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Your Financial Aid

Understanding Your Financial Aid Package

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. Feel free to contact us with any questions you might have.

To help you better understand how financial aid works, we’ve excerpted a sample letter below and provided additional detail and explanation. If you have any questions after reading this, please let us know. You’ll find the contact information at the end.

Key things to remember

  1. Costs are based on a full year (not per term).
  2. Living expenses are estimates.
  3. The out-of-pocket cost is different for each student based on need, merit and other criteria.

Need a refresher on financial aid terminology?

Your financial aid award letter will resemble this one.

Your Cost of Attendance

Begin snippet of example letter: Your Cost of Attendance section

Your direct costs represent those items charged directly by Transylvania University. These include tuition and fees as well as an estimate for room and a meal plan if you plan to live on campus. Indirect costs are other education-related expenses such as books, transportation and personal expenses and may include an estimate for room and meals if you do not plan to live on campus. These may vary based on your needs. Your Cost of Attendance is the total direct costs plus the additional estimated indirect costs.

Tuition $39,920 General Fee $1,690 Estimated Room and Board (Meal Plan) $11,660


Estimated Books and Supplies $1,000 Estimated Transportation $950 Estimated Miscellaneous/Personal Expenses $1,400


End snippet of example letter


  • These are the costs before scholarships, grants, loans and work study have been applied.
  • Room and board and additional expenses (books, supplies, transportation and personal expenses) are estimates. The final cost will depend on the plans you choose; some cost more, some less.
  • Even before we apply financial aid, Transy costs around $10,000 less than the average top-100 liberal arts college. And because our average 4-year graduation rate is so much better than other colleges (public and private), you’ll end up spending less on college and begin earning in the workforce sooner.

Your Scholarships and Grants

Begin snippet of example letter: Your Scholarships and Grants section

Scholarships and grants are gift aid and do not have to be repaid. Your gift aid may include awards from Transylvania, as well as from state and federal programs. Please review the enclosed Terms and Conditions for information about award renewal requirements.

Your net direct cost after gift aid is the amount for which you are responsible. This amount is calculated by subtracting your total scholarships and grants from your total direct costs.

Institution Grant(s)

Founders’ Scholarship $19,000 Transylvania Endowment Grant $4,900

State Grant(s)

Estimated Kees Scholarship $2,110 Kentucky Tuition Grant $2,960

Total Grant(s) $28,970

Total Net Direct Cost After Gift Aid $24,300

End snippet of example letter

  • This is the funding that doesn’t need to be paid back. However, you need to know that scholarships and grants are limited to four years of college—another reason Transy’s excellent 4-year graduation rate is such a big help.
  • Contact the Office of Financial Aid if you have received any additional outside scholarships. They’ll work with you to add your outside scholarship to your financial aid award package.

Federal Student Loans Included In This Offer

Begin snippet of example letter: Federal Student Loans Included In This Offer section

A portion of your net price can be paid using student loans. For information about whether you should consider student loans, visit

(L) = A 1.059% origination fee is deducted from this loan amount at the time it is applied to your student account.


Total $5,500

End snippet of example letter

Average 3-Year loan Default Rates: Transy - 2.0% | Private School Average - 76.6% | Public School Average - 9.6%
  • Accepting loans provided in this section is optional and not everyone qualifies to receive them.
  • If you qualify for a loan, read more about the process here, including the two types of federal student loans:
    1. A subsidized loan is based on financial need. It pays the interest while you’re enrolled in school. You don’t have to pay it back until after you complete your education or leave school.
    2. An unsubsidized loan is not need-based. It charges you interest from the time the loan is made until it is paid in full. You don’t need to repay this loan until after you graduate or leave school.
  • Our default rate is significantly lower than the average private or public college.

Federal Work Study Program

Begin snippet of example letter: Federal Work Study Program section

You have also been awarded $1,850 in Federal Work Study. The Federal Work Study program allows you to work in an on-campus job approximately 7 hours per week, earning a wage of $8.20 per hour. Wages are paid to you through monthly payroll and do not directly reduce your out-of-pocket cost, but may help you with your indirect costs.

End snippet of example letter


If you filed the FAFSA and are eligible for work study, you will have this section on your award letter. Work study earnings are not immediately applied to college payments. Earnings are paid directly to the student who can choose to apply the funds to a payment account or use them as needed for books, living expenses, etc.

Your Estimated Out-of-Pocket Costs

Begin snippet of example letter: Your Estimated Out-of-Pocket Cost for the 2020-2021 Academic Year section

Your remaining net direct costs may be paid using a variety of sources, including personal savings, Parent PLUS Loans, student employment opportunities, outside scholarships, etc.


End snippet of example letter

Your estimated out-of- pocket cost for the 2020-21academic year is highlighted. It takes the initial estimated Total Direct Cost from Section 1 and subtracts those items in which you have been awarded.

In this example, it would be:

$53,270 Total Direct Cost
−$28,970 Scholarships and grants
−$ 5,500 Federal student loans
 $18,800 The out-of-pocket cost for 2020-21

Additional Education Resources

Begin snippet of example letter: 12-Month Payment Plan: Transylvania University offers a 12-month payment plan that allows you to divide your remaining net direct costs into 12 monthly payments. Your estimated monthly payment under this plan is $1,567.

