Welcome to the
Financial Aid
Refund
Workshop
Presented by:
Ruthann Wyatt and
Desiree Hernandez
The college that really works for working adults.
The Office of
Student Financial
Services
Location: Lower Level, College ...
Financial Aid Contacts
Last Names A -F
Cherita Brown- Financial Aid Specialist
Email: CDBrown@peirce.edu
Phone: 215-670-91...
How is a student loan
refund created?
You are first charged for your tuition,
fees, books and/or supplies. Then
your finan...
What do you need to do?
 Complete the Free Application for Federal Student Aid (FAFSA).
 Properly complete and submit al...
Free Application for
Federal Student Aid (FAFSA)
• Complete a FAFSA once a year to be considered
for the maximum amount of...
Common Requested
Financial Documents
 Official Transcripts
– High School
– College/University
 Verification Documents
– ...
Enrollment Status
• Semesters vs. Sessions
– 3 Semesters per award year: Fall, Spring & Summer
– 2 Sessions within each Se...
Enrollment Status for a Semester
• Full time vs. Part time
– 12 credits & Up = Full time student
– 9 -11 credits = Three q...
2013-2014 Tuition Cost
 Undergraduate Program
 Tuition (per credit hour) - $533
 Tuition (per 3 credit hour class) - $1...
Awards, Limits, and Disbursements
 Loan limits -The maximum amount you can borrow
each year in direct subsidized and unsu...
Awards, Limits, and Disbursements
 Undergraduate student classification
‾ Based on the amount of credits
earned towards t...
Awards, Limits, and Disbursements
 1
Except those whose parents are unable to borrow a PLUS loan.
2
These limits also app...
Awards, Limits, and Disbursements
Federal & State Grant Limits
If you are eligible for the Pell grant
you only have 12 fu...
Awards, Limits, and Disbursements
Financial aid resources are typically
disbursed twice within a semester (½ in
the odd se...
Example of Disbursements
1st
Disbursement 2nd
Disbursement
Charges:
Tuition and fees for session 3 course $1704
Bookstore ...
Awards, Limits, and Disbursements
 Types of refundable financial awards
– Federal Pell Grant
– Federal Supplemental Educa...
Refund Process
 Financial aid awards are posted to student accounts.
 Credit balances are reviewed for accuracy.
 Appro...
Refund Process
 Return student loan refund options
– Request to have all or a portion of the
refund return to the Departm...
Why didn’t I receive a refund?
 Missing Documents
– Official copies of requested transcripts
‾ Verification Documents
‾ M...
Why didn’t I receive a refund?
1st
Disbursement 2nd
Disbursement
Charges:
Tuition and fees for session 3 course $3,408
Boo...
My.Peirce.edu
• Under the “My Finance” tab, Announcements will be
updated with the next scheduled refund date.
www.my.peir...
Be an Educated Consumer!
 Make a Plan!
 How much will it cost to complete your degree?
 Monitor your loan and grant usa...
The college that really works for working adults.
Contact
Student Financial
Services
with questions.
215.670.9600
SFS@peir...
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Peirce College Aid Refund Workshop

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Peirce College Aid Refund Workshop

  1. 1. Welcome to the Financial Aid Refund Workshop Presented by: Ruthann Wyatt and Desiree Hernandez
  2. 2. The college that really works for working adults. The Office of Student Financial Services Location: Lower Level, College Hall Monday – Thursday 8:00am – 7:00pm Friday 8:00am – 5:00pm Phone:215-670-9600 Email: SFS@peirce.edu
  3. 3. Financial Aid Contacts Last Names A -F Cherita Brown- Financial Aid Specialist Email: CDBrown@peirce.edu Phone: 215-670-9195 Last Names G-L Desiree Hernandez -Financial Aid Specialist Email: DMHernandez@peirce.edu Phone: 215-670-9289 Last Names M-R Ashley McLaughlin- Financial Aid Specialist Email: ALMclaughlin@peirce.edu Phone: 215-670-9184 Last Names S-Z April Battle-Johnson- Financial Aid Specialist Email: ABattle-Johnson@peirce.edu 215-670-9172
  4. 4. How is a student loan refund created? You are first charged for your tuition, fees, books and/or supplies. Then your financial aid (grants, scholarships and/or loans) are applied. If you have more financial aid then you have charges you will have a credit balance.
