Financial Aid Policies and FAQs
Cost of Attendance
The on-campus budget for the 2014-2015 is as follows:
|Room and Board||14,700|
|Total Cost of Attendance||$62,632|
This page highlights information for some of our policies and guidelines. The Financial Aid Handbook will provide additional information on the topics below as well as other policies - the handbook is currently under construction, but will be available in July 2014.
Sources of Financial Aid Funding
Pomona College may use a combination funding sources including Federal, State, and Pomona College programs to offer a complete financial aid package to each eligible student. The College determines the suitability of each type of aid for eligible students based on the CSS Profile and FAFSA and uses funding sources including federal, state and Pomona College institutional aid. This includes the Federal Pell Grant Program, Federal Supplemental Opportunity Grants (FSEOG), state grant programs including the Cal Grant, Pomona College institutional grants, Federal Work and Pomona College Student Employment. Additional information on federal aid programs is available at www.studentaid.gov.
In the event that a student receives aid from private outside sources, these funds will be coordinated with College-administered awards. The total aid received by students from all sources cannot exceed the student's demonstrated need. Outside scholarship funds are applied in the following manner:
- Reduce the standard student summer expectation ($1,900 for Freshmen)
- Reduce the student work award ($2,500 for 2013-14)
- Remaining outside scholarship funds reduce the Pomona College scholarship dollar for dollar
If you would like to search for additional outside scholarships, check out these links to scholarship search engines:
- FinancialAid.org scholarship search engine
- The Sallie Mae Fund
- fastWEB Scholarship Search
- The Gates Millennium Scholarship Program
- Ebell Scholarship Program
Satisfactory Academic Progress
The Satisfactory Academic Progress (SAP) policy is designed to ensure that all students who are receiving financial aid are making adequate progress toward completing their degree program. Students receiving financial assistance will receive standard financial aid packaging (no loans) for 8 semesters of enrollment. Standard full time enrollment for all students is four full courses in each of the eight semesters; the minimum is three courses. The Academic Standards Committee (ASC) meets bi-annually to review any students not meeting the quantitative or qualitative standards set by the College. The Academic Procedures Committee (APC) is a standing committee charged with ruling on a student’s petition for exceptions to the academic rules and regulations of the faculty. For more detailed information on academic standards, please refer to the Pomona College catalog at http://catalog.pomona.edu/index.php.
Additional Semesters of Enrollment
Students requiring additional semesters of enrollment beyond 8 semesters to complete their studies at Pomona will need to petition the Academic Standards Committee for approval. If approved, students are welcome to apply to renew their aid by following the standard renewal procedures. However, the financial aid offer will include $5,000 in loan or increased expected family contribution plus work before any scholarship/grant assistance will be offered.
When administering College-funded financial aid, Pomona defines independent student status more strictly than the definition found on the federal application. Applicants who are wards of the court, orphans or who have been part of extremely adverse home situations that have led to estrangement from their families may request consideration for financial aid as independent students. If you think you may qualify for independent student status, please contact the Office of Financial Aid directly to learn what documentation you will be required to submit. Written verification of estrangement from the family will be required from a court official or social worker.
Student Health Insurance Plan (SHIP)
All students enrolled in SHIP who receive Pomona College financial aid will be provided with grant assistance to cover half of the cost of the health insurance. Students are welcome to request a loan for the remaining half of the insurance, otherwise this cost will be included in the Fall semester invoice. Students who do not receive Pomona College financial aid can contact the Office of Financial Aid to request loan assistance to cover the full cost. Student health insurance brochures are available from the Dean of Students Office.
Students that receive scholarship and grant aid that total more than the cost of tuition, fees, and books, may have taxable financial aid. Please refer to our Taxable Scholarships FAQs [pdf] for additional information.