UNDERGRADUATE FINANCIAL AID HANDBOOK

UNDERGRADUATE

FINANCIAL AID HANDBOOK

THE COLLEGE • ACADEMIC YEAR 2022-2023

 
2 
Table of Contents 
INTRODUCTION TO FINANCIAL AID ..................................................... 3 
Purpose & Philosophy of Financial Aid ................................................................................................. 3 
Receipt of Financial Aid ........................................................................................................................ 3 
CALCULATION OF FINANCIAL NEED .................................................. 4 
Cost of Attendance .............................................................................................................................. 4 
Estimated Resources .......................................................................................................................... 5 
Dependent Students ............................................................................................................................ 5 
Financial Need .................................................................................................................................... 6 
FINANCIAL AID AWARD ............................................................................ 8 
Merit Scholarships ..................................................................................................................................... 8 
Self-help ..................................................................................................................................................... 8 
Academic Year Employment ................................................................................................................. 8 
Student Loans ...................................................................................................................................... 10 
Need-based Grants .................................................................................................................................. 10 
New York State Grants………………………………………………………………….................................12 
Endowed/Named Scholarships ............................................................................................................. 14 
Summer Financial Aid Eligibility………………………………………………………………………………..14 
VERIFICATION REQUIRED .................................................................... 15 
Estimated Year Verification ....................................................................................................................... 15 
RENEWAL OF FINANCIAL AID .............................................................. 15 
Late Application Policy ........................................................................................................................ 15 
APPEALS ...................................................................................................... 
17 
Special Circumstances ........................................................................................................................ 17 
TAXABLE SCHOLARSHIPS/GRANTS ................................................... 18 
TAKE 5 SCHOLARS PROGRAM…………………………………………………...19 
e5 PROGRAM…………………….…………………………………………………...19 
MILITARY BENEFITS. ...................................................................................... 20 
CONSORTIUM/CONTRACTUAL AGREEMENTS ............................................ 21 
APPENDIX ................................................................................................... 
22 
Student Loans .................................................................................................................................... 22 
Contact Information ............................................................................................................................ 24 
GLOSSARY
 ................................................................................................ 
25 

An Introduction to Financial Aid

PURPOSE AND PHILOSOPHY OF FINANCIAL AID

The University of Rochester has one of the most generous financial aid programs in the country, thanks in

part to generous gifts from alumni, parents and friends. It allows us to award more than $148 million a year

in a combination of both merit- and need-based financial assistance to approximately 79% of

undergraduate students at The College. This means that merit scholarships are awarded to recognize

academic achievement and need-based grants are awarded based on your family’s household and

financial information. We are committed to meeting 100% of demonstrated financial need of all incoming

students through a combination of scholarships, grants, subsidized loans, and student employment

opportunities. We look forward to working with you and your family to make a UR education affordable.

RECEIPT OF FINANCIAL AID

Receipt of Rochester grant and scholarship aid requires full-time enrollment. Funds will not be advanced to

you or applied to your student billing account until registration is complete. Full-time enrollment means

registering for at least twelve credit hours a semester. During summer enrollment, federal aid may be

available to students attending full- or part- time.

Calculation of Financial Need

ESTIMATED COST OF ATTENDANCE

The estimated cost of attendance provided below will be finalized in March 2022 when the Board of

Trustees sets the costs for the new academic year. The estimated cost of attendance used to calculate

your financial need is in the table below:

Health Insurance: The University of Rochester requires that all students either participate in the College’s

health insurance plan or have comparable medical coverage. If you are covered by an existing

policy that

meets University standards, you may waive University-sponsored insurance. All full-time

students must

indicate their preference by completing the online Health Insurance Enrollment/Waiver process every year.

The link is in the pink box on the University Health Service home page at rochester.edu/uhs.

Undergraduate students should complete this process by July 1 to avoid being charged for health

insurance on the July billing statement. The mandatory health fee and health insurance are not the same

thing; all full-time undergraduates must pay the mandatory health fee.

Student Loan Fees: If a Federal Direct Stafford Loan is included in your aid package or if your parents

borrow a Federal PLUS Loan, an additional allowance can be made in your student expense budget for

required loan origination fees.

Other Adjustments to the Student Expense Budget: The Financial Aid Office has considerable

discretion

in developing a realistic budget for an independent student’s particular situation. If you are an

independent student, the budget in your financial aid award may reflect adjustments to the standard

budget to accommodate your circumstances.

Cost of Attendance

Academic Year 2022–23

Residential

Students

Off-Campus

Students

Students Living

with Parents

Tuition

$60,550

Mandatory Fees (activity, health

)

$1,128

Room/Board Allowance

$18,100

$9,995

$4,280

Books & Supplies

$1,310

Transportation*

$300

Personal Expenses

$1,080

Total

$82,468

$74,363

$68,648

*Standard travel listed. Higher travel allowances exist for international students and most out-of-state residents.

ESTIMATED RESOURCES

Your financial aid award shows our estimate of resources available to you from federal, state, institutional,

and private resources. This estimate is based on the need analysis methodology of the College Board’s

College Scholarship Service, and adjusted in individual cases by University policy through review of the

CSS Profile application and any documents submitted to support that application. Your eligibility for federal

financial aid has been determined according to the procedures outlined in the

Higher Education Act of

1965, as amended, and review of the Free Application for Federal Student Aid (FAFSA).

DEPENDENT STUDENTS

Parent Contribution: This figure is based on information your parents supplied in your financial aid

application, on the FAFSA, the CSS Profile form, and other documents. In addition to your parents’ income

and assets, there is also consideration for individual circumstances such as the size of your family, age of

your parents, and siblings attending college full-time as an undergraduate. In the case of divorced or

separated parents, separate analyses of each parent’s resources is combined in the determination of your

overall parental contribution.

