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Dartmouth Scholarships
Once the self-help (job/loan) portion of a financial aid package has been determined and all outside resources have been included, the remaining need is met with Dartmouth scholarship funds. Dartmouth Scholarships are need-based and are awarded to students without legal expectation of repayment. Amounts vary, but in general the scholarship award will make up the difference in need after all components of the package have been awarded. They may range from $1,000 to over $50,000, depending on the expected family contribution and the cost of attendance. Dartmouth scholarship is limited to 12 terms of enrollment.
During their time at Dartmouth, some students will be selected as recipients of one or more of our over 700 endowed scholarship funds. No separate application is required; students are selected to meet the particular preferences associated with each fund. These awards do not represent additional aid beyond that already awarded, but simply that the scholarship funds already awarded to the student are now coming from a specific funding source rather than from the general scholarship budget. Most students receiving these funds are required to write their donor a note of thanks annually; many have the opportunity to correspond with or even meet their donors, which can lead to beneficial connections and potential networking opportunities.
Federal Pell Grants
Pell Grants are grants provided by the federal government to students who qualify on the basis of financial need as determined by their Free Application for Federal Student Aid (FAFSA). For 2011-12, grants range from $555 to $5,550.
Federal Supplemental Educational Opportunity Grants (FSEOG)
Funded by the federal government, these grants are awarded by the College to the most needy students. They vary in amount but cannot exceed $4,000 a year.
State Grant Programs
Some states, eg. Connecticut, Maine, Massachusetts, New Hampshire, Pennsylvania, Rhode Island, Vermont, etc., have need-based grants available for eligible undergraduate students which may be used at Dartmouth College. State grants are included in a student's overall grant eligibility. Funds are not included in award until they are received from the state, at which time they will reduce Dartmouth scholarship, dollar-for-dollar.
Student Loans
The College will continue its commitment to provide free tuition and a no-loans expectation for students with family incomes under $75,000 a year or less — part of a policy it instituted under which the no-loan policy was extended to all financial aid recipients regardless of income. However, beginning with the Class of 2015, Dartmouth will meet financial aid needs of students with family incomes of $75,000 and higher through a mix of employment, loans and scholarships. Students from prior classes will not be affected.
Additional loans are often available and can be added to your award at your request anytime during the academic year.
Institutional Loans
Dartmouth Educational Association (DEA) Loans are need-based loans from a fund supported by Dartmouth alumni. Terms are the same as described below for Federal Perkins loans.
Dartmouth Educational Loan Corporation (DELC) provides need-based loans for students beyond that available from federal loan funds. The variable interest rate is reset annually. In 2011-12 the rate is 6.8%. Loans are cosigned by parents and students. Interest accrues from the date of borrowing, but payments of principal will not begin until three months after students have left Dartmouth. A credit check is required.
Foreign Student Loans are loans awarded to undergraduate international students from Dartmouth College funds and are based solely on need. The interest rate is 7%, and the repayment terms are the same as described below for Federal Perkins loans.
* Dartmouth College Loan Disclosure Form
* DELC Loan Disclosure Form
Federal Perkins Loan
Perkins Loans are need-based federal loans and are awarded to the neediest students at Dartmouth. Federal regulations limit these loans to $5,500 per year and $27,500 for the undergraduate career. No interest accrues and no repayment is expected while a student is enrolled in an institution of higher education at least half-time and for nine months thereafter. Repayment of principal then begins and interest is charged at the rate of 5%. The minimum monthly repayment is $50 and the maximum repayment period is 10 years.
Federal Direct Stafford Loans
Through the William D. Ford Direct Lending program, borrowers receive federal loan funds directly from the U.S. Department of Education. For need-based subsidized loans, the federal government pays the interest until the loan goes into repayment status, usually six months after the student borrower is no longer enrolled at least half-time. The Federal Direct Unsubsidized Stafford Loan, open to students who may not qualify for subsidized loans or who may qualify for only a partially subsidized loan, has the same terms and conditions except that the student borrower is responsible for interest that accrues while he/she is in school.
Through the Federal Direct Stafford Loan program, the amount students are eligible to borrow depends on their year in school:
* First-year students can borrow up to $5,500. The maximum amount a student can borrow in a Subsidized Direct Stafford Loan is $3,500. They would then be eligible for another $2,000 in Unsubsidized Direct Stafford Loan funding.
