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George Fox University | Offices and Services | SPS
Professional Studies Financial Aid InformationWhy do we think financial aid is so important?At George Fox University, we know that choosing a college or university involves many different factors --including cost. While financial limitations often prevent students from attending the university of their choice, many students don't explore the financial aid possibilities available to them. That's why we want to provide you with all the information we can to help you make the right decision. When you explore what it will cost you to attend George Fox University--or any other college--remember: There is a real difference between the total cost of your education (tuition, living expenses, books, fees, and other expenses) and the amount you're expected to pay. Financial aid is meant to reduce the gap between the two. To make an informed decision, you need to consider that total cost, as well as the amount you are expected to contribute and the amount and type of financial aid you are offered. While it is ultimately your responsibility to fund your own college education, George Fox University staff members are here to answer your questions and help you through the financial aid process. A college education is quite an investment, and students are wise to consider the value of an education in comparison to its cost. At George Fox University, we offer a nationally recognized academic program that integrates faith and learning in a Christ-centered environment. Recognized by U.S. News & World Report magazine as one of "America's Best Colleges" for over 10 consecutive years, we provide our students with the educational excellence, social development, and spiritual foundation they need to reach their fullest potential. We are big enough to offer a wide variety of majors and small enough to call each student by name. That personal commitment extends to our "financial aid mission" as well. Not only will we do everything possible to help make it financially affordable for you to enroll at George Fox University, we are devoted to making it possible for you to graduate from George Fox. We endeavor to support our mission in the following ways:
We are committed to serving all of our students as Jesus would, by helping them grow to be their very best as we build relationships with love, concern, compassion, and good stewardship. We look forward to your joining our campus soon. What is financial aid?In most cases, the cost of a college education is met by funds from several sources. While the responsibility for financing an education rests with each student and his or her family, other sources of funding include financial aid from loans, employer reimbursement, grants, and scholarships. What are the types of awards?Scholarships are considered "gift aid" and do not need to be repaid. Scholarships are usually based on a student's particular skills, achievements, or personal attributes -- traits a donor wishes to recognize and encourage. FastWEB is a free scholarship search you can do on-line! Grants are also considered "gift aid" and do not need to be repaid. Grants are usually based on a student's financial need. The federal Pell Grant falls into this category. Loans are considered "self-help" aid because the student must repay the balance and the interest accrued. Loans are educational funds provided by the federal government through George Fox University. Interest rates are low, and repayment does not begin until the student graduates or ceases to be enrolled at least half time. Depending on the student's financial situation and the availability of funds, two types of federal loans may be offered: the Subsidized Stafford Loan, and the Unsubsidized Stafford Loan. Note that interest does not begin to accrue on the Subsidized Stafford Loan until the student graduates or ceases to be enrolled at least half time. You must meet the eligibility requirements of the programs from which you receive assistance, including maintaining satisfactory academic progress toward a degree, maintaining a minimum grade point average, demonstrating financial need, and other specific conditions of federal, state, or university regulations. Where can I get more information on financial aid?In addition to talking to your financial aid counselor, you can call 800-4-FED-AID or refer to publications including The Student Guide and Funding Your Education. You will also find information on the World Wide Web at the following addresses:
Financial need is determined by a uniform method of analyzing the information provided by you and your family on the Free Application for Federal Student Aid (FAFSA). The need analysis helps the university determine the contribution each family is expected to make. The difference between your expected family contribution and the cost of attendance at the university is the need that financial aid attempts to meet. Need is determined by the following formula: Cost of Attendance - Student/Family Contribution = NeedThe "cost of attendance" can only approximate the actual cost of your education because it includes both fixed and variable costs. Tuition and fees are usually the same for all students, but other expenses will vary according to your personal spending habits and your choice of housing and curriculum. Variable expenses include room and board, transportation, medical insurance, personal expenses, and other items. The "student/family contribution" is determined from calculations prescribed by federal law. You and your family have the primary responsibility for paying for the cost of your education. Your parents (if you are a dependent) or your spouse (if you are married) are expected to contribute toward meeting your educational expenses. 1. Student contributions from taxable incomeThe Free Application for Federal Student Aid (FAFSA) collects information regarding the previous year's income for you, your spouse, and your parents, as appropriate. Taxes, typical living expenses, and other expenses allowed by law are subtracted from your reported income, and a portion of what remains is assumed to be available to help pay for your education. 2. Student contributions from assets and untaxed income On the FAFSA, you must report resources such as veterans benefits, Social Security, ADC, AFDC, child support, and other untaxed income. A percentage of these, in addition to earned income and a percentage of both parents' and student's assets, will be considered available to help meet college expenses. In addition to asset and income information, the "student/family contribution" is also based on factors including family size, the number of family members in college, and whether the student is considered "dependent" or "independent." Students are INDEPENDENT if at least one of the following are true . . .
