Financial Aid

Furman University administers over $90 million in federal, state, and institutional financial aid, over $65 million of which is funded directly by Furman. 

The university offers to eligible students a combination of scholarship and/or grant, loan and student employment (work study).

Definitions

Cost of Attendance (COA)

Cost of Attendance includes tuition, student activity fees, room (weighted average charge), board (unlimited meal plan charge), estimated cost of books and supplies, estimated personal expenses, and estimated transportation costs. “Direct COA” includes only tuition, student activity fees, room (weighted average charge), board (unlimited meal plan charge), and estimated cost of books and supplies. All undergraduate day students are initially assigned the same COA based on Furman’s four-year residency requirement.

Expected Family Contribution (EFC)

Expected Family Contribution is the minimum amount a family is expected to contribute for the student’s educational expenses for a given academic year. The EFC is calculated by the FAFSA (federal and state aid) and the CSS/Financial Aid PROFILE (institutional need-based grant aid) and assumes families will finance education utilizing current income, past savings, and student and/or family loans.

Demonstrated Need

The difference between the Cost of Attendance (COA) and the Expected Family Contribution (EFC).

Free Application for Federal Student Aid (FAFSA)

The Free Application for Federal Student Aid is used to determine eligibility for awarding federal and state need-based grants as well as loans and federal work study.

CSS/Financial Aid PROFILE

The CSS/Financial Aid PROFILE is a fee-based service administered by the College Board and serves as the need-based application for the Furman grant. 

Need-Based Financial Aid

Aid awards for which a student must demonstrate financial need in order to qualify. Such awards include the Federal Pell Grant, the Federal SEOG, the Federal Direct Subsidized Student Loans, the Federal Work Study program, the South Carolina Tuition Grant, and the Furman Grant.

Financial Aid Package

An offer of financial aid awards, including merit scholarships, for which a student is eligible. Students are notified of his or her financial aid package via e-mail and through the MyFurman portal. New students will also receive this information on paper delivered by USPS to their home address.

Satisfactory Academic Progress (SAP) for Federal Title IV Financial Aid

Federal regulations mandate that institutions of higher education establish minimum standards of satisfactory academic progress (SAP) for students receiving Title IV (federal) financial aid. Satisfactory academic progress is comprised of three evaluative standards:

Quality: Students must achieve a cumulative grade point average (GPA) that is consistent with meeting graduation requirements.

Pace: federal regulations require that a student must make steady progress toward the completion of their degree. This pace is calculated by dividing the total cumulative hours earned by the cumulative number of hours attempted. A student must have earned a minimum of 67 percent of all hours attempted after each academic year.

Time Frame: federal regulations also specify that a student must complete their degree within 150 percent of the published length of the program. At Furman, students are required to earn 128 credits to graduate meaning the maximum time frame for a student to receive federal aid is 192 attempted credits. There is no appeal process for the maximum time frame regulation.

For all measures of satisfactory academic progress, credits attempted include all work at Furman plus any credits earned elsewhere that contribute toward the degree such as AP, IB, and transfer credits. The qualifying grade point average remains the Furman GPA which excludes course grades from any other institution.

Students receiving federal aid are evaluated at the end of each academic year. Federal aid programs affected are Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (FSEOG), Federal Work Study, Federal Direct Loan, and Federal Direct Parent Loan for Undergraduate Students (PLUS).

Appeal Process

Furman students who are not meeting satisfactory academic progress standards at the end of the academic year are notified via their campus email account. These students will not be awarded federal financial aid for the upcoming semester, but may be considered for the award of aid on a probationary status via a successful appeal.

Students may appeal by submitting written notification to a financial aid counselor explaining the mitigating circumstances involved and how the circumstances have, or will be, resolved. Mitigating circumstances are typically considered to be any situation beyond the control of the student that might contribute to the failure of the student to maintain satisfactory academic progress.

Some examples of mitigating circumstances include student illness, family illness, other family problems, interpersonal problems with other students, problems adjusting to college life, balancing school, or employment obligations. A financial aid counselor will determine if other circumstances documented by the student may be considered.

Appeal Decision Process

In most cases, financial aid counselors have the responsibility of reviewing materials and rendering a decision regarding an appeal. However, if the counselor cannot make a decision, the financial aid appeals committee will meet and make the decision to approve or suspend aid.

If the appeal is approved, the financial aid counselor will award aid only for one semester on a probationary status. The student will be sent an email explaining that if the student fails to make satisfactory academic progress for that semester, financial aid will not be awarded in the future unless an additional appeal is submitted and approved. All instructions will be sent again to the student.

