The Higher Education Opportunity Act (HEOA) of 2008 requires disclosure of policies that can affect students in colleges and universities. The following information about Financial Aid is disclosed to you as a student at Olin College in compliance with federal law. It is also intended to help you understand your Rights and Responsibilities as a student receiving financial aid.
Please visit our Consumer Information page for a complete listing of required disclosures.
The U.S. Department of Education requires that certain financial aid applications be verified. Olin College verifies all applications selected by the U.S. Department of Education, as well as institutionally selected applications. In addition, the College is required to clarify any unclear or conflicting information in a financial aid application. If additional documentation is necessary, the College will notify the student directly. Please respond to the request for documentation within the deadlines indicated.
NOTE: For incoming students, your financial aid offer is tentative until verification documents are received and reviewed. If you are aware of discrepancies in income or assets, please make necessary corrections to your FAFSA at www.fafsa.ed.gov. Use of the IRS Data Retrieval process ensures the most accurate financial aid offer. Students will be advised of any changes to aid due to verification.
Appeal Process / Special Circumstance
Fluctuations in income are expected from year to year, and on their own are not the basis for additional aid. There are times where family circumstances have changed which have an impact on financial aid eligibility. Students may submit an appeal detailing the change. These requests will require supporting documentation.
Students are required by the federal government to update the Financial Aid Office regarding certain changes that occur during the academic year. The following changes MUST be reported:
- Number of family members in the household
- Number of siblings attending college
- Student’s enrollment status
- Student’s housing status
* A change to any of the above factors could result in an adjustment to the financial aid award.
Disbursement of Aid
Aid is disbursed and posted by the Student Accounts Office at the beginning of each semester for which it is intended. All eligibility criteria are reviewed prior to disbursement. Student accounts will issue a refund due to any student with a credit balance. Federal Pell Grant recipients may be eligible for an earlier refund to help pay for books and supplies. Contact the student accounts office with questions.
Students are required to inform the College of any grants, scholarships, or benefits received from outside sources. Please provide a copy of the award notification as soon as possible. An outside award that is restricted to tuition will reduce your Olin Tuition Scholarship only if it exceeds the remaining tuition.
It is our policy to use the first $3,500 of outside scholarships to reduce the amount you may need to borrow. We will be required to reduce Olin Need-Based Grant if the value of outside scholarships exceed $3500.
Scholarship funds are divided equally between the fall and the spring semesters. We will not automatically renew an award from a previous year without an annual notice from the agency indicating renewal.
Satisfactory Academic Progress (SAP)
Federal regulations require that students receiving financial assistance meet certain standards of Satisfactory Academic Progress. This means that the student is making progress toward completing their degree in a manner determined by the school. Financial Aid follows the same academic criteria as the Committee on Student Academic Performance (COSAP) and the standard applies to both Federal and Institutional funding received by the student. In addition to this COSAP review, financial aid staff will review pace of progression in cooperation with the Registrar. The quantitative calculation of pace of progression differs from the College quantitative measure in the treatment of transfer credits. Both standards must be met for continued financial aid eligibility. Specific criteria may also exist for particular awards. Students who are not in Good Academic Standing will be placed on Financial Aid Warning. During this warning period students continue to receive financial assistance. If at the end of the warning period the student is not meeting required standards, they may be placed on Financial Aid Suspension until such time as they are meeting the required standard. During Financial Aid Suspension, students are not eligible for financial assistance –this includes all federal and institutional aid, and private loan funding. Appeals to these decisions may be made to the Director of Financial Aid. The SAP Policy contains specifics regarding the review and appeal process.
Direct Loan Borrowers
The Department of Education has developed a comprehensive resource at StudentAid.gov to provide consumer information to students and parent borrowers.
- Student Loan Master Promissory Note Terms and Conditions
- Parent Loan Master Promissory Note Terms and Conditions
Students who borrow through the Federal Direct Loan program are required to complete Entrance Counseling to advise them of their Rights and Responsibilities with regard to borrowing a student loan. Entrance Counseling must be completed prior to the first disbursement of your student loan.