* Second-year students can borrow up to $6,500. The maximum amount a student can borrow in a Subsidized Direct Stafford Loan is $4,500. They would then be eligible for another $2,000 in Unsubsidized Direct Stafford Loan funding.
* Third and Fourth-year students can borrow up to $7,500. The maximum amount a student can borrow in a Subsidized Direct Stafford Loan is $5,500. They would then be eligible for another $2,000 in Unsubsidized Direct Stafford Loan funding.
Interest rates are fixed, but vary between the two programs (3.4% for subsidized loans in 2011-2012, 6.8% for unsubsidized loans). An origination fee of .5% of the principle amount borrowed is deducted from each disbursement for both programs. More information concerning your educational loan options can be found on the Financing Options section of this website. New borrowers must complete a Master Promissory Note and Entrance Counseling Session online at StudentLoans.gov.
Private Alternative Loans
There are several private student loan programs available that can be found using a quick Internet search. We strongly recommend that you consider a private alternative education loan only after all other types of federal and institutional financing options have been exhausted. Please contact a financial aid officer to discuss the method of financing that is in your best interest.
Your ability to obtain private education funding is largely based on your credit-worthiness and your current aggregate indebtedness. We suggest that you consider using a cosigner, which may help to reduce the cost of the loans and to ease the approval process. Citizenship status is also a consideration for many programs.
If you plan on borrowing an alternative loan, please pay careful attention to the loan terms (interest rates, fees, payment obligations, etc.). These terms vary widely from lender to lender and from loan program to loan program. Most alternative loans do not offer deferment or forbearance options if you have difficulty repaying your loan, so check your loan documents carefully. If you experience problems during repayment, contact your lender immediately. More information about private alternative loan programs can be found on the Financing Options section of this website or by contacting the Financial Aid Office.
Loans for International Students
Other than the Foreign Student Loans offered by Dartmouth, loans for international students are very limited right now due to current financial markets worldwide. Contact the Financial Aid Office for more information.
Once the self-help (job/loan) portion of a financial aid package has been determined and all outside resources have been included, the remaining need is met with Dartmouth scholarship funds. Dartmouth Scholarships are need-based and are awarded to students without legal expectation of repayment. Amounts vary, but in general the scholarship award will make up the difference in need after all components of the package have been awarded. They may range from $1,000 to over $50,000, depending on the expected family contribution and the cost of attendance. Dartmouth scholarship is limited to 12 terms of enrollment.
During their time at Dartmouth, some students will be selected as recipients of one or more of our over 700 endowed scholarship funds. No separate application is required; students are selected to meet the particular preferences associated with each fund. These awards do not represent additional aid beyond that already awarded, but simply that the scholarship funds already awarded to the student are now coming from a specific funding source rather than from the general scholarship budget. Most students receiving these funds are required to write their donor a note of thanks annually; many have the opportunity to correspond with or even meet their donors, which can lead to beneficial connections and potential networking opportunities.
Federal Pell Grants
Pell Grants are grants provided by the federal government to students who qualify on the basis of financial need as determined by their Free Application for Federal Student Aid (FAFSA). For 2011-12, grants range from $555 to $5,550.
Federal Supplemental Educational Opportunity Grants (FSEOG)
Funded by the federal government, these grants are awarded by the College to the most needy students. They vary in amount but cannot exceed $4,000 a year.
State Grant Programs
Some states, eg. Connecticut, Maine, Massachusetts, New Hampshire, Pennsylvania, Rhode Island, Vermont, etc., have need-based grants available for eligible undergraduate students which may be used at Dartmouth College. State grants are included in a student's overall grant eligibility. Funds are not included in award until they are received from the state, at which time they will reduce Dartmouth scholarship, dollar-for-dollar.
Student Loans
The College will continue its commitment to provide free tuition and a no-loans expectation for students with family incomes under $75,000 a year or less — part of a policy it instituted under which the no-loan policy was extended to all financial aid recipients regardless of income. However, beginning with the Class of 2015, Dartmouth will meet financial aid needs of students with family incomes of $75,000 and higher through a mix of employment, loans and scholarships. Students from prior classes will not be affected.
