Student Loans for Amherst College
Located in the town of Amherst, Massachusetts, Amherst College is the quintessential small New England liberal arts college. Only 1,800 undergrads call Amherst home, and the campus looks like it was built with a postcard in mind. Founded in 1821, Amherst has a rich academic tradition, and continues to be one of the most selective and elite colleges in the country. The town of Amherst is a great place too, with a quaint town center and the proper college-town amount of awesome coffee shops and cool little stores. Amherst isn’t the only college around, either; UMass Amherst, the flagship school of the Massachusetts system, is right around the corner, while Smith College, Hampshire College, and Mount Holyoke College are all located in surrounding towns.
In addition to its academic strength, Amherst has a robust endowment and financial aid program. With a sticker price that’s now well above $57,000 per year, an Amherst education may seem impossibly expensive; fortunately, the College and the Amherst financial aid program have committed to making Amherst accessible to all those who have the academic ability to attend.
Applying for Financial Aid
Amherst practices need-blind admissions, meaning a student’s financial circumstances are not considered when a student is being evaluated for acceptance to Amherst. It also means that accepted students who require financial assistance will receive it, up to the total amount of financial need that the College deems the student to demonstrate. To apply for Amherst financial aid, students need to submit the Free Application for Federal Student Aid (FAFSA), just as at any school. In addition, students must submit the CSS/Profile, an additional form used by private colleges and universities, that allows them to gain a more detailed picture of an applicant’s financial standing. The College may require some other institutional-specific forms, but for that info you should check with the financial aid office, either online or over the phone.
The typical Amherst financial aid package breaks down as follows: only about 7% of the total package comes in the form of loans, with the other 93% taking the form of grants, scholarships, and self-help aid such as a work-study program. This percentage breakdown is really pretty great as far as financial aid packages go, and is representative of the strength and commitment of the Amherst financial aid program to make an education at Amherst College affordable for all those who can attend. That said, some students find themselves needing additional funding to
cover their cost of attending Amherst. If you’re in this position, we recommend first looking to federal student loans, as they have low interest rates and very favorable borrowing terms. If for some reason federal student loans don’t quite cut it for you financially, private student loans can be very good for covering a financial gap between your aid and the total amount of money you need to pay for college. If you think a private student loan could be good for you, check out our Student Loan Comparison Tool to search, compare, and apply for the private student loan that best fits your financial needs.
No, the Amherst College financial aid program operates strictly on a ?need blind’ basis. The institution does not discriminate against students on the basis of their financial requirements. The need blind policy is applicable to both domestic and international students. The financial aid program at Amherst College is quite extensive and caters to half of the student population in one way or the other. Students interested in applying for financial aid at Amherst are requested to estimate the COA (Cost of Attendance) first.
Is it important to estimate the Cost of Attendance (COA) when applying for Amherst College Financial Aid?
Yes, it is extremely important for students to estimate the COA (Cost of Attendance) before applying for Amherst College financial aid. This estimate plays a crucial role in the student’s application and helps in determining the funds required. With the help of a COA estimate, students get a break down of the total cost of education. Students need to include tuition costs, room & board expenses, books & supplies, transportation, health insurance and personal expenses in their COA estimate. The current rates are available on the official Amherst College website.
Pay for Amherst College*
|Total Avg. Cost||$54,322|
|Room & Board||$10,660|
|Financial Aid Information|
|Students Receiving Fin Aid||69%|
|Typical Grant Amounts|
|Avg. Other Stud. Loans||$7,125|
|%Receiving Other Loans||4%|
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*Data source is the Integrated Postsecondary Education Data System (IPEDS) the data collection program for the National Center for Education Statistics