Financial Aid Award Guide

2009-2010

Financial Aid Award Guide Office of Student Financial Services www.emmanuel.edu

2009-2010 Financial Aid Award Guide

Contents Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Contact Information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Communicating with Students. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Financial Aid Eligibility Requirements and Award Descriptions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Grants and Scholarships. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Student Employment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Student Loans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Financial Aid Award Letters. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Freshman and Transfer Students. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Currently Enrolled Students. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Conditions Affecting Awards. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Financial Aid Renewal Procedures. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Need-Based Financial Aid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Merit-Based Scholarships. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Tuition and Fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Worksheet: Determining the Balance After Financial Aid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Billing Procedures Timeline. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Payment Options. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Financial Aid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Checks or Money Orders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Credit Cards. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Payment Plan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Parent and Private Student Loans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Private Scholarships. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Credit Balances. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Important Dates. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Glossary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

2009-2010 Financial Aid Award Guide

Introduction Dear Student, Congratulations on your acceptance to Emmanuel College. We recognize that you are about to embark on an exciting journey that begins the next chapter of your life. Selecting the right college is an important decision for a student. We look forward to welcoming you into the Emmanuel College community.

Emmanuel College is committed to making a liberal arts and sciences education affordable. We are sensitive to the economic challenges faced by you and your family as you plan to invest in a quality private education. Our students are provided an education in the Catholic tradition that fosters the intellectual development of the heart and mind; an education that prepares them for their life’s work. As a student, the investment you make in Emmanuel will offer you great returns.

In this guide you will find descriptions of financial aid awards, a worksheet to assist you in determining the balance after financial aid, billing procedures, financial aid renewal criteria and other information to help you pay for an Emmanuel College education. We hope you find this information useful and we look forward to welcoming you for our 20092010 academic year.

Sincerely,

Jennifer Porter Assistant Vice President for Student Financial Services

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Office of Student Financial Services

Contact Information The staff of the Office of Student Financial Services at Emmanuel College welcomes the opportunity to talk with students and parents about all aspects of financial aid, financing options and billing procedures. Our office is open from 8:30 a.m. to 6:00 p.m. Monday through Thursday and 8:30 a.m. to 4:30 p.m. on Friday.

Contact Information

Office of Student Financial Services Telephone Number 617-735-9938 Fax Number 617-735-9939 E-mail financialservices@emmanuel.edu Address 400 The Fenway Boston, MA 02115 Office of Admissions Telephone Number

617-735-9715

Registrar's Office

Telephone Number

617-735-9960

Office of Residence Life and Housing

Telephone Number

617-735-9746

Emmanuel College Bookstore

Telephone Number

617-264-7697

2009-2010 Financial Aid Award Guide

Communicating With Students During periods of non-enrollment, typically when financial aid award letters and billing information is mailed, communication from the Office of Student Financial Services (OSFS) is mailed to you (the student) at your preferred mailing address as recorded with the Registrar's Office.

Should your preferred mailing address change, you must update this information with the Registrar's Office. If you do not receive billing information, etc., due to a change of address, you are still responsible for all college deadlines.

During the academic year, all information from the OSFS is sent to your campus mailbox or to your e-mail address. Additional information regarding financial aid and billing may be found using Online Academic Resources, which may be accessed by visiting www1.emmanuel.edu.

Please be aware that it is your responsibility to complete the financial aid process and ensure that your account balance is paid in full. If your parents are assisting you with the financial aid and billing process, please share with them the information you receive from the OSFS. All information will be sent to you in your name even if your parents are assisting you with the balance after financial aid.

Students may view their Statement of Account, Financial Aid Award and other financial information by logging on to Online Academic Resources. Any adjustments to these documents will be reflected on Online Academic Resources and we encourage our students to check this information regularly.

Financial Aid Eligibility Requirements and Award Descriptions Most financial aid is limited and awarded on the basis of financial need. The College uses your Expected Family Contribution (EFC) as determined by the information provided on the Free Application for Federal Student Aid (FAFSA) as a guide in determining your eligibility for financial aid.

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Office of Student Financial Services

Some types of financial aid require full-time enrollment (12 or more credits per semester) while other aid requires a minimum of half-time enrollment (minimum of six credits). Emmanuel College funding (including both grant and scholarship aid) is only available for a maximum of eight semesters.