  5. 5. What do you need to do?  Complete the Free Application for Federal Student Aid (FAFSA).  Properly complete and submit all requested financial documents.  Understand your enrollment status: – How many classes are you taking in each semester?  Know the cost of your tuition.  Identify your financial aid awards, limits and disbursements.  Be familiar with the Peirce College student refund process.  Utilize the student portal to review messages, account activity and specific financial information.  Contact Student Financial Services with questions.
  6. 6. Free Application for Federal Student Aid (FAFSA) • Complete a FAFSA once a year to be considered for the maximum amount of financial aid resources. www.fafsa.gov – Pennsylvanian Higher Education Assistance Agency (PHEAA) has a deadline date of May 1st for state grant consideration. • Refer to prior year tax returns and/or all income resources. • Current financial award year 2013-2014 – July 1, 2013 to June 30, 2014 • Upcoming financial award year 2014-2015 – July 1, 2014 to June 30, 2015
  7. 7. Common Requested Financial Documents  Official Transcripts – High School – College/University  Verification Documents – Federal Tax Transcript – Household income resources  Master Promissory Note  (federal direct loan application)  Entrance Counseling
  8. 8. Enrollment Status • Semesters vs. Sessions – 3 Semesters per award year: Fall, Spring & Summer – 2 Sessions within each Semester = 6 Sessions per year • Session 1 and 2 (fall) • Session 3 and 4 (spring) • Session 5 and 6 (summer) • Pre-registered vs. Current – Pre-registered: A class that has been added to a student schedule for financial review. – Current: You have the ability to cover the cost of your classes. • Reminder - all requested financial documents must be submitted and reviewed in order for financial aid to to be processed.
  9. 9. Enrollment Status for a Semester • Full time vs. Part time – 12 credits & Up = Full time student – 9 -11 credits = Three quarter time student – 6 - 8 credits = Half time student – 5 or less = Less than half time student • Limited financial resource • Repayment of student loans
  10. 10. 2013-2014 Tuition Cost  Undergraduate Program  Tuition (per credit hour) - $533  Tuition (per 3 credit hour class) - $1,599  Tuition (plus $105 Technology Fee per 3 credit hour class) - $1,704  Graduate Program  Tuition (per credit hour) - $750  Tuition (per 3 credit hour class) - $2,250  Tuition (plus $105 Technology Fee per 3 credit hour class) - $2,355  Employer Programs offer 25% discount off of tuition -$1,305  City of Philadelphia  University of Pennsylvania
  11. 11. Awards, Limits, and Disbursements  Loan limits -The maximum amount you can borrow each year in direct subsidized and unsubsidized loans depends on your grade level and on whether you are a dependent student or an independent student. The following table shows the maximum amount of money you may borrow each academic year in direct subsidized and unsubsidized loans as well as the total (or aggregate) amount you may borrow
  12. 12. Awards, Limits, and Disbursements  Undergraduate student classification ‾ Based on the amount of credits earned towards the degree you are seeking.  Freshman (0–24 credits)  Sophomore (25–60 credits)  Junior (61–92 credits)  Senior (93–over)
  13. 13. Awards, Limits, and Disbursements  1 Except those whose parents are unable to borrow a PLUS loan. 2 These limits also apply to dependent students whose parents are unable to borrow a PLUS loan. 3The numbers in parentheses represent the maximum amount that may be subsidized. 4 Graduate and professional students are not eligible to receive Direct Subsidized Loans for loan periods beginning on or after July 1, 2012. 5 The aggregate amounts for graduate students include loans for undergraduate study. Direct Stafford Loan Limits (Subsidized and Unsubsidized) Undergraduate students Graduate students Dependent1 Independent2 1st-year $5,500 ($3,500)3 $9,500 ($3,500) $20,500 ($8,5004 ) for each year 2nd-year $6,500 ($4,500) $10,500 ($4,500) 3rd- and 4th-year $7,500 ($5,500) $12,500 ($5,500) Aggregate $31,000 ($23,000) $57,500 ($23,000) $138,5005 ($65,500)
  14. 14. Awards, Limits, and Disbursements Federal & State Grant Limits If you are eligible for the Pell grant you only have 12 fulltime semesters worth of this program or 600% of Pell usage. If you are eligible for state grant, you only have 8 fulltime semesters worth of state grant eligibility.