When a subsequent appeal is submitted, the financial aid counselor may approve it and follow the same procedures. However, students who are not meeting satisfactory academic standards for consecutive or multiple terms are likely to be presented to the financial aid appeals committee for review.

If the financial aid appeals committee agrees that the student should be denied aid based on the latest appeal, notification will be sent to student via email, and alternative financing options will be suggested to the student. The student may decide to self-pay or take a leave of absence. However, a student does not regain eligibility for aid by sitting out a semester. Instead, that student will need to make an additional appeal prior to returning to Furman to be considered for eligibility. A student does not automatically regain eligibility for aid if it has been suspended for a semester.

Financial Aid Application Procedures for Prospective Students

• Submit the FAFSA and CSS/Financial Aid PROFILE. Priority filing dates for both the FASFA and CSS/Financial Aid PROFILE are posted at www.furman.edu/admissions. Furman’s Title IV code for FAFSA results is 003434. Furman’s CSS PROFILE code is 5222.
• Notification of financial aid packages for admitted Early Decision applicants will occur in mid-December, while admitted Early Action applicants will receive their financial aid packages at the end of January, and Regular Decision applicants will be notified by April 1.

Financial Aid Application Procedures for Returning Students

Returning students (enrolled in a previous term at Furman) who wish to continue eligibility for need-based financial aid must complete the FAFSA each year. Furman encourages returning students to complete the renewal FAFSA no later than February 1.

The U.S. Department of Education will send renewal FAFSA notices to students each year, typically via e-mail. Returning students who are re-applying for financial aid do not need to complete the CSS/Financial Aid PROFILE unless the student is asking for re-evaluation of aid eligibility based on special financial circumstances; otherwise, the CSS/Financial Aid PROFILE is required of first-time financial aid applicants only.

Outside scholarships from sources such as corporations, clubs, civic organizations and churches are applied to the semester in which the funds are received, unless the donor specifies otherwise. This may result in a credit balance for any semester in which the outside scholarship checks are received. Students requesting a refund of the credit balance in any semester may have a balance due on their account for a future semester.

Study Away

Financial aid applies as it would during a semester on campus to all Furman-sponsored faculty-led travel study programs as defined by Furman’s Office for Study Away & International Education. No financial aid of any type will be administered by Furman for students pursuing study opportunities while on a leave of absence from the University. Contact the Office for Study Away & International Education for more details.

Merit-Based Scholarships

Furman offers a number of scholarships to students who demonstrate strong ability based on their academic achievements, or who are gifted in other areas. Students who are eligible for multiple scholarships will receive the award of highest value. In almost all situations, Furman does not “stack” multiple scholarship awards.

James B. Duke Scholarships

Awarded to no more than 8 incoming students each year who have displayed exceptional academic achievement and distinctive personal accomplishment. Provides full tuition, a study away stipend of up to $2,000, and an additional stipend of up to $3,000 for a summer internship or research experience. A 3.00 cumulative GPA is required for annual renewal.

John D. Hollingsworth Scholarships

Awarded to incoming students from South Carolina who have demonstrated outstanding achievement and a strong commitment to their communities. Includes a renewable $35,000 scholarship, a study away stipend of up to $2,000, an additional stipend of up to $3,000 for a summer internship or research experience, and participation in the Public Leadership Seminars, which connect students with government and civic leaders. A 2.70 cumulative GPA is required for annual renewal. The study away stipend may be used only for Furman-sponsored, faculty-led travel study programs or affiliate study away programs as defined by the Office for Study Away and International Education.

Charles H. Townes Scholarships

Awarded to incoming students outside of South Carolina who have demonstrated outstanding achievement and a strong commitment to their communities. Includes a renewable $35,000 scholarship, a study away stipend of up to $2,000, an additional stipend of up to $3,000 for a summer internship or research experience, and participation in the Public Leadership Seminars, which connect students with government and civic leaders. A 2.70 cumulative GPA is required for annual renewal. The study away stipend may be used only for Furman-sponsored, faculty-led travel study programs or affiliate study away programs, as defined by the Office for Study Away and International Education

Alden Transfer Scholarship

Competitive, renewable, full tuition, two-year scholarship awarded to one transfer student each year. 

Music Scholarships

Competitive scholarships awarded on the basis of auditions held on-campus between December and February. For more information, contact Music.

Reserve Officers’ Training Corps (ROTC) Scholarships

Army ROTC scholarships are available to selected students for three or four years. Recipients, selected jointly by Furman and the U.S. Army, complete military science courses each term. Upon graduation they receive a commission in the U.S. Army, Army Reserve or National Guard.