Grants and Scholarships Emmanuel College Merit Scholarships: Awarded by the Admissions Office to freshman and transfer students who meet the defined criteria. If you are eligible for a merit scholarship, you will be notified by the Admissions Office. The merit scholarship will be included as part of your total financial aid award and considered before federal, state or Emmanuel College need-based aid is awarded. For information concerning a specific scholarship, you should refer to the Emmanuel College Academic Catalog.

Emmanuel College Grants: Aid from Emmanuel College that is awarded based on financial need. Continued demonstrated financial need, timely application submissions and satisfactory academic progress are required for renewal. Changes in enrollment and housing, including moving off campus, may affect the amount of your Emmanuel grant(s).

Emmanuel College Endowed Scholarships: Scholarships funded by alumni and friends of the College. These named scholarships are awarded based on criteria established by the donor. Many endowed scholarships are made available during the end of the fall semester for the following academic year. Most endowed scholarships are reserved for continuing students, however all incoming students are reviewed for their endowed scholarship eligibility upon receipt of their financial aid application.

Federal Pell Grant: Need-based grant from the federal government for undergraduate students with significant financial need.

Federal Supplemental Educational Opportunity Grant (FSEOG): Need-based grant from the federal government for undergraduate students with significant financial need. FSEOG is awarded on a funds-available basis to students who are recipients of the Federal Pell Grant.

2009-2010 Financial Aid Award Guide

Academic Competitiveness Grant (ACG): Need-based grant from the federal government for first- and secondyear undergraduate students who qualify for the Federal Pell Grant and who have completed a rigorous high school program. Students must maintain a 3.0 cumulative grade point average for renewal.

National SMART Grant: Need-based grant from the federal government to third and fourthyear undergraduate students majoring in certain areas of science or mathematics. Students must also meet the eligibility for a Federal Pell Grant, have a 3.0 cumulative grade point average and maintain this average for renewal.

Teacher Education Assistance for College and Higher Education (TEACH) Grant: Gift aid of $4,000 each year from the federal government to fulltime undergraduate students who intend to teach a high-need field in a public or private elementary or secondary school that serves students from low-income families. Students who meet the conditions of this grant may also qualify for federal loan cancellation benefits. Please visit www.TEACHgrant.ed.gov for more information.

State Grants and Scholarships: Need-based grant from the state of residence of full-time undergraduate students with significant financial need. Awards are estimated until the College receives notification from the state's scholarship office. States release funds to the College only after enrollment status has been verified. In addition to Massachusetts, states that permit the use of their state funding at Emmanuel are CT, RI, VT, ME, NH and PA.

Consult the FAFSA or your state’s education department to determine the deadline for your state’s grant or scholarship programs.

For Massachusetts residents, there is a May 1st FAFSA filing deadline to be considered for a Massachusetts State Grant.

Eligibility letters are sent to MA residents beginning in May. Questions regarding the MA State Grant can be directed to the Massachusetts Office of Student Financial Assistance at 617-727-9420.

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Gilbert Grant: Need-based grant from the Commonwealth of Massachusetts to Massachusetts residents who are full-time undergraduate students and who demonstrate significant financial need. Funds are limited.

Student Employment Federal Work Study (FWS): A federally subsidized program that provides opportunities for employment in order to help you meet educational expenses. The amount shown on your award notification reflects your maximum potential academic year earnings. Students who choose to work are paid every two weeks for hours worked. Due to this, FWS cannot be deducted from your bill. FWS positions are posted at the beginning of each semester. Most on-campus positions are open to all students who apply. If you did not receive a FWS award, you may still apply for most posted positions.

Note: Job positions are not guaranteed. If you are having trouble finding a position, visit the Internship and Career Development Office for information concerning nearby off-campus employment opportunities, or come to our office for further assistance.

Student Loans Federal Stafford Loan: A low-interest student loan from the federal government. The amount you are eligible to borrow appears on your financial aid award letter (See Annual Stafford Loan Limits). Repayment begins six months after the borrower graduates, leaves school or drops below half-time enrollment.

Note: A 1.5% origination fee will be deducted from each disbursement of Stafford Loan funds. The difference will be reflected on your Statement of Account.

