Grants/Scholarships
Institutional
All financial aid awards at Williams are based on need as determined by the Office of Financial Aid. There are no merit scholarships at Williams. Some need-based scholarships that are distinctive are the Tyng Scholarships, designed to meet a student's demonstrated need for each year at Williams and for three years of graduate or professional school. All applicants who qualify for aid are considered as candidates for the Tyng Scholarship.
Federal
Types
- Federal Pell Grant
- Federal Supplemental Educational Opportunity Grants (FSEOG)
- Academic Competitiveness Grant (ACG)
- National Science and Mathematices Access to Retain Talent Grant (SMART)
Effect on Award
- These grants/scholarships are considered entitlement grants and as such will reduce your Williams Scholarship on a dollar for dollar basis
State
Eligible States & Deadlines
| Connecticut | April 30 | FAFSA, Parent & Student 2008 federal income tax returns to the state scholarship office with your name, social security number and Williams College written across the top of the first page of the tax return |
|---|---|---|
| Maine | May 1 | FAFSA |
| Massachusetts | May 1 | FAFSA |
| New Hampshire | May 1 | FAFSA |
| Pennsylvania | May 1 | FAFSA |
| Rhode Island | March 1 | FAFSA |
| Vermont | May 1 | FAFSA, Vermont Grant Application 2009-2010 |
Other
Types
- Employer Benefit
- Outside Scholarships and Prizes
Form
Effect on Award
- Scholarships and prizes not based on entitlement (i.e., federal and state grants are considered entitlement grants) will first reduce your loan. Outside Scholarships in excess of the loan offer can be used to reduce either your campus job or your student income contribution. If outside scholarships exceed the loan and job portions of your financial aid award, your Williams Scholarship will be reduced. Federal regulations stipulate that a student's total award may not exceed his or her established need for assistance.
Student Loans
Federal Direct Stafford
Types
- Subsidized (need based)
- Loan principal is deferred and the government pays the interest on the loan while you are a student
- Unsubsidized (non-need-based)
- Loan principal is deferred but must be paid quarterly or will be added to the principal of the loan
Interest Rate & Repayment
- 6.00% interest for undergraduate subsidized loans disbursed after July 1, 2008
- 6.80% interest for undegraduate unsubdidized and ALL graduate loans disbursed after July 1, 2006
- Fixed interest rate
- Ten-year repayment beginning six months after graduation
- Deferments are granted while you are in college and for graduate or professional study or for economic hardship as defined by the Department of Education
Maximum Base Loan Amounts
- First Year: $3,500
- Sophomore: $4,500
- Junior: $5,500
- Senior: $5,500
- Graduate Students: $20,500
- As of July 1, 2008, undergraduate dependent students are eligible for the Additional Unsubsidized Federal Direct Stafford Loan up to $2,000.
Loan Fees
- For loans disbursed after July 1, 2008 a 2.00% Origination fee is deducted from each disbursement. There is an up-front rebate of 1.50% for assumed on-time repayment of the loan. Therefore, the total amount deducted is 0.5%.
Federal Perkins
General
- The Department of Education allocates Williams College a limited amount of Federal Perkins Loan money
Interest Rate & Repayment
- 5% fixed interest
- Ten-year repayment beginning nine months after graduation
- Deferments are granted while you are in college and for graduate or professional study or for economic hardship as defined by the Department of Education
- Cancellation provisions for designated areas of primary and secondary school teaching, Peace Corps and domestic service volunteers as well as careers in law enforcement
Williams (institutional)
General
- Available to students who are not U.S. Citizens for the purchase of a computer (maximum of $2,000) or to replace the campus job opportunity for students who are studying abroad.
Interest Rate & Repayment
- 5% fixed interest
- Ten-year repayment beginning nine months after graduation
- Deferments are granted while you are in college and for graduate or professional study or for any reason that will cause the borrower economic hardship
Jobs
Federal Work Study/Campus Employment
- The opportunity to work on campus is offered to nearly all students
- All first-year students are assigned a job on campus; upper class students must find their own positions
- Students are paid directly every two week for the hourse they have worked
- Most students earn $8.75 per hour
- Typically students work between 6 and 8 hours per week and use their earnings to help pay for books, personal and travel expenses
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