It's important to note that in situations where our analysis determines that a parent does not have the

resources to contribute a significant amount toward a student’s educational expenses, the University

does expect a minimum parent contribution. We do not waive or reduce this contribution in any

circumstances.

You are responsible for notifying the Financial Aid Office of any substantial change in your family’s situation, such as an

increase or decrease in income or assets of more than $10,000, a change in the number of siblings in college, the institution

that a sibling attends, etc. Any of these factors may cause a change in the calculation of the parent contribution.

Sibling Enrollment Verification: If you indicated in your application that a dependent sibling will be

enrolled full time in college during 2022-23, your sibling’s institution must confirm this at the start of the

fall semester. Financial aid will not be applied to your student account until we receive this

confirmation.

If a change in the number of dependent siblings enrolled in postsecondary education requires an adjustment in your financial aid, it

may affect financial aid for both the fall and spring semesters.

Student Income Contribution: The University expects financial aid recipients to save a significant portion

of their earnings from employment so that they may share in the costs of their education.

The figure shown below is the minimum amount you are expected to save from your income and use

toward your college expenses. Your contribution is typically based on the prior calendar year’s income

and is equal to the greater of either a standard minimum amount or 50% of your income after

allowances for taxes and other expenses.

Freshman

$2,200

Sophomore

$2,650

Junior

$2,650

Senior

$2,650

Your earnings from employment may be less than the expected level because of summer school

attendance, participation in voluntary community projects, or lack of employment opportunities. If this

occurs, the shortfall may be shifted either to student employment during the academic year or to a non-

need-based loan in your financial aid package. If you have not achieved your expected income

contribution and you want to request an additional loan, you must complete the Unsubsidized Loan

Application in FAOnline so we can make an adjustment in your financial aid.

Student Asset Contribution: A contribution from your assets is determined by assuming that as much as

25% of your current savings and other assets, as reported on the FAFSA and CSS Profile, will be available

for educational purposes each academic year.

Student’s Other Resources and Benefits: If you indicated that you will receive assistance from other

sources or benefits from a governmental agency, such as the Veterans Administration or vocational

rehabilitation, these have been included in your estimated resources. If your benefit level changes during

the academic year, you must inform the Financial Aid Office immediately.

FINANCIAL NEED

Most financial aid at the University of Rochester is administered on the basis of demonstrated financial

need. Need is shown if your estimated family resources are less than your student expense budget for the

academic year. If a year’s educational costs are $75,000 and your family’s expected contribution is

$15,000, you would be eligible for $60,000 in need-based aid. Note, merit scholarships are used to meet

need if need exists. The University meets 100% of institutional need for all incoming students through a

combination of grants, scholarships, loans, and work eligibility. The University attempts to meet as much

need as resources will allow for upper class students in the College, with aid reducing when the strength of

the family’s financial resources demonstrates reduced need or when a sibling ceases enrollment in an

undergraduate program.

If you are eligible for financial aid, you can expect your family contribution to remain fairly consistent from

year to year as long as your family circumstances remain stable. We ask every student to reapply for

financial aid each year because family circumstances do sometimes change: parents change jobs, siblings

graduate from or enter college, or your own borrowing eligibility goes up. We consider such changes when

we review your financial aid award each year.

Many factors are considered in calculating the family contribution. Below are a few that may play a

significant role in determining the financial need of dependent students:

Parents’ income: If parents’ income increases, the expected contribution is likely to increase; if it

decreases, the contribution is likely to decrease. The need formulas are adjusted each year for inflation.

parents’ income increases at the rate of inflation, the parents’ contribution—adjusted for inflation—

should

be about the same if other factors are the same.

Allowances against parents’ income: The need formulas consider various allowances against income.

Some are basic like federal, state, and local income taxes, social security taxes, and basic family living

costs. Others are related to particular circumstances like medical and dental expenses, tax liens, support of

extended family, etc. Some of these recur from year to year; some are not recurring. If we made extra

allowances in one year, they may not be relevant to a subsequent year. When reviewing financial aid

applications for business owners, additional information such as the IRS Schedule C, Schedule E, Forms

1120, 1120S, 1065, and/or K-1 are required. All business losses, including those related to depreciation of

business assets and/or property, are not permitted to offset other forms of income and are, essentially,

added back to income as part of the analysis.

Family assets: Certain family assets—home equity, other real estate equity, bank accounts, investments,

businesses, and farms—are considered in calculating a parents’ contribution. The value or indebtedness

of assets may change from year to year, especially if assets are used to pay part of the parents’

contribution. The values may also change because of economic conditions.

Family size: As children grow and move out, the number of people in the family may decrease. A change

in family size will have some effect on the parents’ contribution.

Number of children in college: A major factor in the need formula is the number of children enrolled full

time in an undergraduate program. In general, a calculated parent contribution is distributed among the

children enrolled in college, regardless of what you will actually pay for the sibling’s education. Graduate

students and siblings older than 23 are not included when determining eligibility for need-based financial

aid. Sometimes the distribution is not equal if the cost of the colleges is significantly different. If the

number in college changes, the parent contribution will usually change. For example, if the number in

college changes from two to one, the parent contribution will usually double because it is no longer divided

between two children. However, if the number in college increases from one to two, the parent contribution

for each child will be reduced if the University of Rochester and the other college are similar in cost.

