The examples below illustrate possible options for families from a variety of financial backgrounds. Due to the many factors that go into determining an aid package, your individualized award package may differ from those below, even if you seem to have similar financial circumstances. These are examples from actual Thomas College students. Their names have been changed to protect their privacy.
Anthony
Anthony is one of 7 children with a single mother who, by FAFSA requirements, would be considered dependent. However, Anthony’s mom was not always able to care for the student. This resulted in a situation that qualified Anthony to apply for independent status. He met with student financial services at Thomas College, completed the required forms, and student financial services was able to adjust the student FAFSA to make Anthony independent. Anthony has no income or assets. He chose to live on campus.
Family Circumstance:
Estimated Family Contribution** (FAFSA): $0
Total Direct Costs: $40,888
Financial Aid:
Thomas College Grant $2,650
Cum Laude Merit Scholarship $14,000
Federal Pell Grant $6,345
Federal Supplemental Educational Opportunity Grant $2,000
Federal Stafford Loans $9,500
Total Aid: $34,495
Out-of-pocket Cost: $6,393
*Student also participated in EDGE earning a $500 scholarship towards book costs.
**Estimated Family Contribution is the figure the financial aid office at your College will use to determine your eligibility for federal, state and institutional financial aid programs. This is not a reflection of what you will owe to Thomas College for expenses incurred.
Katie
Katie is the only member of her family in college. She has one younger sibling. Katie’s mother is recently remarried and both parents are contributing financially to the household. The combined income for Katie’s parents is $89,900 with her mother receiving a small amount of child support. Katie knew finances was a concern for her mother when applying to college, and academics is very important to Katie. With these two priorities, she was able to earn academic scholarship from Thomas College as well as outside sources. Katie is living on campus.
Family Circumstance:
Estimated Family Contribution** (FAFSA): $13,867
Total Direct Costs: $40,888
Financial Aid:
Thomas College Grant $1,500
Summa Laude Merit Scholarship $18,000
Outside Scholarships $12,300
Federal Stafford Loans $5,500
Total Aid: $37,300
Out-of-pocket Cost: $3,588
*Student also participated and successfully completed EDGE earning a $500 scholarship towards book costs.
**Estimated Family Contribution is the figure the financial aid office at your College will use to determine your eligibility for federal, state and institutional financial aid programs. This is not a reflection of what you will owe to Thomas College for expenses incurred.
Henry
Henry and his sister are both enrolling at Thomas College as new students. Both of their parents are employed and together earn $77,904 with no reported assets or untaxed income. Their parents are not creditworthy. Henry did well academically in high school, but he was unable to meet the financial obligation after the initial financial aid offer from Thomas College. Henry reached out to Thomas College Student Financial Services for additional assistance, writing a letter to support his appeal for additional aid. Henry is living on campus.
Family Circumstance:
Estimated Family Contribution** (FAFSA): $7,576
Total Direct Costs: $40,888
Financial Aid:
Lunder Scholarship $2,000
Thomas College Grant Appeal Funds $3,500
Summa Laude Merit Scholarship $18,000
Federal Stafford Loans $9,500
Total Aid: $33,000
Out-of-pocket Cost: $7,888
*Student also participated and successfully completed EDGE earning a $500 scholarship towards book costs.
**Estimated Family Contribution is the figure the financial aid office at your College will use to determine your eligibility for federal, state and institutional financial aid programs. This is not a reflection of what you will owe to Thomas College for expenses incurred.
Rachel
Rachel is the only member of her family in college right now. Rachel’s older brother graduated from Thomas College in the previous year. Both of their parents are employed and together earn $88,428 with no reported assets or untaxed income. Rachel was a well rounded high school student, but academically did not qualify for a merit scholarship. Rachel chose Thomas as she knew her brother loved the College. Thomas College was able to invest in her due to her financial need. Rachel is living off campus.
Family Circumstance:
Estimated Family Contribution** (FAFSA): $14,192
Total Direct Costs: $29,152
Financial Aid:
Thomas College Grant $8,750
Legacy Scholarship: $1,000
Federal Stafford Loans $5,500
Total Aid: $15,250
Out-of-pocket Cost: $13,902
*Student also participated and successfully completed EDGE earning a $500 scholarship towards book costs.
**Estimated Family Contribution is the figure the financial aid office at your College will use to determine your eligibility for federal, state and institutional financial aid programs. This is not a reflection of what you will owe to Thomas College for expenses incurred.
