You must notify the Financial Aid Office if you receive scholarships or other sources of financial aid from non-Macalester sources. Macalester's policy on the treatment of outside scholarships and awards is detailed below.
- The first $500 you receive in outside scholarships will not impact the amount of your need-based grant aid from Macalester.
- If you receive more than $500 in outside scholarships, half of the amount exceeding $500 will replace need-based grant aid from Macalester. The other half will replace self-help financial aid (student employment first in most cases, then student loans).
- After the adjustments described above are made, Macalester will recalculate the maximum available Federal Direct Loan eligibility remaining based on your FAFSA result.
- See additional policy details below.
An example of how an outside scholarship would affect an existing financial aid package is shown below.
Financial Aid Package
Before Outside Scholarship
|Financial Aid Package
After Outside Scholarship
|Macalester College Grant||$15,000||Macalester College Grant||$12,750|
|Subsidized Federal Direct Loan||$3,500||Subsidized Fed. Direct Loan||$3,500|
|Unsubsidized Fed. Direct Loan||$2,000||Unsubsidized Fed. Direct Loan*||$2,000|
|Student Employment||$2,200||Student Employment||$0|
|Total Financial Aid Package||$22,700||Total Financial Aid Package||$23,250|
Why do Non-Macalester Scholarships Affect financial aid from Macalester?
Macalester is committed to providing financial aid packages equal to 100% of each admitted student’s demonstrated need for financial aid. In many cases, we present a financial aid package to an admitted student before he or she is aware of his or her eligibility for outside scholarships. Rather than leaving a gap in the student’s financial aid package that could later be filled by outside scholarships, Macalester creates a financial aid package equal to the student’s full demonstrated need for financial aid before we know whether outside scholarships will eventually become available.
Macalester’s commitment to financial aid is significant. Over ninety percent of the grants and scholarships delivered to our students come from our own funds. Most of the financial aid from Macalester is made possible by gifts from alumni and friends of the College.
But Macalester’s financial aid budget is finite. We would not be able to provide full financial aid packages to all admitted students if we could not count on the help of outside scholarships, Federal Pell Grants, and state grants as part of meeting the needs of all students. Our aid program is built on the premise that all of these types of financial aid will work together to support our students.
Macalester's need-based grants are considered to be "last dollar grants". Macalester often presents an aid package before other sources of financial aid, such as outside scholarships, become known. The order in which sources of financial aid become known to a student is not considered to be a factor in determining final eligibility for need-based grants from Macalester. Instead, the final eligibility for need-based grants from Macalester will be determined as if the student and Macalester had complete knowledge of all sources of financial aid at the time of initial award..
At the same time, we recognize that students who win outside scholarships often have made extra effort to obtain them. For this reason, our treatment of outside scholarships does allow outside scholarship recipients to reduce their overall educational costs.
- Policy exceptions:
- Total financial aid will be capped at the total cost of attendance.
- Need-based grant, entitlements, and benefits from federal, state, or other sources (including tuition benefits from student/parent employer) will replace need-based Macalester College grants and/or scholarships dollar for dollar (e.g., a $1,000 state grant will replace $1,000 of Macalester College Grant).
- Post-911 GI Bill, Yellow Ribbon Program, and other Veterans Administration educational benefits will be considered resources for the purpose of determining eligibility for financial aid from Macalester. Your self-help will be reduced first. After that, your need-based aid from Macalester will be reduced. It is important to note that Macalester plans to provide a matching grant (beginning in 2010-2011) for students eligible to participate in the Yellow Ribbon program. Matching grants may impact non-need-based scholarships from Macalester. Additionally, matching grants may be prorated based on your remaining VA eligibility.
- Financial aid from federal, state, and other sources will be adjusted in response to receipt of outside scholarships and awards in accordance to eligibility rules established by the Department of Education or other program administering body. For instance, scholarships from outside sources may affect the availability of subsidy for Federal Stafford Loan purposes.
- After the adjustments described above, Macalester will calculate the maximum available Federal Direct Loan based on Federal Student Aid regulations. Notices of financial aid eligibility will include the maximum available Federal Direct Loan unless all or a portion of the Federal Direct Loan has been declined. If a Federal Direct Loan was accepted prior to outside scholarship adjustments, Macalester will maintain the total accepted loan amount regardless of subsidy (as permitted by Federal Student Aid regulations).
- Outside scholarships are regulated by NCAA Division III rules (bylaw 188.8.131.52). Outside scholarships may consider high school athletic participation but are subject to these restrictions:
- Must be awarded to a student initially enrolling in college (not to continuing students);
- Renewal criteria may not be based on athletics;
- Awards must be available for use at any institution;
- Award donors may have no direct connection to Macalester;
- Award programs must be established and continuing (not created for one-time award).