Additional Borrowing: Subject to credit approval, your parent may be able to borrow up to $24,970 through the Federal Parent PLUS Loan program. If you are interested in this program, please contact the Office of Financial Aid for additional information about how to apply. We recommend borrowing as little as possible and only what you need.

Level Tuition Option: Transylvania’s level tuition program allows you to lock in a set tuition rate for four consecutive academic years. This plan is available to you as a new, full-time, first-year student. If you choose this option, you will pay slightly more than the standard tuition for the first year, but will be guaranteed the same tuition rate for the following three academic years. The level tuition program is optional and covers tuition for each fall and winter term up to the maximum full-time course load. You will receive an e-mail from the Office of Admissions with more information in the coming weeks.

End snippet of example letter

You may be able to lock in your tuition rate for four years (and save money), pay for your education in smaller monthly payments (12-month payment plan) and/or explore additional loans that may be available through the parent loan program.

By the Numbers

Begin snippet of example letter: By the Numbers section

If you do not select the Level Tuition Option

Total Direct Costs $53,270 minus Your Scholarships and Grants – 28,970 equals Your Net Direct Cost after Gift Aid = 24,300 minus Your Student Loan Eligibility – 5,500 equals Your estimated Out-of-Pocket Cost = $18,800

If you select the Level Tuition Option

Total Direct Costs $53,270 minus Your Scholarships and Grants – 28,970 equals Your Net Direct Cost after Gift Aid = 24,300 minus Your Student Loan Eligibility – 5,500 plus the Level Tuition Premium + 1,800 equals Your estimated Out-of-Pocket Cost* = $20,600

* Selecting Level Tuition will also increase your estimated monthly payment on the 12-month payment plan by about $150 each month.

End snippet of example letter

Tuition rates are known to go up each year as college expenses increase. We offer you the choice of a payment plan that “locks in” the current rate and saves you money in the long run. (The grid shows you how it works.) You pay a little more each month, but that safeguards your tuition from larger increases each year.

Estimated savings for Class of 2024 on LTP*

YearBase TuitionLTP TuitionSavings
2020-21$ 39,920$ 41,720$ (1,800)
2021-22$ 41,440$ 41,720$ (280)
2022-23$ 43,020$ 41,720$ 1,300
2023-24$ 44,660$ 41,720$ 2,940
TOTAL$ 169,040$ 166,880$ 2,160

* = assumes 3.8% tuition increase per year

Next Steps: TNet—Your Portal for Accepting or Declining Financial Aid

Begin snippet of example letter: Next Steps: TNet—Your Portal for Accepting or Declining Financial Aid section

Now that you’re a Pioneer, we’d like to introduce you to TNet, your student information portal. You can use TNet to review your financial aid offer and accept or decline financial aid from particular programs.

The information you need to log in to TNET is located below. The email listed is the one you provided on your admission application. If you no longer have access to that email account, please contact your admissions counselor to update it.

Your email address:

Your TNet login ID: ejworkman23

Your Colleague ID: 0765432

Your TNet Password: TransyXXXX (XXXX is the last 4 digits of your SSN)

  1. Go to
  2. Click on “Log In” in the menu at the top of the screen.
  3. Enter your TNet login ID and password. Click “Submit.”
  4. Select the “Prospective Students” box at the right of the page to access your options.
  5. In the “Financial Aid” section, you can click on “Financial aid award letter” to see your financial aid offer. From there you can accept or reject individual items within your financial aid offer.

Please note that after you submit your $500 enrollment deposit, you will have more options available in a current student section. So be sure to keep these instructions! If you have questions about your TNet account, please contact your admissions counselor at 859-233-8242 or 800-872-6798.

End snippet of example letter

If you have any TNet problems, please contact your admissions counselor.

Review Your Action Steps

If you’re ready to take the next step, here’s what you need to do:

  1. Become a Pioneer! Submit your $500 nonrefundable deposit.
  2. Accept or decline your aid.
    1. Make a decision about your financial aid by logging in to TNet, the instructions of which are located in your offer. We’ll reserve or release your grants and scholarships.
    2. Are you accepting federal work study and loan offers? Be sure to accept or decline those as well. If you have questions about your loans, contact the Office of Financial Aid.
  3. Sign up for a Crimson Compass event. We’ll host you overnight and help you with the next steps. You’ll meet other incoming students and even have the chance to submit your class preferences for fall!
  4. Keep your counselor up-to-date! Keep an eye on your email for our updates. And be sure to let us know if any changes occur to your financial status (whether it’s a gain through additional scholarships received or a loss of funding due to special circumstances). Let us know if you have any questions.

For questions, Contact the Office of Financial Aid

Phone: 859-233-8239 or 800-872-6798
Fax: 859-281-3650

Old Morrison, 1st Floor
Hours M-F, 8:30 a.m.-5 p.m.

300 North Broadway
Lexington, Kentucky