Hobart and William Smith Colleges

Financial aid is defined as any monetary support provided to students for purposes of meeting educational costs. Scholarships and grants are considered gifts and, therefore, do not need to be repaid. Loans must be repaid and should be considered serious commitments. Work-study is a way for students to earn money in order to contribute to their college costs. As stated in your estimate letter, the financial aid estimate in no way constitutes a financial commitment nor acceptance decision on the part of Hobart and William Smith Colleges.

INSTITUTIONAL AID

Merit-based scholarships do not require annual re- application to be renewed and award amounts remain the same for each of the student’s four years. HWS grants, however, require that the Free Application for Federal Student Aid (FAFSA) be filed each year. Significant changes in a family’s financial situation could affect a student’s HWS grant amount from one year to the next.

STATE AID

Residents of New York State may be eligible for the Tuition Assistance Program (TAP). A TAP award listed on the HWS estimate letter and, upon admittance, the aid offer letters as an estimated offer only. The official award amount is determined by New York State upon completion of the TAP application and passage of the NYS budget. States other than New York may also provide grants for student residents of their respective states who engage in out-of-state study. Vermont and the District of Columbia, for example, offer assistance that can be used at Hobart and William Smith. Students should contact their state agencies for more information.

FEDERAL AID

Grants
Pell Grants are awarded by the Federal government to students who have the highest calculated need, as determined by the FAFSA. Students who receive a Pell Grant and have the most financial need may also receive a Supplemental Educational Opportunity Grant (SEOG). This is determined by the Colleges.

LOANS

Federal direct subsidized and/or unsubsidized loans are low-interest student loans available to assist with educational expenses and are included as part of the self-help portion of the student’s financial aid award package. The maximum loan amount that a first-year student may borrow is $5,500. No interest accrues on subsidized loans until six months after the student drops below half-time enrollment. Unsubsidized loans, however, accrue interest upon disbursement and during in-school and grace periods. Repayment of both student loans begins six months post enrollment.

WORK-STUDY

Whether federal or institutional, the award of work-study is not a guarantee of funds, and it will not be deducted from your bill. Work-study is part of the self-help portion of financial aid; students are encouraged but not required to work. If interested in working, students must be proactive in applying for open positions. Students who choose to work will receive a bi-weekly paycheck for wages earned. Work study funding does not apply as a credit to the student’s bill.

Financial Aid at HWS

Hobart and William Smith College have a unique approach to financial aid, one rooted in collaboration and partnership.

We understand that higher education is an expensive endeavor and that the financial aid process can be complicated. Our financial aid staff works one-on-one with students and their families to answer questions and alleviate concerns.

From that first interaction through the admissions and aid application process, and hopefully through the following years of enrollment, we work together, continuing to have conversations as situations change. With an open-door policy – no appointment required– we are here to provide guidance, to answer questions and to help complete any necessary paperwork. Helping students afford an education is, and always will be, our primary goal.

Each year, Hobart and William Smith awards more than $60 million in scholarships and need-based grants. We are thankful for the generosity of HWS alums, parents and friends who continue to support the Colleges, allowing us to provide a substantial source of financial aid for students.

We look forward to working with you, answering your questions, and guiding you through the application and aid awarding process.