Additional loans are often available and can be added to your award at your request anytime during the academic year.
Institutional Loans
Dartmouth Educational Association (DEA) Loans are need-based loans from a fund supported by Dartmouth alumni. Terms are the same as described below for Federal Perkins loans.
Dartmouth Educational Loan Corporation (DELC) provides need-based loans for students beyond that available from federal loan funds. The variable interest rate is reset annually. In 2011-12 the rate is 6.8%. Loans are cosigned by parents and students. Interest accrues from the date of borrowing, but payments of principal will not begin until three months after students have left Dartmouth. A credit check is required.
Foreign Student Loans are loans awarded to undergraduate international students from Dartmouth College funds and are based solely on need. The interest rate is 7%, and the repayment terms are the same as described below for Federal Perkins loans.
* Dartmouth College Loan Disclosure Form
* DELC Loan Disclosure Form
Federal Perkins Loan
Perkins Loans are need-based federal loans and are awarded to the neediest students at Dartmouth. Federal regulations limit these loans to $5,500 per year and $27,500 for the undergraduate career. No interest accrues and no repayment is expected while a student is enrolled in an institution of higher education at least half-time and for nine months thereafter. Repayment of principal then begins and interest is charged at the rate of 5%. The minimum monthly repayment is $50 and the maximum repayment period is 10 years.
Federal Direct Stafford Loans
Through the William D. Ford Direct Lending program, borrowers receive federal loan funds directly from the U.S. Department of Education. For need-based subsidized loans, the federal government pays the interest until the loan goes into repayment status, usually six months after the student borrower is no longer enrolled at least half-time. The Federal Direct Unsubsidized Stafford Loan, open to students who may not qualify for subsidized loans or who may qualify for only a partially subsidized loan, has the same terms and conditions except that the student borrower is responsible for interest that accrues while he/she is in school.
Through the Federal Direct Stafford Loan program, the amount students are eligible to borrow depends on their year in school:
* First-year students can borrow up to $5,500. The maximum amount a student can borrow in a Subsidized Direct Stafford Loan is $3,500. They would then be eligible for another $2,000 in Unsubsidized Direct Stafford Loan funding.
* Second-year students can borrow up to $6,500. The maximum amount a student can borrow in a Subsidized Direct Stafford Loan is $4,500. They would then be eligible for another $2,000 in Unsubsidized Direct Stafford Loan funding.
* Third and Fourth-year students can borrow up to $7,500. The maximum amount a student can borrow in a Subsidized Direct Stafford Loan is $5,500. They would then be eligible for another $2,000 in Unsubsidized Direct Stafford Loan funding.
Interest rates are fixed, but vary between the two programs (3.4% for subsidized loans in 2011-2012, 6.8% for unsubsidized loans). An origination fee of .5% of the principle amount borrowed is deducted from each disbursement for both programs. More information concerning your educational loan options can be found on the Financing Options section of this website. New borrowers must complete a Master Promissory Note and Entrance Counseling Session online at StudentLoans.gov.
Private Alternative Loans
There are several private student loan programs available that can be found using a quick Internet search. We strongly recommend that you consider a private alternative education loan only after all other types of federal and institutional financing options have been exhausted. Please contact a financial aid officer to discuss the method of financing that is in your best interest.
Your ability to obtain private education funding is largely based on your credit-worthiness and your current aggregate indebtedness. We suggest that you consider using a cosigner, which may help to reduce the cost of the loans and to ease the approval process. Citizenship status is also a consideration for many programs.
If you plan on borrowing an alternative loan, please pay careful attention to the loan terms (interest rates, fees, payment obligations, etc.). These terms vary widely from lender to lender and from loan program to loan program. Most alternative loans do not offer deferment or forbearance options if you have difficulty repaying your loan, so check your loan documents carefully. If you experience problems during repayment, contact your lender immediately. More information about private alternative loan programs can be found on the Financing Options section of this website or by contacting the Financial Aid Office.
Loans for International Students
Other than the Foreign Student Loans offered by Dartmouth, loans for international students are very limited right now due to current financial markets worldwide. Contact the Financial Aid Office for more information.
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