The Financial Aid Process
Determining need
Union aid is based upon a family's financial need, as demonstrated by the PROFILE Form, FAFSA, and verified by the parents' and student's federal tax returns. Differences between application estimates and actual figures on the tax returns and verification questionnaire may result in adjustments to a student's award.
Dependent students whose parents' current marital status is 'divorced' or 'separated' must submit a CSS Non-Custodial Parents' Statement directly to the College. This form is to be completed by the non-custodial parent. Dependent students whose parents own a farm or business must submit a CSS Business/Farm Supplement.
If the Admissions Committee offers you a place in the class, your financial aid decision will arrive with your letter of admission by late March.
Financial need is the difference between total cost and the expected family contribution. At Union, we use the data on your PROFILE and FAFSA as a guide in determining your expected family contribution and may change the actual expected contribution, either up or down, using the professional judgment of our financial aid staff. In brief, college costs less the expected family contribution equals need.
The family contribution is composed of both parent and student expectations. Parent contribution is derived from income and asset information given on the PROFILE, FAFSA, and tax return. Adjustments are made for taxes paid, siblings in college, age of parents (for purposes of estimating retirement needs), an income protection allowance dependent upon family size. The student portion of the family contribution comprises a minimum income expectation of $2,000 as well as a portion of the student's savings. The expectation from income may be higher for those students whose income exceeds the minimum.
To register for the PROFILE by telephone, you may call 1-800-778-6888. The Union College code number for PROFILE is 2920; the code number for FAFSA is 002889. On-line registration for the PROFILE is available at www.collegeboard.com and for the FAFSA at www.fafsa.ed.gov.
Awarding Aid
Once need is determined, the Financial Aid Office constructs an aid 'package' to meet that need. The package typically consists of a combination of various scholarships, grants, work awards, and loans. When determining the proportion of scholarship to loans and jobs, the Financial Aid Office takes into account financial need, scholastic potential and accomplishment, character, leadership, and extracurricular potential.
Students will initially be reviewed for federal Pell Grant and state grant eligibility.
Eligible students will be offered 'self-help' in the form of a job opportunity and loan. For most entering first-year students, the typical self-help component of a package includes $1,800 in either a Federal Work-Study or Union College job as well as a $3,500 loan. The rest of the aid package may consist of grants, local awards, and Union College scholarship assistance. It is the obligation of the student and the family to meet expenses beyond the aid awarded. Late applicants run the risk of receiving an aid package that does not meet 100 percent of their need.
Verification
Because aid resources are limited, Union attempts to allocate those resources as equitably as possible. Accordingly, all aid awards are verified for accuracy. Parents and students are required to submit copies of federal tax returns and other information as requested (business supplement, trust agreement, divorce agreement, verification of other siblings in college). We reserve the right to modify any award based on verified information.
Renewing the award
You must apply for aid annually. However, students receiving aid can expect continued assistance if justified by need and if they remain in good academic standing.
Information regarding the aid renewal application process will be emailed to all undergraduate students in February. The Free Application for Federal Student Aid (FAFSA) available at www.fafsa.ed.gov and the CSS Profile available at www.collegeboard.com Supplemental documentation including a copy of both the student and parent tax returns as well as a signed and completed verification worksheet must be submitted to the financial aid office by April 15 to be assured consideration for Union College aid and other limited aid resources. Pre-freshman applicants must apply by February 1. must be submitted online to the respective processing sites by March 1.
Upperclass students will be notified of their financial aid status during the latter part of June. Pre-freshmen will receive notification in late March. Please notify the Financial Aid Office of any changes in circumstances, including attendance and residence shifts, which occur between the time of application and award notification. Any request for a review of the decision of the Financial Aid Committee must be made in writing and must cite specific financial circumstances and needs.