Stillman College: Understanding Tuition, Costs, and Financial Aid Options

For students considering higher education, understanding the financial aspects of college is crucial. Stillman College, with its rich history and commitment to student success, offers various options to make education accessible. This article provides a detailed overview of Stillman College's tuition, associated costs, and available financial aid programs, empowering prospective students and their families to make informed decisions.

Decoding the Costs: Tuition and Beyond

Stillman College's tuition is $12,700, which is considerably less than the national average cost of tuition of $47,097. This figure represents the "sticker price," encompassing both tuition and fees. Fees may cover essential services such as library access, gym facilities, student centers, technology resources, and campus health services.

When comparing colleges, it's essential to consider the total cost and the net price. The total cost includes the sticker price, plus expenses for food and housing, books and supplies, and transportation and personal expenses. At Stillman College, the total cost amounts to $26,034.

The net price is the actual amount a student pays after factoring in grants and scholarships. Stillman College had an average net price of $12,479 in 2023. This figure is calculated from full-time beginning undergraduate students who were awarded a grant or scholarship from federal, state, or local governments, or the institution. It's important to note that the net price is specific to each student's circumstances and the college's financial aid policies.

Financial Aid: Bridging the Gap

Stillman College recognizes that financing a college education can be challenging. The Office of Financial Aid is dedicated to removing financial barriers and assisting students in meeting the cost of attendance. They provide resources and information about grants, employment, and student loans, along with counseling and assistance in completing the Free Application for Federal Student Aid (FAFSA).

Due to limited funds in some programs, the Office of Financial Aid may not always be able to meet each student’s full financial need. However, alternative sources of assistance may be available.

Navigating the FAFSA

To be eligible for federal and state financial aid, students must complete the Free Application for Federal Student Aid (FAFSA) and list Stillman College's School Code: 001044. The FAFSA can be completed online at www.studentaid.gov or via a smartphone app starting October 1st of the year before attending. Staff are available to assist students and parents in completing the FAFSA. The 2025-26 FAFSA will require 2022 federal tax information. It is recommended that students and parents use the IRS Data Retrieval Tool to transfer their tax information onto the FAFSA.

Verification Process

Verification is the process where the Office of Financial Aid confirms the accuracy of the information provided on the FAFSA. If selected for verification, students must complete the process before any awards are finalized. The Office of Financial Aid will submit any necessary changes resulting from the verification documents.

Grants: Funding That Doesn't Need Repaying

Grants are awards that do not require repayment. Only undergraduate students who have not previously earned a bachelor’s degree are eligible.

Federal Pell Grant: This grant is based on the Student Aid Index (SAI), which is calculated by the Department of Education based on the information provided on the FAFSA, the number of credit hours per semester, and the cost of attendance. The Federal Pell Grant is awarded based on full-time enrollment but disbursed based on actual credit hours attended. Federal Pell Grant funds are not available for certificate, special admit, transient, second degree, non-degree, learning support, high school, and graduate students.
Federal Supplemental Educational Opportunity Grant (FSEOG): This grant is awarded based on the SAI number, financial need, and available funds. FSEOG funds are not available for certificate, special admit, transient, non-degree, learning support, and high school students.
Teacher Education Assistance for College and Higher Education (TEACH) Grant: This grant provides up to $4,000 per year to students who agree to teach for four years at an elementary school, secondary school, or educational service agency serving students from low-income families, and who meet other requirements.
Iraq and Afghanistan Service Grant: Similar to other federal grants, this grant assists college or career school students in paying for their education expenses.
Alabama Student Grant: This grant is awarded to Alabama residents enrolled in at least 6 credit hours for the fall or spring semester. Award amounts vary.

Work-Study: Earning While Learning

The Federal Work-Study Program provides part-time jobs for students with financial need. Students are paid $8.00 per hour and are limited to 19 hours per week. Students must work to get paid.

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Loans: Borrowing Responsibly

A loan is money borrowed that must be repaid with interest. Students and families are encouraged to carefully consider the debt from educational loans before accepting any loan offers. Review alternative options available to reduce the amount borrowed.

