Greenville College

Affordability Guide

Case Studies | Links

Through the Free Application for Federal Student Aid (FAFSA), the federal government determines a minimum amount the family is expected to contribute to the student’s educational expenses (EFC = Expected Family Contribution) based upon student and family resources. Regardless of the school the student chooses to attend, the EFC remains constant. The student’s need varies depending upon the cost of the school attended.

For example, Sam is considering 3 different colleges, each having a different cost of attendance. Since his EFC was determined to be $1,896, his “financial need” varies with each institution. Each institution will put together a financial aid package and try to meet as much of Sam’s financial need as possible.

Attending college will have a considerable impact on you --emotionally,
professionally and financially. When you choose Greenville College, you can rest assured that you have selected one of the finest values in Christian higher education.

At this stage of your college search process we urge you to consider the final cost of education after financial aid has been awarded. Here at Greenville, 95 percent of our students receive some form of financial aid, which greatly reduces the overall cost. So there is a very good
chance you’ll be eligible for some combination of financial assistance.

“Our Financial Aid Office staff is available to help you find the resources to finance your education. We’ll do that by determining your ‘financial need,’ which is based on a family’s ability to pay for college -- considering factors such as income, assets, and number of family members. Keep in mind that not all financial aid is based on financial need, so all students are
encouraged to apply, regardless of financial circumstances.”
— Karl Somerville, Director of Financial Aid, Greenville College

A typical financial aid package for a Greenville student consists of resources such as: state and federal grants ranging up to more than $10,000 per year; academic and departmental scholarships; long-term, low-interest federal loans; and college work-study programs – all of which makes Greenville College extremely affordable.

You may be asking yourself, “Since Greenville is a private Christian college, don’t you have to be wealthy to afford it?” In fact, the chart below reveals nearly half our incoming new students have a reported family income of less than $60,000.

Don’t let the “sticker price” fool you! What’s really important is the NET COST – the “out-ofpocket” costs to cover your annual tuition, room and meals after the money provided by your financial aid package. Again, as you can see by the following chart, the Greenville experience is
very affordable.

Families generally cover the “out-of-pocket” cost through savings, the interest free payment plan, and/or parent loans.

THREE CASE STUDIES: John, Jane, and Robert
Let’s examine the situations of three of our families in detail, let’s look at how we determine eligibility for financial aid – the first step in helping families meet our costs.

Profile 1: John
• Illinois resident
• Single parent family of 3 with 1 in college
• $16,416 Adjusted Gross Income
• $19,517 Child Support
• $1,000 Parent cash/saving/checking
• $2,385 Student income
• Student cash/savings/checking -$1,500
• ACT score of 22

Total Direct Cost for Resident Student:
$22,584 Tuition/Room and Board and Fees
$ 3,000 Dean’s Scholarship
$ 4,000 Leadership Scholarship
$ 900 Federal Pell Grant
$ 1,000 Federal SEOG Grant
$ 4,422 State Map Grant
$ 9,262
$ 2,000 Federal Perkins Loan
$ 2,625 Federal Direct Student Loan
$ 4,676 Net Cost
$ 2,837 Parent Contribution (EFC) from FAFSA
$ 1,839 Student Contribution\

John and his mother covered the remaining cost by paying cash at the beginning of each semester. John worked 10 hrs/week on campus to cover his personal needs during the year.

Profile 2: Jane
• Missouri resident
• Family of 4 with 2 in College
• $76,842 Adjusted Gross Income (both parents work)
• $2,000 Parent cash/savings/checking
• $3,000 Student income
• Student cash/savings/checking - $218

Total Direct Cost for Resident Student:
$22,584 Tuition/Room and Board and Fees
$ 3,500 Leadership Scholarship
$ 2,500 Christian Service Dependent
$ 500 Sibling Scholarship
$ 500 Alumni Dependent Scholarship
$ 3,000 Out of State Need Grant
$12,584
$ 2,000 Perkins Loan
$ 2,625 Federal Direct Student Loan
$ 7,959 Net Cost

Jane contributed her portion from summer income and graduation gifts. Her parents used the interest free monthly payment plan to spread the cost over ten months.

Profile 3: Robert
• Illinois resident
• Family of 5 with 1 in college
• $112,000 Adjusted Gross Income (father primary wage earner )
• $75,00 Parent cash/savings
• $1,400 Student Income
• Student cash/savings/checking - $1,200

Total Direct Cost for Resident Student:
$23,334 Tuition/Room and Board/Fees
$ 2,000 Music Scholarship
$ 3,000 Greenville College Scholarship
$18,334
$ 2,625 Federal Direct Student Loan
$16,152 Net Cost

$ 6,594 Parent Contribution (EFC) from FAFSA
$ 1,404 Student Contribution

Robert’s remaining balance was covered by a low interest (4.17%) Federal Direct Parent Loan.

Teaching students how to make a good living is important, and we do that at Greenville. Instilling in them the ideals necessary to live a rich and fulfilling life is even more essential, and we do that as well. The Greenville community is conducive to educating the whole person — intellectually, spiritually, socially, and vocationally. That’s priceless.

FINANCIAL AID WEBSITES
www.fafsa.ed.gov FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA)
www.fastweb.com FREE ON-LINE SCHOLARSHIP SEARCH
www.finaid.org THE FINANCIAL AID INFORMATION PAGE
www.collegezone.com COLLEGE INFORMATION PROVIDED BY THE STATE OF IL
www.greenville.edu/financialaid GC’s FINANCIAL AID WEB PAGE

For more specific information about financial aid at Greenville College call 800-345-4440 and request the Financial Aid Guide.

Last updated: November 17, 2005