What is the Emory Advantage financial aid initiative?
Emory Advantage consists of two programs: a Loan Replacement Grant and a Loan Cap Program. For the Loan Replacement Grant, Federal Subsidized Stafford Loans will be replaced with grants in initial financial aid awards for dependent undergraduate students from families with total incomes of $50,000 or less who demonstrate need. Institutional funding will be provided to cover educational costs normally covered by loans. For the Loan Cap Program, dependent students from families with total incomes falling between $50,001 and $100,000 may be eligible for a $15,000 Federal Subsidized Stafford Loan cap over the term of their undergraduate career. This initiative has been implemented to ease loan burdens for families and to help improve access for middle-income families. Emory's goal for these programs is to make an Emory education affordable for any qualified student, regardless of family income.
What do need-based loans described in this plan mean?
Assessed financial need is required to receive need-based loans. Loans considered in the Loan Cap Program are Federal Subsidized Stafford Loans.
I've checked with other schools that have similar programs for low- to middle-income families and noticed that students can enroll free of charge. Does Emory Advantage provide a free education?
Although these new programs will significantly increase institutional need-based aid awards for many eligible students, the initiatives are not a guarantee of free education. Tuition will be charged and need-based institutional grants will be awarded to offset costs for those who qualify.
How do I apply?
There is no separate application for this initiative. To be considered, students must meet the eligibility criteria by applying for need-based financial aid. Please refer to the Office of Financial Aid's website for application procedures.
What are the requirements for renewal?
Students must apply and meet eligibility requirements for need-based financial aid each year. Students are expected to continue to make satisfactory academic progress.
If I am eligible for the Loan Replacement Grant or Loan Cap Program will I be expected to work?
Yes, if you have need and meet the criteria for these programs, your financial aid award will include a reasonable amount of Federal Work-Study. A work component is considered part of the student's self-help expectation.
Why are students in this program given Work-Study as part of their financial aid award?
Students who work a reasonable number of hours while enrolled in college tend to get better grades and are much more likely to stay in school than students who do not work (or who work too many hours). Work-Study provides excellent work experience and an opportunity for students to develop within the Emory community.
How is Emory Advantage being funded?
Institutional grants are funded by the University. The administration has made a strategic commitment to fund financial aid programs to assist families from low- to middle-income brackets through the use of existing resources and new endowments that will be raised in our comprehensive campaign.
Who is eligible for the Loan Replacement Grant?
This program is available to dependent, full-time undergraduate students attending degree programs in Emory College, Oxford College, Nell Hodgson Woodruff School of Nursing, and Goizueta Business School beginning with the 2007-2008 academic year. Students entering or continuing their program of study fall 2007 or after will be considered. Students must meet citizenship requirements and other eligibility standards for institutional need-based financial aid programs.
Does the Loan Replacement Grant mean that all students from families with incomes of $50,000 or less will have their tuition, room, and board covered with grants?
No. LRG is designed for students who meet need-based loan eligibility based on a review of financial circumstances that can only be determined through the standard financial aid need analysis. A family's entire financial portfolio, including income, assets, and other earnings will be considered for eligibility to receive financial aid. Emory is committed to awarding aid based on financial need determined by a thorough review of each family's circumstances. Financial need is assessed using institutional methodology. Education is the primary responsibility of the student and family. Emory will award financial aid to supplement, not replace, the family's ability to pay. Our goal is to assist as many families as possible in a fair and equitable manner while meeting demonstrated need.
If my tuition and fees are covered with grants from this program can I expect to pay anything else? What about other expenses, such as books?
Allowances for other educational expenses such as books, supplies, and incidentals are considered in determining a student's financial need. Depending on the particular student's need, these may be covered by grant, family contribution, or Work-Study employment during the academic year. In addition, while eligible students will not be expected to borrow to meet their financial need, they may still have the option to borrow a Federal Stafford Loan in lieu of their family or student contribution or unmet cost.
Who is eligible for the Loan Cap Program?
The Loan Cap Program is available to dependent, full-time undergraduate students who enter degree programs beginning with the fall 2007 semester in Emory College, Oxford College, Nell Hodgson Woodruff School of Nursing, and Goizueta Business School beginning with the 2007-2008 academic year. Only students entering Emory University fall 2007 or after will be considered. Students must meet citizenship requirements and other eligibility standards for institutional need-based financial aid programs.