Divorced or separated parents: If your parents are divorced or separated, the custodial parent must

complete the FAFSA and CSS Profile Form. If the custodial parent has remarried, federal guidelines

require that the family contribution be based on the income and assets of the custodial parent and

stepparent. University policy requires information from the non-custodial parent and their spouse, if

married, as well. When you complete the CSS Profile Form registration, the College Board will email you

saying that the University of Rochester requires your non-custodial parent to complete the CSS Profile as

well as your custodial parent. You will be directed to forward the email, containing a link to the CSS Profile

web site and login instructions, to your noncustodial parent. It is important to note that exceptions to

University policy requiring non-custodial parental information are never made solely on the basis of a

parent's unwillingness to assist.

International Students: Country currency rates are calculated from GDP per Capita data from the

International Monetary Fund (IMF) and are updated annually based on the data available using the same

year that income is reported on the financial aid application (i.e. 2020 income and IMF data to apply for the

2022-23 academic year). The University will not consider appeals for changes in currency exchange rates

beyond the annual application renewal and award determination.

Financial Aid Awards

Your financial need can be met with the financial aid resources outlined in your award. Financial aid awards

usually include self-help (employment and need-based loans) and gift aid (scholarships and grants). Self-

help requires you to work or borrow for a part of your educational expenses. Gift aid does not require work

or repayment. You do not have to accept aid offered in the form of self-help in order to receive gift aid from

the University. The University, however, will not replace the self-help expectation with scholarship or grant

assistance.

No one is obligated to accept any portion of the package we offer. You may reduce or decline your loans or

your job assistance and still keep your scholarships and grants.

MERIT SCHOLARSHIPS

The University believes in recognizing and rewarding outstanding high school senior and transfer students

for their efforts and academic accomplishments by awarding merit-based scholarships at the time of

admission. These awards are not based on financial need and are renewable for up to three additional

years if the minimum criteria are met. Award amounts remain constant and do not increase with tuition

and

fee increases. Merit aid is reserved for students with exceptional and distinguished academic qualities.

Please note that merit scholarships are used to meet financial need if need exists.

SELF-HELP

The first portion of financial need, after merit-based aid, is usually met with aid in the form of

“self-help”. This is the way the student invests in themselves through the federal subsidized student loan

and/or work study. In some cases, self-help is reduced because of outside scholarships or a student

income contribution greater than the usual expected level.

ACADEMIC YEAR EMPLOYMENT

The usual expectation is that you will be able to earn about $4,000 from need-based employment during

the academic year. This represents about ten to twelve hours a week of work on campus. Student

earnings from academic year employment are used for out-of-pocket personal expenses and are not

applied to the student billing statement. Because of your academic schedule or extracurricular activities,

you may want to replace part or all of your academic year employment expectation with non-need-based

borrowing. You may do so within the limits of the loan programs. In addition, although about one-third of

Rochester undergraduate students are employed on campus during the academic year, the Financial Aid

Office cannot guarantee that you will be able to arrange a specific type or amount of work.

If you want to alter the amount of academic year employment in your financial aid package, please contact

your financial aid counselor directly.

There are two categories of academic year employment:

Federal Work Study: A federal program under which students with financial need may be employed either

on-campus by the College or off-campus by a governmental agency or non-profit organization in

nonsectarian and nonpartisan activities in the public interest. Wages are paid through a combination of

funds from the federal government and the University.

The amount you may earn through academic year need-based employment is shown in your award. You

may not earn more than the need-based employment limit. If you reach your limit before the end of the

academic year, you must stop working and apply for a campus employment position.

Campus Employment: Work on campus that may be assigned without regard to your financial need and

for which the University bears the full cost of compensation.

Limits on Work Hours: In general, you should not work more than 20 hours a week during any week in

which classes are held, and no more than 40 hours a week at other times, including summer. Domestic

students who exceed these limits may jeopardize their status as a “full- time student" under Internal

Revenue Service rules, which may affect the ability of their parents to claim federal education tax credits

for them and may subject them to FICA taxes during the school year. International students who exceed

these limits may jeopardize their student visa status.

Work Opportunities: On-campus employment opportunities include work in the University’s food

service, athletics, physical plant department, libraries, laboratories, art gallery and studios, and academic

and administrative offices. The current range of hourly wages for on-campus student employment is from

$12.00 to $14.00. Paychecks are issued directly to student employees on a biweekly basis. It is your

responsibility to see that your hours of employment are properly recorded on timesheets and that the

timesheets are submitted to your supervisor for timely approval. The University does not replace declined

or unearned work eligibility with grant funding. Students can utilize outside scholarships or

student/parent loan options to help cover any work eligibility not used.

Resident Assistant (RA) Positions: RA positions are available through a highly competitive application

and training process with appointments made for one academic year. RA positions are paid through an

annual stipend equivalent to the cost of your room. Per federal regulations this amount is included as part

of the financial aid award. The RA stipend replaces items in the financial aid package in the following

order: unmet federal need, Federal Work Study, Federal Unsubsidized Loans, Federal Subsidized Loans,

Rochester National Grant. Since every financial aid application is different, if you have questions contact

your financial aid counselor.

STUDENT LOANS

Subsidized student loans are included in initial financial awards of students with financial need from the

Federal Direct Loan program. In some circumstances, however, you may subsequently choose to

borrow a non-need-based or unsubsidized loan. Information about available federal and institutional

loan programs is in the appendix.

The University believes that the self-help expectations cited in your award are reasonable and realistic. If

you fall short of the expected level of student income contribution and/or want to reduce the

expected level

of academic year earnings, you should weigh very carefully a decision to undertake an additional student

loan.

