Harvey Mudd College is committed to meeting 100 percent of your demonstrated financial need through the use of institutional, federal and state grants, available student loans and work-study. With information that we gather from the Free Application for Federal Student Aid (FAFSA), the College Board’s CSS/Financial Aid PROFILE, as well as supplemental documents such as federal tax returns, our goal is to analyze each family’s individual financial situation in order to determine the family’s ability to pay for a Harvey Mudd education. The FAFSA is used primarily for calculating a student’s eligibility for federal and state student aid, while the CSS/Financial Aid PROFILE is used for the awarding of institutional aid.
We use an equation commonly used by other colleges and universities to determine your financial need:
Cost of Attendance (COA) – Family Contribution (FC) = Financial Need
Cost of Attendance (COA)
Cost of Attendance refers to all the various costs associated with attending Harvey Mudd. The final tally includes tuition, fees, room and board, books, supplies, personal expenses and a transportation allowance.
Family Contribution (FC)
Family Contribution determined based on information provided on your submitted Free Application for Federal Student Aid (FAFSA), CSS/Financial Aid PROFILE and other supplemental documents requested by the Office of Financial Aid.
Based on the determined amount, your parents are expected to pay for certain college costs. Most Harvey Mudd students are considered dependent, so it is rare for parental income or assets to be excluded from the FC equation. Harvey Mudd expects both parents to contribute to your educational expenses, regardless of marital status.
Based on your grade level, Harvey Mudd requires a minimum expected contribution from summer earnings: first year, $1,500; second year, $1,750; third year, $1,900; and fourth year, $2,000. If you typically earn more than this minimum expectation, your contribution from income will be higher. You are expected to contribute either 50 percent of after-tax income or the minimum expected contribution, whichever is greater.
Any assets you have are figured into the FC equation, including cash, savings and checking accounts, trust funds, UGMA and UTMA accounts, money market funds, mutual funds, certificates of deposit, stocks, stock options, bonds, other securities, installment and land sale contracts (including mortgages held), commodities, qualified educational benefits, Coverdell savings accounts, 529 college savings plans, the refund value of 529 pre-paid tuition plans and real estate equity.
When the federal government determines your aid, they assume you can contribute 20 percent of your assets per year. By contrast, Harvey Mudd treats student assets, except trust funds, as parents’ assets. Harvey Mudd assumes you can contribute 25 percent of trust fund assets each year.
The difference between the Cost of Attendance and the expected Family Contribution is the Financial Need. This is the amount that the student needs in order to be able to afford a Harvey Mudd education. To fill this gap, Harvey Mudd awards federal, state and institutional grants, various federal and institutional loans, as well as work-study.
Because a family’s financial situation can vary from year to year, families must reapply for aid every academic year that the student is enrolled. Changes to income, assets and family members living in your household and/or attending college at least half-time (excluding parents) cause your family’s financial aid eligibility to shift. Also, changes to the federal or institutional methodology, the timeliness of your financial aid application, your grade level and the availability of federal, state and Harvey Mudd College funds can affect your aid eligibility. Since we cannot guarantee a consistent level of funding from the federal and state levels, we cannot make any guarantees about future funding. However, in general, your total financial aid eligibility will remain as consistent as your family’s financial situation.
In addition, students are expected to assume a greater share of their educational costs as they progress through college. Here’s the level of contribution students are expected to make year by year at Harvey Mudd:
|Summer Earnings||Student Loans*||Work-Study|
*These amounts represent total annual need-based loans. Due to individual loan program limits, some students may have to borrow from more than one type of student loan program.