Newly Admitted Undergraduates
Frequently Asked Questions
- My financial aid is contingent on receipt of additional documents or information as noted on the award letter. Does that mean my financial aid award could change?
- I received a significantly better financial aid award from another university. Will Stanford match the other university’s award?
- If there have been changes in my parents’ circumstances such as a significant reduction in income, changes in health, or other extenuating circumstances since we filed the CSS PROFILE and FAFSA, can Stanford take this into consideration?
- How did you determine my parents’ and my own expected contribution?
- What can we do if my parents are unable to meet the parent contribution?
- How do my parents apply for a PLUS loan?
- What if my family’s financial circumstances change in future years?
- I am expecting to receive outside scholarships. How will these affect my financial aid award from Stanford?
- How will I find an on-campus job?
- What if I am not sure about how much I will be able to work, considering my academic commitments?
- Will I be billed for my Student Contribution?
- How does my payment to the University work?
- Does the FAO have a website where I can get up-to-date information, my application status, and processing instructions?
- What are some other ways that I can get information about my financial aid at Stanford?
1. My financial aid is contingent on receipt of additional documents or information as noted on the award letter. Does that mean my financial aid award could change?
It is possible that your financial aid award will change. Your award letter shows which documents or information you must submit to the FAO before we can finalize your award. If these documents reflect different information than what you had previously reported to the FAO, your award will be reevaluated. The FAO begins processing finalized awards in May.
2. I received a significantly better financial aid award from another university. Will Stanford match the other university’s award?
Stanford does not change financial aid awards in response to merit-based awards from other universities. With the exception of some athletic aid, Stanford’s scholarship awards are based solely on demonstrated financial need. If another university has offered a need-based award that is significantly better than Stanford’s award, it may be that the other university has received new or updated information about your family’s financial situation. In such cases, it may be appropriate for you to request a revision to your award from Stanford.
(See next question.)
3. If there have been changes in my parents’ circumstances, such as a significant reduction in income, unexpected medical expenses, or other extenuating circumstances since we filed the CSS PROFILE, can Stanford take this into consideration?
You and your family can request that Stanford consider revising your financial aid award. A Request for Revision form is available for you to print from our website at Forms if you have new information to report. Normal response time during April is 2-3 weeks. We realize that you must make your enrollment decision by May 1st and we will make every effort to respond to your request promptly. If there are changes later in the year, you can submit a revision request at that time.
4. How did you determine my parents’ and my own expected contribution?
Stanford uses a variation of an analysis called Institutional Methodology (IM) to establish expected parent and student contributions. The IM uses information from the CSS PROFILE application form. For the parent contribution, the IM makes standard allowances against parent income and assets to determine the parent contribution. The student contribution from income is based on 50% of after-tax income from the prior year, with a minimum of $2,200. Additionally, Stanford assesses 5% of the student’s current assets. For more information you can refer to How Aid Works.
5. What can we do if my parents are unable to meet the parent contribution?
There are a number of financing options available for parents. One of the most frequently used programs is the Federal Direct PLUS loan. This federal program allows parents to spread the costs of education over a 10-year period. The maximum loan for a given year is the cost of education minus financial aid. PLUS loans have a fixed interest rate of 7.9%.
It may also be possible for you (the student) to borrow a Federal Direct student loan to help cover the family contribution. Freshmen can borrow up to $5,500 per year; the limit increases to $6,500 for sophomores and $7,500 for juniors and seniors. These loans may be subsidized or unsubsidized. To borrow a student loan, just submit a written request to financialaid@stanford.edu and we will offer the best loan available to you.
6. How do my parents apply for a Federal Direct PLUS loan?
Parents may apply for the PLUS loan online at Financial Aid starting on July 1 for the upcoming academic year. The FAO will begin certifying PLUS applications in early August to allow sufficient time before the Autumn Quarter payment due date (September 15th).
Please note that the PLUS Loan does require a credit check that will be performed when the parent applies for the loan.
7. What if my family’s financial circumstances change in future years?
Stanford’s commitment to meeting financial need extends throughout your four undergraduate years. If your family faces a significant financial change after your first year, we can reevaluate your aid eligibility at that time. Even if you do not qualify for need-based scholarship funds at this time, we will reconsider your aid request for each new academic year based on your family’s current financial circumstances.