If you have exhausted all of your Federal loan options and are in need of additional borrowing assistance

you may want to pursue an Alternative Loan. Alternative educational loans are private (non-federal) loans

offered through banks, lenders, or credit unions to supplement financial aid awards and replace family

contributions. The

University of Rochester is required to certify these loans to ensure that the loan amount

does not exceed

the cost of attendance after all other financial aid. Most alternative loans are disbursed

equally into

student accounts according to enrollment plans. We encourage students and families to use

alternative

loans as a last option after first pursuing all federal loan options. If you decide that an alternative

loan is

right for you, you may borrow from any lender you choose. When choosing a lender for an

alternative

loan, you may wish to consider the following factors: Loan costs (interest rates and fees),

borrower

benefits and discounts, and customer service.

For assistance in reviewing private loan options, go to http:// www.elmselect.com.

NEED-BASED GRANTS

Need-based grants—gift aid—may be included in your financial aid award if you have need remaining after

self-help (student employment and need-based loan) and Rochester merit scholarships are subtracted

from your need. Scholarships and grants include:

• Federal Pell Grant

• Federal Supplemental Educational Opportunity Grant (FSEOG)

• State Scholarship or Grant

• Outside Scholarships and Employer’s Benefits

• Rochester National Grant

Federal Pell Grant: If your financial aid notice shows an amount for a Federal Pell Grant, we estimate that

you are eligible for this program. Grants are based on need.

If you have not applied for a Federal Pell Grant (or other federal student financial aid), you should do so

at once. To apply, submit the FAFSA. You may complete the form at fafsa.gov. The University’s federal

code is 002894.

Within two days of submitting the FAFSA, you should receive a Student Aid Report (SAR) from the

federal

government. If you have not received your SAR within two days, you should call (800) 433-

3243. If you

have listed the University of Rochester on your FAFSA, we can obtain your FAFSA data electronically from

the US Department of Education.

The information in your SAR must agree with your (and, if you are dependent, your parents’) federal

income tax returns and with any other information you have provided us. If the information on the SAR

incorrect or does not agree with other information in your application, we must revise the information and

submit the revision to the federal government for reprocessing. If you have any questions about your SAR,

please contact your aid counselor.

Federal regulations require that we consider Pell eligibility before we assign other federal financial aid.

Because of this, if you fail to submit a timely Free Application for Federal Student Aid, your Federal Pell

Grant will be lost. We cannot substitute any other financial aid for a lost Federal Pell Grant.

Your Federal Pell Grant will be credited to your student account in semester installments.

Federal Supplemental Educational Opportunity Grant (SEOG): A federal program that provides grants

of approximately $500–$750 a year to students with great financial need. Federal SEOG assistance will be

credited to your account in semester installments.

State Scholarship or Grant: Residents of New York, Rhode Island, and Vermont are potentially eligible

to receive a state scholarship or grant for use at the University of Rochester. Although there may be

restrictions because of state reciprocity agreements, it is expected that you will apply for assistance

through your state scholarship or grant program. In most instances, you may apply for a state

scholarship or grant by completing the FAFSA.

If your financial aid package shows an amount for a state scholarship or grant, we anticipate that

you are eligible for assistance from your state’s program. If you are not eligible for a state award,

the

amount shown will be replaced by need-based grant from the College. If you are eligible for a

state scholarship but the aid is lost because you failed to submit a timely application or are not

meeting

minimum satisfactory academic progress requirements, the University will not substitute

its own funds. You can make this up through additional borrowing or employment.

A state scholarship or grant will be credited to your account as soon as funds are received from the

state agency.

New York State residents should review the section below for additional information on the New York

State funding program, including the Tuition Assistance Program.

Outside Scholarships and Employer’s Benefits: If you have informed us of any assistance that you

are

to receive from organizations outside the University, this has been included in your financial aid

notice.

You must notify the Financial Aid Office if you receive any outside assistance, regardless of the

amount. The University allows the amounts you receive in outside scholarships to replace self-help in the

financial aid award. If self-help is completely replaced by outside aid, any excess amount will reduce

grant or scholarship aid that would otherwise be provided by the University of Rochester.

If you are receiving benefits from an employer, these funds do replace need-based grants from the

University first, with any excess replacing self-help aid. An outside scholarship, including employer

benefits, cannot be used to replace a part of your family resources; it must be taken into account in the

financial aid award, in accordance with federal regulations and University policy.

Outside scholarship funds will be credited to your account as soon as they are received from the donor

organization.

Rochester National Grant: If you have financial need remaining after the subtraction of self-help,

federal grants, state scholarships and grants, “outside” scholarships, employers’ benefits, and other

sources of assistance, it will be met with grant aid from the University. This aid is drawn from the

University’s endowment income, annual gifts for financial aid purposes, or current operating funds.

Rochester National Grants will be credited to your student account in semester installments and are not

available for part-time and/or summer enrollment.

529 Plans: Proceeds from College Savings or Prepaid Tuition Plans (established under Section 529 of the

Internal Review Code) will not be reflected in your financial aid package. The full cash value of these

funds

is usually included in the calculation of your family contribution. Any proceeds to be used in the

academic

year must be accessible prior to the bill due date of each semester.

NEW YORK STATE GRANTS

New York State Tuition Assistance Program (TAP): New York State Higher Education Services

Corporation (HESC) administers the TAP grant program. The TAP grant is available to New York State

residents who are enrolled full time at post-secondary institutions in New York State. The TAP grant is

based on prior-prior year’s state “Net Taxable Income” as verified by HESC. The minimum award, if

eligible during 2021-2022, was $500 with a maximum of $5,565.

