Student Handbook 2021-22 > Financial Aid > Types of assistance

Types of assistance

Institutional funding

Olin tuition scholarship (merit-based)

The Olin Tuition Scholarship is awarded for a maximum of eight semesters of full-time study. Anyone permanently disqualified to attend or return to Olin College for academic or disciplinary reasons will forfeit the remaining portion of the scholarship.

Special Considerations:

Payment of full tuition is required for any semester(s) beyond eight before graduation. Olin College provides accommodations for documented disabilities. In extenuating circumstances, exceptions may be granted by the Provost and Dean of Faculty.

While the Olin Tuition Scholarship is awarded independent of financial need, your merit award will be included in the aid provided to meet your financial need. Thus, merit awards are coordinated with other need-based aid to help meet demonstrated financial need and cannot be used to help reduce the family’s calculated contribution.

National Merit Finalists:

National Merit Finalists who win either a National Merit or National Achievement Scholarship from the National Merit Scholarship Corporation or other corporate sponsor are able to use this scholarship at Olin College, and will be identified as National Merit Scholars. Eligibility criteria is established and determined by the National Merit Scholarship Corporation. Finalists who designate Olin College as their first choice college, but do not receive a NMSC or corporate-sponsored scholarship, may be designated as Olin National Merit Scholars. Olin National Merit Scholars will be awarded a $1000 scholarship for four years, funded by Olin College. The student must submit renewal paperwork to National Merit each year for continued eligibility.

Olin Need-Based Grant

Olin Need-Based Grant may be awarded by the Financial Aid Office to students who demonstrate financial need.

Donor Funded Grants

These awards are designated with the name of the donor and/or are a particular fund established in honor of a person or organization. These funds are awarded annually on the basis of financial need and may be renewable. No additional application is necessary.

R2 Scholarship

Students who are selected to be an "R2" by Student Affairs and Resources receive a scholarship that is equal to the amount of their room charge. Student's are charged for their room, and then receive the equivalent amount in an "R2 Scholarship". Regulations require that, within a need-based aid package, these benefits be counted as a resource to meet a student's financial need. This award does not reduce or assist with the family contribution. The R2 Scholarship is packaged in such a way that it replaces the student contribution or "self-help" component of the student's financial aid award - similar to an outside scholarship - prior to any reduction in need-based grant. Depending on the individual financial aid award, some Olin Need-Based may be replaced, but the total overall package will not be reduced due to a student becoming an R2.

Outside Scholarships

We encourage all students to pursue outside scholarships to help meet their annual student contribution. Students are required to inform their financial aid office of any grants, scholarships, or benefits received from sources outside the college. A copy of the award notification should be provided. An outside award that is restricted to tuition will reduce your Olin Tuition Scholarship only if it exceeds the remaining tuition.

It is our policy to use the first $3500 of outside scholarships received to meet the student contribution and reduce the amount the student borrows. If a student receives need-based grants AND receives outside aid in excess of $3500, the Olin Need-Based Grant will be reduced to avoid receipt of need-based funds in excess of financial need. The total amount of outside scholarship is divided equally between the Fall and Spring semesters. Outside awards must be reported annually. We will not automatically renew an award from a previous year without an annual notice from the agency indicating renewal.

Note: Taxability of Scholarships and Grants

Under current Internal Revenue Service (IRS) regulations a portion of grant and scholarship aid may be considered taxable income, which must be reported on your general income tax return. IRS regulations consider any amount or combination of scholarship and grant benefits greater than the amount of qualified tuition and fees to be taxable income. In addition, amounts received as payments for teaching, research, or other services required as a condition of receiving the scholarship would be considered taxable. The final determination of any tax liability and the payment of tax on your grant/scholarship is the taxpayer responsibility. Questions should be addressed to qualified tax counsel.