PAYING FOR COLLEGE
The benefits of attending a private college in general—and Hood College in particular—are clear: professors who focus on teaching
undergraduates, a low student-to-faculty ratio and small classes mean you’re guaranteed a more personalized education. Living on a small, residential campus, you will enjoy more chances to get involved, take on leadership roles and forge close friendships. And Hood’s Career Center and accessible alumni actively work to help students prepare for life after graduation. Because we appreciate that families are concerned about the cost of a college education, we are committed to supporting students in their quest to make a Hood College education an affordable option.
Is Hood College affordable? You bet it is. While public colleges generally have lower tuition rates, there is more to the equation of affordability than tuition. When comparing costs at public vs. private colleges, it is important to look beyond the sticker price to see what types of financial support are offered. Government loans are standardized, but scholarships and grant awards vary, which can affect your out-of-pocket expenses. Private institutions have more freedom in offering aid, whereas their public counterparts often face budgetary constraints. Most private colleges offer additional aid to students and scholarships that are more generous. Be sure to carefully evaluate financial aid offerings and options for any school you are thinking about attending. Below is an example of a financial aid package:
Scholarships and Grants
Total Financial Aid
Total Net Cost to Family
Tuition, Fees, Room and Board Financial Aid
“Hood was a great option for me. I received enough financial aid to make it affordable and the staff worked with me and my family to make earning a degree at Hood a reality.” Stephanie (right), Class of 2013
Take advantage of all sources of financial aid Most families rely on the following sources to help with college finances.
FEDERAL AND STATE GOVERNMENT GRANTS AND LOANS The three most common types of aid are grants, loans and work-study. Students apply for governmentfunded need-based aid—awarded based on a student’s financial need—by filling out the Free Application for Federal Student Aid. The FAFSA is the main form used for determining federal and state aid eligibility. Grants are financial aid that does not have to be repaid. Loans are borrowed money that must be repaid with interest. Some students are awarded federal work-study as part of their financial aid packages. An employment fair is held at the start of the fall semester where students have the opportunity to apply for various positions in academic and administrative departments on campus. Students are paid bi-weekly through Hood’s payroll system.
PRIVATE AID Aid may be awarded from private sources such as civic organizations, professional organizations or businesses, and are based on background, academic achievement or interests, affiliations, special talents or intended field of study. Requirements for applying vary by organization, and deadlines occur throughout the year.
SCHOOL AID Hood College has developed an extensive merit scholarship program that recognizes outstanding achievement, demonstrated talent and accomplishment in leadership, research, community service or writing. All admitted students are automatically considered for merit scholarships, and most do not require a separate application. • The Hodson Trust Scholarship • The Presidential Scholarship • The Trustee Scholarship • The Dean’s and Achievement awards • The Honors Program Scholarship (requires separate application)
Susan Erb, associate director of financial aid (above), and other members of Hood’s financial aid staff are available to answer questions or to assist you with your financial aid needs.
STUDENT EMPLOYMENT Hood’s Student Employment Program provides undergraduates with a way to earn money for expenses and enables them to develop work-related skills and professional behavior, build a stronger résumé and improve job search skills.
PRIVATE LOANS Alternative education loan sources are available through various lenders. Please contact the financial aid office to discuss these options. Hood College also offers a Tuition Payment Plan, an interest-free payment plan to help with college expenses not covered by scholarships, grants, government loans or other forms of aid. Another financing option is the federally funded Parent Plus Loan, which allows parents to borrow the total cost of undergraduate education, including tuition, room and board, books and other expenses.
After college, consolidate your loans Don’t panic about accruing debt to pay for your education. After graduation, students can consolidate their loans into one loan with a fixed interest rate that can be paid back over 10 years. Graduating students, with an average starting income of $44,259,* have about $1,700 a month for living expenses and a manageable education loan repayment of about $200-300 a month. * Per the National Association of Colleges and Employers estimate on the average salary of a college graduate.
Graduate in four years Hood College students can get their undergraduate degrees in four years or less. With Hood College’s strong academic advising and its schedule of course offerings, graduating in four years is very possible. Students who take longer to graduate not only pay more in tuition but also lose their financial aid and are forced to delay entering graduate school to earn their next degree or the workforce to earn a salary. Check out the four-year graduation rates for the colleges you are considering; Hood’s exceeds the national average and is one of the highest among Maryland state and private college and universities.
Next steps Hood’s financial aid staff is available to answer questions or assist with concerns. Feel free to contact them at (301) 696-3411 or by e-mail at firstname.lastname@example.org These websites have more detailed information regarding financial aid: • www.hood.edu • www.fafsa.ed.gov • www.finaid.org • www.nces.ed.gov • www.mhec.state.md.us Sources for scholarships: • www.fastweb.com
401 Rosemont Ave. · Frederick, MD 21701 www.hood.edu
How to Effectively Finance Your Education