2009-2010 Financial Aid Award Guide

Annual Federal Stafford Loan Limits Grade Level

Dependent Student

Freshman (0-31 credits) $ 5,500 Sophomore (32-63 credits) $ 6,500 Junior/Senior (64+ credits) $ 7,500

Independent Student $ 9,500 $ 10,500 $ 12,500

Loan limits include both subsidized and unsubsidized amounts and cannot exceed your cost of attendance minus other financial aid.

Subsidized Stafford Loans: Students who demonstrate financial need are eligible for the Subsidized Federal Stafford Loan. The federal government pays the interest on this loan while the student is enrolled at least half-time and during grace and deferment periods. Please see the below chart to determine the interest rate of your Subsidized Stafford Loan.

Subsidized Stafford Loan Interest Rates First disbursement of a loan: Made on or after July 1, 2008 July 1, 2009 July 1, 2010 July 1, 2011

And made before July 1, 2009 July 1, 2010 July 1, 2011 July 1, 2012

Interest rate on the unpaid balance 6.0 percent 5.6 percent 4.5 percent 3.4 percent

Unsubsidized Stafford Loans: Students who do not demonstrate financial need are eligible to borrow the Unsubsidized Federal Stafford Loan. The interest rate is fixed at 6.8%. The student is responsible for the interest on the Unsubsidized loans even during periods of enrollment. Interest payments will be deferred while the student is in school and during the six-month grace period, however the interest will be capitalized.

Borrowers may choose to pay this interest during these periods with no additional fees. Interest on this loan will begin accruing at the time of disbursement.

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Office of Student Financial Services

Federal Perkins Loan: A federally subsidized low-interest student loan, fixed at 5%, from both the federal government and Emmanuel College. The federal government pays the interest on this loan while the student is enrolled at least half-time and during grace and deferment periods.

Repayment begins nine months after the borrower graduates, leaves school, or drops below half-time enrollment. Federal regulations require that that the Perkins Loan be awarded to students with exceptional financial need. If you are eligible for this loan, the amount will appear on your award letter.

Massachusetts No-Interest Loan: A student loan from the Commonwealth of Massachusetts to residents of Massachusetts who are full-time undergraduate students with significant financial need. No interest is charged on this loan.

Repayment begins six months after the borrower graduates, leaves school or drops below half-time enrollment. If you qualify for this loan, the amount of the loan will appear on your award letter.

Student Loan Requirements If you are borrowing with a Federal Stafford, Federal Perkins or MA No-Interest Loan, you will be required to complete promissory note(s) and entrance counseling. Instructions to complete this paperwork are sent to enrolling students in May.

Financial Aid Award Letters Freshman & Transfer Students Estimated Financial Aid Award Letters are mailed to freshman and transfer students who have been accepted for admission and who have completed a 2009-2010 Free Application for Federal Student Aid (FAFSA) and an Emmanuel College Application for Financial Aid. Most initial financial aid awards are estimated, as they are based solely on self-reported information.

If you are eligible for any need-based financial aid (including need-based student loans), in order to complete the finacial aid application process you may be required to submit complete, signed copies of both your and your parent(s) 2008 federal income tax returns and W-2s (state income tax returns are not required). Additional information may also be required and will be requested in writing from our office.

2009-2010 Financial Aid Award Guide

All requested documents will be used to verify the information you provided on the FAFSA and Emmanuel College Application for Financial Aid. You will receive a verified financial aid award letter once the review of this documentation has been completed. The verified award will differ from the estimated award only if the information on the FAFSA and/or Emmanuel College Application for Financial Aid is different from the information provided on the verification documents.

Currently Enrolled Students To apply for need-based financial aid, you must submit the FAFSA each year by the College's priority filing date. If you are selected for verification you must also submit complete, signed copies of your and your parent(s) 2008 federal income tax returns and other verification documentation as requested.

Financial aid award letters are mailed in June, once spring semester grades are available and your financial aid file is complete.

Tax Extensions

If you are requesting a tax extension for your 2008 federal income tax return, you must provide the Office of Student Financial Services with a copy of the IRS Form 4868 to confirm your request for a filing extension. In addition, to be considered for need-based Emmanuel financial aid, a 2008 federal income tax return must be submitted to the Office of Student Financial Services no later than August 17, 2009 even if your extension allows you to file after this date.