Students must be enrolled at a minimum of full time (12 credits) and courses must be applicable to the

student’s degree requirements to be eligible for the TAP grant. In addition, students need to have

declared their major before they can receive a TAP award in their third year and beyond.

The 2022-2023 TAP application is available online once the FAFSA has been submitted. Upon

completion of the TAP application and once the New York State budget is passed, HESC will notify you

of your TAP Award.

NYS Scholarship for Academic Excellence (NY Excel): The NY Excellence merit based scholarship is

awarded to NY State high school graduates who achieved academic excellence as a high school student

and enroll in a public or private New York State College immediately after high school. Awards are based

on student grades on certain Regents exams. Awards are either $500/year or $1,500/year. Students are

entitled to payment for up to four years of undergraduate full-time study.

The State Education Department will notify students who have been nominated by their high schools to

receive the scholarship. To receive the scholarship, the student must submit an application for payment

to HESC by June 30

of the year for which the assistance is sought.

NYS Science, Technology, Engineering, and Mathematics (STEM) Incentive Program: The NYS

STEM Incentive Program will provide a tuition scholarship to the top 10% of students in each New York

State high school graduating class if they pursue a STEM program in an approved associate or bachelor

degree program leading to a degree in Science, Technology, Engineering or Mathematics at a public or

private college located in NYS, and agree to live in NYS and work in a STEM field for 5 years after

graduation.

The STEM Incentive Program award along with and other tuition specific awards, cannot exceed the cost

of tuition.

The number of STEM awards at private schools such as University of Rochester is subject to available

funding. Recipients are selected using a lottery system. Awards cannot be received for more than four

academic years of full time undergraduate study while matriculated in an approved program. It is

required that the student maintain a cumulative grade point average (GPA) of 2.5.

Failure to complete all terms of the STEM award will result in the student having to repay the amount of

scholarship received up to that point. The scholarship monies received will convert to a 10 year student

loan plus interest.

To apply, students must complete the FAFSA and TAP applications as well as the STEM Incentive

Program Application available on the HESC website.

ENDOWED/NAMED SCHOLARSHIPS

The University benefits from the income of many endowed/named scholarships. These funds help

subsidize overall institutional student aid and allow for the University to plan, in advance, for a generous

financial aid budget consisting of both merit- and need-based scholarships and grants. Many

scholarships and grants offered by the University are funded in part by generous donations from

individuals and organizations. These endowed/named scholarships fund a portion of your Rochester

National Grant and do not result in an increase in your overall financial assistance. If you receive a

scholarship funded by an individual, you may be asked to write a thank-you letter to the donor.

Receiving a named scholarship is an extraordinary honor. Made possible through the generous support

of alumni, parents, friends, foundations, and corporations, these awards recognize academic

achievement and other criteria designated by the donor, as well as financial need.

SUMMER FINANCIAL AID*

A student’s eligibility for summer financial aid is driven by their enrollment during the summer. To be

eligible to receive federal aid, you must:

 Be enrolled for at least six credit hours during the summer. Keep in mind that all summer courses

MUST be applicable to your current degree program.

 Be enrolled in a degree-seeking program; newly admitted students who are scheduled to begin

classes in the fall are not eligible to apply for summer aid.

 Apply for aid for the summer session by submitting a Summer Aid Application through FAOnline.

This application becomes available on February 13 of each academic year.

For more information about summer financial aid, please visit our website.

*Be aware that University of Rochester merit scholarships and need-based grants awarded during the

academic year are not available to assist with summer coursework. University aid given for summer

coursework is made available to select students through the Dean’s Office or by individual departments.

Verification Required

If your financial aid messages in FAOnline include the notation “Verification Required,” your financial aid

application

was selected by the Department of Education for verification of the data you supplied in the

FAFSA. The Financial Aid Office is required to collect supporting documentation from you. No federal

grants may be credited to your account, no federal loans may be approved for you, and no employment

under the Federal Work-Study Program may be authorized for you until we have concluded the verification

process in accordance with federal regulations. If verification is required in your instance, please promptly

return the required documents to the Financial Aid Office. Required documents will be listed and may be

accessed through the financial aid portal, FAOnline (faonline.rochester.edu).

ESTIMATED YEAR VERIFICATION

If your financial aid documents include the form "Estimated Year Verification," your financial aid has been

confirmed only for the fall semester. Before your financial aid for the spring semester can be confirmed,

the Financial Aid Office must again review your family’s financial situation. We will write to you in

November to have you submit information about your family’s income for 2022. This information may be

contained in an income tax return or other documents that record earnings, interest and dividend income,

other income, and payments made from unemployment compensation, disability, social security, or

pension programs. After we have reviewed your family’s updated financial situation, we will confirm your

financial aid for the spring semester. Your financial aid award will be revised if the estimates originally

provided are lower than expected and any resulting bill to the University will be your responsibility.

Estimated Year Verification will be conducted until January 11,

2023. If information is not available by that

time, the reduced income will be reflected in your award for the spring semester, resulting in a balance

that you will be responsible to pay.

Renewal of Financial Aid

You are eligible to receive financial aid at the University of Rochester for up to a total of eight semesters

or until your first bachelor degree requirements are met, whichever is first (for dual degree programs,

you have up to 10 semesters or until your dual degree requirements are met, whichever is first). Please

work closely with your academic advisor to develop an academic plan that supports an on-time degree

completion.

If you are approved for a ninth semester of enrollment at the College, you may also receive financial aid.

However, a separate appeal is required and approval is not guaranteed.

