There has been an important change in our scholarship policy. Olin was founded on the premise that financial considerations should not stand in the way of an excellent engineering education. That has not changed. Olin is committed to providing a merit scholarship to every student we accept. However, due to the ongoing economic downturn, Olin must reduce its full-tuition scholarship by 50 percent beginning in the 2010-11 academic year.
This decision was reached after much soul-searching and careful consideration of the long-term financial outlook for Olin. Our priority in these deliberations was maintaining the quality of Olin’s academic programs. At the end of the day, we felt that the kind of reductions we were facing in our endowment-dependent budgets were simply too great to address through cost cutting alone. Under this new policy, we will be able to retain and extend our innovative programs, which are garnering national and international attention for their ground-breaking reforms to traditional engineering education.
The good news is that our admission process will remain need-blind, meaning that family finances are not considered when making admission decisions. Moreover, Olin is committed to meeting the full demonstrated need of families seeking financial aid and to restoring the scholarship to 100 percent as soon as financial conditions allow. The Class of 2015 would be able to benefit from this change if it comes to pass while they are here.
Under our new policy, the Olin Scholarship, which is granted to every admitted student, would cover half of our annual tuition costs, making it worth nearly $80,000 over eight semesters of study. We know you will not make your college decision solely on financial considerations, but we hope you will feel, as we do, that an Olin education is still an affordable choice for students and families seeking a world-class education.We invite you to explore Olin College!
Sincerely,
Charles Nolan, Ph.D.
VP for External Relations and Dean of Admission
Below are estimated costs for the year in which the Class of 2015 will enroll. Please note that these are estimated costs. Current Olin students should refer to the Financial Aid page for cost and scholarship information. We expect nominal increases in these figures for subsequent years.
Billed expenses | |||
|---|---|---|---|
| Tuition | $38,000 | ||
| Room | $8,500 | ||
| Meal Plan | $5,000 | ||
| Health Insurance (if needed) | $1,018 | ||
| Laptop Purchase* | $2,500 | ||
| Student Activity Fee | $175 | ||
| General Fee | $250 | ||
Unbilled expenses (estimated) | |||
| Books & Supplies | $750 | ||
| Travel & Incidentals | $1,500 | ||
| Cost of Attendance | $57,693 | ||
| Olin Scholarship | -$19,000 | ||
| Net Cost | $38,693 | ||
* Billed in two installments
Olin College is a need-blind institution and we offer need-based financial assistance in the form of federal, state, and institutional programs. Families interested in applying for additional assistance to meet costs in excess of the Olin Scholarship should complete a Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov. Olin College’s institutional code is 039463. For incoming students, the FAFSA must be processed by February 15th to receive consideration for Olin need-based assisstance. The only required form to apply for financial assistance at Olin College is the FAFSA.
You may find more detailed information regarding need-based financial assistance on our Financial Aid page, found on the Student Accounts and Records website.
Please direct any questions regarding need-based financial assistance to Jean Ricker, our Financial Aid Manager, at jean.ricker@olin.edu or 781-292-2340.
The Olin College scholarship is for eight consecutive semesters of full-time study. Anyone permanently disqualified to attend or return to Olin College for academic or disciplinary reasons will forfeit the remaining portion of the scholarship. Study Away (which requires pre-approval) or an internship for credit counts as one of the eight scholarship semesters; the student is expected to pay for costs associated with any such activity, including host institution tuition and fees (if required). For mid-semester leaves of absence, the partial semester counts as one of the eight scholarship semesters; payment of tuition is required for any semester(s) beyond eight before graduation. For end-of-semester leaves of absence, the semester on leave does not count as one of the eight scholarship semesters (unless the student requests transfer credit for this semester). Olin College provides accommodations for documented disabilities. In extenuating circumstances, exceptions may be granted by the Vice President of Academic Affairs.
Olin encourages students to pursue outside scholarships to help reduce the cost of attendance. The federal government requires students to inform the Financial Aid Office of any grants, scholarships, or benefits received from sources outside of the College. It is our policy to use Outside Scholarships to reduce self-help awards before reducing Olin Need Based Grant. If the scholarship is restricted to tuition only, it reduces the amount of the Olin Scholarship accordingly.
NOTE: National Merit Finalists who win either a National Merit or National Achievement Scholarship from the National Merit Scholarship Corporation or another corporate sponsor are able to use this scholarship at Olin College and will be identified as National Merit Scholars. Finalists who designate Olin College as their first choice college but do not receive a NMSC or corporate-sponsored scholarship will be designated as Olin National Merit Scholars. Olin National Merit Scholars will be awarded a $1000 scholarship, renewable for three years, funded by Olin College.