Financial Aid FAQ

Financial facts for private college

Affordability
Fully 25 percent of bachelor’s graduates had no education debt. Among students who borrowed, the difference in median debt levels between private and public institutions is $4,375.

Low, middle - and upper-income family backgrounds
Students from all financial backgrounds attend private institutions.

A higher percentage receive financial aid
Independent institutions are twice as likely to award grants (80 percent to 40 percent) as public institutions, and more than three times as likely (80 percent to 24 percent) as for-profit schools.

More institutional financial aid
Private institutions award three times as much financial aid
as public institutions do, five times the amount at for-profit schools and almost six times the institutional grant aid the federal government provides.

Costs: less than many believe
Students pay, on average, less than 60 percent of established tuition, fees, room and board. Those from families with lower incomes pay less.

FAQ

  • How much will my books cost and how can I pay for them?

    We estimate that the average Hanover student will spend approximately $1,200 per year for books. You may purchase books with a check, cash or a major credit card. Please contact the bookstore (812-866-7120) if you have specific questions regarding payment policies. Also, if you have excess funds on your student account, the Business Office can issue you a credit voucher that you can take to the bookstore and use to purchase your books. Please contact the Business Office (812-866-7043) if you need additional information about the credit voucher procedure. 

  • Should I participate in commercial scholarship or financial aid searches?

    We encourage our students to research the availability of any financial assistance that may be available. However, do not participate in any search which requires you to pay a fee in order for an agency to find scholarships or grants for you. Please note that applying for need-based aid is free at www.fafsa.ed.gov. Frequently, these search agencies turn up federal sources of aid or other funds you could most likely locate on your own. We have very few students who tell us they found additional aid by using a commercial search company.

  • My financial aid award does not cover all my costs. What are some ways I can pay for the balance?

    If your family is not able to pay your balance, we first recommend that you maximize your Stafford Loan. To obtain eligibility for the Stafford Loan program file the FAFSA at www.fafsa.ed.gov. If you have maximized the Stafford Loan and still need additional funds, your parent can apply for a Federal PLUS Loan. You can also apply for an alternative/private loan. Additional loan information can be found at our loans and payments page.

    Hanover parents can also take advantage of a monthly payment plan. The plan allows you to pay off your balance in 10 monthly payments (July – April), interest free. There is an annual enrollment fee of $55. For more information, contact the Business Office (812-866-7041) or visit our loans and payments page.

  • Can I borrow less than the amount listed on my award letter?

    Absolutely. We list the maximum Stafford Loan (if any) you are eligible for on your award letter. However, we encourage you to borrow the least amount possible.

  • I am interested in finding a campus job, but Federal Work-Study was not listed on my aid award. Am I eligible for it?

    If you are eligible for Federal Work Study it will be listed in your financial aid award letter. There are also jobs available on campus that are not part of the Federal Work Study program that are open for all students. Information about available jobs is available on MyHanover under the Resources tab.  Students are paid via a monthly paycheck.

  • How do I determine whether I am a dependent or independent student for financial aid purposes?

    Hanover uses the FAFSA guidelines to determine dependency status. To be considered an independent student for the 2014-2015 academic year, a student must be able to answer "yes" to one of the following questions on the day you file your FAFSA:

    • Were you born before January 1, 1991?
    • At the beginning of the 2014-2015 school year, will you be working on a master's or doctorate program (such as an MA, MBA, MD, JD, PhD, EdD, graduate certificate, etc.)?
    • As of today, are you married? (Also answer "Yes" if you are separated but not divorced.)
    • Do you now have or will have children who will receive more than half of their support from you between July 1, 2014 and June 30, 2015?
    • Do you have dependents (other than your children or spouse) who live with you and who receive more than half their support from you, now and through June 30, 2015?
    • At any time since you turned age 13, were both your parents deceased, were you in foster care or were you a dependent or ward of the court?
    • Are you currently serving on active duty in the U.S. Armed Forces for purposes other than training?
    • Are you a veteran of the U.S. Armed Forces?
    • As determined by a court in your state of legal residence, are you or were you an emancipated minor?
    • As determined by a court in your state of legal residence, are you or were you in legal guardianship?
    • At any time after July 1, 2013, did your high school or school district homeless liaison determine that you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless?
    • At any time after July 1, 2013, did the director of an emergency shelter or transitional housing program funded by the U.S. Department of Housing and Urban Development determine that you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless?
    • At any time after July 1, 2013, did the director of a runaway or homeless youth basic center or transitional living program determine that you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless?

