There is an administrative fee of $400 each semester you are on a co-op assignment. Below is a breakdown of the charges one may occur during a given work period:
|$400 Co-op fee
||$400 Co-op fee||$400 Co-op fee|
|Health insurance fee
||Health Service fee||Health Service fee|
|Health Service fee|| Meal plan (for residents)
|Meal plan (for residents)
||Housing||Student Activity fee|
|Housing||Student Activity fee|
|Student Activity fee|
Students participating in the Stevens Scholars program may also participate in the Cooperative Education program. In order to utilize the three scholars' summers, a scholars student scheduled to be on a co-op assignment in a summer semester may elect to participate either in a co-op term or take a scholars summer. However, he/she must do their designated summer of study where indicated on the schedule (Semester 4 on Schedule A or Semester 5 on Schedule B), and it must be a tuition-bearing semester. The scholar's student will complete the minimum co-op requirements of three alternating co-ops, two of which are not summer. All students, regardless of whether they are scholars students or not, must pay for eight academic semesters.
Each semester we provide the Financial Aid Office with a list of placed co-op students. Bank checks are returned to the source -- do not sign them or you may be charged a fee. Grants and scholarships are put on hold until you return -- as long as it is in the same academic year (September through August). If you only study one semester in a given academic year, you are only entitled to one semester of aid. Co-op students do not have access to their financial aid resources during work semesters.
Financial aid is dependent upon the Free Application for Federal Student Aid (FAFSA) that you submit each Spring. Keep in mind your Co-op earnings may affect your package in future years. Always complete your FAFSA for the entire academic year -- even if you are scheduled to be in school for only one semester the following year. That way, if something happens to prevent you from working, you will have funds available to attend school.
The Federal government has made a change to the 2010-2011 Free Application for Federal Student Assistance (FAFSA). In the 2010-2011 award year you will still be required to report a student's earnings from their Co-op Program in their adjusted gross income and wages. However there is a new section on the FAFSA called Co-op earnings that allows you to report the specific dollars a student earned working in a Co-op Program for the school year. Based on the formula used by the Federal Government in calculating the estimated family contribution (EFC), they will be reducing the adjusted gross income and wages by their Co-op earnings.