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Pomona College    
 
    
 
  Dec 10, 2017
 
2017-2018 Pomona College Catalog

Financial Aid


Financial Aid


 

 

Philosophy: Pomona has a comprehensive need-based financial aid program for students who enroll as a degree-seeking students. Students are admitted to Pomona without consideration of their financial circumstances, except in the case of international students. The Financial Aid Office coordinates funding from federal, state, private and institutional resources to ensure a financial aid award that meets the full demonstrated need of each student.

In awarding its own funds, the College assumes that students and their parents are the first and primary source of funding a student’s education. The various sources of financial aid are secondary resources to fill the funding gap between the cost of attending and what the family can reasonably provide. Pomona’s policy generally is to exclude students from being considered financially independent of their parents for college-administered scholarship aid unless a student is an orphan, a ward of the court, or at least 25 years of age. Spouses of married undergraduate students also share in the responsibility to meet educational costs.  Pomona expects financial aid applicants to apply for and use resources from state, federal, and private funding sources, contribute from their earnings during non-enrollment periods (for example, summer), and use earnings from part-time employment during the academic year to meet educational expenses.

The amount of aid each student receives varies according to each family’s individual circumstances. All students applying for financial aid, whether first-time first year applicants or currently enrolled students, must submit all required documents in order to be considered for financial aid. For complete details on Pomona College aid programs, consult our publication Understanding Your Financial Aid, which is available on the Pomona College website at the following address: https://www.pomona.edu/financial-aid

How to Apply: Candidates for admission who wish to apply for financial aid must submit the FAFSA (Free Application for Federal Student Aid) available on line at www.FAFSA.edu to be considered for federal financial aid and some types of state aid; the federal Title IV code is 001173. Students must also submit the CSS Profile to be eligible for institutional aid. The CSS Profile is  available on line at http://student.collegeboard.org/css-financial-aid-profile; the institutional aid application code is 4607. Applicants are encouraged to include on the CSS Profile, or write directly to the Pomona College Financial Aid Office, any special circumstances they feel affect their ability to pay for college.  Please refer to our website, www.Pomona.edu/financialaid, or the Pomona College financial aid brochure, Affordable Excellence, for details on financial aid application procedures.  For additional detailed information, refer to the FAO website.

California State Aid Programs:  All Pomona College applicants who meet the California residency requirements must apply for aid through the California Student Aid Commission.  US citizens and permanent residents must submit a FAFSA and have their high school submit their verified GPA by March 2 to be considered for state grant eligibility.  DACA and undocumented students who meet the eligibility requirements of AB540 must submit the CA Dream Act financial aid application (http://www.calgrants.org/) to be considered.  For additional information, please visit www.calgrants.org, email studentsupport@csac.ca.gov, call 888-224-7268, or write directly to the California Student Aid Commission, Student Support Services Branch P.O. Box 419027, Rancho Cordova, CA 95741-9027.

Renewal of Aid: Financial aid forms must be completed each year. A student and his or her family may assume that the College will continue to provide comparable assistance for subsequent years insofar as the family’s financial circumstances remain consistent from year to year. As those circumstances change, financial aid may also change. It is important to understand that financial aid administered by the College is not renewed automatically. Parents and students must complete and submit the necessary forms and need analysis documents each year (i.e. CSS Profile, FAFSA, parent and student federal tax returns). At Pomona, financial aid is related to demonstrated financial need rather than academic measures. However, students must make satisfactory academic progress toward graduation in order to continue to access financial aid funding.

It is the responsibility of the student to submit a complete financial aid application (CSS Profile, FAFSA, parent and student federal tax returns and follow-up forms) before established deadlines. Deadline dates are “priority deadlines” and will be enforced according to the availability of aid funding for that year. Those that meet the deadline will be given consideration for assistance first. Other applications will be considered according to the date received and current funding levels.

Terms of Assistance:  Students are considered for scholarship eligibility during their first four years of undergraduate enrollment. The Financial Aid Office (FAO) considers applicants for scholarship eligibility beyond the eighth semester only if enrollment is essential in order to complete the minimum requirements for the first baccalaureate degree or major. Financial aid beyond the eight semesters will include a packaged loan in the amount of $5,500 per semester for each semester of enrollment.  Students who enroll for a fifth year in pursuit of a minor, a second major or a second degree, are not eligible for financial aid from any source. Eligibility for federal student aid is limited to the equivalent of 12 semesters of full-time undergraduate enrollment, including course work taken at other colleges and universities. Students must also maintain satisfactory academic progress to retain financial aid eligibility.