    If you cannot answer yes to at least one of these questions, then you are considered a dependent student. Your dependency status for financial aid purposes is not affected by whether you file your own tax return, or whether you are listed as a dependent on your parent's tax return.

    If you cannot answer yes to one of these questions but feel you have extenuating/special circumstances that may qualify you as an independent student than you may request a review of your dependency status. Please note that the primary responsibility for meeting college costs rests with students and their parents and the unwillingness of a parent to provide support is not an acceptable reason for a change in dependency status.  

  • Can international students apply for financial aid?

    Only United States citizens (US nationals) and eligible non-citizens can file the FAFSA to apply for federal and state need-based aid. All other students, including those in the US on an F1 or F2 student visa, are not eligible to file the FAFSA. International students will be considered for a scholarship through Hanover's Admission Office. Visit our international admission section for additional information on admission and financial assistance for international students.

  • Will my financial aid package change from year to year?

    You must re-apply for need-based aid each year by filing the FAFSA. Assuming that your financial situation stays the same and you maintain good academic standing, your aid should stay about the same from year to year. Keep in mind that changes in your household size, in the number in college, or in your or your parents' income or assets can have an effect, either positive or negative, on your financial assistance awards. Merit scholarships are automatically renewed each year provided you maintain the required G.P.A. for your scholarship.

  • How will scholarships from agencies other than Hanover affect my financial aid award?

    It really depends on the amount of the outside scholarships and on whether or not we have been able to meet your need with other assistance. Please notify us when you find out you have received an outside scholarship and we will notify you of any changes to your existing awards by sending you a revised award letter.

  • I think my parents make too much money. Do I really need to file the FAFSA to apply for assistance?

    We encourage all students to complete a FAFSA for their first year in college. Parental income is not the only factor that determines aid eligibility, and some people are pleasantly surprised to find that they qualify for assistance. Keep in mind that families who do not receive other need-based aid can still borrow a Federal Unsubsidized Stafford Loan by filing the FAFSA. Filing the FAFSA is the only way to maximze all possible sources of funding for your education.

  • We heard that tax credits exist for families who pay higher education tuition. Can you explain more about them?

    In 1997 the Taxpayer Relief Act was introduced, allowing eligible families to receive tax benefits for higher education costs. The Hope Scholarship Credit and Lifetime Learning Credit are outlined fully in IRS Publication 970, Tax Benefits for Higher Education. Visit the IRS Website or call 800-829-3676 to request a copy of this publication. Hanover cannot offer families tax advice concerning these or other tax issues. For detailed information and advice, we recommend you consult your tax preparer. If you have a student enrolled at Hanover, and need more information concerning the 1098-T form that was mailed to you, contact the Business Office (ext. 7041).

  • Why do I have to submit a Federal tax return transcript?

    The Department of Education requires us to verify information submitted on the FAFSA. Therefore,  students are selected for verification and are required to submit documentation so Hanover can verify that the information on the FAFSA is correct. We cannot proceed with processing your financial assistance until all of the required documentation has been submitted.

  • Where do I send scholarship money that I received from outside organizations?

    Hanover College Business Office, PO Box 108, Hanover, IN 47243 

Still have a question?

Feel free to contact the Office of Financial Aid via email finaid@hanover.edu or call 1-800-213-2178.