For three-year ROTC scholarship recipients, Furman provides scholarship or grant assistance in the amount of the weighted average room cost and the maximum meal plan costs for the student’s first year; the student is responsible for all other costs, including the comprehensive tuition fee. Any Furman scholarship or grant previously awarded based on merit, talent and/or need can only contribute toward meeting the room and board requirement and no scholarship monies will be attributed to tuition costs during this first year.

For four-year ROTC scholarship recipients, the Army provides full tuition and fee support as well as a monthly stipend, while Furman provides scholarship or grant assistance in the amount of the weighted average room cost and the maximum meal plan costs. Any Furman scholarship or grant previously awarded based on merit, talent and/or need will contribute to the room and board requirement, but cannot exceed those fees.

South Carolina Merit-Based Scholarships

These state merit-based scholarships are awarded without regard to financial need.

Hope Scholarships are awarded to South Carolina residents who graduate from high school with at least a 3.00 grade point average and who do not qualify for a South Carolina LIFE or Palmetto Fellows award. The Hope award is for the first year only; recipients who earn at least 30 credits with a 3.00 grade point average are eligible for a LIFE scholarship the following year. Recipients must be enrolled in at least twelve credits each semester.

LIFE scholarships are $5,000 awards for South Carolina residents attending a four-year private college or university in the state. To qualify, students must meet two of the following criteria: a 3.00 grade point average on the final high school transcript; rank in the top 30 percent of their graduating class; or earn a combined SAT score of at least 1100 or an ACT score of at least 24. The awards are renewable provided the student maintains a 3.00 grade point average and completes at least 30 credits each year consistent with provisions enacted through South Carolina law. Recipients must be enrolled in at least twelve credits each semester.

Palmetto Fellows awards are $6,700 academic grants to students from South Carolina based on annual guidelines established by the state legislature: currently a 3.50 grade point average in high school, 1200 combined SAT score, and a rank in the top 6 percent of the high school class or at least a 1400 combined SAT score and a high school grade point average of 4.00 or greater. Eligible candidates may apply through their high school guidance office in the fall of their senior year. The awards are renewable provided the student maintains a 3.00 grade point average and completes at least 30 credits each year. Recipients must be enrolled in at least twelve credits each semester.

Enhanced awards may be available to students majoring in a STEM (science, technology, engineering or mathematics) area. Students must be South Carolina residents, as defined by the South Carolina Commission on Higher Education, to be eligible for consideration and may receive only one type of merit-based award from the state: Palmetto Fellows, LIFE or Hope scholarships.

If a recipient of any of the scholarships fails to meet the renewal criteria, appeal information is available from the South Carolina Commission on Higher Education. Furman does not replace lost state aid.

Other Scholarships

Athletic Scholarships

Partial to full scholarships awarded in men’s and women’s intercollegiate sports. Contact our athletics staff to learn about scholarship opportunities. Students receiving athletics scholarships who receive any other type of financial aid must report any and all other means of support to the coaching staff of the scholarship sport.

Furman Scholars Program

Students are selected from eligible high schools their junior years, based on grades, standardized test scores, and extracurricular activities. Furman Scholars who enroll at Furman are each awarded at least $20,000 in institutional scholarship monies.

National Merit Scholarships

National Merit/National Achievement finalists who indicate Furman as their first-choice college may be eligible for a renewable university-sponsored scholarship, in accordance with National Merit Scholarship Corporation guidelines. Students who demonstrate financial need may receive $2,000 in a renewable university-sponsored scholarship, and students who do not demonstrate financial need may receive a $1,000 renewable university-sponsored scholarship. This university-sponsored scholarship is awarded in addition to any other Furman scholarship or grant for which the student may be eligible.

Need-Based Financial Aid

Furman will normally offer the student a financial aid package that consists of gift-aid (grants and/or scholarships) and self-help (loans and student employment) to students with demonstrated need as determined by the FAFSA and CSS PROFILE. Funds from any source (Furman, federal, state or through outside organizations) and type (merit, need or talent) are all considered part of a need-based financial aid package and are applied to the student’s demonstrated need first, per federal regulations. Need-based programs commonly available at Furman are described below.

Grants

Furman Grant

Students may receive a Furman Grant along with other forms of assistance such as merit scholarships, student loans, and work study. Furman Grants are need-based, and eligibility is determined by the student’s CSS/Financial Aid PROFILE. Furman Grant amounts remain constant throughout the student’s tenure at Furman. Exceptions to this are within the purview of Financial Aid staff in response to extreme increases in demonstrated need from one year to the next per the FAFSA and/or CSS/Financial Aid PROFILE. Students must complete the FAFSA each year to maintain eligibility for the Furman Grant.

