Financial Aid Award Procedures

Overview of Your Financial Aid Package

The Financial Aid Office administers available funds uniformly and equitably in accordance with the existing regulations and policies. If a student feels that his or her request was not given proper or adequate consideration, he or she may appeal the decision. In such cases the student should contact the Financial Aid Office for more information.

Not every student who demonstrates financial need will be given institutional scholarship assistance, given the large number of applicants for aid and the limited scholarship funds that are available. The College may decide that the applicant’s academic credentials, in spite of financial need, do not warrant scholarship aid for the entry year at Bard. A favorable decision for future years would depend on the applicant’s academic record at Bard and the availability of funds. Families need to consider their ability to cover educational expenses for the full four years that the student will be attending Bard College. If the family finds that they have income and assets to cover only a portion of that time, they should apply for aid for the student's first year of attendance. Consideration for aid for families not receiving it initially will be on a case-by-case basis and will depend on available funding in subsequent years. A committee that meets in June and December of each year will review these later applications.

An offer of financial aid, unless otherwise stated, is made on the assumption that the applicant will be a full-time student and will incur full-time tuition and room and board charges at Bard College - Annandale. If these assumptions are wrong, the applicant should expect a revision of the financial aid offer.

All Bard College financial aid is awarded for study at the College’s campus in Annandale-on-Hudson, New York. It cannot be applied to the payment of tuition and fees for programs at other institutions in the United States or for study abroad.

Notification of financial aid awards for new students begins in mid-March and continues through the middle of April. Notification of financial aid offers to early action candidates with completed CSS Profiles will begin mid-December. Packaging and notification for returning students is completed in early May.

Rights and Responsibilities

Rights

• The Financial Aid Office will treat information regarding your application for financial aid professionally and with confidentiality.
• If you have any questions, the Financial Aid Office will explain how your eligibility for aid and your financial aid package were determined.
• If your family circumstances change to the extent that you believe your eligibility for and amount of financial aid would be affected, you may present documentation of those circumstances to the Financial Aid Office. Funds permitting, the amount of aid may be increased following a review by the Review Committee.
• You may request in writing a reevaluation of your financial aid offer. The Review Committee considers such requests in June and August for the fall semester and in December for the spring semester.
• If you do not maintain good academic standing, but are able to document mitigating circumstances (such as a change in your academic program or an illness in your family), you may appeal the suspension or termination of aid by contacting the Dean of Studies. 

Responsibilities

• You or a member of your family must submit to the Financial Aid Office a written report of changes in your financial situation as soon as they occur. This applies to changes in resources (such as receipt of an external scholarship) that would be taken into account in determining your financial need.
• You must submit all required applications and documentation in a timely manner. You must reapply for aid every academic year.
• You must maintain good academic standing, defined as a satisfactory (C+ or 2.3) grade average and satisfactory annual progress toward a degree (at least 28 credits per year).  Some Scholarships may have different standards.  Contact the Office of Financial Aid for more information.
• You are expected to enroll as a full-time student (defined as taking a minimum of 12 credits each semester) and to graduate within the standard period of time; awards are typically limited to four years.  The time period may be shorter for students coming from schools within the Bard Network.
• You must participate in a loan entrance interview before the first loan disbursement can be credited to your tuition account.
• You must notify the Financial Aid Office if you withdraw from the College or intend to take a leave of absence, so that you can be informed about revision of aid.
• You must have an exit interview at the Financial Aid Office if you have received a Federal Perkins Loan or a Federal Direct Loan and do not plan to return to the school the following semester.

Revisions of Financial Aid

Revision Guidelines

• Students should be aware that a financial aid offer is typically made on the basis of the student’s full-time attendance and room and board charges. If a student is enrolled less than full time (11 credits or fewer), financial aid will be adjusted in accordance with the total billing charges. If a student decides to move off campus, the College scholarship will be adjusted in accordance with the total billing charges.
• Financial aid awards will be revised if additional assistance is received from sources unknown to Bard at the time initial awards are made or if outside awards vary considerably from estimates in the award letter. The student is required to notify the Financial Aid Office of any additional assistance that is received.
• If the data on the FAFSA and the PROFILE do not concur with supporting documents (W-2 statements or Verification Worksheet), awards may be updated based on the revised Expected Family Contribution (EFC). With the exception of the Pell Grant, if the data on the FAFSA and PROFILE are fairly accurate, there is little or no change in awards.
• Students whose family financial situation changes due to death, disability, or unemployment of a major wage earner should contact the Financial Aid Office to discuss what assistance may be available to them at a time of financial crisis. The Financial Aid Office requires that any request for a review be made in writing, giving details for consideration in the review. This request is considered by the Review Committee, which meets three times a year, in June, August, and December.
• If a student withdraws before the end of the semester, Bard awards will be prorated in accordance with the tuition charges. Federal funds will be revised according to the formula established by the federal government.
• If a student ceases attendance without providing official notification to the College, the withdrawal date will be the mid-point of the semester or term, except that the College may use as the withdrawal date the student's last date of attendance at an academically-related activity, as documented by the college. This determination will be used for the Return of Title IV funds calculation.

Review additional information below about Title IV refunds when a student withdraws.

