How so? Primarily, because of Hood College's numerous scholarships, generous aid awards and financing options, the out-of-pocket expenses for families with students at Hood are often much less than the full tuition and fees of most state schools. Ninety-eight percent of full-time undergraduate Hood students are awarded scholarships and grants.
1. Choose the most affordable college
Public colleges generally have lower tuition rates, but there's more to the equation of affordability than tuition. When comparing costs at public vs. private colleges, it's important to look beyond the "sticker price" to see what types of financial support are offered.
Government loans are standardized, but scholarships and grant awards vary, which can affect your out-of pocket expenses. Private institutions have more freedom in offering aid, whereas their public counterparts often face budgetary constraints, so most private colleges offer more generous scholarships and aid to students—often bringing the out-of-pocket costs in line with or making them less than that of public institutions. Applying—and waiting to find out what kinds of aid are offered—is worthwhile.
Hood College
vs. Public:
a Cost Comparison |
Public University
|
Hood College
|
| Tuition, Fees, Room and Board |
$17,438 |
$37,610 |
| Scholarships and Grants |
$0 |
$19,872 |
| Loans |
$5,500 |
$5,500 |
| Student Employment |
$1,500 |
$1,800 |
| Total Financial Aid Package |
$7,000 |
$27,172 |
| Family Contribution |
$10,438 |
$10,438 |
2. Use all sources of financial aid
The three most common types of aid are grants, loans and work-study. Students apply for government-funded, need-based aid (financial aid awarded on the basis of a student's financial need) and merit-based aid (awarded for outstanding academic achievement, often without regard for an applicant's financial need) by filling out the Free Application for Federal Student Aid (FAFSA). The FAFSA is the main form used for determining federal and state aid eligibility.
Federal and State Government Grants and Loans
Grants are a type of financial aid that do not have to be repaid. Examples
include the Federal Pell Grant and the Federal Supplemental Educational
Opportunity Grant (FSEOG). Loans are borrowed money that must be
repaid with interest. Examples include the Federal Perkins Loan, Federal
Stafford Loan and Federal PLUS Loan.
Private Aid
Aid may be awarded from private sources—such as civic organizations (e.g.,
Rotary, Kiwanis, religious organizations), professional associations or
businesses—based on background, affiliations (such as with a church)
academic achievement or interests, special talents or intended field of
study. Requirements for applying vary by organization, and deadlines occur
throughout the year.
Student Employment
Hood's Student Employment Program provides undergraduates with a way
to earn money for miscellaneous expenses and enables them to develop
work-related skills and professional behavior, build a stronger résumé and
improve job search skills.
Scholarships
Each year, Hood College awards more than $6 million in merit-based scholarships, including scholarships for first-year students entering from high school as well as for students transferring from other colleges. Students admitted to Hood are automatically considered for most merit scholarships, the majority of which are renewable for up to four years. Overall academic performance, specific academic achievements, leadership and participation in school and community activities are important factors in awarding scholarships to both first-year and transfer students. Hood’s merit-based aid includes:
Hood Scholarships*
| Award |
Eligibility |
Term |
$ per year |
Hodson Trust Star
Scholarship |
Maryland residents who are
veterans of military service in
Afghanistan on or after October 24,
2001, or Iraq since March 19, 2003 |
4 years |
up to full tuition
and funds |
| ROTC Scholarship |
Students who receive a full-tuition
scholarship from Army ROTC for
study at Hood College. This award
replaces any previously awarded
Hood scholarship. |
4 years |
room and
board |
Honors Program
Scholars |
Full-time first-year students who
are admitted to the Honors
Program. If they have been
awarded another Hood scholarship
prior to admission to the
Honors Program, this award will
replace the other scholarship.