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Office of Student Financial Services

Conditions Affecting Awards Estimated Awards: Estimated awards are subject to change pending receipt of all requested documentation verifying your and your parent(s) income and assets. If the information listed on your 2009-2010 FAFSA and Emmanuel College Financial Aid Application is incorrect or has changed, adjustments may be made to your award.

Housing Status: Your housing status is verified after the add/drop period of each semester. If your housing status is different from what you reported on your financial aid applications, your financial aid may change.

Enrollment Status: All financial aid awards are calculated under the assumption that the student will be enrolled full time (at least 12 credits per semester). Students must contact the Office of Student Financial Services in writing if they are not planning to be enrolled full time.

Your enrollment status is verified after the add/drop period of each semester. If your enrollment status is different from what you reported on your financial aid applications, your financial aid may change.

Withdrawal(s) and Leaves of Absence: If a student officially withdraws before the first day of classes, he or she is eligible to receive full credit of his or her tuition, fees, housing charges, etc., excluding non-refundable deposits.

Students receiving federal and state financial assistance who withdraw on or after the first day of classes will have their aid adjusted based on a percentage calculation as determined by Federal Return to Title IV regulations as defined in the Tuition and Payment Guide. If a student attends 60% or more of the semester and then withdraws, he or she will be eligible to retain all of their federal financial assistance.

Students who withdraw on or after the first day of classes will have their Emmanuel College aid adjusted based on the

2009-2010 Financial Aid Award Guide

Emmanuel College Refund Policy as stated in the Tuition and Payment Guide.

Satisfactory Academic Progress: To continue receiving financial aid, students must maintain satisfactory academic progress. Students must successfully complete 21 credits each year and maintain a cumulative GPA of 2.0 after their sophomore year in order to be eligible for financial assistance.

Please refer to the Emmanuel College Academic Catalog for more information concerning satisfactory academic progress.

Outside Awards: If you receive any additional award from any source outside of Emmanuel College including private scholarships, tuition remission, pre-paid tuition plans, ROTC or other aid after you have submitted your financial aid applications, your financial aid award is subject to change. It is the College's policy to reduce unmet financial need before reducing institutional grant aid or federal campus-based funds.

The student is responsible for making sure any outside award funds have been sent to the school, otherwise the student will be responsible for any resulting balance.

Financial Aid Adjustments

•

If your housing and/or enrollment status is different from what you reported on your financial aid application(s), your financial aid may change.

•

It is your responsibility to contact the office immediately if you are aware of changes in your planned enrollment or housing status as reported on your financial aid applications or if you are aware of your eligibility for any private scholarships.

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Office of Student Financial Services

Financial Aid Renewal Procedures Emmanuel College makes every effort to offer the same financial aid award in future years. The renewal of aid is contingent upon the following:

Need-Based Financial Aid • The FAFSA is submitted by the priority filing date of March 1 • Continued demonstration of financial need as determined in prior years • Satisfactory academic progress as outlined in the Academic Catalog • The same enrollment and housing status as the prior year • The government/College's availability of funding

Merit-Based Scholarships • Continued full-time enrollment • Cumulative grade point average requirements are met as indicated in the following chart

Cumulative Grade Point Average Requirements Fund

Cumulative GPA

Emmanuel College Merit Scholarships Presidential Scholarship Dean's Scholarship Academic Achievement Scholarship Leadership & Community Service City of Boston

3.5 3.3 3.0 2.5 2.5

Other Scholarships and Need-Based Emmanuel College Financial Aid

2.0

2009-2010 Financial Aid Award Guide

Tuition & Fees Listed below are the annual costs for the 2009-2010 academic year: Tuition Student Activity Fee Orientation Fee Room & Board (double occupancy) Estimated Student Health Insurance

$29,200 $165 $125* $11,950 $1,059

*One-time cost billed during the first semester of enrollment.

Tuition: Tuition is a flat rate for 12-20 credits per semester; the cost for course loads in excess of 20 credits is charged at a rate of $912.50 per credit.

Orientation Fee: The orientation fee applies only to freshman and transfer students in their first semester.

