Financial Aid Policies and Disclosures
Verification Process
The U.S. Department of Education requires colleges to verify certain financial aid applications. Olin College conducts verification for all applications selected by the Department, as well as those selected internally by the institution. The Financial Aid Office is also responsible for resolving any unclear or conflicting information in a student’s financial aid application.
If additional documentation is required, students will be notified by the Financial Aid Office. Please submit all requested documents promptly. You will not receive an official award letter until all required documentation has been submitted and reviewed.
Appeal Process / Change in Circumstance
If your current financial situation is not accurately reflected by the information on your FAFSA, you may submit an appeal for reconsideration of your financial aid eligibility. Most appeals will require supporting documentation.
You are also required to notify the Financial Aid Office of the following changes during the academic year:
- Number of family members in the household
- Number of siblings attending college
- Student’s enrollment status
- Student’s housing status
Note: Changes to any of the above may result in an adjustment to your financial aid.
Outside Scholarship Policy
Olin encourages all students to pursue outside scholarships to help meet their annual student contribution. Students must notify the Financial Aid Office of any outside scholarships, grants, or benefits received and provide a copy of the award notification.
- If you receive need-based aid and outside awards exceed the Subsidized Loan, your Olin Need-Based Grant may be reduced to ensure your total aid does not exceed your demonstrated financial need.
- Outside scholarships are split equally between Fall and Spring semesters.
- Awards must be reported annually; they are not automatically renewed.
Satisfactory Academic Progress (SAP)
Federal regulations require that students receiving financial aid maintain Satisfactory Academic Progress (SAP) toward their degree.
- Olin’s SAP standards align with the Committee on Student Academic Performance (COSAP) and apply to all federal, institutional, and merit-based aid.
- Students not in Good Academic Standing are placed on Financial Aid Warning but remain eligible for aid.
- If SAP is still not met after the warning period, students will be placed on Financial Aid Suspension and become ineligible for all aid, including private loans.
- Students may appeal this decision to the Director of Financial Aid.
Pace of progression is also evaluated in collaboration with the Registrar. This includes a review of cumulative progress and the treatment of transfer credits. Both college and federal SAP standards must be met to maintain aid eligibility.
The SAP Policy outlines detailed review and appeal procedures.
Direct Loan Borrowers
The U.S. Department of Education maintains a comprehensive resource for student and parent borrowers at studentaid.gov. This site provides detailed information about the federal student loan process, repayment options, and borrower rights and responsibilities.
Students who borrow through the Federal Direct Loan Program are required to complete:
- Entrance Counseling, which outlines borrower rights and responsibilities, must be completed at studentaid.gov before the first disbursement of loan funds.
- Exit Counseling is required when a student graduates, withdraws, or drops below half-time enrollment. This is also completed at studentaid.gov.
Borrowers who leave Olin College either by withdrawal or approved academic leave must complete Exit Counseling as part of the withdrawal process. Failure to do so may result in a hold on to the student’s record.
All executed Master Promissory Notes (MPNs) are submitted to the National Student Loan Data System (NSLDS) and are accessible to federal agencies, loan servicers, and other authorized entities.
Return of Title IV (Federal) Aid
Students who withdraw from all courses before completing 60% of the semester may be required to return a portion of their federal (Title IV) financial aid.
- The Return to Title IV (R2T4) calculation determines the amount of aid earned based on the percentage of the semester completed.
- If a student withdraws before 60% of the semester is completed, unearned funds must be returned to the federal government.
- If the student withdraws after 60%, they are considered to have earned 100% of their aid, and no return is required.
- Students eligible for a post-withdrawal disbursement may receive any earned aid not yet disbursed.
Students withdrawing from Olin must complete the College Withdrawal Form with the Assistant Dean of Student Affairs for Advising. Any balance remaining after adjustment will be reflected in a revised billing statement.
Federal Student Aid Penalties for Drug Law Violations
A student convicted of a drug-related offense involving the possession or sale of illegal drugs during a period of enrollment for which they received Title IV federal aid may lose eligibility for all federal financial assistance (HEA Sec. 484(r)(1); 20 U.S.C. 1091(r)(1)).
Study Away
Students planning to study away must meet with the Financial Aid Office to discuss their financial aid eligibility and available options prior to submitting their study away proposal for approval.
A Consortium Agreement is required for all students receiving need-based financial aid or federal loans while studying away. This agreement ensures that financial aid is properly coordinated between Olin and the host institution.
Statement of Ethical Principles and Code of Conduct for Institutional Financial Aid Professionals
In compliance with federal regulations, Olin College has established and enforces a Code of Conduct for all officers, employees, and agents involved in financial aid administration. This code prohibits:
- Revenue-sharing arrangements with any lender.
- Steering borrowers to specific lenders or delaying loan certifications.
- Offers of private loan funds in exchange for promises of loan volume, a set number of loans, or placement on a preferred lender list.
In addition, staff in the Financial Aid Office (or any employee with responsibilities related to education loans) may not accept:
- Compensation for consulting services with any lender related to education loans.
- Payment for serving on advisory boards or committees established by lenders or guarantors except for reimbursement of reasonable expenses.
As an institutional member of the National Association of Student Financial Aid Administrators (NASFAA), Olin College adheres to the NASFAA Statement of Ethical Principles and Code of Conduct, adopted in November 2017 and updated in November 2019.