Furman Engage

Office of Financial Aid

Step-by-step...

Applying for financial aid is not as difficult as the media and others lead you to believe. If you take the process that we've outlined below step-by-step, one step at a time, you will make it. Know your timetables, read all instructions, and feel free to contact us with any questions that you have. See below:  How to Apply for Financial Aid

Helping You Make an Investment in Your Future

  • Furman awards more than $40,000,000 (across all four enrolled classes) in our own institutional grant and scholarship aid.
  • 85 percent of Furman students receive some form of federal, state, and/or institutional financial aid.

Consider this...

After your home, a college education may be the most significant financial investment you and your family will make.  While this investment is daunting, the Office of Financial Aid at Furman will guide you through the steps necessary to finance this strategic investment.  We all know it will involve sacrifice, but so does everything that is worth doing.  The value of a Furman education is worth the effort.  Upon acceptance, you will be able to see how much aid is offered, giving you the "net price," or out-of-pocket costs.

At Furman, you’ll find a comprehensive program of financial assistance including federal, state, and institutional financial aid. In addition to these traditional sources of financial aid, we offer academic and other scholarships to students who will enrich the Furman community through their academic ability and special talents. Our own scholarships and grants, combined with federal and state assistance and wise financial planning, enable many students to enjoy the full benefits of Furman.

There are several ways that we can help you make a wise investment in a Furman education.

Financial Aid Packages

A "financial aid package" is simply a set of federal, state, and/or institutional awards of varying amounts. Such a "package" is awarded by our financial aid staff after a thorough evaluation of a family's ability to pay and finance the educational costs. We take the cost of attending Furman and subtract the Expected Family Contribution (EFC), which is the minimum amount the family is expected to contribute to the student's education for the year. The difference between the cost of attendance and the EFC is commonly referred to as "demonstrated need." While Furman cannot meet 100% of every student's demonstrated need, we get as close as possible, given funding limits.

Financial aid packages will usually have a combination of Furman need-based grants and/or merit-based scholarships, federal/state grants and loans, work-study, and sometimes outside scholarships administered by agencies and organizations other than Furman.    

How to Apply for Financial Aid

              (1) Complete the  CSS Profile  online (Furman's code to receive the CSS Profile results is 5222)

Note:  Returning students need not complete the CSS Profile.      

  • Early Decision (ED) admission applicants should complete this form online by November 15th of your senior year in high school (ED applicants must also complete the FAFSA within the timeframe mentioned below).
  • Regular Decision admission applicants should complete this form online by March 1st.
  • Furman uses the College Board's CSS Profile form to determine demonstrated financial need for the university's need-based grant program (Furman Grant).  Because Furman's institutional resources are limited, we must take the best measure of a family's ability to pay into account in awarding our own funds to students.

              (2) Complete the  Free Application for Federal Student Aid  (FAFSA) online (Furman's code to receive the FAFSA results is 003434)

  • All applicants interested in federal and state grants, loans, and work study must complete the FAFSA.
  • We suggest you complete the FAFSA between February 1st and March 1st of your senior year in high school. 

 Note:  South Carolina residents must complete the SC Affidavit annually to be considered for South Carolina Tuition Grants or other aid that requires residency in South Carolina. 

              (3) Apply for any  departmental scholarships  and the Herman W. Lay scholarships, which require separate application forms (see “Deadline Checklist”).

 

 

 

 

More Financing Options

Each term’s fees are due in advance. However, you or your family may prefer to schedule payments on a monthly basis or to extend your payments over a longer period of time. Here are a few options:

  • Furman Tuition Payment Plan

This plan allows you to make equal monthly payments.  Contact the Bursar's Office (Student Business Center) for more information.

  • Parent Loan for Undergraduate Students (PLUS Loan)

This is a federal program which makes loan assistance available to parents, based on credit worthiness. Parents of Furman students may be eligible to borrow up to the difference between the cost of education minus other financial aid.  The interest rate is fixed at 8.5% and repayment usually begins 60 days after the last disbursement of the academic year. Some lenders will allow parents to make interest-only payments while the student is enrolled at least half-time. Note that, for 2010-2011, Furman will participate in the Federal Direct PLUS Loan Program, and the interest rate will be fixed at 7.9%.

  • Alternative Loans

A number of lenders offer long-term, non-federally funded educational loan programs.

  • Pickett & Hatcher Educational Funds

Annual loans of $5,500 to students who are residents of the Southeastern states, based on financial resources and projected college costs. Simple interest is charged at an annual rate of 2 percent while a full-time student, at 6 percent thereafter. The application deadline is May 15. For more information, contact: Pickett & Hatcher, P.O. Box 8169, Columbus, GA 31908–8169.

Contact the Office of Financial Aid with any questions!