How will my financial need be met? Virtually every George Fox student who can demonstrate financial need is awarded funds to assist in meeting the cost of attendance. Need may be met with financial aid, including grants, scholarships, and loans. Whenever federal funds are part of the financial aid package, the total of all aid cannot exceed the need determined by the FAFSA. Exceptions to this rule include the Unsubsidized Stafford Loans, which may be borrowed regardless of need or financial aid provided. Outside scholarships are not an exception to this rule. If you are offered an outside scholarship after receiving a financial aid award, it may be necessary to reduce part of your original financial aid award -- usually a loan -- to avoid exceeding your determined need. What is the time line for the financial aid process?When should I apply for financial aid? File the FAFSA after January 1. You will need your income tax information to do this, but it is also acceptable to estimate these figures if necessary. For residents of Oregon interesting in applying for private scholarships and grants, the application deadline for the Oregon Student Assistance Commission is March 1. What happens after I file the FAFSA? After you have received and accepted an award offer and completed all necessary paperwork for any loans you accepted, the aid will be applied to your student account. What Types of Awards are Available?Grants Federal Pell Grant - Eligibility for the federal government's Pell Grant is determined by the information you submit on the FAFSA. The processor will send a Student Aid Report (SAR) to your home address, indicating whether you are eligible. Veterans Administration (V.A.) Assistance - The university is listed with the U.S. government as a recognized institution of higher education for the training of veterans. All prospective students eligible for V.A. assistance should write to the university registrar for V.A.-approved program information and follow procedures required by the Veterans Administration for transfer of training credits to George Fox University. To be recommended for V.A. assistance, you must continue as a bona fide registrant throughout the semester, meet the minimum academic standards of the university for enrollment, and show progress toward degree completion. LoansFederal Stafford Loans -- Subsidized and Unsubsidized - The university participates in the Direct Loan Program, which awards the Federal Subsidized Stafford Loan and the Federal Unsubsidized Stafford Loan. Eligibility for the Direct Loan Program is based on the information you provide on the FAFSA. The subsidized loan is based on financial need, and the government will pay the interest on the loan until six months after you graduate or cease to be enrolled at least half time. The unsubsidized loan is not need based, although you must file the FAFSA to be awarded a Stafford loan. Borrowers are responsible for paying the interest quarterly or capitalizing it until the time of repayment. For more informaiton on student loans, please click here. Borrowing Limits for direct Stafford Loans:
Independent students can qualify for up to an additional $4,000 of Unsubsidized loans for Freshmen and Sophomore years, and up to $5,000 for Junior and Senior years. Note: You cannot borrow more than the cost of education as determined by the budget for the school year. As with any loan, borrow only the amount you will actually need to cover expenses. For the Federal Stafford Loan Program, the interest rate is fixed at 6.8 percent. Repayment begins six months after you graduate or cease to be enrolled at least half time. A 1 percent origination fee must be paid to the federal government, reducing the amount of money you actually receive. |
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