Federal Pell Grant

The federal government provides assistance to eligible students through the Pell Grant program. Eligibility for the Pell Grant is determined by the results of the FAFSA.

Federal Supplemental Educational Opportunity Grant (SEOG)

Supplemental Educational Opportunity Grants are awarded by Furman to students with exceptional financial need, defined as those students who are eligible for Pell Grant. SEOG funds are limited.

South Carolina Tuition Grants

South Carolina residents who have financial need as determined by the FAFSA and who have been legal residents of the state for at least one year prior to their entrance date may qualify for awards ranging up to $3,200. Students must be enrolled full-time (at least twelve credits) to be eligible to receive the maximum grant. For students to qualify, the FAFSA must be submitted no later than June 30. Funding is contingent upon state appropriations. These tuition grants may be reduced or eliminated if the student already receives tuition-sensitive scholarships per state regulations. For continued eligibility, the student must earn 24 credits per year (including summer terms) and must meet Satisfactory Academic Progress requirements set by the college for Title IV Federal Student Aid Programs. 

Student Loans

Federal Direct Student Loan Program

Loans up to $5,500 are available to first year undergraduate students. After earning 28 credits, students may obtain a loan up to $6,500 for the sophomore year, and, upon earning 58 credits, students may obtain a loan of up to $7,500 per year for the remaining years of undergraduate study.

Federal Direct Loans are either subsidized or unsubsidized. In the case of a subsidized loan, the federal government pays the interest while the student is enrolled in an eligible institution at least a half-time. In the case of an unsubsidized loan, the student is responsible for interest payment while enrolled at least half-time. Repayment begins six months after the student graduates or ceases to be enrolled at least half-time. The maximum repayment period is ten years.

Federal Direct Parent Loan for Undergraduate Students (PLUS)

Parents with an acceptable credit history may borrow up to the difference between the cost of education and the amount of financial aid the student is awarded by following the application procedures for the PLUS Loan. Students must complete the FAFSA in order for a parent to apply for the PLUS Loan.

South Carolina Teacher Loan Program

Available to South Carolina residents enrolled in the university’s teacher education program. Financial need is not aconsideration, and the loans are canceled at the rate of 20 percent for each year recipients teach a critical subject or teach in a critical geographic area of the state. If a student teaches a critical subject in a critical geographic area, the loans are canceled at a rate of 33 percent annually.

Entering first year students must have ranked in the top 40 percent of their high school graduating class and have an SAT or ACT score equal to or greater than the state average for the year they graduated from high school or the most recent year for which such figures are available. Any enrolled undergraduate, including enrolled first year students, must have successfully completed the Praxis I Exam and have a cumulative grade point average of at least 2.750 to be eligible to receive this award.

Alternative Loans

A number of lenders outside of the federal loan programs offer long term private educational loans. Information regarding these loans is available through Financial Aid.

Student Employment

Federal Work-Study underwrites work on and off campus for students who qualify. Students may work at a variety of campus jobs at a rate of pay no less than the minimum wage. Award amounts average $1,500, which allows for students to work between ten and twelve hours per week. For more information about this program, contact Enrollment Services.

Revision of Financial Aid Awards

Financial aid is dynamic and may change as new information becomes available to the Office of Financial Aid. Any financial aid package is subject to revision, even during the academic year, for reasons including, but not limited to, any of the following:

• An error is discovered through the verification of information reported on the FAFSA and/or CSS PROFILE which, when corrected, changes the student’s eligibility.
• A change occurs in regulations governing federal or state programs.
• Funding levels in federal or state programs are altered.
• The student receives additional financial assistance, including, but not limited to, outside scholarships, from a source not listed on the most recent financial aid award notification.
• The student fails to meet satisfactory academic progress standards for renewal of financial aid.
• The Office of Financial Aid discovers any error, clerical or other, on your award.
• The student fails to complete required financial aid applications for need-based federal, state and/or institutional aid, including any documents required for verification of FAFSA information.

Any aid reduction based on these reasons will not be replaced by Furman-funded grants and/or scholarships.

Additional Information

Furman institutional scholarships and grants are available for a maximum of four years or eight semesters. Only athletic grants-in-aid are exempt from this standard, and only at the discretion of Athletics.

The main method of communication from Financial Aid to students is Furman e-mail. Students are expected to communicate with parents concerning financial aid award information, requirements, etc.

