Earlham College: Navigating Tuition, Scholarships, and Financial Aid
Earlham College, a private liberal arts college in Richmond, Indiana, established in 1847 by the Religious Society of Friends (Quakers), is committed to making a high-quality education accessible. Affordability is a key concern for students beginning their college search, and Earlham strives to help students navigate the financial aid process. The college welcomes students of all faiths and offers an education rooted in Quaker values such as integrity, a commitment to peace and social justice, mutual respect, and community decision-making.
The Cost of Attendance
Understanding the expenses associated with attending Earlham College is the first step in managing college costs. Earlham College's tuition is $55,814. The sticker price, which includes both tuition and fees, is higher than the national average cost of tuition of $50,018. Fees may cover library services, student gym facilities, student centers, technology resources, and campus health centers. The total cost, encompassing the sticker price plus expenses like food and housing, books and supplies, and transportation and personal expenses, amounts to $70,258 at Earlham College.
Net Price
The Net Price represents the amount a student pays out of pocket after subtracting grants and scholarships from the total cost of attendance. To estimate your net price, you can log in to your Shopping Sheet or College Raptor account. It's important to note that the estimate provided by a net price calculator does not represent a final determination or actual offer of financial assistance, as Earlham uses various factors to determine a student’s final aid award.
Financial Aid Options
More than 95 percent of Earlham students receive some form of financial assistance, with the college awarding over $29 million in aid each year. Earlham College met 90% of its students’ financial aid need. A significant portion of students receive financial aid, indicating that Earlham College offers a pretty good deal on their education.
Grants
Grants are need-based funds provided by the federal or state government, or by Earlham College itself, thanks to generous donors and alumni. Grant funding does not have to be repaid.
Read also: Earlham's Athletic Programs
Scholarships
Scholarships are another form of funding that does not need to be paid back. Earlham scholarships recognize abilities or involvement in activities. Scholarship funds do not have to be paid back. You must notify Earlham of any outside scholarships you are receiving from local, corporate or other sources outside of Earlham. There are need-based scholarships, which consider a student’s financial status, and merit-based scholarships, awarded for academic or athletic achievement. Students may also qualify for scholarships based on community service, unique hobbies or traits, personal background, or a parent’s employer or military affiliation. Some students receive enough in scholarship money to cover their tuition and living expenses. The average need-based scholarship or grant awarded to first-year students at Earlham College was $46,707. Additionally, 89% of first-year students received need-based financial aid in fall 2023. The average non-need-based scholarship or grant awarded to first-year students at Earlham College - excluding any athletic scholarships, if applicable - was $36,114.
Specific Scholarship Programs
- Community Scholars Program: This four-year, service-based scholarship program provides community engagement opportunities within Richmond. Earlham College has a long history of engaging students in service and social justice issues.
- Earlham Science Scholars: This National Science Foundation-funded program provides scholarships, research opportunities, and mentoring to academically talented Pell-eligible students planning to major in STEM.
- Carleton B. The Carleton B.
Loans
Loans are funds provided by the federal government or financial institutions that must be repaid once you graduate or if you withdraw or drop to less than half-time enrollment. Each academic year, students need to submit the FAFSA to Earlham to be eligible for federal loans. The average need-based self-help aid awarded to first-year students was $4,307.
Work-Study
Students who are financially eligible may receive aid via Federal College Work-Study (FCWS) or another work program as part of the financial aid award, offering an opportunity to work on campus to help offset college expenses.
The FAFSA and Application Process
To be considered for financial aid, students must complete the Free Application for Federal Student Aid (FAFSA). Between Oct. 1 and June 1, complete the FAFSA. Failure to meet the deadline may result in the loss of need-based financial aid. Both student and parent must obtain an FSA ID at studentaid.gov. The FAFSA requires lots of personal documentation, so be sure to gather all the pieces that you need prior to filling it out. Tax records from two years prior: The FAFSA requires that you to use tax information for two years prior to you applying, so gather your tax return, W-2s, and any benefit or asset information you have. Records of your monetary assets: This includes information on savings and checking account balances, the value of investments such as stocks and bonds and real estate (but not the home in which your family lives).
The FAFSA has a convenient option called the Data Retrieval Tool (DRT), which enables you to pull information directly from your completed IRS tax return into the FAFSA. In about one-third of all FAFSAs filed, families are selected for a process called verification, requiring schools to verify the information reported on the FAFSA.
Read also: Degrees Offered at Earlham
Important Dates
- May 1: Last day to submit your deposit and confirm your enrollment at Earlham.
- May 15: Indiana resident students must clear any “edits” on the FAFSA with SSACI (State Student Assistance Commission of Indiana) by this date to receive state grants.
- For continuing students, notifications typically begin in May preceding the fall semester.
Additional Considerations
After you have accepted your aid, it is important to understand what your tuition bill entails, how aid is disbursed, how to appeal your aid and how you pay your bill. While it is not Earlham’s policy to re-negotiate need-based aid offers, if you feel we have missed some important aspect of your financial situation, please contact the Office of Financial Aid. If you wish to decline or reduce your student loans, or to update other financial information (like receiving outside scholarships not appearing on your offer notification), please return the Financial Aid Update Form. We assume students accept all forms of gift aid (grants and scholarships) offered to them each year unless we are notified otherwise in writing. However, students are required to accept or decline loans offered. Financial aid is awarded to students based on information in their International Student Financial Information form. To receive the aid, students must be enrolled full-time (at least 12 credit hours per semester) and be making satisfactory academic progress. Earlham’s current plan covers 80% (at facilities approved as “in network”) or 60% (at facilities considered “out-of-network”) of basic medical expenses up to $50,000 for each injury or sickness. There is an annual deductible of $100. The current fee for one full year is approximately $1,000. Returning students can log into FAFSA.
Student Loan Debt
How much student loan debt you accumulate can affect your financial life long after college ends. Ideally, your total student loan debt should fall below your anticipated starting salary once you graduate.
At Earlham College, the median federal loan debt among borrowers who completed their undergraduate degree is $23,488. The median monthly federal loan payment (if it were repaid over 10 years at 5.05% interest) for student federal loan borrowers who graduated is $249. Additionally, 8% of graduating students at Earlham College took out private loans. Students with private loans had an average of $42,448 in private loan debt at graduation. Average Total Indebtedness of 2024 Graduating Class $27,360. Graduating students who have borrowed (any loan type, 2024) 47%.
Determining Affordability
To get a precise understanding of your family's affordability, utilize the Net Price Calculator available on the Earlham College website. The US government has come up with a standardized way to calculate how much a typical family can afford to pay without help. As an example, a family that brings home $80,000 in income before taxes, with no assets and no other children in college, has an EFC of around $7,000. Colleges use this number as a guideline to decide how much aid to give you, but it's just a guideline.
Earlham College as a Good Value
Earlham College is considered a great value school due to its strong reputation for academic quality and a robust financial aid program. The lower your income is, the more help you can expect to receive in need-based grants.
Read also: Leaders from Earlham
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