A complete financial aid application is required for initial consideration and renewal of all institutional need-based funds. Consideration for and renewal of merit-only funds does not require the filing of a financial aid application. Every student who provides a complete financial aid application is offered self-help assistance in the form of a Federal Direct Student Loan and, possibly, work-study.
Stonehill attempts to meet every student’s financial need with institutional and government resources. Because sufficient resources are not always available to meet 100% of every student’s need; there is considerable competition for funds. Priority is given to students who demonstrate exceptional need, perform at outstanding academic levels, and complete the application process by stated deadlines.
To determine a student’s need for the purpose of awarding its own funding, the College uses an institutional methodology rather than the federal methodology which is calculated through the Free Application for Federal Student Aid (FAFSA). While the FAFSA is used to determine eligibility for government funds, the College Scholarship Service Profile (CSS PROFILE) is used to determine eligibility for Stonehill need based awards.
Your Expected Family Contribution
In keeping with the philosophy that the primary responsibility for financing an education rests with you, the student and your family, the Office of Student Financial Assistance reviews your financial aid application to determine your family’s financial strength. This strength is expressed as your Expected Family Contribution.
Your Expected Family Contribution is the amount your family can reasonably be expected to contribute to the cost of your education for one year. It is based on your current income, future income and savings.
Formula to Determine Your Need or Eligibility for Aid
The difference between your Cost of Attendance for one year and your Expected Family Contribution for that year is your Financial Need or Eligibility for Financial Aid.
Freshman applicants are awarded financial aid based on the information they provide on the FAFSA and CSS PROFILE forms. All award values are conditional, subject to full and complete verification of the financial aid application. If the information originally provided must be changed, adjustments will be made to the applicant’s file, which could result in a decrease of the aid listed on the Financial Aid Letter and Shopping Sheet.
Per federal regulations, the receipt of private scholarships may affect a financial aid package. It is the student’s responsibility to notify the Student Financial Services of all private scholarships received so that it may be determined if these funds have an effect on other resources awarded.
Stonehill’s policy regarding private scholarships is as follows:
If required by federal regulations to adjust an aid package, the College will eliminate or reduce: 1) SEOG then Perkins/NIL LoanS; 2) Federal Work-Study; and 3) Federal Direct Student Loan, in that order. Stonehill gift aid will not be reduced unless the total of all gift aid exceeds federal need or billed costs.
Federal Direct Student Loans and the Master Promissory Note
New student borrowers must complete the on-line Master Promissory Note (MPN) and Entrance Interview at https://studentloans.gov before Federal Direct Student Loan funds will be credited to the student’s tuition account. After the electronic MPN and Entrance Interview notifications have been received by the College from the federal website, the net amount of the loan will be credited to the student’s account, half in each semester.
Stonehill must have positive affirmation from a student that he/she wishes to borrow a loan. Therefore, we will not process a loan, under any circumstances, if the student has not accepted that loan through myHill web portal.
Once a Master Promissory Note has been completed, a Federal Direct Student Loan can be processed for each subsequent year in which a FAFSA or Renewal FAFSA is filed, by accepting the loan on myHill when responding to the annual financial aid notification. Anyone who does not wish to borrow in any given year (or wishes to borrow less than the eligible amount) must indicate this by notifying Student Financial Services by e-mail at email@example.com or by making that change on-line through the College’s web portal, myHill. Declined student loans cannot be replaced with gift aid.
To receive or continue to receive financial aid funded by the state, the federal government, or the College (including loans, grants, jobs, scholarships), you must make satisfactory academic progress, which requires that you achieve and maintain a cumulative grade point average of at least 2.0 after two academic years of college attendance, and complete a minimum number of the total credits attempted.
Enrollment in a program of study abroad approved for credit by Stonehill College may be considered enrollment at Stonehill for the purpose of financial aid. Any awarded Stonehill scholarships, need-based grants, and other financial aid are valid for costs associated with studying abroad as long as the tuition/fees and any applicable room and board charges are billed by Stonehill directly to the student and payable to Stonehill. Tuition Exchange Scholarships, however, are only partially transferable.
Full Time Attendance
Most Stonehill funded aid requires full time attendance. However, some government programs require only part-time attendance although amounts would be prorated. The definitions for enrollment status are as follows:
- Full time= 12 or more credits in a semester
- Three Quarter time= 9-11 credits in a semester
- Half time= 6-8 credits in a semester
- Less than half time= fewer than 6 credits in a semester
We Work Hard to Meet Your Need
Although Stonehill attempts to meet your financial need with funding from institutional, state, and federal resources, the College cannot guarantee to meet 100% of your need. Please note that Stonehill awards its institutional aid using a more comprehensive calculation than the federal one reflected on the Student Aid Report (SAR) that you will receive as a result of your FAFSA filing. Colleges may use different methodologies to determine eligibility for their own funding, so please keep that in mind when comparing awards.
Things to Keep in Mind
- Need-based awards for new students accepted to Stonehill are tentative since they are based on unverified CSS PROFILE data. Awards may be updated after the receipt of the FAFSA and verification of financial and household data.
- All forms of Stonehill need-based gift aid require the filing of the CSS PROFILE financial aid application in the initial year. Merit scholarships and athletic scholarships do not require the filing of the CSS PROFILE.
- If there are any changes to information on your financial aid application that occur between the time you file the FAFSA and the CSS PROFILE, it is your responsibility to notify Student Financial Services of those changes.