The total amount of Furman-funded gift aid (grants and/or scholarships) a student is eligible to receive may not exceed Furman’s direct cost of attendance. If the total amount of Furman-funded gift aid exceeds the direct cost of attendance, a portion of the Furman gift aid will be reduced accordingly.

A student may not receive gift aid (grants and/ or scholarships) from all sources (Furman, federal, state, private) in excess of the total cost of attendance at Furman. If the total amount of gift aid from all sources exceeds Furman’s total cost of attendance, Furman gift aid (grants and/or scholarships) will be reduced accordingly.

All outside financial assistance or scholarships received by a student attending Furman must be reported to Financial Aid, including the annual amount of the award and whether or not the award is renewable. Furman reserves the right to make adjustments in the financial aid package offered to students who receive assistance from other sources.

When calculating Furman scholarships or grants based on tuition, fees, room and board, the amount used for room is the weighted average room cost as determined by Housing and Residence Life; the amount used for board is the current maximum meal plan rate.

Furman scholarships and grants are based on a course load of at least 12 credits, but not more than 20 credits in any given semester. Additional costs incurred by a student enrolled for more than 20 credits in a given semester are considered a student responsibility exclusively.

Because Furman uses a comprehensive fee structure, Furman scholarships and grants are provided to students charged full-tuition, regardless of enrollment status (i.e. course load). Students approved for charges on a per-credit basis may not be eligible to receive Furman scholarships and/or grants. Students planning to enroll for a single semester in a given academic year will receive aid for that semester only. Financial aid for an entire academic year will not be disbursed in a single semester. Students who are eligible for multiple scholarships will receive the award of highest value. Furman scholarships and grants may be renamed over the course of the year to reflect the generosity of Furman’s benefactors who have helped underwrite your Furman Scholarship or grant aid; the total amount of the Furman funding will not change, however.

Tuition Exchange Programs

Associated Colleges of the South (ACS)

Children of ACS employees at participating institutions are eligible to be considered for the ACS Tuition Exchange. Furman’s agreement with the ACS indicates that for any given academic year, ACS “imports” (students attending Furman as an ACS Tuition Exchange student) will not exceed “exports” (children of Furman employees attending another ACS college under the agreement) by more than two students.

Each ACS Tuition Exchange recipient pays a participation fee of $1,500 per academic year. The ACS Tuition Exchange benefit is equivalent to full tuition at Furman and is renewable for three years provided the student meets satisfactory academic progress. With the exception of the Lay Scholarship, the ACS Tuition Exchange benefit replaces any Furman merit or talent-based scholarship already awarded to the student. Those students awarded the Lay Scholarship will also receive the remaining cost of the Student Government Association fee, the weighted average room cost and funds to cover the maximum meal plan.

ACS Tuition Exchange benefits may be used for Furman-sponsored, faculty-led travel study programs only. All other study away programs are ineligible for ACS Tuition Exchange benefits.

Interested students must specify that admission is being sought under the ACS Tuition Exchange program, apply for all federal and/or state aid for which he or she may be eligible, and submit an ACS Tuition Exchange certification form completed by the appropriate official at the home institution certifying their eligibility for the exchange. Eligible students must meet Furman’s normal admission requirements.

Tuition Exchange, Inc. (TE)

Children of employees of TE participating institutions are eligible to be considered for the Tuition Exchange.

Furman’s policy for any given academic year is TE “imports” (students attending Furman as a TE student) will not exceed “exports” (children of Furman employees attending another TE college) by more than three students.

The TE benefit is renewable for three years provided the student meets satisfactory academic progress. With the exception of the Lay and Duke Scholarships, the TE benefit replaces any Furman merit or talent-based scholarship already awarded to the student. Those students awarded the Lay and Duke Scholarships will receive those funds in addition to the benefit, up to the remaining cost of the comprehensive tuition fee for Duke Scholars and up to the remaining cost of the comprehensive tuition fee, the Student Government Association fee, the weighted average room cost and funds to cover the maximum meal plan for Lay Scholars.

TE benefits may be used for Furman-sponsored, faculty-led travel study programs only. All other study away programs are ineligible for TE benefits.

Interested students must specify that admission is being sought under the TE program, apply for all federal and/or state aid for which he or she may be eligible, and submit an TE certification form completed by the appropriate official at the home institution certifying their eligibility for the TE program. Eligible students must meet Furman’s normal admission requirements.

Faculty-Staff Tuition Remission

Consult Human Resources for specific information about this benefit.