Financing Your Education
Greetings,
At Elizabethtown College, we want to enroll graduates. This means, among other things, making the four-year degree an affordable and viable option for students of all economic backgrounds. With a financial aid budget of more than $20 million, Etown awards more than half of tuition costs in merit and need-based scholarships and grants. Combined with financial aid assistance from the College, federal, state, and private sources, our comprehensive financial aid packages make us a leader among similar private colleges in the region.
We understand that families may need help navigating the financial aid process. As a student, you will be assigned a dedicated financial aid counselor to work with you throughout your years at Etown. Our commitment is to make the financial process as stress-free as possible for families.
Please do not hesitate to contact our office at (717) 361-1404 or finaid@etown.edu with any questions. Counselors are available by appointment 9 a.m. to 4 p.m. Monday through Friday. We look forward to helping make your Elizabethtown College degree a reality.
Sincerely,
The Elizabethtown College Financial Aid Office
Cost of Attendance
Your financial aid award letter provides an estimate of your financial aid eligibility for the current academic year. It helps you to determine how much of the following cost of attendance will be covered:
| Resident | Annual Rate |
|---|---|
| Tuition | $36,166 |
| Housing | $6,438 |
| Food Plan | $6,516 |
| Comprehensive Fee | $676 |
| Tuition, Housing, Food Plan, and Comprehensive Fee | $49,796 |
| for the 2023-2024 academic year | |
(Includes Gold meal plan, traditional standard room with basic cable TV service and internet access. Nontraditional rooms offered by the College might be charged at a different rate, which will impact total cost).
When budgeting for tuition, room-and-meals costs, you should also consider the following estimated costs:
| • books | $1,100 |
| • transportation | $250 |
| • personal expenses | $800 |
*Please note that the cost of attendance is subject to change each academic year.
1
Tuition Invoice
Scholarships, grants, and loans, such as Pell, SEOG, PA State Grants and federal loans will appear on the invoice as a credit (half of the award per semester). Instructions on how to take credits for all other financial aid, such as PLUS and outside scholarships or loans, will be sent to you with your invoice. Payment is accepted via cash, check, money order, Visa, Mastercard, Discover Card or American Express.
Although you will be billed for each semester, individually, we recommend that you budget for your entire academic year. Arrange a payment plan or arrange to borrow a loan for the full academic year (fall and spring semesters).
Billing Guidelines
Fall Semester
Invoice mailed – early July Payment due – Aug. 1
Spring Semester
Invoice mailed – early Dec. Payment due – Jan.
Financing Options
Monthly Payment Plan
Decide if your family can pay all or part of your cost using income and/or savings. If so, decide if a monthly payment plan would be helpful for your family.
An interest-free payment plan is available. This is a method of paying out-of-pocket, but spreading monthly payments — in the amount of your choice — over 10 payments. Pay all or part of the full annual cost in equal monthly installments. The tuition payment plan may be used in place of or in addition to loans. For more information, visit the Business Office tuition payment plan page or call (717) 361-1417. Apply by May 2023. A $55 enrollment fee is required.
Federal Student Loans
If you are using loans to cover all or part of your remaining balance, look for the loan products that will be most economical for you and your family. All students who need educational loans should start with the Federal Direct Loan(s) offered in the award letter.
The Federal Direct Loan, which was included in each student’s award letter, offers better interest rates and repayment terms than other options and does not require good credit. In many cases, a portion of the Federal Direct Loan is subsidized (interest free) during the student’s period of enrollment. This portion is based on financial need.
After taking into account the Interest-Free Payment Plan and the Federal Direct Loan, students and parents may find the need for additional financing. Some families may consider utilizing a Federal Direct PLUS Loan.
Parents of dependent, undergraduate students may borrow The Federal Direct PLUS Loan for which the U.S. Department of Education is the lender. The maximum loan amount is the student’s cost of education less any financial aid. Principal payments on the Direct Parent PLUS Loan can be deferred for up to 48 months as long as the student is enrolled at least half time. Interest paid on the Direct Parent PLUS Loan may be tax deductible; consult your tax advisor for more information. Students whose parents are denied a Direct Parent PLUS Loan can borrow an additional $4,000 in unsubsidized Direct Student Loan funds ($5,000 for juniors and seniors).
Private Student Loans
Private education loan opportunities to help families with additional financing might be available. When looking at private education loan options, be sure to review:
- your family financial plan.
- interest rates.
- repayment terms.
- deferment or forbearance options.
Outside Financial Aid Assistance
Be sure to research other financial aid assistance opportunities. You may be eligible for additional aid assistance through the following outside sources:
Priority Processing
To ensure timely processing, we recommend that you complete applications for educational loans by July 15. Also, we recommend that you apply for an amount that covers the entire academic year of 2023-2024. The loan will be split into two equal disbursements.