Types of Assistance

Institutional Funding

Olin Tuition Scholarship (Merit-Based)

The Olin Tuition Scholarship is a merit-based award granted to all admitted students, covering up to eight semesters of required full-time study. Any student who becomes permanently disqualified from attending or returning to Olin College due to academic or disciplinary reasons will forfeit any remaining scholarship eligibility.

Special Considerations

Study Away: A full-time Study Away semester (with required pre-approval) counts as one of the eight scholarship-supported semesters. Students are considered full-time at Olin during this period and are responsible for paying Olin tuition after the merit scholarship is applied, along with any additional costs incurred at the host institution, including tuition above Olin’s rate, room, board, and fees as applicable.
Mid-Semester Withdrawal: If a student withdraws or takes a leave of absence during a semester, that partial semester still counts as one of the eight scholarship-supported semesters.
Additional Semesters: Students who require more than eight semesters to complete their degree must pay full tuition for any additional semester(s), unless granted an exception.

Exceptions & Petitions

Olin College accommodates students with documented disabilities in compliance with federal regulations.

Exceptions to the eight-semester scholarship and need-based funding limits are rare and considered only under extenuating circumstances. Students seeking an exception must submit a petition to both the Dean of Student Affairs and the Dean of Admission and Financial Aid. Requests will be reviewed in collaboration with the Provost.

Coordination with Need-Based Aid

Although the Olin Tuition Scholarship is awarded regardless of financial need, it is included as part of the overall financial aid package. Merit awards are coordinated with need-based aid to meet demonstrated financial need and cannot be used to reduce the family’s calculated contribution.

National Merit Scholarship

National Merit Finalists who receive a National Merit Scholarship or National Achievement Scholarship from the National Merit Scholarship Corporation (NMSC) or an approved corporate sponsor may use their scholarship at Olin College and will be recognized as National Merit Scholars. Eligibility criteria are established and determined solely by the NMSC.

Finalists who designate Olin College as their first-choice institution but do not receive a NMSC or corporate-sponsored scholarship may be designated as Olin National Merit Scholars. These students will receive a $1,000 scholarship per year for up to four years, funded by Olin College.

To maintain eligibility, students must submit renewal paperwork to the National Merit Scholarship Corporation each year.

Olin Need-Based Financial Aid

Our need-based aid programs are funded through a combination of grants, scholarships, and need-based federal loans. The Olin Tuition Scholarship, awarded upon admission, is included as part of the resources used to meet your demonstrated financial need.

If you meet eligibility requirements* and demonstrate additional need beyond the merit scholarship, Olin is committed to meeting your full financial need. Need-based aid is available for up to eight semesters of required full-time study.

Olin College provides accommodation for students with documented disabilities. Exceptions to standard policies may also be granted in extenuating circumstances.
Petitions requesting exceptions should be submitted to the Dean of Student Affairs and the Dean of Admission and Financial Aid. These requests will be reviewed in collaboration with the Provost.

Olin Need-Based Grants

Olin Need-Based Grant is awarded to eligible students who demonstrate financial need. This aid supports full-time study for students who apply by the designated deadline and qualify for additional assistance. Full need-based aid is only available to U.S. Citizens and Eligible Non-Citizens. Eligibility is primarily determined based on the financial information provided in the FAFSA. For students with a Student Aid Index (SAI) below $30,000, eligibility may also be reviewed using additional data from the student’s application and public records. Olin reserves the right to apply the professional judgment process to determine the amounts of need-based grants when appropriate. All decisions made through this process are final and non-negotiable.

Massachusetts State Grants

The MASSGrant is a need-based financial aid program provided by the Commonwealth of Massachusetts. It is available to full-time undergraduate students who demonstrate exceptional financial need, are residents of Massachusetts, and meet specific eligibility and application requirements.

General Eligibility Requirements:

File the Free Application for Federal Student Aid (FAFSA) by May 1.
Be a U.S. citizen or an eligible non-citizen who qualifies for federal financial aid.
Enrolled as a full-time student, taking at least 12 credits per semester.
Must be a legal resident of Massachusetts. If the student is dependent, their parents must also be Massachusetts residents.
Maintain SAP Satisfactory Academic Progress (SAP) as standards as defined by the institution.

Donor-Funded Grants

These grants are made possible by individual donors, foundations, or named funds established in honor of a person or organization. They are awarded annually based on financial need and may be renewable. No additional application is required; eligibility is determined through the financial aid process.

R2 Scholarship

Students selected as "R2s" by the Office of Student Affairs and Resources receive a scholarship equal to their room charge. Students are billed for housing and then awarded an R2 Scholarship in the same amount.

In compliance with financial aid regulations, this scholarship must be counted as a resource toward meeting the student's demonstrated need.
The R2 Scholarship does not reduce the family’s expected contribution.
Instead, it typically replaces the student contribution or "self-help" portion of the financial aid package (similar to an outside scholarship) and may reduce need-based grant aid in some cases.
However, the total aid package will not be reduced simply because a student becomes an R2.

Outside Scholarships

Olin encourages all students to apply for outside scholarships to help cover their annual student contribution.

Students must report all outside awards (grants, scholarships, or benefits) to the Office of Financial Aid and provide a copy of the award notification.
Tuition-restricted scholarships may reduce the Olin Tuition Scholarship only if the total outside tuition assistance exceeds the remaining tuition balance.
Outside scholarships are generally split evenly between Fall and Spring semesters.
Outside awards must be reported annually, they will not automatically renew without updated documentation from the awarding organization.

Taxability of Scholarships and Grants

According to IRS regulations, a portion of scholarship and grant aid may be considered taxable income if it exceeds qualified tuition and fees. Additionally, any scholarship that includes compensation for services (ex., teaching, research) is also taxable.

The taxpayer is responsible for determining and reporting any taxable portion of scholarships or grants.
For guidance, students and families should consult a qualified tax advisor or the IRS directly.