Costs and Financial Aid
FRESHMAN STUDENT EXPENSES
Student expenses for 2012-2013 academic year, consisting of three academic terms, will be:
|2012-2013||$38,313 ($12,771 per term)|
|*ROOM (double occupancy)|
|2012-2013||$6,705 ($2,235 per term)|
|*ROOM (Percopo Hall and Apartment Residence Hall - upperclass only)|
|2012-2013||Single - $10,062 ($3,354 per term)|
|2012-2013||Double - $7,380 ($2,460 per term)|
|*BOARD (18 meals per week)|
|2012-2013||$4,230 ($1,410 per term)|
In addition to the above expenses, students are billed $720 per year for activity fees, health service fees and technology fees. Students residing in the residence halls are billed an additional $45 residence hall association fee. Books and supplies will cost approximately $1,500 for the academic year. These items may be purchased in the campus bookstore, a non-prot service operated for the benefit of students. All entering students must show proof of personal health insurance coverage or purchase such insurance through the Institute.
Hand held calculators are useful in most courses, and students may wish to purchase one best suited to their respective degree program. All entering students must purchase a laptop computer of the type chosen by the Institute. The cost of the laptop computer, including software and network card is approximately $2,332.
For students taking less than a full academic load (12 credit hours), tuition is $1,118 per credit hour for 2012-2013. Tuition and fees are payable in advance. A late registration fee of $25.00 is charged for payment after 5:00 P.M. on the due date; in addition, interest will be charged at the rate of 1 1/2 per cent per month on the unpaid balance beginning 60 days after the due date. The tuition and activities fee includes use of all the facilities of the Institute and the usual laboratory supplies. For the 2012-2013 academic year, students enrolling for more than 18 credit hours, excluding military science and air science courses, will be charged an additional $373 for each hour over 18 hours in any quarter.
*All charges are subject to change following prior notice.
STUDENT REFUNDS AND RETURN OF FINANCIAL AID FUNDS
I. Institutional Charges
Any student who voluntarily withdraws from the Institute prior to the end of the 6th week of enrollment is entitled to a pro-rata refund of charges (tuition, room, board) billed for that term. Technology fees, student activity fees, residence hall association fees, and insurance premiums are not refundable. Students withdrawing during the first week of the term will receive 100% of the refundable charges. Students withdrawing after the first week will be refunded as listed below.
An administration fee of $100 for the withdrawal from the Institute and any unbilled balances associated with the laptop computer will be added to the student’s account. Following the refund calculation, the student is responsible for payment of any unpaid charges to the Institute or any unearned financial aid within 30 days of their departure.
II. Return of Title IV Funds
Rose-Hulman is required to return a pro-rata share of any unearned Federal Title IV funds to the Department of Education. Federal Title IV financial aid includes Federal Direct Stafford Loans, Federal Direct PLUS Loans, Federal Perkins Loans, Federal Supplemental Educational Opportunity Grant (SEOG) and the Federal Pell Grant. The amount returned is based on the percentage of enrollment completed and is calculated by dividing the number of calendar days completed by the total number of calendar days in the quarter. If this percentage is greater than 60 percent, no Title IV funds will be returned to the Department of Education and the student will retain 100 percent of this aid to offset expenses. If the percentage is less than 60 percent, the unearned portion (100 percent minus the calculated percentage) will be returned to the Department of Education. The amount returned will show up as a charge on the student’s account. These funds will be returned in the following order as prescribed by federal regulations:
Federal Direct Stafford Loan (Unsubsidized) Federal Direct Stafford Loan (Subsidized) Federal Perkins Loan Federal Direct Parent Loans for Undergraduate Students (PLUS) Federal Pell Grants Federal Supplemental Educational Opportunity Grants (SEOG) Any other Title IV funds
III. Return of Institutional and Other Financial Aid
All other forms of financial aid will be returned to the appropriate source of funding in a manner consistent with the return of Institutional Charges as listed above. The returned amount will show up as a charge on the student’s account.
IV. Change to Part-time Status During a Term
When a student withdraws from a course but continues as a part-time student (fewer than 12 term hours), the tuition refund shall be the difference between the initial billing and the revised billing multiplied by the unearned portion of the quarter. The percentage will be calculated in a manner consistent with the return of Institutional Charges as listed above. If a student continues to be enrolled for at least six credit hours and is eligible, the student may retain a portion of the Federal Supplemental Educational Opportunity Grant, Federal Direct Stafford Loan, Federal Direct Parent Loan for Undergraduate Students, State funds and RHIT institutional funds.
