Award Procedures

Understand Your Financial Aid Offer

To better assist you in understanding your financial aid award offer. Please see the information below.

1. Cost of Attendance (COA)
The Cost of Attendance (COA) is the estimated/standard amount it will cost you to attend Spelman College for an academic year. For any given academic year, the standard COA at Spelman depends on the year in school and housing selection.  The Cost is also utilized to determine eligibility for any programs or funds managed through the Office of Financial Aid and what is paid directly to Spelman College. Direct costs include tuition, fees, housing, and meal plans. Indirect costs may include books and supplies, personal expenses, and transportation to and from campus.

2. Student Aid Index (SAI) from FAFSA
Spelman College utilizes a need analysis formula established by the U.S. Department of Education to determine a family's ability to contribute to the cost of attendance. This amount is referred to as the "Student Aid Index" (SAI) and is calculated for families who complete the FAFSA. This is not the amount that the family owes Spelman College. The "need analysis formula" evaluates parent and student income, net assets, number of family members, and other relevant factors that may affect a family's ability to contribute toward educational expenses.  This index is used to determine eligibility for funding.

3. Offers/Awards
Spelman College will try to meet a portion of each applicant's gross need by offering grants, scholarships, loans, and student employment funds from Federal, State, institutional, and private sources. This is contingent on available funds. Visit the explore types of financial aid to view information on the types of aid offered.

4. Gift Aid (Grants and Scholarships)
Grants and Scholarships are considered gift aid and do not have to be paid back. Eligibility for these funds is need-based and determined by subtracting the SAI from the Cost of Attendance (COA-SAI). Demonstrating need does not ensure receipt of grants or scholarships, as other eligibility criteria also apply, and funding is limited. Funding amounts may be adjusted if the FAFSA is selected for verification.

5.Federal Direct Student Loans and/or Work Study
Loans are borrowed funds from the U.S. Department of Education that must be repaid with interest, and they offer either subsidized (government pays the interest while you're in school) or unsubsidized options. Work-Study is a program that provides part-time jobs, usually on campus, allowing you to earn money to help pay for educational expenses.

6. Outside Resources
Students who receive any assistance not already included in the financial aid offer must report the amount and type of assistance. This is required by Federal law and College policy. This assistance may be in the form of additional financial offers such as scholarships, private loans, etc., or in the form of reduced financial obligations to the Institute, including fee waivers, reduced housing costs, Veterans' Benefits, ROTC, etc.

7. Projected Net Remaining Cost
The net cost calculation is derived by subtracting all estimated financial aid, including grants, scholarships, and Federal funds, from the COA.  This may include resources from all grants, internal and external scholarships and other resources such as waivers/exemptions received.  The Projected Net Remaining Cost is the amount you are responsible for paying.

COA - All Financial Aid Sources = Projected Net Remaining Cost

8. Available Options to Cover the Remaining Cost
We understand that additional planning is often required. Here are the primary options Spelman students use to finance their Projected Net Remaining balance:

• Enrolling in Spelman’s Payment Plan: Break your remaining balance into manageable monthly installments.
• Apply for a Private Student Loan: Explore a variety of competitive private loan options.

Financial Student Aid Portal: Once you have been accepted to Spelman College, the Admissions Office will provide you with credentials, which will allow you to view, manage your awards and missing items online, as well as accept, decline, or reduce your awards. You can visit here to check your status.

Timing of the Financial Aid Awarding Process