Financial Aid Handbook - Elizabethtown College

Loan Entrance Counseling
First-time borrowers of Federal Direct Loans and Perkins
Loans are required to complete online entrance counseling.
Instructions for completing entrance counseling for Direct Loans
and Perkins Loans will be sent to you.
Outside Scholarships/Aid
After receiving an official financial aid package from
Elizabethtown College, a student may be the recipient of an
outside scholarship, award or grant. Elizabethtown College
policy states: The first $1,000 in outside scholarships or awards
received will not reduce the amount of institutional gift aid. In
cases where a student receives more than $1,000 in outside
awards, the College will reduce its institutional need-based gift
aid (i.e. Trustee) by 50% of the scholarship(s) received in excess
of $1,000.
This policy allows the students to benefit from the outside
scholarships and, at the same time, the College is able to
maintain the parameters of its program. In some cases, the selfhelp
component of the package (job or loan) also may need to
be reduced. Merit-based scholarships (Presidential, Provost,
Dean’s) are not reduced by outside scholarships but could
be reduced by late receipt of VA benefits or tuition benefits.
Federal law requires that the Financial Aid Office must be
notified in writing of any outside awards, including loans. A
copy of the letter from the outside organization is preferable.
Important note: Outside loans may also have an impact on
the financial aid package.
Contingent upon the financial profile remaining the same, needbased
gift aid will return to the original level of funding if outside
scholarships are not renewed in subsequent years. Information
on how to obtain outside scholarships is available on the
Financial Aid section of the College’s website.
Billing and Financial Aid
Guidelines
• Costs for the academic year are equally divided between the
Fall and Spring Semesters.
• Bills for the Fall Semester will be mailed by July and payment
will be due August 1.
• Bills for the Spring Semester will be mailed in early December
and payment will be due January 1.
• Elizabethtown College scholarships and grants, Federal
Grants, PHEAA Grants and other state grants, as well as
Perkins and Federal Direct Loans for students, will appear on
the bill as a credit (half of the award per semester).
• All other financial aid may not appear on the bill. We ask
that you refer to your latest Financial Aid Award Letter and
subtract half of each type of financial aid received, with the
exception of Federal Work-Study, from the amount due on
your bill. Remit the difference by the due date.
– Private Outside Scholarships/Loans—Find out from
the source of your private outside scholarships if the
amount will be split between two semesters or paid to
the College all at once. Deduct the proper amount from
the amount due on your invoice. Send the Financial Aid
Office a copy of your outside scholarship letter. (See
Outside Scholarships on this page for details.)
– Monthly Payment Plan—Contact the Business Office
regarding the details of the College’s payment plan
option. Deduct the proper amounts from the amount
due on your bill. Once you have established your total
contract amount for the year, you can deduct half of the
total contract from the amount due on your tuition bill for
each semester.
• Any student who has not paid his or her bill by the due date
is assessed a late fee by the Business Office. The late fee
will not be charged if arrangements have been made for
deferral of an amount anticipated from a governmental or
outside source. Any student whose payment arrangements
are not complete before validation/check-in is not permitted
to register.
• Financial aid for current or future semesters cannot
be used to pay past semester debts.
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