Room & Board: The room and board cost above reflects the double occupancy rate.

The rate for a single occupancy room is $13,630 and the rate for a triple occupancy room is $10,270. Additional costs may apply for suitestyle rooms.

Student Health Insurance: The Commonwealth of Massachusetts requires that all students have health insurance coverage. For students who do not have coverage, the cost of the College’s student health and sickness plan for the 2008-2009 academic year is $1,059. The health insurance premium for the 20092010 year will be available in July. A waiver must be submitted for students with alternative health coverage.

To waive the College’s health coverage and the premium, students must complete a health insurance waiver annually by the fall bill due date. Waivers may be completed online at www.universityhealthplans.com.

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Office of Student Financial Services

Worksheet: Determining the Balance After Financial Aid This worksheet will assist you with determining your balance after financial assistance for the 2009-2010 academic year.

A. Total costs

Add the tuition and fees to determine the total cost.

Tuition Orientation Fee Student Activity Fee Room & Board (double occupancy)

Total Cost

$ 29,200 $ 125 $ 165 + $ 11,950

$ 41,440

B. Total Financial Aid

Add the total amount of scholarships, grants and loans from your financial aid award letter.

Scholarships Grants Student Loans

Total Financial Aid

$. . . . . . . . . . . . . . . . $. . . . . . . . . . . . . . . . +$. . . . . . . . . . . . . . . .

$

Please note that Federal Work Study is not subtracted from the total costs. This is an offer of employment and students will be paid for hours worked. Also, a 1.5% origination fee will be deducted from each disbursement of Stafford Loan funds. The difference will be reflected on your Statement of Account.

2009-2010 Financial Aid Award Guide

C. Deposit Types

All new incoming students are charged a $300 tuition deposit due at the time of acceptance, which can then be credited toward the initial semester tuition charges.

Incoming students who plan on living on campus are charged an additional $200 housing deposit, which will be credited towards the initial semester housing charges.

Returning students who plan on living on campus in the upcoming year are required to pay a $200 housing deposit, which will then be deducted from their fall housing charges.

Returning students who plan to live off campus or commute from home in the upcoming year are not required to submit a deposit.

D. Balance

Total costs (A)

$

Total Financial Aid (B)

$

Deposit (C)

Balance (D)

–

$

$

Amount D is your balance for the academic year.

Approximately half of this balance will be due on August 5, 2009 for the fall semester and approximately half of this balance will be due on December 18, 2009 for the spring semester.

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Office of Student Financial Services

Billing Procedures Timeline Tuition, fees and room and board charges are billed each semester in July for the fall semester and in December for the spring semester.

The fall semester balance after financial aid is due on August 5, 2009 and the spring semester balance is due on December 18, 2009.

Annual Planning

• When planning your method of payment, it is strongly recommended that you plan for the entire school year as opposed to each semester individually. This will save you time by making arrangements once per year instead of twice per year. Note: Please remember that the deposit is only applied to the first semester. • For example, when applying for a private alternative loan or enrolling in a payment plan, you will want to estimate your costs for the full academic year (see pages 14 and 15 for worksheet to determine balance). Once you determine your annual balance, you can then apply for one loan for the entire year or enroll in the payment plan to cover the full-year balance. Note: If you borrow a loan or set up a payment plan in excess of your charges, you may decrease your loan or plan at no extra cost during the school year.

Payment Options Financial Aid Most forms of financial aid may be used as credit on the bill. Please note the following: 1. Federal Work Study is an offer of employment and cannot be subtracted from the bill 2.

Federal Stafford, Perkins and Massachusetts No-Interest Loans are only available for credit toward the bill once both the promissory note and entrance counseling are completed

2009-2010 Financial Aid Award Guide

Check or Money Order Please mail checks or money orders to: Emmanuel College Office of Student Financial Services 400 The Fenway Boston, MA 02115

Credit Cards Mastercard, Visa, Discover and American Express payments may be made online through Online Academic Resources at www1.emmanuel.edu or by calling the Office of Student Financial Services at 617-735-9938.

Payment Plan Through our payment plan provider, Tuition Management Systems, Emmanuel College offers a 10-month payment plan to allow families to budget the costs not covered by financial aid. You may spread each semester's costs over a five-month period, making five equal interest-free payments beginning July 15th for the fall semester and December 15th for the spring semester. There is a $65 annual fee to enroll in this plan.