Communication with Students:  Pomona’s Financial Aid Office uses electronic means (such as email and the student portal) as a primary method of communication and of providing financial aid, billing, payment, and enrollment services. Signatures or acknowledgments provided by the student electronically to Pomona via Pomona systems and/or @pomona.edu email are valid and legally binding.

Notification/Obligation to Read Email: For many financial aid communications, email to a student’s Pomona’s email account is the official form of notification to the student, and emails sent by financial aid staff to such email addresses will be presumed to have been received and read by the student.

Types of Financial Aid Available

Gift Aid that Pomona distributes includes the Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (SEOG), California State Grant, and institutional grants. A description of each of these aid types may be found on the financial aid website. Need based scholarship aid is provided primarily from the College and outside agencies. Students receiving an endowed or restricted scholarship are informed of the donor or source of their scholarship and may be asked to recognize them for their support. To be eligible for gift aid, a student must apply for assistance by completing the CSS Profile and FAFSA and submitting parent and student federal tax forms before the established deadline.  Receipt of any financial assistance from sources other than Pomona College (federal and state grants excluded) must be reported to the Financial Aid Office. These outside awards are coordinated with the current financial aid award in order to ensure a student’s total sources of financial aid do not exceed their financial need. When a student receives outside scholarships, these funds reduce or eliminate the student’s responsibility to contribute from job earnings (summer expectation and term time work). If the total in outside scholarships exceeds the student’s responsibility, the College then reduces institutional scholarship and parent contribution, (50/50 respectively), by any additional amount.  Outside scholarships may also be used to cover the cost of medical insurance or a one-time computer purchase, if approved by the awarding agency.

Self-Help Aid comes in two forms. The first is student employment. Most students receiving need-based financial aid are awarded student employment, which authorizes students to work up to 10 hours per week. The amount awarded represents an opportunity for students to earn money to put toward  school related expenses, and represent a maximum that can be earned during the academic year. The exact dollars earned may be influenced by the hours available from the employer and student schedule for a term. Hours not worked and awarded dollars not earned may be converted to additional self-help aid (i.e. loans). Students are not assigned campus jobs; campus jobs are posted on the online job board Claremont CONNECT and students may evaluate positions and apply for the job that best fits their experience, schedule and employment goals. Students may also consider employment with non-profit and community organizations that we maintain a contract and working relationship with. Earnings are paid to the student at the end of each pay period. Students who elect to use directl deposited may have their earnings deposited into the student’s checking or savings account.

The second form of self-help aid is student loans. Loans allow students to finance a portion of their education while enrolled, and use future earnings to repay over time.. These loans must be repaid after the student has graduated or enrollment has ceased. Most student loans may be deferred if the student continues their education beyond their Bachelor’s Degree.  Loan options include Federal Perkins Loans(only available until September 30, 2017), Federal Direct Stafford Loans (subsidized and unsubsidized) and Federal Direct PLUS (Parent Loans for Undergraduate Students). A description of each loan, including eligibility, annual loan limits, current interest rates, and repayment terms can be found at the financial aid website.

Student Loan Exit Interviews:  All students who have received student loans during their course of study at Pomona College are required to attend an exit interview before leaving the College. This is a requirement for graduation and for students who take a leave of absence or withdraw completely.  It is the student’s responsibility to see that this requirement has been met. Exit interview sessions are available online. Students may schedule individual appointments if they have additional questions. Questions concerning exit interviews should be directed to the student loan administrator in the Business Office or to the Financial Aid Office.  For additional information on financial aid at Pomona College, please visit http://www.pomona.edu/financialaid.

Refund of Financial Aid:  If a student has received any financial aid, the Financial Aid Office calculates the institutional financial aid refund by prorating the scholarships and self-help (i.e., loan and work) to reflect the same percentage of scholarship and self-help contained in the original aid award before the student withdrew. If a student has received any federal aid, the federal refund calculation is performed according to federal regulations. A more detailed description of the financial aid refund and repayment policy is published for general reference by the Financial Aid Office. Sample refund calculations are also available to students upon request.