Home Headline Home Headline Home Headline

Financial Aid General Information

Admissions submenu

Financial Aid General Information

A great value

Transylvania's tuition and fees fall below the national average for comparable private liberal arts colleges. That makes the high quality education you'll receive at Transylvania a great value.

At Transylvania, we are committed to making education affordable. In fact, more than 98 percent of our students qualify for some type of financial assistance.

Scholarships, grants, loans and work-study assignments can help bridge the gap between the cost of your education and the amount your family is able to pay.

The staff of the financial aid office is here to help you and your family plan for your future. We are happy to help you create a personal plan for your education, evaluate the costs, and apply for financial assistance.

Start by using our net price calculator to get an idea of your estimated cost. Then look around these pages to learn about the types of aid available. Feel free to contact us with any questions you might have.

Get in touch

Phone: 859-233-8239 or 800-872-6798
Fax: 859-281-3650
FinancialAid@transy.edu

Old Morrison, 3rd Floor
Hours M-F, 8:30 a.m.-5 p.m.

300 North Broadway
Lexington, Kentucky
40508-1797

Financial aid staff:

Jennifer Priest, Director of Financial Aid
Mayme Clayton, Associate Director of Financial Aid
Beth Mitchell, Assistant Director of Financial Aid
Matt Bowkamp, Financial Aid Assistant


Tweet with Financial Aid


Satisfactory Academic Progress Policy

Transylvania University Consumer Information

More Financial Aid Information

 

Need-based aid

To apply for all forms of need-based aid, you need only fill out the Free Application for Federal Student Aid (FAFSA). This form is required for students seeking any federal or state aid (including loans, grants, and work-study). You may fill out the form online at the FAFSA website. Paper copies of the form may be acquired either from your high school guidance counselor or from our financial aid office.

Important!
  • The earliest date for submission is October 1 for students applying for fall 2017 and later.
  • Transylvania's school code is 001987.

Submit the FAFSA form electronically.

Transfer students

Transfer students must have a minimum cumulative GPA of 2.0 to qualify for financial aid. Transfer students must follow the same procedures as other students when applying for scholarships and/or financial aid.

2016-2017 Dependent Verification Worksheet
Note—In 2017-2018 Verification will be inidvidualized to each student. Please contact our office for Verification Forms

FAFSA

Below is a list of words and definitions concerning the financial aid process. Questions may be directed to our financial aid office or call the Department of Education at (800) 4-FED-AID.

Capitalized—With an unsubsidized loan, the interest will be added to the principal amount of the student's loan and additional interest will be based upon the higher amount. This increases the amount the student has to repay. The student can choose to pay the interest as it accumulates, which will save the student money in the long run.

COA—Cost of Attendance. This is the budgeted amount of attendance for a college or university and includes tuition, fees, room and board, books, and miscellaneous expenses. Generally this estimate is higher than the published cost to attend a school, and is used in conjunction with a student's expected family contribution (EFC) to determine the student's aid eligibility.

Dependent Student—Student who does not meet the criteria to be independent. See Independent Student.

EFC—Expected Family Contribution. When the FAFSA has been processed, the federal government uses a formula to determine the amount a student and his/her family are expected to contribute toward the student's education for an academic year.

FAFSA—Free Application for Federal Student Aid. This is the federal application required for all need-based grants, loans, and work-study, as well as non-need based unsubsidized Federal Stafford loans.

Grants—Financial aid a student does not have to pay back later. This is a gift.

Independent Student—A student who meets one of the following criteria:

  • Was born before January 1, 1993;
  • Is married;
  • Has legal dependents other than a spouse;
  • Is an orphan or ward of the court (or was a ward of the court until age 18);
  • Is a veteran of the U.S. Armed Forces (this does not include students in ROTC);
  • Is serving on active duty in the US Armed Forces for purposes other than training

For more information (and more criteria) call (800) 4-FED-AID.

Loans—With this aid, students borrow money that they later repay with or without interest. Several types of loans exist, and amounts and terms differ.

SAR—Student Aid Report. Four to six weeks after a student sends his/her FAFSA to the government, the student receives this form in the mail. Included in the form is the student's EFC. Copies of the SAR are also sent to the schools the student lists on the FAFSA.

Subsidized Loan—This loan is awarded on the basis of financial need. The student will not be charged any interest before he or she begins repayment, as the federal government pays this interest.

Unsubsidized Loan—This loan is not awarded on the basis of need. The student will be charged interest from the time the loan is disbursed until it is paid in full. If the student allows the interest to accumulate, it will be capitalized.

Verification—When a student completes the FAFSA, sometimes it is randomly selected for a process called verification. In this process, the government asks the student and the student's family to confirm the information that was put on the FAFSA.  In order for the student's financial aid to be processed, additional worksheets may need to be completed and returned to our office. The student's family will also need to use the "Link to IRS" option available through the FAFSA.

Work-Study—This type of aid allows a student to work and earn money to help pay for school. This is need-based.


Terms and Conditions for Student Financial Aid at Transylvania

Awards—Unless otherwise noted your financial aid awards are based on being enrolled as a full-time student and living on campus. Please notify the Financial Aid Office if you do not intend to be enrolled full time or live on campus. You need to file the FAFSA each year to receive need based financial aid. We rcommend you file the FAFSA as soon as possible after it becomes available each year.

Award Cancellations—All federal financial aid will be canceled if a student is currently in default on an educational loan, owes a refund on a federal grant or has borrowed in excess of federal loan limits.

Withdrawals—If you withdraw from the university during a term, you may be required to return some of the financial aid awarded to you in accordance with Transylvania's published refund policy. This includes all sources of financial aid: institutional, federal, state and all other outside types of assistance. This policy can be found in the University's course catalog.

Other Scholarships—Financial aid may not exceed your financial need for a given year. If any award changes during the academic year and results in an over-award, you may be required to return a portion of the financial aid you have received. Therefore you are required to report additional scholarships, grants or loans not shown on your award letter.

Payments of Award—Depending on when your financial aid file is complete, disbursement will occur on or after the first day of classes each term. Financial aid funds will be applied to your student account bill and any credit balance will be available the second Wednesday of the term. Sign up on TNet to receive your refund via ACH direct deposit into your bank account by clicking "Bank Information (U.S.)" on TNet and entering your bank account information. Otherwise, a refund check will be mailed to your home address.

Satisfactory Academic Progress—In order to continue to receive any financial assistance, you must maintain satisfactory progress and be in good academic standing. Good standing at Transylvania is a 2.0 cumulative GPA. You must also earn at least 7 units per academic year. You must pass two-thirds of the cumulative units you attempt and must graduate within six years. If you receive a 0.0 GPA in any term, your aid may be cancelled. Satisfactory Academic Progress is reviewed at the end of each May term. For more information, go to http://www.transy.edu/sites/default/files/SAP_policy.pdf

Scholarship Grade Point Average Requirements—At Transylvania, all merit-based scholarships have a GPA requirement mentioned on your original scholarship letter that, if met, allow you to renew your scholarship for your sophomore, junior and senior years.  GPAs are reviewed once a year at the end of May term. Transfer Scholarship recipients must maintain a 2.0 GPA. A Transfer Scholarship may be renewed for up to three academic years.

For consumer Information about Transylvania University, go to http://www.transy.edu/admission/financial-aid

teaser image

GO ALL IN

Apply Now
teaser image

Next Step

Find Your Program

Academics