For more information regarding the payment plan, please contact Tuition Management Systems at 1-888-216-4258 or visit their web site at www.afford.com.

Parent and Private Student Loans Many families find that their own resources combined with financial aid awards are not enough to cover college costs. A wide variety of educational credit-based loans are available to bridge this gap. Interest rates, repayment terms, fees and conditions of the loan may vary depending upon the type of loan borrowed. Interest rates for these loans are typically set between April 1st and July 1st for the upcoming academic year.

We encourage you to assess your situation and determine which loan features are most important to you, and to select a loan program that best fits your needs and the features you desire. You may visit our

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web site for more information at www.emmanuel.edu. From the lefthand column select “Tuition & Aid.” Then select “Scholarships & Financial Aid,” and then “Types of Aid” from the drop-down list of choices. More information will also be provided in our Tuition and Payment Guide which will accompany your first billing statement in July. If you are considering a parent or private student loan to assist with the balance, an application must be submitted to the lender in early July to ensure that a loan approval may be secured and enough time is allowed for the completion of promissory notes and other required paperwork before the fall semester bill due date of August 5, 2009.

All required paperwork must be provided to the lender, including the promissory note, before a parent or student loan may be used as credit toward your bill.

Although you receive a bill for each semester, if you are borrowing with a private parent or student loan you should borrow for the academic year. To determine your balance for the year, please refer to the worksheet on pages 14 and 15.

Private Scholarships You are encouraged to seek scholarships for which you may be eligible.

Possible sources include high schools, churches, local organizations, your parents' place of employment or other clubs to which you or your family belong. Scholarship books in local libraries and high school guidance offices list scholarship opportunities with an index of eligibility requirements.

Several free scholarship search engines can be found on the Internet, including these web sites: • FastWeb is a major search engine for scholarships, grants and student aid resources – www.fastweb.com • Scholarships.com is the Internet's premiere free college scholarship search and financial aid information resource, connecting students and parents with college funding opportunities www.scholarships.com • FinAid.org is a resource for all aspects of college planning and payment options - www.finaid.org

2009-2010 Financial Aid Award Guide

Application Tips for Scholarships 1. Apply for both large and small scholarship amounts. Many small scholarships can add up to large amounts in the end.

2. Check thoroughly to ensure that you are actually eligible for the scholarship.

3. Read instructions carefully. Pay close attention to deadlines, essay length requirements and required information. Missing deadlines, essays that are either too long or too short and/or required fields left blank could disqualify you for the scholarship.

4. Make sure your application and presentation are neat and organized. Double check your application for spelling errors.

5. If references are required, make sure that your references provide information about you that the selection committee will need to know.

6. Make a checklist for each scholarship application and double check it before submitting a completed application.

Scholarships or grants received from private agencies or groups must be reported in writing to the Office of Student Financial Services by providing us with a copy of the scholarship agency notification.

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Credit Balances Refund Process

• To process a credit refund, a Refund Request Form must be submitted to the OSFS to properly insure the processing of the refund. • Refund Request Forms can be completed online using Online Academic Resources which may be accessed at www1.emmanuel.edu.

If your financial aid award exceeds your total costs, you may request a refund once the College has received all funds and after your enrollment has been verified. This process will not take place until several weeks into the semester, so you must come to campus prepared to pay for your books, supplies and personal expenses from your own resources.

Financial aid refunds will not be available to you immediately after classes begin.

The earliest you will have a refund is late October for the fall semester and late February for the spring semester.

In addition, if you are living off campus and you are anticipating a refund from a student or parent loan to assist with living expenses, you must be prepared to pay September and October rent in the fall and January and February rent in the spring, as credit balances are not issued to students until after enrollment and housing status are verified and the refund can be processed.

2009-2010 Financial Aid Award Guide

Important Dates Most of the dates below indicate which actions are needed to finalize all or part of your Emmanuel College Financial Aid Award. Please carefully note these dates and take the necessary action no later then the specified date so as to not jeopardize your aid. If you have any questions about these requirements, please contact the Office of Student Financial Services.