We make $125,000. Why weren't we included in the $15,000 Loan Cap Program? How was this threshold selected?
A family's total income is based upon an institutional methodology standard. The upper limits for program eligibility were determined by an analysis of national income distribution and the average debt incurred by Emory undergraduate students. The Loan Cap Program is designed to minimize debt upon graduation and to help families anticipate a targeted total loan amount. The program is capped at a $100,000 annual income with a goal of providing assistance to as many families as possible in a fair and equitable manner while meeting demonstrated need.
If I am eligible for the Loan Cap Program, will loans I borrowed at another university count toward my aggregate total?
No, only Federal Subsidized Stafford Loans borrowed at Emory will be considered to meet the loan cap. Further, this program assumes on-time progression toward graduation.
I entered my program of study prior to fall 2007, why will I not be considered for the Loan Cap Program?
The primary focus of Emory Advantage is to improve access to an Emory education for students who otherwise may not have the opportunity to enroll. Resources are designated for continuing student populations in the Loan Replacement Grant Program, and a fund-raising campaign has been launched for the Loan Cap Program, which will limit eligibility to future classes enrolling fall 2007 and after.
Which expenses are included in the Emory Advantage?
Expenses covered by the Emory Advantage include tuition, room, and board. Allowances for other educational expenses such as books, supplies, and incidentals are considered in determining a student's financial need. Depending on individual circumstances, these may be covered by grant, family contribution, or Work-Study. Eligible students are not expected to borrow to meet financial need, however, they may have the option to borrow a Federal Stafford Loan to satisfy family contribution or unmet cost.
I would like to attend summer term. Are these programs available?
Summer is considered a nonstandard academic term. Although other need-based grant assistance may be available to you, the Loan Replacement Grant and Loan Cap Program are not offered for the summer term.
I am coming to Emory for a second degree. Am I covered with Emory Advantage?
No, students enrolled in second degree programs will not be considered for the Loan Replacement Grant or the Loan Cap Program.
I plan to attend the University as a part-time student. Do I qualify for this program?
No, full-time attendance is normally required to receive institutional grant funding. Exceptions to this policy may be made if a student is attending a final term, and full-time attendance is not required to meet graduation requirements.
Whose income is counted for the Loan Replacement Grant and Loan Cap programs?
Total household income assessed in the financial aid application process is used to determine if a student may be considered for aid through Emory Advantage. Student income and noncustodial parental incomes are reviewed if applicable when applying for institutional need-based aid.
What year's income is used?
Household income from the prior year, which is normally included in the need-based aid application process. For example, for 2012-2013, the 2011 total household income is reviewed.
What if I do not meet the eligibility criteria for this program but believe that my family income or circumstances do not adequately reflect my true need?
Your financial aid advisor is available to discuss the details related to your eligibility. Providing documentation that supports your exceptional circumstances is helpful in the analysis.
If I do not qualify for the Loan Replacement Grant or Loan Cap Program can I still receive financial aid?
Yes, most students receive awards from a combination of aid programs. Loans and Work-Study are often offered in addition to grants and scholarship funds.
Will the cost of these programs reduce financial aid or eliminate Work-Study for other students?
No, these programs represent additional funding initiatives rather than a reallocation of existing programs.
Does the new policy affect my student contribution or self-help expectation?
No. Students are still expected to contribute from their prior-year earnings and from their own assets (a minimum of $2,500). Students are also expected to cover a self-help (student loan and/or Work-Study job) expectation. Students from lower-income families will have a lower self-help expectation that may include Work-Study alone.
I receive scholarships not awarded by the University. Am I still eligible?
Emory expects academic success and realizes that students will receive scholarships from non-University sources. Applicants who win outside scholarships must notify the Office of Financial Aid. If you meet other program eligibility criteria and receive outside sources of aid, you will still be considered for these programs. Grant amounts are based on individual circumstances.
I have questions that are not answered here. What other resources are available?
We realize the financial aid process may appear complex at times. A variety of University resources are available to assist you. Prospective and current students may contact the Office of Financial Aid by emailing firstname.lastname@example.org; visiting the Office of Financial Aid at 200 Dowman Drive, Boisfeuillet Jones Center Suite 300, Atlanta, GA 30322-1960; or by dialing 404-727-6039, Monday through Friday from 8:00 a.m. to 5:00 p.m. EST.