Calculate the total debt and monthly payments for loans accrued over the span of the entire educational career, not just one academic year.
Compare total debt to projected future income to assess whether it's a wise investment and if the payments will be manageable.
Review ways to reduce time in school, such as taking 15 hours a semester or taking classes online during the summer.

Consider loan co-signers, such as parents borrowing a Parent Plus Loan, and others who may be borrowing on the student's behalf.

The loan fee for federal student loans first disbursed on or after October 1, 2020, and before October 1, 2026, is 1.057%. This amount is deducted from the loan disbursement.

Federal Stafford Loans: These loans have yearly limits, with $138,500 for graduate or professional students (no more than $65,500 of this amount may be in subsidized loans).
Federal Direct Stafford Parent Plus Loan: This loan is made to parents of dependent undergraduate students to help pay for education expenses not covered by other financial aid. Eligibility is not based on financial need, but a credit check is required. Borrowers with an adverse credit history must meet additional requirements to qualify. The initial payment starts approximately sixty days after the loan has been fully disbursed to the student’s account. The borrower may choose to defer the payments. A loan fee will be charged and taken out of the loan. Interest rates are variable but capped at 9%.

Many private lending institutions offer loans to students and families seeking assistance to meet expenses related to attendance at Stillman College. Students are not required to borrow with any of the lenders listed by the college and may borrow with any lender offering a private student loan. Stillman College does not discriminate against lenders and will certify loans from any private lender provided the student meets the lender’s eligibility requirements.

Stillman College participates in the William D. Ford Federal Direct Loan Program, which includes Direct Subsidized and Direct Unsubsidized Student loans, and the Direct Parent Plus loans. To a lesser extent, private loans are also processed for students on an as-needed basis.

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Scholarships: Recognizing Achievement and Need

Scholarships are a form of funding that does not need to be paid back. Need-based scholarships consider a student’s financial status, while merit-based scholarships are awarded for academic or athletic achievement. Scholarships may also be awarded based on community service involvement, unique hobbies or traits, personal background, or a parent’s employer or military affiliation. Stillman College offers both need-based and merit-based scholarships and grants.

In fall 2023, 86% of first-year students received need-based financial aid. The average need-based scholarship or grant awarded to first-year students at Stillman College was $8,725. Additionally, the average non-need-based scholarship or grant awarded to first-year students was $2,662.

Student Loan Debt: A Long-Term Consideration

Student loan debt can significantly impact a student's financial life long after college. Ideally, total student loan debt should fall below the anticipated starting salary after graduation. At Stillman College, the median federal loan debt among borrowers who completed their undergraduate degree is $29,067. The median monthly federal loan payment (if repaid over 10 years at 5.05% interest) for student federal loan borrowers who graduated is $308.

In 2024, the average total indebtedness of the graduating class was $29,170, with 78% of graduating students having borrowed some type of loan.

Stillman College: A Closer Look at Key Statistics

Here's a snapshot of Stillman College based on recent data:

2023 Undergraduate Tuition: $9,548
2023 Average Net Price: $12,479
2022 Default Rate on Student Loans: 0%
2023 Acceptance Rate: 74.2% (1,811 accepted out of 2,440 applicants)
2023 Enrolled Students: 779
2023 Full-Time Enrollment: 84.7%
2023 Graduation Rate: 41%
Most Common Race/Ethnicity of Degree Recipients (2023): Black or African American (86 degrees awarded)

Understanding Costs and Financial Aid: A Step-by-Step Approach

Calculate the Cost of Attendance: This is the total amount of money the average student has to pay, without any financial aid, to attend Stillman College.
Complete the FAFSA: This application is essential for determining eligibility for federal and state financial aid, as well as many institutional grants and scholarships.
Explore Scholarship Opportunities: Research and apply for both need-based and merit-based scholarships from various sources.
Consider Work-Study: If eligible, the Federal Work-Study Program can provide valuable part-time employment opportunities.
Borrow Responsibly: If loans are necessary, carefully consider the amount borrowed and the repayment terms.
Utilize the Net Price Calculator: This tool provides a personalized estimate of the net price based on individual financial circumstances.

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