Hamilton College's No-Loan Policy: Generous Financial Aid

Hamilton College meets the full demonstrated financial need of all accepted students through a combination of scholarships, loans, and work-study programs. The college is need-blind for first-year domestic applicants, meaning a U.S. student's financial need will not be a factor in the admission decision. In recent years, the average total student indebtedness for Hamilton graduates has ranged from $19,800 to $22,800, with a default rate of 0%. 36% of students take out federal loans, with an average annual amount of $2,970, while 2% take out private loans, with an average amount of $22,229.

Hamilton College meets the full demonstrated financial need of all accepted students

Hamilton College is committed to meeting the full demonstrated financial need of all accepted and enrolled students for all four years of their studies. This means that if your family can only pay a portion of the tuition, room, board, and fees, or perhaps none at all, the college will help you cover the rest with generous financial aid awards. This is done through a combination of scholarships, loans, and/or work-study.

Hamilton College is one of the few colleges that pledge to meet full demonstrated need and admit the most qualified students, regardless of their financial situation. For U.S. citizens, a family's ability to pay tuition and fees is not a factor that the admission committee considers when reviewing applications. The college is need-blind for first-year domestic applicants, meaning a U.S. student's financial need will not impact their admission decision.

Hamilton College offers a range of financial aid opportunities, including scholarships, student employment, and federal student loans. The average total student indebtedness for Hamilton graduates has been between $19,800 and $23,000, which is significantly below the national average. The college provides advising support and stipends to help students pursue research, internships, community partnerships, and other opportunities.

It is important to note that for international and transfer students, the financial aid budget is not limitless. Financial need may be considered during the admission process for these candidates to protect the college's ability to meet their full need. Additionally, Hamilton College requires U.S. citizens and permanent residents to complete the College Scholarship Service (CSS) Profile and the Free Application for Federal Student Aid (FAFSA). International students who qualify for financial aid may be eligible for on-campus job opportunities, typically limited to 10 hours per week.

The average total student indebtedness for Hamilton graduates

Hamilton College meets the full demonstrated financial need of all accepted students through a combination of scholarships, loans, and/or work-study. The average total student indebtedness for Hamilton graduates has ranged from $19,800 to $22,800 in recent years, which is significantly lower than the current average federal student loan debt of $37,850. Hamilton's current default rate is 0%.

The average student loan debt for college graduates varies depending on the source and year of the data. According to U.S. News, the average total student loan debt, including federal and private loans, increased by more than $8,700 from 2008 to 2017 but has stabilized in recent years. The average student loan debt for 2023 college graduates was $29,374, a $1,714 increase from the class of 2013. On the other hand, Federal Student Aid reported a slightly higher average student loan debt of $38,375 at the end of 2024. This amount is about $1,000 more than in 2023 and nearly twice the average student debt in 2008.

The level of student loan debt and the percentage of borrowers vary across different demographics. For example, borrowers aged 24-34 hold about one-third of all student loan debt, while older millennials and young Gen X-ers (ages 35-49) hold 32%. Additionally, 20% of borrowers are over 50 years old. In terms of degree type, 71% of borrowers with graduate degrees, 48% with bachelor's degrees, and 31% with associate degrees had student debt balances exceeding $25,000. Among bachelor's degree holders, Black students are the most likely to borrow federal loans (82.9%), and four years after graduation, they owe $25,000 more than their white counterparts.

The decision to take out student loans is a significant financial consideration for many students and their families. While loans can help cover educational costs, they often come with interest rates that contribute to the growing mountain of student debt in the United States, which now stands at trillions of dollars. It is essential for students to carefully evaluate their options, consider the data, and make informed decisions about funding their education.

Hamilton College's scholarship, loan and work-study options

Hamilton College is committed to meeting the full demonstrated financial needs of its students through a combination of scholarships, grants, loans, and work-study. The college offers a range of financial aid options to make its education accessible to students from diverse economic backgrounds.