You may continue to receive financial aid at the University of Rochester, provided the following

requirements are met:

• A financial aid renewal application must be filed by March 15 of the prior academic year. Additional

information, including the FAFSA, CSS Profile Form, income tax returns, and other documentation

may also be required. The Financial Aid Office will distribute information about renewal application

procedures near the end of the fall semester.

• Continued demonstration of financial need, as evidenced by information submitted in the

renewal application.

• Satisfactory academic progress, as evidenced by your ability to continue enrollment at the

University

of Rochester and successfully maintain the minimum expectations for federal, state, and institutional

Satisfactory Academic Progress (SAP). Students’ academic records are reviewed each semester at

the Academic Action Meeting in accordance with the academic standards defined in the

Undergraduate Student Handbook.

LATE APPLICATION POLICY

Financial aid renewal applications that are incomplete after June 1 will incur a

Rochester National Grant reduction of 10%; after August 1, they will incur a

Rochester National Grant reduction of 15%.

Appeals

If you have questions concerning your financial aid award, contact the Financial Aid Office. You may

submit an appeal for reconsideration of an award to the Financial Aid Office using the Appeal Request

Form along with a detailed letter explaining the situation and supporting documentation.

The information should address changes in circumstances, unusual expenses, special situations, or

additional information not already presented in the financial aid application. Submitting a financial aid

appeal does not guarantee that your counselor will be able to offer additional need-based aid. Your

counselor will be happy to discuss other financing options with you, including additional non-need- based

loans. Because appeals are not guaranteed to be approved, you must still pay any bills owed at the time

an appeal is submitted.

SPECIAL CIRCUMSTANCES

Few families have simple financial situations. We are happy to review any special circumstances that could

affect your family’s ability to pay for college.

Independent students: Most University of Rochester undergraduates are considered dependent for

financial aid purposes, meaning that both parents and students will be expected to contribute to the

student’s education expenses. If you have unique circumstances that may prevent your parents from

completing the required forms, please contact your financial aid counselor.

International

students: The University of Rochester is need-aware when reviewing admissions

applications

from non-US citizens. If you are admitted, however, we will meet 100% of your demonstrated

eligibility for need-based aid, through a combination of grants, loans, and job opportunities. In addition your

application

for admission will be considered for merit-based scholarships.

International applicants for need-based financial aid must submit a complete application for admission and

the CSS Profile Form. Due to limited resources, only a small number of international applicants will qualify

for need-based financial aid from the University. Applicants unable to secure the needed funding to cover

the cost of attendance either through private funds or sponsorship cannot be admitted to the University.

Taxable Scholarships/Grants

Payments of taxable scholarships and fellowships to students who are nonresident aliens for tax purposes

are reportable to the Internal Revenue Service (IRS) and are generally subject to withholding of US federal

income tax. Taxable scholarships include any amount paid to an individual as a scholarship or fellowship

grant that exceeds required tuition and fees.

Taxable scholarships are subject to withholding and are reported to each student on IRS Form 1042¬S.

Form 1042-S indicates the amount of the taxable scholarship and the amount of tax withheld. The

withholding rate is 14% on taxable scholarships and fellowships paid to nonresident aliens temporarily

present in the United States in “F,” “J,” “M,” or “Q” nonimmigrant status. Payments made to nonresident

alien individuals in any other immigration status are subject to 30% withholding.

There may be no withholding if the payment of the scholarship/fellowship is exempt under a tax treaty

between the US and the recipient’s home country. To determine the application of any tax treaties and the

appropriate tax withholding, nonresident alien students must complete their tax record in Glacier (software

administered by the University’s Payroll office). Form 1042-S will still be issued to report a student’s taxable

scholarship or fellowship amount, even if the student is not subject to tax withholding because of the

application of a tax treaty.

All nonresident alien students and scholars are required by federal government rules to file US income tax

Form 1040NR or 1040NR-EZ with the IRS, even if they have no tax liability, and Form 8843, even if they

have no income.

Take 5 Scholars Program

The Take Five Scholars Program, unique to University of Rochester, provides free tuition for an extra year

or semester of study designed to enrich a student's curriculum. Take Five affords students the opportunity

to indulge in studying a topic of interest; to learn for the sake of learning, without the concern that it will

make them a better job or graduate school applicant. Students complete an application that includes a

proposal for a sustained and coherent interdisciplinary program of study.

Take Five courses may be used for academic enrichment only. They cannot be used in any way to satisfy

graduation, major, minor or cluster requirements. Furthermore, Take Five is not an opportunity to earn

additional credentials, such as fulfilling pre-med requirements, or completing certificate programs, or the

requirements of another major. Students must demonstrate on their application that they could complete

all graduation requirements without Take Five.

Take Five students receive a grant in the amount of free tuition and are responsible for any fees and living

costs. Participants are not eligible for additional institutional, federal or state assistance. Students may

pursue private loan options to finance the costs of living (housing, food, etc.) and additional costs beyond

tuition.

e5 Program

e5 is a tuition-free fifth year program offered by the Ain Center for Entrepreneurship. This additional year

allows a student to launch a project and engage in an experiential or entrepreneurial pursuit, whether

economic or social in nature.

e5 courses may be used for academic enrichment only. They cannot be used in any way to satisfy

graduation, major, minor or cluster requirements. Furthermore, e5 is not an opportunity to earn additional

credentials, such as fulfilling pre-med requirements, or completing certificate programs, or the

requirements of another major. Students must demonstrate on their application that they could complete

all graduation requirements without e5.

e5 students receive a grant in the amount of free tuition and are responsible for any fees and living

costs. Participants are not eligible for additional institutional, federal or state assistance. Students may

pursue private loan options to finance the costs of living (housing, food, etc.) and additional costs beyond

tuition.

