As you embark on your college journey, navigating the financial aid landscape can be a daunting task. Lehigh University is committed to providing a world-class education while ensuring that every admitted student has the financial means to succeed. This article delves into the intricate details of Lehigh’s financial aid system, empowering you to make informed decisions about funding your college education.
Understanding Your Financial Need
Lehigh determines financial need by comparing the cost of attendance with the Expected Family Contribution (EFC). The EFC is calculated using information provided on the Free Application for Federal Student Aid (FAFSA). Based on your financial situation, Lehigh awards a combination of grants, scholarships, loans, and work-study programs to meet your unmet financial need.
Types of Financial Aid Available
Grants and Scholarships:
– Federal Pell Grant: Need-based grant for students with exceptional financial need.
– Federal Supplemental Educational Opportunity Grant (FSEOG): Need-based grant for students with exceptional financial need and low EFCs.
– Lehigh University Grants: Need-based grants funded by the university.
Loans:
– Federal Direct Stafford Loans: Subsidized and unsubsidized loans with fixed interest rates.
– Federal Direct PLUS Loans: Loans for parents of undergraduate students.
– Private Student Loans: Loans from private lenders with varying interest rates and repayment terms.
Work-Study Programs:
– Federal Work-Study: Part-time jobs on campus that allow students to earn money towards their education expenses.
Applying for Financial Aid
Step 1: File the FAFSA (Free Application for Federal Student Aid)
– Complete the FAFSA by March 1st for priority consideration.
– Lehigh’s school code is 003230.
Step 2: Submit Supporting Documents
– If requested, submit additional documents such as tax returns or bank statements.
Step 3: Wait for Your Award Letter
– Typically mailed in late March or early April.
– Review your award letter carefully and contact the Financial Aid Office with any questions.
Pain Points and Motivations
Pain Points:
– The rising cost of college tuition.
– The complexity of the financial aid system.
– The burden of student loan debt.
Motivations:
– The desire to obtain a world-class education.
– The potential for higher earning power with a college degree.
– The belief that everyone should have access to higher education, regardless of financial means.
Common Mistakes to Avoid
- Not filing the FAFSA on time: This could result in missing out on valuable financial aid opportunities.
- Underestimating your financial need: Providing inaccurate financial information can lead to an award that does not fully cover your expenses.
- Borrowing more than you need: Student loan debt can become a significant financial burden after graduation.
- Not understanding your repayment options: Choose a repayment plan that fits your budget and career goals.
Frequently Asked Questions
1. What is the average financial aid award at Lehigh?
– The average financial aid award for the 2023-2024 academic year is $41,600.
2. What percentage of students receive financial aid at Lehigh?
– Over 90% of Lehigh students receive some form of financial aid.
3. Can I appeal my financial aid award?
– Yes, you can appeal your financial aid award if you believe there are extenuating circumstances that were not considered in the initial award.
4. How do I apply for a private student loan?
– Contact a private lender and complete their loan application.
– Compare interest rates and repayment terms from multiple lenders before making a decision.
5. What is the difference between a grant and a loan?
– A grant is free money that does not need to be repaid. A loan must be repaid, typically with interest.
6. Can I work while attending Lehigh?
– Yes, Lehigh offers both on-campus and off-campus work-study programs.
Conclusion
Lehigh University is dedicated to providing a financially accessible path to higher education. By understanding the financial aid landscape, navigating the application process, and avoiding common mistakes, you can maximize your chances of securing the financial support you need to thrive at Lehigh. Remember that financial aid is not just a series of numbers, but an investment in your future and your ability to make a positive impact on the world.