Financial Aid

Pitzer College's financial aid program supports the goals of the admission program: to bring a student body of quality and diversity to campus. Financial aid at Pitzer is awarded to students on the basis of financial need. For the 2012-13 academic year, approximately 40% of the Pitzer student body received some form of financial assistance.

WHAT IS FINANCIAL AID?
Financial aid is assistance that helps pay the difference between what your family is able to pay and what it will actually cost for you to go to college. Financial aid at Pitzer College is viewed as supplementary to your family's financial ability and commitment.

WHO SHOULD APPLY FOR FINANCIAL AID?
Any student whose family is unable to meet the costs of a Pitzer education is encouraged to apply for financial aid.

WHO IS ELIGIBLE FOR FINANCIAL AID?
All full-time, regularly admitted students with demonstrated financial need who are citizens of the United States or U.S. territories, or who are permanent residents of the United States, are eligible for financial aid.

HOW IS FINANCIAL NEED DETERMINED?
The Financial Aid Office uses the information your family supplies on the FAFSA and the CSS/Financial Aid PROFILE about income, family size, assets and the number of family members in college to determine the amount your family can provide toward the cost of education. The computation allows for necessary family expenditures such as taxes, reasonable living costs, educational savings for siblings and unusual medical expenses. It protects a portion of the family's assets as allowances for emergencies and educational savings. Part of the remaining income and assets is assumed to be available for current college expenses. In addition, each student is expected to provide between $1,550 and $1,900 for books and personal expenses from non-term earnings and a portion of personal savings or assets.

WHAT TYPES OF FINANCIAL AID ARE AVAILABLE?
The three types of financial aid offered at Pitzer College are:
(1) grant funds (funds you do not need to repay or earn);
(2) loan funds (funds you must repay after you graduate); and
(3) employment funds (funds you earn by working).

A financial aid award or "package" combines these three different types of aid. Pitzer College will ask you to assume a larger loan each year you progress toward your degree. The average indebtedness of students who received financial aid for four years at Pitzer and graduated in May 2011 was approximately $22,500. You assume responsibility for repayment when your loans come due.

Tuition Management Systems (TMS) offers choices for financing education including monthly payment plans, education loans, e-payment options and one-on-one education payment counseling.

WHAT ARE THE SOURCES OF FINANCIAL AID FUNDS?
Financial aid funds at Pitzer are derived from three sources: institutional, state and federal funds.

INSTITUTIONAL FUNDS
Institutional funds include Pitzer Grants and Pitzer College Loans. The Financial Aid Office awards these funds and the amount of college aid in an award depends on the student's financial need. All students applying for institutional funds are required to complete a CSS/Financial Aid PROFILE form in addition to the Free Application for Federal Student Aid (FAFSA).

STATE FUNDS
If you are a California resident applying for financial aid from Pitzer, you are encouraged to apply for a Cal Grant, administered by the California Student Aid Commission. Applicants for Cal Grants are required to complete a FAFSA and a Cal Grant GPA Verification Form. Cal Grant A award amounts to $9,223, depending upon your financial need and available state funding. Cal Grant B awards are aimed at high-potential students from low-income/disadvantaged backgrounds. These grants range from $1,473 during the first year in college up to $10,696, depending upon your need and available state funding. Eligibility for Cal Grants is determined by the California Student Aid Commission. The deadline to apply is March 2, 2013.

FEDERAL FUNDS
Eligibility for federal funds is determined by the Financial Aid Office using the Federal Methodology. The dollar amount of federal funds awarded to a student is dependent on specific program funding. To be eligible for federal funds, a student must be a U.S. citizen or eligible non-citizen, demonstrate financial need (except for unsubsidized Federal Direct Loans and PLUS loans), meet enrollment criteria and make satisfactory academic progress toward a degree. All applicants for federal funds must complete the FAFSA. The number of awards and the dollar amount awarded are dependent on specific program funding.

Federal Pell Grant Program: These awards, administered by the U.S. Department of Education through participating institutions, provide a financial aid foundation to students with high need. During the 2012-13 academic year, awards range from $400 and $5,550.

Federal Supplemental Educational Opportunity Grants: These awards, administered by the Financial Aid Office, may range from $100 to $4,000 and are made to students with exceptional financial need.

Federal Work-Study Program: Awards in this program, administered by the Financial Aid Office, are made to students on the basis of financial need. Through this program, students work on campus or for public or private nonprofit organizations.

Federal Perkins Loans: Loans through this program, administered by the Financial Aid Office, are made to students with exceptional need. Perkins Loans are long-term, low-interest (5%) loans. No interest is charged while the student is in school. Repayment of the principal and interest begins nine months after the student graduates, leaves school or drops below half-time enrollment. The amount awarded each year may range up to $5,500 per year with an aggregate undergraduate maximum of $15,000.

Federal Direct Loan Program: This program provides both subsidized and unsubsidized loans to students. Students who demonstrate financial need through the FAFSA and the Federal Methodology and therefore qualify for a subsidized loan do not pay interest during the time they are enrolled at least half-time; the interest is paid for them by the federal government. Students who do not qualify for a subsidized loan must pay the interest on the loan during the time they are enrolled. Repayment of the principal for both subsidized and unsubsidized loans begins six months after the student ceases to be enrolled at least half-time. Annual loan limits for the 2012-13 year are $3,500 for first year students, $4,500 for second year students, and $5,500 for students in their third or fourth year. In addition, all student are eligible to borrow an additional $2,000 unsubsidized Federal Direct Loan.

To find out more about loan options, click here.

HOW MUCH DOES IT COST TO ATTEND PITZER?
If you lived on campus during the 2012-13 year your budget would be $59,266, which does not include the cost of travel to the campus:

HOW LIKELY AM I TO RECEIVE AID?
The following chart shows the actual financial aid packages offered to 2010-11 first year applicants from the family income groups shown.

The average package of entering students was approximately $37,147. Please note that individual awards depend on a variety of factors including family income, size of household, number in college and family assets.

This chart shows you that you should not hesitate to apply for financial aid if you think your family is unable to pay the full cost of a Pitzer education.

Student financial aid is a vital aspect of the kind of academic quality, individual attention and opportunity that characterize Pitzer College. We recognize that an independent college education is costly; we therefore seek to make available every possible assistance. If you would like further information, please let us know.