Financial Aid


Office of Financial Aid
315-859-4962 (fax)

First-Year Students

Understanding Your Financial Aid Award

Statement of Financial Aid Types

  • Tentative statements of financial aid are issued to incoming students and represent an initial offer pending receipt of other required financial aid application materials (i.e., FAFSA, current tax return, etc.). Students should continue to monitor their online financial aid "Checklist" until they receive a final statement of financial aid.
  • Revised statements of financial aid may be issued after the receipt of new information (i.e., parent unemployment) submitted by the student/family.
  • Final statements of financial aid are issued to incoming students after all required financial aid application materials have been submitted, reviewed and processed by the Financial Aid Office and after the College's comprehensive fees are determined by the Board of Trustees in the spring. A final statement of financial aid supersedes any previously issued statements. All incoming students will be issued a final statement of financial aid.
Cost of Attendance (COA)
  • Billable costs include tuition, room, board and the student activity fee. These direct costs are also known as the comprehensive fee and will be paid directly to Hamilton College.
  • Additional indirect costs include books/supplies, miscellaneous personal expenses and a travel allocation. These expenses will not appear on your bill.
  • The COA from which financial aid eligibility is determined considers billable direct costs and additional indirect costs.
  • The COA is considered tentative until the Board of Trustees establishes the comprehensive fee in the spring. The final statement of financial aid will reflect the new COA.
Expected Family Contribution (EFC)
  • The EFC is determined from all information submitted to complete your financial aid application.
  • The EFC is determined by combining the calculated Parent Contribution and Student Contribution.
  • In a separated or divorced family situation, the non-custodial parent contribution will be combined with the custodial parent contribution and listed as Parent Contribution.
  • For incoming Early Decision admits, the EFC may change pending receipt of the FAFSA and tax information that are not available until later in the process.
  • For upperclass students, the EFC may vary from one academic year to the next as a result of a change in circumstances (i.e., income fluctuation, siblings enrolled as undergraduates , number of individuals living in the household, etc.).
Demonstrated Financial Need
  • Demonstrated financial need is defined as the total cost of attendance minus total expected family contribution.
  • For students who qualify for financial assistance, Hamilton meets 100% of their demonstrated financial need through a combination of Hamilton need-based financial aid (scholarship or grant, loan and campus employment).
  • Need-based financial aid eligibility is subject to change annually based on updated application information from the most recent tax year.
Offer of Financial Assistance
  • Scholarship/grant and self-help (loan and work-study) are the types of financial aid available to students.
  • Scholarships or grants are need-based and do not have to be repaid.
  • Loans must be repaid. Instructions on accepting your student loan, interest rates and repayment information is available on our Loans for Students webpage. The average loan default rate for recent Hamilton graduates is 1.8%.
  • With campus employment, students obtain an on-campus job and earn money through a bi-weekly paycheck to help pay for educational costs. The Student Employment Office assists students in finding on-campus employment opportunities and hosts a job fair at the start of each academic year. Eligible U.S. citizens and permanent residents will see Federal Work-Study listed on their Statement of Financial Aid, whereas eligible international students will see Campus Employment.
  • Scholarship/grant and loan disbursements will be applied directly to the student's bill. Federal WorkStudy/campus employment will be paid directly to the student via a paycheck with the intent that it will be applied to non-billable expenses.
Financing Options
  • Hamilton offers an interest-free tuition payment plan through Higher One for an annual fee of $45. Families can spread payments out over 10, 11 or 12 months.
  • The PLUS Loan is a Federal Direct Loan for Parents at a fixed interest rate of 7.21%. Eligibility criteria and application instructions are available on our Loans for Parents webpage.
  • Families can combine several options to create a plan that will work within their budget.
  • The average student loan debt for recent Hamilton graduates is between $17,000 and $20,000, and Hamilton’s current default rate is 1.8%.  A standard 10-year repayment plan for $20,000 in federal student loans would amount to approximately $200 a month. The current national student loan debt average is approximately $29,000, and the national default rate is 13.7%.
Additional Information
  • Students must apply for financial aid annually by the stated deadlines to be considered for institutional financial aid for the next academic year. Visit our Forms and Deadlines webpage for more information.
  • During the annual renewal of students’ financial aid awards, changes such as family income, assets, the number in the household and the number of siblings in college may impact students' eligibility for need-based financial aid.
  • U.S. citizens and eligible non-citizens who wish only to be considered for federal financial aid  must only submit the FAFSA, but may not be eligible for institutional aid if they do not meet the posted deadlines.  If you are only interested in applying for federal financial aid, please contact the Financial Aid Office.
  • All students and parents can access the Award Letter through the student's online My Hamilton account. Financial aid notification for upperclass students is posted online only.
  • Parents are encouraged to request access to view their child's online Financial Aid ''Award Letter" and "Checklist."
  • Students randomly selected by the U.S. Department of Education for a process called verification should reference their online checklist for a list of materials to be submitted to the Financial Aid Office.
  • Recently, in an effort to help families compare financial aid awards among colleges, the U.S. Department of Education created a “Financial Aid Shopping Sheet.” If you are interested in reviewing your Hamilton College Shopping Sheet, you may request a copy through the student’s My Hamilton account or by emailing finaid@hamilton.edu.

Comparing Financial Aid Packages

Unlike the "Common Application," there is not one agreed upon format for awarding financial aid. Furthermore, different colleges have different costs and financial aid methodologies that you should consider when comparing packages.

In order to compare financial aid packages, subtract the total amount of aid offered from the total cost of attendance. Do not forget to take estimated costs such as travel, books and living expenses into account (some colleges will include these expenses with the package and some will not). The remaining number is the Estimated Family Contribution, what we call the out-of-pocket expenses for your family. You should also consider other factors, such as the amount of loan you must assume versus how much of the financial aid package is scholarship or grant, and whether the package contains work-study.

It is important to remember that the packages you receive from different colleges may differ widely. One reason for this may be that one college offers merit aid and one does not. Hamilton does not offer merit aid; our financial aid is entirely need-based. While cost should certainly be an important factor for your family, you should also consider the value of various colleges as well as which colleges will best serve your personal and academic interests and goals for the long-term.