Disbursement of Financial Aid

Standard Requirements
Generally, financial aid awards are offered for the entire academic year and are credited to a student’s tuition account in two equal installments in the fall and spring. If awards are for one semester only, the full amount of the semester’s award will be credited in one installment, except for the Federal Stafford Loan and the Federal PLUS Loan, which require a dual disbursement regardless of the length of the academic period of the loan. The student must:

• Accept your aid online through the Bard portal
• Complete Loan Entrance Counseling (first-time Federal Direct Loan borrowers only)
• Submit a copy of parents’ W-2 forms 
• Complete Master Promissory Note (MPN) for Federal Direct Loan approval (first-time borrowers only)
• Submit to New York State and have approved the TAP application (New York State residents)
• Submit Verification Worksheet (if selected)

Exceptions
The other exceptions are earnings from the Federal Work-Study Program, which are paid every two weeks, and the Trustee Leader Scholar stipend, which is paid several times a semester upon approval by the TLS coordinator.

All requirements for receipt of financial aid must be satisfied before any of the financial aid will be reflected as a credit in the student’s account statement. These requirements will be noted under the Eligibility tab of the Financial Aid page in the Bard portal.

Assuming that aid notifications are made in early May and all requirements are met in a timely fashion, financial aid awards will be reflected on the first billing statement for fall charges. An exception to this is the Federal Direct Loan, which will not be reflected until the MPN is submitted and an approval is received from the Department of Education for the loan. Another possible exception is the New York State TAP award. The state will not finalize a TAP award until the state budget is passed. The budget is due to be passed by April 1, but passage is invariably late.

Most need-based grant recipients are verified, therefore, the awards become final only when data on the FAFSA and CSS PROFILE concur with the supporting documents, namely, W-2 statements and verification worksheets.

Verification is a time-consuming process that occurs throughout the summer. If the FAFSA and CSS PROFILE data are mostly accurate, the student should expect the final awards to be comparable to the original offer. Since the federal Pell Grant allows only a minimal tolerance in the financial data, the FAFSA information must be refiled for a Pell Grant if the original financial data submitted on the FAFSA differs from the supporting financial documents. The Pell Grant will not become final until the College receives a revised analysis from the federal processor. The Financial Aid Office will submit the corrections electronically.

If there are significant discrepancies between the data on the FAFSA and those on the CSS PROFILE and supporting documents, financial aid awards other than the Pell Grant may be revised. The Financial Aid Office will send notice to the student of any adjustments to financial aid awards and the student will view these changes in the Bard portal.

Loan Processing

Bard College participates in the Federal Direct Loan Program.
Students eligible for federal aid will be packaged with the maximum direct loan eligibility.The student will need to complete a Master Promissory Note (MPN) and Entrance Counseling. Click here to complete your MPN and Entrance Counseling online. Once the Financial Aid Office receives notification that you have completed the requirements, we will be able to process the loan for this academic year. If you decide not to use the Federal Direct Loan, please notify our office by sending an e-mail to [email protected].

Loan Exit Counseling is required for all student borrowers once they are no longer enrolled at Bard. Click here to complete Exit Counseling online. Students may visit the Department of Education's National Student Loan Data System website which contains the central database for all federal loan and grant history. Log on to check your loan balance for all federal loans you may have used at any institution.

Frequently Asked Questions

What is a Direct Loan?
The William D. Ford Federal Direct Loan Program offers low-interest loans for students and parents to help pay for the cost of education after high school. The lender is the U.S. Department of Education rather than a bank or other financial institution.

What kinds of Direct Loans are available?

• Direct Subsidized Loans available for students with demonstrated financial need, as determined by federal regulations. No interest is charged while the student is enrolled at least half time and during deferment periods.
• Direct Unsubsidized Loans available for students regardless of financial need; interest is charged during all periods.
• Direct PLUS Loans low-interest loans available to parents of dependent students. Interest is charged during all periods. PLUS loan borrowers cannot have an adverse credit history (a credit check will be done).
• Direct Graduate PLUS Loans low-interest loans available to graduate/professional students. Interest is charged during all periods. Grad PLUS loan borrowers cannot have an adverse credit history (a credit check will be done).

What are the interest rates and fees for Direct Loans?
For loans disbursed between July 1, 2019 and June 30, 2020:

Federal Direct Subsidized and Unsubsidized Loans for Undergraduate Students have a Fixed Interest Rate of 4.53% and Origination Fee of 1.066%. Federal Direct Unsubsidized Loans for Graduate/Professional Students have a Fixed Interest Rate of 6.08% and Origination Fee of 1.066%. 

Direct PLUS Loans for Parents of Dependent Undergraduates and PLUS Loans for Graduate/Professional Students have a Fixed Interest Rate of 7.08% and Origination Fee of 4.264%.

How do I complete the Federal Direct Loan Master Promissory Note (MPN)?
The Master Promissory Note (MPN) explains the terms and conditions of your loan. By signing an MPN you promise to repay all loans and any accrued interest and fees to the U.S. Department of Education. You can borrow additional loan funds under a single MPN for up to 10 years. Before receiving your first Direct Loan, you must sign an MPN. Complete your MPN online. You will need your federal PIN to process the MPN.

How do I complete the Federal Direct Loan Entrance Counseling?
Entrance counseling will explain your rights and responsibilities as a borrower. All first-time borrowers must complete entrance loan counseling prior to disbursement of loan funds. Complete Entrance Counseling online. You will need your PIN to complete your entrance counseling.

Where can I find more information about the Direct Loan Program?
The United States Department of Education’s website has a lot of information about the Federal Direct Loan Program including loan limits, interest rates, repayment calculators, deferment, and Direct Loan consolidation. Visit their website and go to the Direct Loan page for students.