Lehigh's Financial Aid: Investments And Savings Strategies

Lehigh University offers a range of financial aid options for its students, including grants, scholarships, loans, and student employment. The university prioritizes access and opportunity for all talented students and is committed to providing need-based financial aid. The availability and amount of financial aid are determined by evaluating a family's ability to contribute, with students expected to contribute a higher proportion of their assets than parents. Lehigh's financial aid packages are typically a combination of different types of aid, including gift aid (grants and scholarships), loans, and student employment. The university also offers merit-based aid, awarded for specific talents or academic achievements, and need-based self-help aid, which includes federal loans and work-study programs.

Lehigh's financial aid application process

Lehigh University's financial aid application process is designed to help students access the funding they need to pay for their college education. The university offers a range of financial aid options, including grants, scholarships, loans, and student employment, to ensure that all talented students have the opportunity to pursue their academic goals.

To apply for financial aid at Lehigh University, students must complete separate applications for admission and financial aid, as they have different deadlines. The financial aid application process typically involves the following steps:

• Filing the Free Application for Federal Student Aid (FAFSA): The FAFSA is used to determine a student's eligibility for need-based financial aid. It collects information about the student's and their family's financial situation, including income, assets, household size, and the number of children in the family attending college. This information is used to calculate the Expected Family Contribution (EFC), which helps determine the amount of financial aid a student may receive.
• Submitting Tax Returns and the CSS Profile: In addition to the FAFSA, Lehigh University requires students and their parents to submit federal tax returns and complete the CSS Profile. The tax returns provide additional information about income and assets, while the CSS Profile helps the university determine eligibility for institutional aid. The EFC calculated using the CSS Profile is used to assess eligibility for Lehigh aid resources.
• Evaluating Financial Need: Lehigh University's financial aid staff evaluates each student's financial need by subtracting the EFC from the Cost of Attendance (COA). This calculation helps determine the specific types and amounts of financial aid a student may qualify for.
• Applying for Institutional Aid: Students must apply for institutional need-based and federal financial aid each year. Eligibility is reassessed annually based on changes in family financial circumstances, household information, and the costs of attendance. Complete financial aid applications for institutional aid are typically due by March 15 for currently enrolled undergraduate students.
• Exploring Different Types of Aid: Lehigh University offers various types of financial aid, including grants, scholarships, loans, and student employment. Grants and scholarships are forms of gift aid that do not need to be repaid, while loans must be repaid over time, usually with interest. Work-study programs allow students to earn money to cover expenses not billed by the institution.
• Receiving a Financial Aid Package: Once a student's financial need is assessed, Lehigh University will put together a financial aid package that may include a combination of grants, scholarships, loans, and work-study opportunities. The university meets 98% of its students' financial aid needs.
• Maintaining Satisfactory Academic Progress: To renew financial aid, students must maintain Satisfactory Academic Performance and continue to demonstrate financial need. Any changes in family income or household circumstances should be reported to the financial aid office to ensure that aid eligibility remains accurate.

Lehigh University is committed to providing access and opportunity for all talented students, regardless of their financial situation. The university's financial aid office is available to guide students through the application process and help them navigate the different types of aid available.

Lehigh's financial aid package composition

Lehigh University offers a range of financial aid packages to its students, which can be need-based or merit-based. The composition of these packages typically includes a combination of grants, scholarships, loans, and student employment. Here is a detailed breakdown of Lehigh's financial aid package composition:

Grants and Scholarships:

Lehigh's financial aid packages often include grants and scholarships, which are collectively known as "gift aid" as they do not need to be repaid or earned by working. Most grants are considered need-based, while scholarships are generally merit-based.

Federal Grants:

Federal grants are need-based gift aid provided by the government for students with exceptional financial need. Examples include the Pell Grant and the Federal Supplemental Education Opportunity Grant (FSEOG). The value of these grants is determined annually based on the student's family's financial information.

Lehigh Grants:

Lehigh Grants are funded by the university and its generous alumni and donors. These are also need-based awards and may be replaced or supplemented by scholarships established by individual donors. Lehigh Grants are awarded to full-time students.

State Grants:

Many states offer grant assistance based on financial need. These grants are awarded by the scholarship office of the state in which the student resides and may impact the amount of institutional grant aid received.

Scholarships/Merit-Based Awards:

Lehigh University offers scholarships and merit-based awards to undergraduate students based solely on merit. The university takes a holistic approach when awarding merit aid, considering not only academic talent but also the student's contributions outside the classroom, recommendations, and personal essays.

Loans:

Loans are funds that must be repaid over time, often with interest. Lehigh's financial aid packages may include a variety of loan options, such as:

Federal Loans:

Federal Direct loans are funds that a student is required to repay after graduating or once they are no longer enrolled at least half-time. Parent Loans for Undergraduate Students (PLUS) are another option where credit-worthy parents can borrow funds, and repayment begins while the student is still in school.

Lehigh University Tuition Loans:

These are need-based loans awarded by Lehigh University, which must be repaid.

Private/Alternative Loans:

Private or alternative loans can be borrowed by students to help finance their expected contribution. These loans are based on the student's or their co-borrower's credit history.

