In assembling a financial aid package the extent of a student's determined need and the student's state of residence are factors which govern how the package is composed. For example, a student with a determined need of $2,000 can expect to receive aid in the form of student loans and campus employment whereas a student with a determined need of $10,000 can expect to receive aid in the form of student loans, campus employment and one or more grants/scholarships. A complete outline and description of the various types of aid offered and description of each follows.
Borrowing to help pay for college is a serious undertaking, but it enables students to share in the financing of their education. Federal Stafford Loans are based on demonstrated need and carry fixed rates. Unsubsidized Stafford Loans carry a fixed interest rate of 6.8%, while Subsidized Stafford Loans carry an interest rate fixed at 5.6%. Federal Perkins Loans have a fixed 5% interest rate and are awarded to the most needy students. The interest on Subsidized Stafford Loans and Federal Perkins Loans is paid by the federal government while the student is enrolled. For international, Mexican, and Canadian students not eligible for federal funds, Dartmouth has its own loan funds. Repayment begins from six to nine months after graduation. There is usually a ten-year repayment period.
Unsubsidized Stafford Loans are available to students who do not qualify for need-based subsidized loans. The terms are the same with the exception that the recipients are responsible for paying the interest that accrues while in school.
Most financial aid packages include subsidized employment eligibility. As a result, Work Program (Federal Work-Study or Employment eligibility) recipients are the preferred job applicants of campus employers. Most students are able to work 10-12 hours per week without jeopardizing their academic performance. In addition to financial benefits, part-time campus jobs build responsibility and discipline, offer additional learning experiences, and provide opportunities to work with Dartmouth faculty and administrators.
One of the goals of the Federal Work-Study Program is also to encourage student involvement in community service. There are a number of employment opportunities through the College and with local service organizations providing such experiences.
Visit the Student Employment Office web site for more information.
Under this program the federal government provides nonrepayable grants to students who qualify based on financial need. For 2007-2008, grants range from $400 to $4,310. If a student is eligible, a Federal Pell Grant will be packaged as part of the overall scholarship award.
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.
The states of Connecticut, Maine, Massachusetts, New Hampshire, Pennsylvania, Rhode Island, and Vermont 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.
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. These scholarships are made without legal expectation of repayment and are based solely on need. They may range from $1,000 to over $40,000, depending on the expected family contribution and the cost of attendance.
