Hillsdale College, which does not accept or permit its students to bring federal financial aid to campus, is fully committed to providing its students with competitive financial aid packages, all of which are privately funded.
How Need is Determined
To be considered for need-based assistance, a student must first complete a need-analysis application to determine the financial contribution a family can make each year toward the candidate’s schooling. Need is then determined according to the following simple formula:
Need = college cost – family contribution
Consequently, a family’s “need factor” will vary from college to college, as the cost of each institution differs.
By drawing from a number of sources, including grants, loans, and campus employment, Hillsdale endeavors to offer a financial aid “package” that will help defray educational costs.
Grants are outright gifts that need not be repaid. There are two types of educational grants available to Hillsdale College students:
Hillsdale College Grants
A limited number of grants are awarded each year to students showing promise and exceptional need.
Michigan Independence Replacement Grant
Hillsdale College offers grants to replace financial assistance that students receive from the State of Michigan Competitive Scholarship Program and Tuition Grant Program.
Loans are extended at low interest rates.
Hillsdale College Loans
Hillsdale has several private loan funds that are sponsored by individuals, foundations, and companies who support Hillsdale’s independence. These loan funds are need-based, have various interest rates, and take individual, specialized criteria for selection.
All loans require a creditworthy cosigner and are contingent upon students meeting and maintaining standards of progress each semester.
Alternative loans are private loan sources available to all creditworthy, enrolled Hillsdale students. These loans help bridge the gap between the actual cost of education and the limited amount of institutional financial aid offered by Hillsdale College.
Hillsdale College certifies alternative loans through the following preferred lenders: Discover Student Loans, Wells Fargo Collegiate Loan, Lake Trust Credit Union Student Choice, and Sallie Mae’s Smart Option Student Loan.
- Student’s cost of attendance for the period of enrollment covered by the loans: $38,922.00.
- Estimated financial assistance: $______
- Difference between amounts A and B: $
The amount on line C is the maximum private loan amount a student can borrow without reducing eligibility for financial aid.
Statement of Loan Policy
Due to our independence from government assistance, federal loans are not made available to Hillsdale College students.
Some students may qualify for institutional loans. Students are permitted to pursue any privately funded student loan as long as the loan amount is within institutional budgetary limits. However, since many lenders will not process student loans for students attending an institution without a federal school code, we provide information on quality alternative lenders with whom we have an established relationship. Hillsdale College students are not limited to these lenders when seeking an outside loan.
The Hillsdale College Office of Student Financial Aid is aware of predatory lending practices by some such lenders. Because many deceptive marketing tactics are not illegal in the world of alternative student loans, parents and students are cautioned to be wary of unsolicited offers from any outside loan provider and are advised to read and understand the terms and conditions of any loan they may be considering.