Students must apply for admission
to the Honors Program and are
chosen on a competitive basis. |
4 years |
$19,000 |
Hodson Trust
Academic
Scholarship |
First-year students with the
highest academic profiles who
have shown leadership in school
and community activities |
4 years |
$17,000 |
Presidential
Scholarship |
First-year students with exceptional
academic records, academic
potential, and citizenship and
extracurricular achievement |
4 years |
$15,000 |
Trustee Academic
Scholarship |
First-year students with high
academic ability and proven
leadership in school and
community activities |
4 years |
$13,000 |
Joseph H. Apple
Scholarship |
Full-time transfer students
who demonstrate the highest
academic achievement and
leadership in college |
2 years |
$10,000 |
Achievement and
Dean’s Academic
Scholarships |
First-year students with high
academic ability and proven
leadership in school and
community activities |
4 years |
$6,000 to
$10,000 |
Hood Merit
Scholarship |
Full-time transfer students who
have demonstrated strong
academic achievement in college |
2 years |
$2,500 to
$7,000 |
Hood Heritage
Scholarship |
First-year students with the
highest academic profiles who
have shown leadership in school
and community activities |
1 year |
$5,000 |
Phi Theta Kappa
Scholarship |
Full-time transfer Phi Theta Kappa
members who have earned an
A.A. or A.S. |
2 years |
$2,000 |
Hodson-Gilliam
Diversity
Scholarship |
Academically talented full-time
first-year students with a sincere
interest in developing a diverse
student body |
4 years |
$2,000 |
Legacy
Scholarship |
Students whose parent earned a
graduate degree from Hood
College |
1 year |
$1,000 |
Alumnae
Scholarship |
Full-time first-year students who
are referred by a Hood College
alumna or alumnus |
4 years |
$500 |
* In addition to the scholarships described in this table, Hood also offers some 200 additional endowed
scholarships, awards and prizes, each with specific criteria. Additional scholarship information is
available in the Financial Aid Office.
3. Work with the Financial Ad Office to create a package that works for your family
Your financial aid package will be made up of a combination of three components: scholarships, loans and work-study. Call the Financial Aid Office to learn about the methods they use to determine your financial need, your family's expected contribution and your eligibility for awards.
Three Sample Families Compared
| |
Kevin |
Amy |
Kyle |
| Household |
2-parent household,
5 in family,
1 in college |
1-parent household,
4 in family,
2 in college |
2-parent household,
4 in family,
1 in college |
| State of residence |
Maryland |
Florida |
Maryland |
| Household income |
$45,000 |
$60,000 |
$110,000 |
| Family Contribution |
$13,000 |
$4,020 |
$26,545 |
Hood Costs
| Residency |
On-campus |
On-campus |
Commuter |
| Tuition and fees |
$28,170 |
$28,170 |
$28,170 |
| Room and board |
$9,440 |
$9,440 |
N/A |
| Total costs |
$37,610 |
$37,610 |
$28,170 |
Financial Aid Package
| Federal Pell Grant |
$0 |
$650 |
N/A |
| Merit Scholarship |
$11,000 |
$13,000 |
$8,000 |
| Federal SEOG |
$0 |
$1,000 |
N/A |
| Federal ACG |
$0 |
$750 |
N/A |
| Hood Grant |
$7,000 |
$9,000 |
N/A |
| Subsidized loan |
$3,500 |
$3,500 |
N/A |
| Unsubsidized loan |
$2,000 |
$2,000 |
$5,500 |
| Outside scholarship |
$0 |
$1,000 |
N/A |
| Endowed scholarship |
$0 |
$1,000 |
N/A |
| Total aid package |
$23,500 |
$31,900 |
$13,500 |
Total Year Net Out-of-Pocket Cost
| Total contribution |
$14,110 |
$5,710 |
$14,670 |
Financial Aid for the Class of 2012
| Family Income |
Average Grant |
Which May Be Applied To |
| $0-35,000 |
$24,000 |
Tuition, room + board |
| $35,000-75,000 |
$22,000 |
Tuition, 44% room + board |
| $75,000-100,000 |
$18,000 |
Tuition, 13% room + board |
| $100,000-$120,000 |
$17,000 |
Tuition |
| $120,000-$200,000 |
$17,000 |
Tuition |
Of those who applied for aid:
100% qualify
95% qualify
80% qualify
40% qualify |
4. Consolidate loans after college
Don't worry about accruing debt to pay for your education. After graduation, students can consolidate their loans into one loan with a fixed interest rate that can be paid back over 10 years. Graduating students, with an average starting income of $33,258,* have about $1,700 a month for living expenses and a manageable education loan repayment of about $200–$300
a month.
5. Graduate in four years
Students who take longer than four years to graduate not only pay more in tuition, but also accumulate living expenses, lose their financial aid and are forced to delay entering graduate school to earn their next degree or the workforce to earn a salary. On average, 68 percent of Hood students graduate in four years.