Scholarships and Grants:

Hamilton College provides need-based scholarships and grants to its students, which do not need to be repaid. These awards are determined annually based on financial aid application materials. Hamilton Endowed Scholarships, accounting for roughly 40% of the scholarship budget, are funded by gifts from alumni and friends of the college. Additionally, Federal Pell Grants are available for eligible U.S. citizens or non-citizens, with the amount determined by the federally defined Student Aid Index (SAI). Approximately one in five Hamilton students are Pell Grant recipients. For New York State residents, TAP Awards are also available, based on taxable income.

Loans:

Hamilton College offers loans to its students, with amounts varying based on their academic year. First-year students can receive loans up to $3,500, sophomores up to $4,500, and juniors and seniors up to $5,500. U.S. citizens are eligible for federal loans, while international students, including Canadian citizens, may be considered for institutional loans. Parent loans are also available to cover any remaining costs after financial aid.

Work-Study:

Hamilton College includes work-study opportunities as part of the "self-help" portion of a student's financial aid package. These positions can be in the form of federal work-study or campus employment, with earnings paid directly to the student. The amount of need-based work-study offered is based on the student's demonstrated financial need.

Hamilton College's commitment to financial aid ensures that students from a range of economic backgrounds can access the college's educational opportunities. The college's average first-year financial aid package is $48,254, with about 61% of first-year students receiving financial aid, primarily in the form of grants and scholarships.

The average private loan amount at Hamilton College

Hamilton College meets the full demonstrated financial need of all accepted students through a combination of scholarships, loans and/or work-study. The average total student indebtedness has ranged from $19,800 to $23,000 in recent years, which is about 50% below the national average. This can be broken down into federal loans, which are preferable to private loans due to their lower interest rates and potential for loan forgiveness, and private loans.

While the average private loan amount at Hamilton College is not publicly available, we can infer that the average private loan amount is the difference between the average total student indebtedness and the average federal loan amount. According to CollegeFactual, the average federal loan amount at Hamilton Technical College is $7,943 per year. Assuming that the average federal loan amount is similar at Hamilton College, the average private loan amount would be between $11,857 and $15,057. It is important to note that this estimate assumes that all students take out federal loans, which may not be the case.

It is worth noting that Hamilton College provides financial aid through a combination of scholarships, work-study, and loans. The college is need-blind for first-year domestic applicants, meaning a U.S. student's financial need will not be a factor in the admission decision. Additionally, Hamilton College offers a net price calculator to help families estimate their total financial contribution and determine if attending the college is financially feasible.

Hamilton College's financial aid budget for international and transfer candidates

Hamilton College meets the full demonstrated financial needs of all accepted students through a combination of scholarships, loans, and/or work-study. The college is need-blind for first-year domestic applicants, meaning a US student's financial need will not be a factor in the admission decision. However, for international and transfer candidates, the financial aid budget is not limitless. Financial need may be considered at the time of admission to protect the college's ability to meet the student's full need.

Hamilton's financial aid commitment includes a promise to meet the full demonstrated need of its students for all four years. This policy includes international students who applied for aid and demonstrated financial need at the time of admission. Most need-based financial aid awards consist of a Hamilton College Scholarship and campus employment, and the budget used to build these awards includes both direct (billable) costs and indirect expenses such as books and travel. Although Hamilton has one of the most generous international financial aid programs in the US, the college is not need-blind in admission for non-US citizens. Therefore, a family's ability to pay may be considered for international candidates.

Hamilton includes loans that will not exceed $3,500 for first-year students. Sophomores will receive a maximum of $4,500, while juniors and seniors will be capped at $5,500. US citizens are eligible for federal loans, and international students, including Canadian citizens, are eligible for on-campus job opportunities. Most students limit employment to 10 hours per week.

Hamilton College recommends that families use their net price calculator tools to estimate their total family contribution (TFC). The actual TFC generated by the Hamilton College Financial Aid Office may differ from the calculator's results. Families are encouraged to consult with a member of the financial aid team to discuss their net price calculator results and financial aid options.

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