Can my family afford Doane?
Enrolling in college is truely an investment. Before checking, families sometimes think they cannot afford Doane. We believe a student who is admitted and wants to attend Doane should not be prevented from doing so because of financial reasons. A substantial financial aid program is available for this purpose, with the understanding that the primary responsibility for meeting college costs rests with the students and their parents.
How do I know what I have to pay?
Students applying for federal student aid must complete a Doane College Financial Aid application and the Free Application for Federal Student Aid (FAFSA). Students should include Doane as one of the colleges they plan to attend. Our title IV code is 002544.
Information reported on the FAFSA is used to determine the amount of money your family should reasonably expect to contribute toward the cost of your education. Most of this information is taken from tax returns. You should plan to complete your federal tax returns as early as possible.
Since eligibility for financial aid is determined on an individual basis, it is impossible to make a blanket statement about eligibility. Each situation is different.
Your contribution is determined not only by family income and assets, but also by such variables as the size of your family, number of family members in college, taxes paid, age of older parent, student savings and earnings, and other factors which may affect a family's financial strength. Any substantial change in a family's situation should be brought to the attention of the Financial Aid Office.
Your financial eligibility or need for aid is determined by subtracting the family contribution from the college's costs, as follows:
BUDGET - FAMILY RESOURCES = FINANCIAL AID
What is included in the student budget?
The student budget, or cost of education, for financial aid includes tuition, fees, room and board, and an allowance for books, transportation, personal and other variable expenses incurred by the student.
Can a family's income be too high to be eligible for financial aid?
No. There is no automatic income cutoff. As stated previously, a number of factors are taken into account in determining financial need.
How much of our savings and other assets will we be expected to contribute?
No one expects families to deplete their savings account, sell their home or land, or spend money put away for retirement in order to handle college costs. However, a family with a substantial bank account, real estate, investments, and/or a lucrative business is in a stronger financial position than a family with similiar income and no investments, and large debts on assets. As a general rule, more is expected of families with greater assets, just as more is expected of those with higher incomes.
As a student, how much will I be expected to contribute?
The contribution from the student is based on the student's earnings from the previous year and any savings or investments the student has. A contribution from your income and assets will be assessed according to the federal aid formula.
How have you packaged financial aid for some Doane families?*
*Examples are based on the 2006-07 need analysis formula.
Kelly
Kelly is a junior and attends Doane full time. She was in the top five percent of her high school class and had an ACT score of 28. Kelly has maintained a 3.74 grade point average (GPA) and continues to receive an academic scholarship. Kelly earned $856 last year and has $300 in savings. Kelly's parents both work and have a combined income of $72,665, with $5,000 in savings. Kelly's sister is in high school. The results from the FAFSA show an expected contribution of $11,846 from the parents and $154 from the student. Kelly's financial need is as follows:
Estimated direct cost for year (based on 2007-08) = $24,560
Less expected parental contribution: $11,846
Less expected student contribution: $154
Financial need/eligibility = $12,560
Kelly's Financial Aid Package
Faculty Merit = $500
Doane Grant = $1,500
Van Hoy Academic Scholarship = $5,000
Federal Stafford Loan = $5,500
Total Financial Aid = $12,500
Andy
Andy is a sophomore at Doane College. His ACT score was 23. Andy has maintained a 3.0 cumulative grade point average and is an active basketball player. Andy's family doesn't file the FAFSA form.
Andy's Financial Aid Package
Extracurricular Scholarship-basketball = $2,500
Butler Scholarship = $3,500
Total Financial Aid = $6,000
Andy would be eligible to borrow an unsubsidized Federal Stafford Loan for $4,500 to assist in paying his educational costs if his family would file the FAFSA form. He is responsible for paying interest on the loan while he is in college.
