Prospective Students & Parents
Goshen College admits students regardless of their financial circumstances or aid eligibility. When creating a financial aid award, the Financial Aid Office will work on providing the best package possible, based on the information at hand. You can rest assured that all the aid the student was eligible for has been included in our offer letter.
For more information on various aspects of the financial aid process for prospective students and their parents, please click on any of the following links:
- Determining need
- Applying for financial aid
- Strategies for affording a Goshen College education
- Information for parents
- Forms for prospective students
When creating a financial aid package for a student, the Financial Aid Office first looks at the student’s budget for the academic year. A budget consists of tuition, room and board, books and supplies, estimated transportation and estimated personal expenses.
|Room & Board||$ 9,700|
|Total Cost||$ 39,400|
Once a budget has been determined, the process of creating a financial aid package begins. Four areas of financial aid are considered: academic/merit scholarships, federal, state and institutional need-based grants, student loans, and work-study. Each student’s award package is evaluated within each area to determine if the student is eligible for an award.
Financial need is determined by the student’s cost of attendance minus the Expected Family Contribution (EFC) that was determined by the information from the FAFSA. Link to an EFC Calculator is located below.
Cost of Attendance – Expected Family Contribution = Financial Need
The Financial Aid office attempts to meet this need figure with aid from various sources. However, based on eligibility and fund availability financial need is NOT guaranteed to be met 100 percent.
Need based aid (including Federal Pell Grant, Federal SEOG, Indiana state grants, and GC need based aid) cannot exceed the financial need figure. However, there are other types of aid which can be awarded regardless of your need.
Expected Family Contribution estimator:
FAFSA4Caster offers an Expected Family Contribution Calculator . This calculator does not provide the amount of financial aid you may receive. Instead, it calculates an estimate of what a family is expected to contribute towards the student’s educational expenses for one academic year and helps to estimate financial need.
Goshen College offers the best package possible for each of our students. Based on the student’s eligibility and fund availability financial aid may not cover the difference between the family’s EFC and the cost of attendance.
Applying for Financial Aid
U.S. Citizens and Permanent Residents:
- Apply for admission; a student must be admitted to the college before a financial aid offer is made.
- Submit a “Free Application for Federal Student Aid” (FAFSA) as soon as possible after Jan. 1. Students should specify 001799 as the code number for Goshen College.
- Apply Online (www.fafsa.ed.gov)
- After you’ve been accepted for admission and we have received your FAFSA along with any other documentation that has been requested, we will send you a paper copy of Financial Aid Award letter describing the aid you are eligible to receive. At that time, we will also send an email with instructions for viewing the Financial Aid Award online.
- You will receive one paper copy of your award letter. Any revisions to your Financial Aid Award will be sent via email with instructions for viewing the award online.
- Please review the Financial Aid Award promptly and notify the Student Financial Aid Office in writing of any changes to your award, which includes lowering the amount of loans that you were offered or canceling the loans altogether.
*Canadian and International students can find more information under the international students’ tab.
Affording a Goshen College Education
We know that paying for a college education is not an easy endeavor. It requires some level of sacrifice and planning. With this in mind we offer several options that we believe will be beneficial to cover this financial gap. Besides financial aid and loans, Goshen College offers an online tuition payment system. More information can be found by clicking on Online Tuition Payments.
As you develop your own strategy, feel free to contact us for assistance.
Information for Parents
Parents access to student records:
In accordance with the Family Educational Rights and Privacy Act of 1974 (FERPA), the Financial Aid Office will not disclose any student’s financial aid information to parents unless the student provides written consent through our FERPA form.
Federal PLUS Parent loan:
The Federal Parent Loan for Undergraduate Students (PLUS) is available to parents of undergraduate students in amounts up to the full cost of attendance less any financial aid. PLUS loans require that students enroll in a degree program at the half-time level or above. The effective interest rate for new loans is 7.21 %. Borrowers commence repayment immediately upon disbursement and have up to 10 years to repay. Information about PLUS is mailed to financial aid recipients along with their financial aid awards. For more information, please contact us.