Understanding Your Financial Aid Package

The $500 admission deposit cannot be paid from the assistance listed on your financial aid award notice. All aid will be credited to your student account at a rate of 50 percent in August and 50 percent in January unless specified otherwise.

The enclosed award notification is subject to revision for any of the following reasons:

• Our office discovers an error that affects your eligibility for any type of aid.
• New regulations governing federal or state programs could be issued and could affect your eligibility.
• If funding levels of federal or state programs are altered, adjustments to those programs will be made.
• If you receive additional assistance from a source not listed on your most recent financial aid award letter, the composition of the financial aid package may be altered. Additional assistance includes outside scholarships. The total amount of financial aid from all sources cannot exceed the cost of attendance as established by the office of financial aid in accordance with Title IV regulations. Furman scholarships and grants may be reduced if a student receives additional scholarship or grant assistance that causes the total financial aid package to exceed direct costs. Furman will make every effort to reduce loans before reducing any scholarship or grant assistance.
• Failure to meet the grade point average requirements and academic standards.
• The office of financial aid discovers an error—clerical or other—on the award notification.
• You do not complete all required financial aid applications for need-based federal, state, and/or institutional aid, or you fail to respond to requests for additional financial information needed for verification of your FAFSA or CSS PROFILE.
• Additional need-analysis information on your FAFSA or CSS Profile is received by the university after an award package has been sent to you.
• If you withdraw from Furman prior to completing 60 percent of the semester in which you have received federal student aid.

Furman scholarships and grants, as well as South Carolina scholarships and grants, are awarded for a maximum of four years for incoming freshmen, three years for sophomore transfer students, and so forth. Federal student aid eligibility may not exceed six years based on full-time enrollment.

Throughout the academic year, we may rename scholarships and grants that students receive. Though the total amount of any Furman scholarship or grant will not change in an aid/academic year (unless a student’s eligibility changes), the names and identifiers of your Furman scholarship or grant may be altered on any award letter, student account statement, in MyFurman, etc. This occurs when we recognize benefactors, donors, and friends of the University who have provided the funding for student financial assistance. Unless otherwise specified, scholarships and grants affected by this practice are not “add-on” awards; they are simply renamed.

You have the right to decline all or part of the self-help without affecting your grant or scholarship. However, the amount of self-help you decline will become part of your family’s contribution to educational expenses.

Note that after accepted students have deposited and Furman network credentials have been created and sent to the students, reviewing and accepting/declining financial aid awards are done online through the Financial Aid Dashboard.

​Federal regulations require any outside scholarships to be reported to the Office of Financial Aid. Outside scholarships will be applied to the semester in which it is received unless otherwise indicated by the donor. When necessary, the self-help portions of your financial aid package (loans and federal work-study) will be reduced rather than reducing grants or other scholarships. In rare cases, some grants and scholarships may be reduced if the amount of an outside scholarship is such that all self-help aid has been eliminated from a student’s financial aid package and the total amount of grants and scholarships exceeds the Cost of Attendance.

We offer more than 100 renewable scholarships to freshmen who demonstrate a strong ability to succeed based on their academic achievements, commitment to the community, passion for leading, or exemplary talents. Renewal of Lay, Duke, and Furman Scholar Scholarships require a 3.00 cumulative GPA at the end of each academic year. Hollingsworth and Townes Scholarships require a 2.70 cumulative GPA at the end of each academic year, and most special recognition scholarships are renewed as long as the student is making satisfactory academic progress. Grades are checked at the end of each academic year.

To determine continued eligibility, you must complete the FAFSA each year for the Federal Pell Grant, Federal Supplemental Educational Opportunity Grant, Federal Work Study, Federal Direct Loan, Federal Direct PLUS Loan, South Carolina Tuition Grant, and Furman Grant. You should report any significant changes in your family’s financial situation to the office of financial aid. A Special Financial Circumstances form is available from the financial aid website. Also, you are required to report to the Office of Financial Aid any scholarships, awards, or other funding received from outside sources to be used at Furman.

The South Carolina Tuition Grant is awarded to residents of South Carolina who demonstrate financial need as determined by the FAFSA. The annual deadline for completing the FAFSA for the South Carolina Tuition Grant is June 30. South Carolina residents must also complete the State Affidavit annually to be considered for South Carolina Tuition Grants or other aid that requires residency in South Carolina.

All financial aid except Federal Work Study is credited directly to the student’s account, at the beginning of the term, once the student has submitted all required forms and met all requirements for the aid. Compensation for work study is paid directly to the student every two weeks based on the actual hours worked. Unless the student applies the work-study earnings toward the student account, these earnings will not reduce the balance owed to the college. The normal workload averages ten to fifteen hours per week. Learn more about work study.

The Federal Direct Loan is a low-interest student loan. First-time Direct Loan borrowers are required to electronically sign a Master Promissory Note and complete Entrance Counseling prior to their first loan disbursements.  Learn more about the Federal Direct Loan.

The Federal Direct Parent Loan for Undergraduate Students (PLUS) is a loan made to the parent of an undergraduate student to help meet educational costs. The maximum PLUS loan for which a parent may apply in any academic year is the difference between the cost of attendance and any assistance the student is eligible to receive and has been awarded. The parent’s ability to obtain a PLUS Loan is subject to a credit check.  Completion of FAFSA is required in order to receive the PLUS Loan. Learn more about the Federal Direct PLUS Loan.

At Furman, you and your family have the ability to pay your bill online as well as the option to spread out your payments with our tuition payment plan. Learn more about the program.​

In an effort to create transparent lines of communication, we want you to inquire when necessary. That inquiry may come in the form of an email or a phone call. Also, feel free to drop by our office anytime you have a questions concerning your financial aid. We will be more than happy to help or point you in the right direction.

Keep in mind that, due to the Family Educational Rights and Privacy Act, higher education officials are limited in what they can share with parents. Because of that, we encourage open communication between the parent and the student.