Jane
Jane is a first-year student. Her ACT score is 26. Jane worked part-time and earned $1,982. She has $500 in savings. She received a scholarship from her community for $1,500. Jane also enjoys music and auditioned for band and vocal scholarships. Jane is a resident of Nebraska. Jane's parents are both employed outside the home. The family's total income is $26,950. They own a home and have $22,000 in savings. Jane's brother is in college, and her sister is still in high school. The results from the filing the FAFSA show an expected contribution from the parents of $2,000 and $175 from the student. Jane's financial need is as follows:
Estimated direct cost for year (based on 2006-07) = $24,560
Less expected parental contribution: $2,000
Less expected student contribution: $175
Financial need/eligibility for aid = $22,385
Jane's Financial Aid Package
Board of Trustee Academic Scholarship = $7,500
Music Scholarship - Band = $2,000
Music Scholarship - Vocal = $500
Federal Pell Grant = $1,900
Federal Supplemental Educational Opportunity Grant (FSEOG) = $200
Nebraska State Grant = $1,100
Federal Work Study (FWS) = $1,000
Federal Perkins Loan = $1,500
Federal Stafford Loan = $3,500
Total Financial Aid = $19,200
How and when is financial aid awarded?
Your financial aid award will be sent after we receive the results from your FAFSA and you have been accepted for admission at Doane College. It takes three to four weeks from the time you file the FAFSA until you receive the results. If you code Doane to receive your FAFSA results, the college will receive your computed application electronically. If you did not list Doane, please send a copy of your processed report. Our Title IV code is 002544. Your situation will be given careful attention and your financial aid award will be determined.
The financial aid offer is generally in the form of a "package," a combination of grants, scholarships, loans, and employment. The combination will vary according to a student's eligibility, academic and special abilities, involvement in cocurricular activities, and promptness in applying for aid.
There are limitations to funds available in all categories. Students should file early and respond promptly to requests for additional information, and will receive a package according to the availability of funds. Preference will be given to students who file the FAFSA before March 1. Because funds are limited, you are required to indicate acceptance of your award within two weeks after notification and pay the $200 deposit, if not already paid. If you do not accept the offer, the funds will be reassigned to other applicants.
Assuming your circumstances remain fairly constant, Doane will make every effort to provide a similar amount of financial assistance during your subsequent years at Doane. We feel our greatest obligation is to award those who are continuing their study at Doane.
Do we have to pay our family's share of the cost all at once?
There are ways to make your investment in a Doane College education affordable. FACTS Tuition Management group is Doane's preferred multiple payment option provider. The Federal Parent Loan for Undergraduate Students (PLUS) is a loan borrowed with your private lender. The interest rate is capped at nine percent and repayment is spread over 10 years. A separate loan application is required. Doane College accepts Visa, MasterCard, and Discover. You may arrange with the Student Accounts Office to have your card billed in installments or paid-in-full. Additional information on the above options will be included with the financial aid award packet. You may contact the Doane College Business Office or Financial Aid Office for further information.
How will a scholarship I receive from my community or school affect my financial aid package?
If you are applying for financial aid and receive a scholarship from a source outside Doane College, that scholarship becomes part of your financial aid package and is included in your total aid award. All resources available to the student must be included in a student's financial aid package. In some instances, it may be necessary to adjust other aid, usually a loan or work-study, to meet federal regulations. Please notify Doane's Financial Aid Office as soon as you receive any scholarships from outside sources.
Do I have to apply every year?
Scholarships are generally renewable provided you meet maintenance requirements. However, for federal and need-based aid, you must apply every year as family circumstances and federal regulations change. You will need to complete a FAFSA and a Doane College Financial Aid Application each year to be considered for federal financial aid. You may also need to complete additional papers to receive your financial aid. Our Title IV code is 002544. Remember that the FAFSA form is on the web at: http://www.fafsa.ed.gov/.
Are there any requirements for federal aid?
There are some that must be met to receive federal aid. A student must be degree seeking, a U.S. citizen or eligible non-citizen, and must not be in default on a federal student loan, or owe a refund on a Federal Pell Grant, Federal SEOG or SSIG. A student must maintain satisfactory progress in his/her course of study and must register with the Selective Service, if required to do so. More information on these requirements, as well as students' rights and responsibilities, may be found in The Student Guide, published annually by the U.S. Department of Education. It is available in the Doane Financial Aid Office, the U.S. Department of Education web site, or by calling 1.800.4.FEDAID. The satisfactory progress policy is found in the Doane College Catalog.
Are my scholarships and other financial aid renewable?
Yes, provided you meet grade point averages and department requirements. For federal financial aid, students must make satisfactory academic progress toward a degree as described in the Doane College Catalog.
Federal financial aid is determined each year as described above. Funds may or may not be renewed based on eligibility and availability of funds at the time of application.