Compare the out-of-pocket expenses needed to complete a
degree in four and five years:
| The Cost of
Four vs. Five
Years |
Four years of college |
Five years of college |
Annual out-of-pocket cost
(after financial aid) |
$10,515 (x4) |
$10,515 (x5) |
| Additional cost for fifth year** |
NA |
$17,845 |
| Salary lost for extra year
in college |
NA |
$33,258* |
| Total Cost |
$40,060 |
$103,678 |
* Average starting salary for college graduates, as estimated
by The National Association of Colleges and Employers
**Financial aid only available for four years.
6. Resources
There are many sources for scholarships and detailed information regarding financial aid available online. In addition, Hood's financial aid staff has the expertise to help you develop a plan to make your education affordable. Contact Hood's Financial Aid Office to discuss your financing options by calling (301) 696-3411 or (800) 922-1599; or by e-mail at finaid@hood.edu.
Glossary of financial aid terms
- assets:
- when determining financial need, anything that is owned, such as cash, real estate, investments or savings accounts.
- award letter:
- letter sent to students outlining the financial aid package offered. The student needs to sign and return this letter to accept the aid.
- College Scholarship Service (CSS):
- one of the services on which the government and colleges
rely when figuring out a family's expected contribution (see Estimated Family Contribution [EFC]).
- Congressional Methodology:
- standard formula developed by Congress under the Higher Education Amendment of 1986, which is used to evaluate parents' income and assets, taking into consideration the number of college aged children and associated, anticipated college costs. This
evaluation helps determine the Estimated Family Contribution (EFC) and the student's eligibility for financial aid.
- consolidation:
- payment option for students with multiple loan debts that allows borrowers to
combine the principals and pay back loans in monthly installments for up to 25 years.
- deferment:
- postponement of a loan's repayment, offered by many federal loan programs.
- dependent student:
- student who relies on his or her parents for financial support.
- disbursement:
- a payment from scholarships, grants or other sources.
- eligibility:
- degree to which a student qualifies for financial aid.
- Estimated Family Contribution (EFC):
- amount of money a student's family can contribute to the cost of college, determined with a standard formula called the Congressional Methodology and used in determining a student's eligibility for financial aid.
- federal work-study:
- program through which students work part time and earn money to help
pay for college.
- financial aid package:
- total aid given to a student, from all sources. The financial aid package is explained in the award letter.
- financing programs:
- commercial services that supplement federal- and state-funded loans.
- financial need:
- difference between a college's total cost of attendance and a family's EFC.
Free Application For Federal Student Aid (FAFSA): federal form used to apply for state and federal aid.
- grant:
- financial gift that does not need to be paid back.
- independent student:
- student who does not rely on his or her parents for financial support.
- interest:
- the charge for money that is borrowed; usually a percentage of the principal amount.
- loan:
- money that is borrowed from the government, a bank, credit union or other lender that
must be paid back.
- Parental Loans for Undergraduate Students (PLUS):
- loans given by the same financial
institutions that give Stafford Loans.
- Pell Grant:
- need-based federal financial aid that does not need to be paidback; only available to
undergraduate students.
- Perkins Loan:
- low-interest, need-based loan awarded by individual colleges. Students begin paying back Perkins Loans nine months after graduation or leaving school.
- principal:
- amount of money borrowed, not including interest charges.
- scholarship:
- money awarded that does not need to be paid back; criteria might include academic excellence, talent, race, religion, group affiliations, state of residence or need.
- Stafford Loan:
- loan given by banks, credit unions, loan associations or individual colleges; sometimes called Guaranteed Student Loan, or GSL.
- subsidized loan:
- loan that does not accrue interest until the student leaves school.
- total cost of attendance:
- used in determining a student's eligibility for financial aid, the total of all college costs; includes tuition, fees, books, supplies, housing, meal plan, personal expenses and travel expenses.
- unsubsidized loan:
- loan that accrues interest while a student is still in school.
Sources for scholarships
Other scholarships
Need-based grants
Sources for Loans
Books
- "The Scholarship and Financial Aid Solution: How to Go to College for Next to Nothing
with Short Cuts, Tricks, and Tips from Start to Finish," by Debra Lipphardt
- "Getting Financial Aid: 2010," by The College Board
- "The Complete Idiot's Guide to Financial Aid for College," by David Rye
- "How to Go to College on a Shoe String: The Insider's Guide to Grants, Scholarships,
Cheap Books, Fellowships, and Other Financial Aid Secrets," by Ann Marie O'Phelan
7. Frequently Asked Questions
These questions are commonly asked by families who are beginning their search for college financing options. Some topics relate to all colleges and some are specific to Hood College.
Read more …
* Average starting salary for college graduates, as estimated by The National Association of Colleges and Employers
Do I have to wait
until I am accepted
to Hood before I
apply for aid?