Military Benefits

The University of Rochester thanks you for your service to our country and values your contributions to

our campus community. We are committed to serving as a resource to veteran students and their

families. The Financial Aid Office works to determine award eligibility and to make sure that it is

disbursed to the student’s account when applicable.

If you served on active duty, you might be eligible for education benefits offered by the Department of

Veteran Affairs. If you are the spouse or child of a service member, you may be eligible for transfer of

the service member’s Post 9/11 GI Bill benefits. If you are currently serving in the military, you may be

eligible for funding offered through the Department of Defense Tuition Assistance program. Check your

eligibility status and the amount for which you qualify with your service prior to enrolling.

The University of Rochester is a Yellow Ribbon school. Veterans with Post-911 100% coverage will

have tuition and mandatory fees covered in full. Your VA benefits will cover up to the maximum amount

allowed and the University matches dollar for dollar the remaining expenses.

Further information regarding veteran education benefits may be found at the US Department of

Veteran Affairs website.

Outside Military Tuition Programs:

Veterans and their dependents may be eligible for a number of military tuition assistance programs. If

you are receiving a military related benefit, these funds do replace need-based grants from the

University first, with any excess replacing self-help aid. Such benefits cannot be used to replace a part

of your family resources; they must be taken into account in the financial aid award, in accordance with

federal regulations and University policy.

Military tuition assistance sources include, but are not limited to, New York State Veterans Tuition

Awards (VTA), Recruitment Incentive and Retention Program (RIRP), ArmyIgnitED Tuition Assistance,

and federal veteran’s benefits through Chapters 33, 35 and 1606.

Consortium/Contractual Agreements

A consortium/contractual agreement is a contract between a matriculated, University of Rochester

undergraduate student, the University of Rochester, and a host college or university. This contract

grants a student permission to enroll directly through a host institution during the summer or academic

year and then transfer completed credits back toward her/his University of Rochester degree while

utilizing federal financial aid.

Students with a consortium/contractual agreement are entitled to their Federal Direct Loan and Federal

Pell Grant for the corresponding academic term if they have eligibility. University- based aid is NOT

transferable. These non-transferable sources include, but are not limited to University merit

scholarships, Rochester National Grant, Federal SEOG, Federal Work Study, or University loans.

Students interested in pursuing a consortium/contractual agreement during the academic year or

summer, must contact their financial aid counselor to discuss the process and to request the

consortium/contractual agreement form. You will be required to complete this form, have it signed by the

Dean of the College (or the Education Abroad Office if appropriate), include a copy of your course

approval form, and return the form to the Financial Aid Office. Upon completion of the form by the Host

institution and the University, the Financial Aid Office will award federal financial aid as noted previously

and defined in the agreement. In addition, enrollment in each of the courses listed must be confirmed

before any federal financial aid disbursements will occur. This verification cannot take place until the

class or program is in session. Students should be prepared to pay the Host institution’s bill up front, if

required.

Students pursuing a consortium/contractual agreement for any term, including summer, must enroll in and

successfully complete a minimum of six credits in order to be eligible for Federal Direct Loans.

APPENDIX

STUDENT LOANS

Although the University does not package non-need-based student loans in financial aid awards, there

may be circumstances in which a student may request a loan—for example, to replace a shortfall in

savings from summer employment, to reduce or replace academic year employment, or to purchase a

personal computer. Loan proceeds will be credited to the student account after the student has signed a

promissory note and completed Entrance Counseling (studentaid.gov) and will first be applied to any

current or outstanding balance due.

Federal Direct Stafford Loan: There are both subsidized and unsubsidized Federal Direct Stafford Loans

for students. According to federal regulations, the amount of subsidized loan that you may borrow is

limited to the difference between your student expense budget and the sum of your family contribution,

benefits, and any other financial aid you receive. Unsubsidized loans only take into consideration benefits

and other aid, including subsidized loans.

Under the Federal Direct Student Loan program, you may borrow a Stafford Loan (either subsidized,

unsubsidized, or a combination) of as much as $3,500 as a first-year student, $4,500 as a sophomore, and

$5,500 a year as a junior or senior.

Dependent students may borrow an additional unsubsidized loan of as much as $2,000 a year. The

cumulative loan maximum for dependent students is $31,500, of which no more than

$23,000 can be subsidized.

Independent students (and dependent students whose parents cannot borrow a federal PLUS Loan) may

borrow additional unsubsidized loans of as much as $6,000 as a first-year student or sophomore, and as

much as $7,000 as a junior or senior. The cumulative maximum for independent students (and dependent

students whose parents cannot borrow a federal PLUS Loan) is $57,500, of which no more than $23,000

can be subsidized.

The interest rate on subsidized Federal Direct Stafford Loans is fixed for the life of the loan. Payment of

principal and interest begins after a six-month grace period. Interest rates will be determined each June for

new loans for the upcoming award year, which runs from July 1 to June 30 (4.99% for 2022 – 2023).

The interest rate on unsubsidized loans is also fixed. However, the borrower bears interest charges from

the date the loan is disbursed. Interest on unsubsidized loans may either be paid as it accrues or be

deferred and capitalized (i.e., added to the loan principal) while you are in school and for a grace period of

six months after graduation or termination of studies. Payment of principal (and interest, if it has been

deferred) begins after the grace period.

The usual repayment period is ten years, although a monthly minimum payment of $50 is required.