No later than

Enrollment Deposit Deadline

May 1, 2009

Complete Stafford and/or May – June 2009 Perkins Loan promissory notes and Stafford loan entrance counseling Enroll in the Payment July 15, 2009 Plan (optional) (expected enrollment date) Apply for parent/private student loan (optional)

July 15, 2009

Fall 2009 Semester bill payment due

August 5, 2009

Spring 2010 Semester bill payment due

December 18, 2009

File Renewal Financial Aid March 1, 2010 application for 2010/2011

Done/NA

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Glossary Academic Year: A period of time determined by Emmanuel College in which a student must complete at least 24 credit hours (12 credits each semester). The upcoming academic year will consist of the fall 2009 semester and the spring 2010 semester.

Annual Percentage Rate (APR): This reflects the total cost associated with borrowing a particular loan. The APR includes the effect of both interest and any other fees on the total amount borrowed for the life of the loan.

Capitalization: This occurs when unpaid interest is added back to the principle of the loan. When interest is added to the principle of the loan, it increases the principle balance and following interest charges are applied to this new balance.

Capitalization can increase your monthly payments and overall balance of your loan.

Cost of Attendance (COA): The total cost of attending Emmanuel College for the academic year, including direct costs (such as tuition, room and board and fees) and indirect costs (transportation, books and personal expenses). The cost of attendance minus any financial assistance will determine the maximum amount you may borrow in a private loan.

Entrance Counseling: A requirement for the Stafford Loan, which educates you on the terms of the loan, repayment, interest accrual and other important information.

Fixed Rate: A fixed rate loan has a constant interest rate that will not change over the life of the loan, resulting in a payment amount that does not change.

Full-Time Enrollment: A student is enrolled full time if he or she takes 12 credits each semester for the academic year. If you are not enrolled full time, your financial assistance may be subject to change.

2009-2010 Financial Aid Award Guide

Grace Period: Normally a six-month period after you graduate or drop below half-time enrollment when you are not required to begin repayment on your loans. For private and Unsubsidized Stafford loans, interest will still accrue during this period. The grace period for Perkins Loan is nine months.

Half-Time Enrollment: A student is considered enrolled half time if he or she is taking anywhere between 6-8 credits a semester. If a student is enrolled in less than six credits, he or she will be considered enrolled less than half time.

Master Promissory Note: A note that details the terms of the loan. Your completion of this note creates a legally binding contract that states you will repay the amount that you are borrowing.

Need-Based Financial Aid: Financial assistance awarded to students based on financial need as determined by the FAFSA and the Emmanuel College Financial Aid Application.

Non-Enrollment Periods: Periods when students are still attending Emmanuel College, but are not enrolled in classes.

Winter and summer break are examples of nonenrollment periods.

Subsidized: A subsidized loan does not accrue interest while a student is in school and during grace and deferment periods.

Unsubsidized: An unsubsidized loan does accrue interest while a student is in school and during grace and deferment periods. If you choose not to pay the interest, it will be capitalized.

Variable Rate: A variable rate loan has an interest rate that could change monthly, quarterly or annually. These changing rates will affect the amount of your payments each time they are updated.

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Notes

2009-2010 Financial Aid Award Guide

Notes

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Notes

Emmanuel College, founded by the Sisters of Notre Dame de Namur in 1919, is a coed, residential, Catholic liberal arts and sciences college located in the heart of the city of Boston. Its beautiful 17-acre campus is neighbored by a world-class medical center, two major art museums and Fenway Park. Its unique location allows students and faculty opportunities to explore real-world experiences through internships, research and strategic partnerships within the Longwood Medical and Academic Area and the city of Boston.

Emmanuel at-a-glance Undergraduate and graduate students: 2,400 Traditional undergraduates: Enrollment: 1,700 75% of students live in campus housing 80% have an internship 85% participate in community service Faculty-student ratio: 15:1 Students from 31 countries and 30 states 92 full-time faculty The College is a founding member of the Colleges of the Fenway consortium, comprised of six neighboring colleges which jointly offer 2,500 courses.

Accredited by the New England Association of Schools and Colleges, Inc.

Office of Student Financial Services 400 The Fenway Boston, MA 02115 617-735-9938 617-735-9939 (fax) www.emmanuel.edu