No, you may apply before you
are accepted, but you will not
receive a financial aid award
letter until you have been
accepted. We encourage you
to apply for aid even if you
have not yet been accepted so
we can process your aid
application as soon as possible
upon your acceptance.
What is Hood
College's deadline
for applying for
financial aid?
Hood College has a
preferred filing deadline of
February 15 for incoming
first-year students. By filing
early, you increase the
chance of knowing your
eligibility by early March.
How do I apply
for financial aid?
You need to complete the
Free Application for
Federal Student Aid
(FAFSA) by February 15.
You and your parents will
need to provide information
about your family's
income, assets, household
size and number in
college. The FAFSA
cannot be submitted until
after Jan. 1. You must
complete and submit
the FAFSA online at
www.fafsa.ed.gov. Hood's
school code is 002076.
When and how
will I find out
how much aid I
can receive?
In early March the
Financial Aid Office will
begin mailing award
letters to students who
have been admitted to
Hood and who have
completed the FAFSA.
We will notify you of your
eligibility for all assistance,
including scholarships,
in your financial aid
award letter. You will also
receive the Conditions of
Awards explaining the aid
programs, requirements
for renewal of your
financial aid, and cost.
We will continue to mail
award letters on an
ongoing basis.
Does Hood
College offer
merit scholarships
and how do I
apply for them?
Yes, each year Hood
College awards more
than $6 million in
merit-based scholarships.
You are automatically
considered for scholarships
once you have been
admitted to Hood. No
additional applications are
required, except when
applying for the prestigious
Hodson-Gilliam Diversity
Scholarship.
How do I apply
for scholarships?
New students are automatically
reviewed for
scholarship eligibility by
their admission counselor.
If you qualify for a
scholarship, you will be
notified by mail about
one week after receiving
your letter of admission.
What happens if
I receive outside
scholarships?
You must notify the
Financial Aid Office of
any outside scholarships
you have been awarded.
We will need to know the
source and amount of the
scholarship(s). Outside
scholarships may reduce
the amount of a student's
loan or work commitment.
They may also reduce a
portion of the College's
grant aid.
How is financial
need determined?
Financial need is determined
by subtracting your
EFC (Expected Family
Contribution as determined
by the FAFSA)
from the total cost of
education for the year.
Since costs vary among
colleges and universities,
your need will also vary
from one institution to
another. Your EFC,
however, may stay the
same at all colleges and
universities. Therefore,
it is likely that a student
will receive more assistance
at a higher cost
private institution compared
to a less expensive
public college because
the student's financial
need will be higher at a
private institution.
What is a financial
aid package?
A student's financial aid
package is a listing of all
financial aid for which a
student is eligible. It may
consist of any combination
of the following: grants,
scholarships, loans and
work-study.
What if my
family's financial
situation changes
after we have
completed the
application?
Contact the Financial Aid
Office and we will advise
you what you need to do to
be re-evaluated based on
the change in circumstances.
Most likely, you
will have to complete
some additional forms.
If my parents
are divorced or
separated, whose
information is
reported on the
financial aid
application?
The custodial parent is
the parent that must
complete the FAFSA.
If the custodial parent
has remarried, then the
stepparent's financial
information must also
be provided.
Is there an
income cut-off for
financial aid?
No, there is no income
cut-off for financial aid.
While income is a factor
when determining
eligibility for need-based
aid, other factors, such as
household size, number of
family members in college
and the age of the oldest
parent, are also taken into
account. We encourage all
students to apply for
financial aid.
Will I receive
the same amount
of financial aid
each year?
Hood College scholarships
will be renewed for each
year that you are a
full-time undergraduate
student, as long as you
continue to meet the
scholarship requirements.
Scholarships are available
for use in the first eight
semesters of enrollment.
Eligibility for federal and
state aid, as well as Hood
grants, will be re-evaluated
each year. You will be
required to complete a
Renewal FAFSA each year
so that eligibility for
federal aid, state aid and
Hood grants can be
determined. Eligibility
may change as information
on the FAFSA changes
from one year to the next.
What if our taxes
will not be completed
by your
February 15 financial
aid deadline?
Although we encourage
you to complete your tax
returns before completing
the application process, we
understand that sometimes
this is not possible. You
may use estimated
amounts on the FAFSA
form and correct the
information once your
taxes are complete.
What is Hood
College's federal
school code for
the FAFSA?
002076
What if I have
additional
questions?
Please contact the Office
of Financial Aid at
(800) 922-1599 or e-mail
finaid@hood.edu.