ROOM AND BOARD
Except for local residents who elect to commute to campus, freshmen are required to live on the campus. Rose-Hulman believes it is essential that all freshmen make a smooth transition from high school to college life and feels that this can best be accomplished by taking residence in campus residence halls where assistance is more readily available. All students living in the residence halls will take their meals in the main dining hall. Boarding students may obtain other meals at Noble Romans or The Subway at regular prices. Commuting students may also purchase special meal plans through the campus dining service.
Housing for married students is not available on the campus at the present time; however, lists of rental apartments and housing in the local area are maintained by the Student Affairs Office in order to provide assistance to students in locating housing off campus.
All inquiries and applications regarding housing should be directed to the Associate Dean of Students. Each applicant who receives a letter of admission and requires residence will also receive a housing request form upon which to indicate a residence hall preference. A room will be reserved upon return of this form and a deposit of $200 for returning students and $75.00 for freshmen. This deposit will be applied to room charges for the fall quarter of the ensuing year.
FINANCIAL AID AND SCHOLARSHIPS
Rose-Hulman Institute of Technology administers a broad array of financial aid programs, including academic scholarships/grants, loans and work to assist in meeting a student’s demonstrated financial need.
Financial need is the difference between the estimated cost of attendance of the school year and the estimated family contribution. Because several factors in this evaluation are subject to change from one year to the next, this evaluation is made annually for each student who chooses to apply for financial aid.
Financial aid is generally awarded on the basis of an evaluation of the student’s financial need as determined from the Free Application for Federal Student Aid (FAFSA). The following types of financial aid are available where demonstrated need is shown:
In addition, scholarships may be awarded on the basis of the student’s academic record. There are programs available for families who do not demonstrate financial need but who are interested in investigating various education financing options such as a monthly payment plan, student employment, the Unsubsidized Federal Stafford Loan, and the parent PLUS Loan.
Loan funds are available to students who feel they need additional assistance through the Federal Direct Stafford Loan program. The annual interest rate is 6.8% fixed rate and repayment begins six months after the student graduates or ceases attendance. Repayment schedules are determined by the aggregate amount borrowed with a minimum repayment of $50 per month. In addition, loans may be obtained through the Federal Parent Loan program for undergraduate dependent students (PLUS) in which parents may borrow up to the cost of schooling. The annual interest rate for this program is 7.9% fixed rate. Parents must begin repayment within 60 days of the last disbursement of the loan with a repayment of a minimum of $50.00 per month. Parents and students should contact the Financial Aid Office with any questions about financial aid.
All Indiana students should fill out the FAFSA and the processor must receive the FAFSA by March 10 of each year to be considered for the Indiana Higher Education Grant. This program awards scholarships to Indiana students attending Indiana colleges or universities. Students named as recipients also qualify for consideration for additional aid through the Indiana Freedom of Choice Grant program providing they attend a private institution in Indiana and demonstrate a financial need.
Army and Air Force ROTC Scholarships are available for students. For further details, please contact the ROTC departments at Rose-Hulman.
Arrangements have been made with Tuition Management Systems (TMS) to handle a payment schedule plan for parents desiring such a service. Information and application forms regarding these payment plans may be obtained from the Rose-Hulman Student Financial Services. The application forms should be obtained at an early date.
Students seeking financial assistance for their educational program may obtain applications and information from the Financial Aid Office. New students will receive an application for financial aid when they are admitted to Rose-Hulman. Continuing students will be given the opportunity to request financial aid each year through the Financial Aid Office.
TUITION PREPAYMENT PLAN
Rose-Hulman has adopted a tuition plan whereby a student who elects to do so may prepay tuition for the four-year period at the current rate and thereby avoid tuition increases over the four years. Please contact the Student Financial Services for details.
ACADEMIC PROGRESS AND FINANCIAL AID
To maintain eligibility for federal student aid (FSA) a student must demonstrate that s/he is making satisfactory academic progress toward completing a degree and a school must have a reasonable policy for monitoring that progress. In order for Rose-Hulman's monitoring policy to be compliant with federal regulations, we must make sure that a student meets three standards of progress:
Rose-Hulman must conduct a satisfactory progress check at least annually for all students who are receiving FSA funds. If a student fails to satisfy one or more of the three requirements, s/he becomes ineligible for FSA funds. A student can regain her/his eligibility for FSA funds by appealing the termination, accepting a financial aid probationary period, and documenting an approved academic plan for returning to a satisfactory progress level.