Financial Aid at Davis & Elkins College

Financial planning at Davis & Elkins is about helping you to afford college. We know that the prospect of paying for college worries many students and their families–but it shouldn't. With the many types of aid available out there, and with the assistance of the personnel at Davis & Elkins, any student who truly qualifies for aid should be able to get relief. You automatically apply for all of Davis & Elkins scholarships when you complete the FAFSA.

For additional information and help with specific applications, we encourage you to contact the Financial Planning Office toll free at 1-800-624-3157, ext 1271.

A Quick Glossary: The Major Elements in Financial Aid

Scholarship
These merit-based awards come in various sizes and amounts. They recognize special talents or abilities, such as high academic potential, or exceptional athletic ability, for example. Scholarships are a form of gift aid, meaning you do not need to pay them back. Every student receives a scholarship. Our main scholarships are President, Senator, Davis & Elkins and Incentive.

Grant
These are need-based awards that may or may not have additional restrictions as to who may qualify. Some states make educational grants to students residing in their state. These grants may be used in-state or out-of-state. Grants are gift aid.

Loan
Exactly what the name implies. Many types are available, including loans made directly to students or parents to help pay student bills. Interest rates are favorable, and repayments generally do not begin until after graduation. Loans are considered a form of self-help because you are borrowing money now that you will repay out of your own earnings later.

Work-Study/Campus Employment
The classic form of self-help. Student employment may range from working in the library, to assisting in a lab course to assignments in departmental or administrative offices. It's the earn-as-you-go plan that lets you log real experience along the way. Prospective employers are often favorably impressed by applicants who have worked their way through college.

Return of Title IV Funds policy
The Financial Aid Office is required by federal statute to recalculate federal financial aid eligibility for students who withdraw, drop out, are dismissed, or take a leave of absence prior to completing 60% of a payment period or term. The federal Title IV financial aid programs must be recalculated in these situations.

If a student leaves the institution prior to completing 60% of a payment period or term, the financial aid office recalculates eligibility for Title IV funds. Recalculation is based on the percentage of earned aid using the following Federal Return of Title IV funds formula:
Percentage of payment period or term completed = the number of days completed up to the withdrawal date divided by the total days in the payment period or term. (Any break of five days or more is not counted as part of the days in the term.) This percentage is also the percentage of earned aid.

Funds are returned to the appropriate federal program based on the percentage of unearned aid using the following formula:
Aid to be returned = (100% of the aid that could be disbursed minus the percentage of earned aid) multiplied by the total amount of aid that could have been disbursed during the payment period or term.

If a student earned less aid than was disbursed, the institution would be required to return a portion of the funds and the student would be required to return a portion of the funds. Keep in mind that when Title IV funds are returned, the student borrower may owe a debit balance to the institution.

If a student earned more aid than was disbursed to him/her, the institution would owe the student a post-withdrawal disbursement which must be paid within 30 days of the student's withdrawal.

Refunds are allocated in the following order:

• Unsubsidized Federal Stafford Loan
• Subsidized Federal Stafford Loan
• Federal Perkins Loan
• Federal Parent (PLUS) Loan
• Federal Pell Grant
• Federal Supplemental Opportunity Grant
• other Title IV assistance
• other state
• private and institutional aid
• the student