Students are also required to comple an Annual Student Loan Acknowledgement every year. As a first time borrower the acknowledgement process informs the student of the average loan and paymnet for a student at the applicable institution, as well as the average salary upon completion of the credential. Each subsequent year the borrower will affirm the amount they have borrowed to date and will have an opportunity to review updated school data.
Exit Counseling is required and completed upon graduation and/or less than half-time enrollment. Borrowers who withdraw from the College must complete this requirement as part of the withdrawal process.
Students and parents with an executed Master Promissory Note (MPN) should note that the loan will be submitted to the National Student Loan Data System (NSLDS), and will be accessible to guaranty agencies lenders, and institutions determined to be authorized users of the data system.
Requirements for Return of Title IV, HEA Grant or Loan
Students who withdraw from Olin College must file a College Withdrawal Form with the Assistant Dean of Student Affairs for Advising. Students who withdraw from all classes before the 60% point in a semester may be required to repay all or a portion of the Title IV financial aid they received for that semester. The exact amount to be returned will vary depending on the amount of aid received and at what point during the semester the student withdraws from the college.
If a recipient of Title IV grant or loan funds withdraws after beginning attendance in a term, the amount of Title IV grant or loan assistance earned by the student must be determined. The amount earned is calculated by taking into consideration the percentage of the semester completed and the amount of aid the student was eligible to receive. This is known as the Return to Title IV calculation. If the amount disbursed to the student is greater than the amount the student earned, the unearned funds must be returned. If the amount disbursed to the student is less than the amount the student earned, and for which the student is otherwise eligible, he or she is eligible to receive a post-withdrawal disbursement of the earned aid that was not received.
Students who withdraw after the 60% point of the semester will have fully earned their Title IV aid and no funds will be returned.
Note that this refund policy applies to Title IV HEA funds, both Institutional charges and Institutional financial aid will be subject to the refund schedule provided by Student Accounts. Students owing a balance to the college due to the return of funds will receive a revised statement of account.
Federal Student Financial Aid Penalties for Drug Law Violations
A conviction for any offense, during a period of enrollment for which a student received Title IV, HEA program funds, under any federal or state law involving the possession or sale of illegal drugs will result in the loss of eligibility for any Title IV, HEA grant, loan, or work study assistance (HEA Sec.484(r)(1);(20 U.S.C. 1091(r)(1)). Students convicted for such offenses may regain the eligibility according to the following schedule: Penalties for Drug Convictions.
Financial aid is available for students who plan to study away. Olin is committed to continuing to meet your financial need for your away semester. Students who are planning to study away should meet with the financial aid staff to discuss options and eligibility. A Consortium/Contractual Agreement is required of all students receiving need based aid or student loans. See the Study Away guidelines for additional information.
Statement of Ethical Principles and Code of Conduct for Institutional Financial Aid Professionals:
Department of Education regulation requires a school that participates in an FSA loan program to establish and enforce a code of conduct that includes bans on:
- Revenue-sharing arrangements with any lender,
- Steering borrowers to particular lenders or delaying loan certifications, and
- Offers of funds for private loans to students in exchange for providing concessions or promises to the lender for a specific number of FSA loans, a specified loan volume, or a preferred lender arrangement.
This code of conduct applies to the officers, employees, and agents of the school and must also prohibit employees of the financial aid office from receiving gifts from a lender, guaranty agency or loan servicer.
This code also prohibits financial aid office staff (or other employees or agents with responsibilities with respect to education loans) from accepting compensations for:
- Any type of consulting arrangement or contract to provide services to or on behalf of a lender relating to education loans; and
- Service on an advisory board, commission, or group established by lenders or guarantors, except for reimbursement for reasonable expenses.
As an Institutional member of the National Association of Student Financial Aid Administrators (NASFAA), Olin College supports and adheres to the Statement of Ethical Principles and Code of Conduct established by NASFAA in November 2017 and November 2019 respectively.