Federal Work-Study or Institutional Employment:

Lehigh offers work-study awards, allowing students to earn money to cover expenses not billed by the institution, such as books and personal expenses. Students typically have ample employment opportunities to earn their full awards.

Lehigh's financial aid eligibility criteria

Lehigh University offers financial aid to students based on their needs and merits. The university's financial aid office guides students through the application process and beyond. Lehigh University's tuition fees for 2023-24 are $62,180, which is higher than the national average cost of tuition of $43,477. The total cost, including room and board, books, transportation, and personal expenses, is $77,885. The net price after aid and scholarship funds is discounted from the total cost, which is $27,598 for the average student receiving need-based aid.

Lehigh University offers need-based and merit-based financial aid. Need-based aid is determined by the student's or family's demonstrated ability to pay for college, as calculated by the Free Application for Federal Student Aid (FAFSA). The average need-based scholarship or grant awarded to first-year students at Lehigh University was $50,099, and 46% of first-year students received this type of aid in the fall of 2021. Need-based self-help aid includes federal loans and work-study programs, with an average award of $5,883 for first-year students.

Merit-based aid, also called non-need-based aid, is awarded for specific talents or academic achievements. The average non-need-based scholarship or grant awarded to first-year students at Lehigh University was $19,029, excluding any athletic scholarships. Lehigh University met 98% of its students' financial aid needs.

The basic types of financial aid include grants and scholarships (collectively known as "gift aid"), loans, and student employment. Grants and scholarships are awarded based on financial need or merit and do not need to be repaid. Loans, on the other hand, must be repaid over time, usually with interest. Lehigh University offers various loan opportunities, including federal loans, Lehigh University tuition loans, and private/alternative loans. Work-study programs allow students to earn money to help pay for expenses not billed by the institution, such as books and personal expenses.

To be eligible for need-based financial aid at Lehigh University, students must demonstrate financial need as determined by the Office of Financial Aid, file all required application materials on time, and meet satisfactory academic progress requirements. Eligibility is evaluated annually based on a family's financial and household information, as well as any changes in the costs of attendance. Students must also maintain Satisfactory Academic Performance to renew their financial aid.

Lehigh's financial aid renewal process

Lehigh University offers a need-based financial aid package that can consist of need-based grants, loans, and/or work-study. The financial aid package is determined after evaluating a family’s ability to contribute in an equitable and consistent manner. The basic types of financial aid are gift aid (grants and scholarships), loans, and student employment. Lehigh also offers merit-based aid, also called non-need-based aid, which is awarded for a specific talent or academic achievement.

To be considered for financial aid at Lehigh University, students must submit a Free Application for Federal Student Aid (FAFSA) and a CSS Profile. The FAFSA is used to calculate a student's Expected Family Contribution (EFC), which is based on a family's income, assets, household size, and number of children in the family attending undergraduate college. The CSS Profile is used to determine eligibility for institutional aid. Lehigh University also requires federal tax returns from the parents and student to confirm the information supplied on the FAFSA and CSS Profile.

Students must reapply for institutional need-based and federal financial aid each year, and the deadline for currently enrolled undergraduate students to submit their financial aid applications is March 15. Eligibility is evaluated each year based on a family's financial and household information, as well as any changes in the costs of attendance. To renew their financial aid, students must also maintain Satisfactory Academic Performance.

If a student's family income, assets, or household information changes, this may result in changes to the Expected Family Contribution and, consequently, the student's financial aid award. For example, if the family income increases or decreases, or if the number of siblings enrolled in undergraduate college changes, the financial aid award may be adjusted accordingly.

It is important to note that students who receive financial aid from Lehigh must notify the financial aid office if they receive any outside scholarships or tuition benefits during their enrollment. The receipt of outside scholarships or awards may require adjustments to the loans, work-study portion, or institutional aid offered by Lehigh.

Lehigh's financial aid for international students

Lehigh University offers a limited amount of financial aid to eligible first-year international students with demonstrated need. The university provides need-based financial assistance to a limited number of admitted non-US citizens who have applied for financial aid. The university aims to meet 100% of the demonstrated need (excluding travel and personal expenses) for as many admitted students as possible with the limited funds available.

To be considered for need-based financial aid, international students must submit the CSS Profile through the College Board and the Lehigh University Certificate of Finances form by the application deadline. The CSS Profile has a fee, but families who earn less than $100,000 will qualify for a waiver. International students who are unable to submit the CSS Profile can send an email to [email protected] explaining their circumstances. The Certificate of Finances form must be submitted through the Lehigh Applicant Portal.

Lehigh's financial aid packages typically consist of a combination of grants, scholarships, loans, and student employment. Grants and scholarships are collectively known as "gift aid" and do not need to be repaid or earned by working. Most grants are considered need-based awards, while scholarships are usually merit-based. Lehigh Grants are need-based awards funded through university funds and endowments established by alumni and friends of the university.

International students who are unable to demonstrate financial need may borrow from the unsubsidized Federal Direct Loan Program.

Frequently asked questions