8. I am expecting to receive outside scholarships. How will these affect my financial aid award from Stanford?
If you receive outside scholarships or grants, we will reduce the academic year job or Federal Work-Study expectation of your financial aid award and/or the student contribution from income.
By obtaining outside scholarships, you will replace or eliminate the amount that you are expected to work. If the value of your outside scholarships exceeds both the academic year job and the student contribution from income, we will reduce your need-based University scholarship. Please see our Outside Awards page for examples of how outside awards may change your aid package.
Please note that, for a few students, we are not able to fully reduce the student contribution portion in order for you to retain need based federal and state grants such as Pell and Cal Grants.
You are obligated to notify the FAO of any outside scholarships that you receive.
9. How will I find an on-campus job?
Stanford’s Career Development Center (CDC) maintains a database of listings of part-time job opportunities for students. You can access this database on the web at Cardinal Careers.
Some on campus jobs are available only to Federal Work-Study (FWS) students as the federal government and Stanford are funding the salary.
A limited amount of students are awarded FWS based on their federal need level. If applicable, this FWS distinction is indicated on your award letter.
The average starting wage for student workers on campus is around $12 per hour. You could earn about $2,800 during the school year if you worked an average of eight hours each week.
Most employers will be hiring at the beginning of Autumn Quarter, but the job database is updated with new listings throughout the year. The FAO does not make job assignments or find employment for students.
10. What if I am not sure about how much I will be able to work, considering my academic commitments?
If your award includes an academic-year earnings expectation this amount is what the University expects you can earn during the academic year. Your earnings can cover a portion of your educational expenses without jeopardizing your academic priorities.
You are not required to work. You may choose to substitute the amount of your summer and/or academic year earnings expectations with outside scholarships and/or a student loan. To borrow a student loan, just submit a written request to financialaid@stanford.edu.
11. Will I be billed for my Student Contribution?
No. The amount listed on your award letter is the amount that you are expected to bring with you to campus from your summer earnings and personal assets (if any). It is not an expense for which you are billed.
Most students use their summer savings and assets to pay for startup costs such as transportation to campus and books for Autumn quarter, as those expenses do not appear on the university bill.
12. How does my payment to the University work?
The Student Services Center (SSC) is the University office responsible for creating and collecting the student bill. Charges for tuition, room and board will be billed prior to the beginning of each academic quarter and will be due on the 15th of the month prior to the start of the term (i.e. September 15th for Autumn term, December 15th for Winter term and March 15th for Spring term).
SSC has electronic billing and payment services including secure authorized payer management, billing and payment e-mail notifications, access to billing and payment history, and payment by e-check (also known as direct debit). More information regarding these services and University payment deadlines is on the Student Services Center website.
Your financial aid award letter shows the quarterly amounts that you can expect from each of your aid sources, including scholarships, grants, and loans. If the total of these aid funds exceeds your quarterly balance due, SSC will refund the difference after you have enrolled for classes. If the total of your aid funds for the quarter is less than the balance due, you will be responsible for paying the remainder of the balance and all other expenses with your own funds.
13. Does the FAO have a website where I can get up-to-date information, my application status, and processing instructions?
Yes! We recommend that you visit our own FAO website at Financial Aid for updates on application procedures and deadlines.
Once you have obtained your SUNet (Stanford University Network) ID and created a password you will be able to use the student Axess system to view information about financial aid, University billing, course registration, and other important topics. Be sure to check your Axess account frequently to ensure that all of your "To-Do Items" have been completed. Remember, you must apply for financial aid every year.
You may also send an e-mail to our office at financialaid@stanford.edu. One of our staff members will respond to you as quickly as possible, depending on seasonal workload.
14. What are some other ways that I can get information about my financial aid at Stanford?
We welcome you to call the FAO at (650) 723-3058. Our standard message will provide you with information about a variety of financial aid issues.
In addition, we invite you and your parents to visit our office in person when you are on campus. The FAO is located in Montag Hall, 355 Galvez Street. We are open Monday through Friday from 8:00 a.m. to 5:00 p.m., except on Tuesdays, when we open at 10 a.m.
Last update: March 24, 2011 2:05 PM
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