes it). In either case there are no principal payments while the student is in school and repayment can extend up to 10 years. Whether the loan is subsidized or unsubsidized is determined by the federal need-analysis formula. Students whose parents do not qualify for a Parent PLUS Loan have increased borrowing limits. Check out the rates and apply with our Preferred Lender List, or your favored lender.
Parent PLUS Loan is a federal loan program for parents of undergraduate students. Parents may choose to help finance the cost of education with this 8.5% fixed rate loan. Vassar College has developed strong working relationships with several lenders that we think offer a quality level of service, low cost and variety of products. Check out the rates and apply with our Preferred Lender List, or your favored lender.
A Perkins Loan is a federal student loan program administered by Vassar College. The loan is awarded to students who demonstrate financial need. The interest rate for this loan is currently 5%, with up to 10 years to repay. Funds for the Perkins Loan are limited and awarded to the students with the greatest need.
The Citiassist Global Loan Program is offered to international students in cooperation with Citibank. The interest rate is prime plus 2%. The student does not need to have established credit, nor does the student need a co-borrower.
Alternative/Private Education Loan is a student loan of last resort. This is a private loan that the student can take to cover a portion of the costs if the parent is not able to pay with a PLUS loan or other means. Student should only borrow what they need above federal Stafford Loan borrowing limits. Check with the Financial Aid Office if you have questions about which loan you should borrow and the amount you can borrow. Interest rates and terms can vary widely; normally the student will need a co-borrower. Check out the rates and apply with our Preferred Lender List, or your favored lender.
Jobs: A campus job is part of every offer of financial assistance from Vassar College. The Office of Student Employment gives first priority for job placements to financial aid students. After those students have had the opportunity to secure employment, the remaining jobs are made available to non-financial aid students.
Jobs on campus cover a wide range of activities: shelving books in the library, office work in administrative and academic offices, computer center services, faculty interns, and the like. The funding source, Federal College Work Study (CWS) or Vassar-supplied employment funds (ISEP), does not affect most job placements. Off-campus literacy programs are generally the only placements that require CWS.
First year students are permitted to work eight hours per week and can anticipate earning about $1,600 during the year.
Other Sources of Aid: The Financial Aid Office urges applicants for financial aid to explore all possible sources of funds. Many companies and organizations offer scholarships to children of their employees. If your state has a scholarship program, be sure to apply.