There are also provisions for other repayment terms, including extended repayment (lower fixed monthly

payments over an extended period), graduated repayment (lower initial payments with increases at

specific times during repayment), and income-based, contingent, sensitive, and pay-as-you- earn

repayment (repayment amounts set annually according to income with repayment extending as much as

20–25 years).

Repayment may be deferred for graduate school or study in an approved graduate fellowship program.

Deferments may also be approved in the event of temporary disability, unemployment, or economic

hardship. Deferments apply to both principal and interest for subsidized loans, but to principal only for

unsubsidized loans (although accrued interest may be capitalized). The loan will be canceled in the

event

of death or total and permanent disability.

The unsubsidized loan program is not need-based, but to borrow an unsubsidized loan, it must be

determined that you are ineligible for the subsidized program. The maximum amount of unsubsidized loan

that may be borrowed is the difference between the annual limits cited above and the amount of any

subsidized loan. In addition, an unsubsidized loan is regarded as replacing a part (or all) of your family

contribution and, therefore, cannot exceed that amount (reduced by any parent loan).

For the 2021-22 academic year, there was a 1.057% federal origination fee charged by the federal

government on Federal Direct Stafford Loans. This amount was deducted from the loan before the

remainder of the loan is credited to the student account. New loan terms will be determined for the 2022-

23 academic year by July 1, 2022.

You must complete and electronically sign a “master promissory note” and complete Entrance

Counseling

online with the US Department of Education before a loan may be disbursed as a credit to your student

account. Loans in subsequent years do not require anew promissory note. The loan will be disbursed in

two installments.

University of Rochester Student Loan: The University provides subsidized loans from its own funds in

certain situations. The interest rate is 7% during repayment. The grace period, deferment, and cancellation

provisions of the Federal Direct Stafford Loan program also apply to the University of Rochester Student

Loans.

CONTACT INFORMATION

Financial Aid Office

University of Rochester

Wallis Hall

PO Box 270261

Rochester, NY 14627-0261

Website: enrollment.rochester.edu/financialaid

Consumer Information: enrollment.rochester.edu/ student-

consumerinformation/

Phone: (585) 275-3226

Fax: (585) 756-7664

Email: finaid@rochester.edu

Twitter: @URFinAid

Glossary of Terms

Cost of Attendance – An estimate of total educational costs for the nine-month school year, including

tuition, mandatory fees, room, board, books and supplies, personal expenses, and transportation.

Demonstrated Financial Need – Difference between your Expected Family Contribution (EFC), as

determined by the University, and the total cost of attendance.

Expected Family Contribution (EFC) – The amount you are expected to contribute toward the cost of

your education. Based on family earnings, savings, net assets, family size, and number of undergraduate

children in college.

Federal Direct Loans – Low-interest loans provided by the federal government. Borrowing limits vary

depending on a student’s year in college.

Federal Direct Parent Loans for Undergraduate Students (PLUS) – A federal credit-based, fixed-interest

loan, not based on need, available to parents of undergraduate students. Borrowers must be the biological

or adoptive parent (or, in some cases, the stepparent) of a dependent undergraduate student, and must

pass a credit check with the U.S. Department of Education. The Department will check to see if the

borrower has an adverse credit history, however, debt-to-income ratio, credit score, employment status,

and lack of credit is not take into account during this credit check. Interest rates are determined annually by

Congress, and are fixed throughout the life of the loan. There is an origination, or processing, fee applied

to each disbursement of the loan.

Federal Direct Subsidized Loans – Loans, based on financial need, for which the government pays

interest while the student is in college.

Federal Direct Unsubsidized Loans – Loans available without regard to financial need and for which

students accrue interest expenses while still in college.

Federal Work Study (FWS) – A federal program that offers students the opportunity to meet some of

their indirect costs by working part-time on campus or off campus at an approved nonprofit agency. As

with any employment, neither a job nor a specific number of hours is guaranteed. A student must earn

work-study funds and is paid in the form of a paycheck, according to the number of hours worked.

Financial Aid Package – A combination of scholarships, grants, loans and work study.

Free Application for Federal Student Aid (FAFSA) – The form (available at fafsa.gov) that you must

complete and send to the federal processor to determine your eligibility for federal financial aid. The

University of Rochester school code is 002894.

Gift Aid – Financial aid, such as a grant or scholarship, which does not need to be repaid.

Grants – Aid given to students by the federal government, state agencies, and colleges/universities with no

expectation of repayment. Much, but not all, of grand aid is based on financial need.

Merit Scholarships – Tuition specific awards based on academic achievement, independent of financial

need.

Need-Aware Admission – An admission decision policy in which a college does consider the financial

need of applicants in admissions decisions.

Outside Scholarships – Scholarships available through sources such as religious and civic organizations,

your employer, and local businesses.

Pell Grants – Federal Grants awarded to students with the highest level of demonstrated need. For the

2021-22 academic year, grant awards ranged from $657-$6,495 per year.

Private Loans – Credit-based educational loans that can help meet your family’s expected contribution.

You should consider the Federal Direct Loan programs before considering a private loan.

Profile – A form required by some colleges in the financial aid application process. The University of

Rochester does require the CSS Profile, available at profileonline.collegeboard.com. Our school code is

2928. This form is used to determine eligibility for University-funded grants. There is a nominal fee for

this form.

Student Aid Report (SAR) – A federal government report, sent to the student that contains the federal

Expected Family Contribution (EFC) and provides a summary of the information submitted on the FAFSA.

Supplemental Educational Opportunity Grant (SEOG) – A federal grant awarded to low-income Pell

Grant recipients.

This handbook does not constitute a contract between the institution and the student