  15. 15. Awards, Limits, and Disbursements Financial aid resources are typically disbursed twice within a semester (½ in the odd session and ½ in the even session). o Some disbursements such as PHEAA and institutional scholarships are only disbursed during the even sessions.
  16. 16. Example of Disbursements 1st Disbursement 2nd Disbursement Charges: Tuition and fees for session 3 course $1704 Bookstore Advance $ 285 Total Charges $1,989 Charges: Tuition and fees for session 4 course $1704 Bookstore Advance $ 150 Total Charges $1,854 Credits: 1st half of fall subsidized loan $583 1st half of fall unsubsidized loan $990 1st half of fall Pell $706 Total credits $2,279 Credits: 2nd half of fall subsidized loan $583 2nd half of fall unsubsidized loan $990 2nd half of fall Pell $706 PHEAA Grant $925 Total credits $3,204 Session 3 loan refund (shows up as a credit): $290 Session 4 loan refund (shows up as a credit): $1,350
  17. 17. Awards, Limits, and Disbursements  Types of refundable financial awards – Federal Pell Grant – Federal Supplemental Education Opportunity Grant (FSEOG) – Pennsylvania Higher Education Assistance Agency (PHEAA) – Federal Direct Student Loans – Federal Direct Parent Loan for Undergraduate Students (PLUS)  Types of non-refundable financial awards – Peirce College Institutional Scholarships – Some outside scholarships
  18. 18. Refund Process  Financial aid awards are posted to student accounts.  Credit balances are reviewed for accuracy.  Approved credit balances are transferred to the Peirce Discover® prepaid debit card between 7 and 14 days from the date the credit is posted. ‾ Make sure your debit card is activated.  Paper checks are optional by student request. ‾ Will also be processed and mailed between 7 and14 days from the date the credit is posted.  Email notification of the student loan refund is communicated once transferred to the debit card.
  19. 19. Refund Process  Return student loan refund options – Request to have all or a portion of the refund return to the Department of Education within a limited timeframe. – Request to have all or a portion of the refund returned to your student account for a limited timeframe.  Review Handout ‾ Debit Card ‾ Paper check
  20. 20. Why didn’t I receive a refund?  Missing Documents – Official copies of requested transcripts ‾ Verification Documents ‾ Master Promissory Note ‾ Entrance Counseling  Attendance ‾ Financial aid is only credited when a student is attending and actively participating in classes.  First time student receiving financial aid ‾ 30 day delay (funds will are delayed for the first 30 days after the student begins)  Return of Title IV Funds Review ‾ Dropped Courses ‾ Withdrawals
  21. 21. Why didn’t I receive a refund? 1st Disbursement 2nd Disbursement Charges: Tuition and fees for session 3 course $3,408 Bookstore Advance $ 285 Total Charges $3,693 Charges: Tuition and fees for session 4 course $1,704 Bookstore Advance $ 150 Total Charges $1,854 Credits: 1st half of fall subsidized loan $583 1st half of fall unsubsidized loan $990 1st half of fall Pell $706 Total credits $2,279 Credits: 2nd half of fall subsidized loan $583 2nd half of fall unsubsidized loan $990 2nd half of fall Pell $706 PHEAA Grant $925 Total credits $3,204 Session 3 current balance $1,414 Session 4 loan refund (shows up as a credit): $1,350 Above: Enrollment Status for the semester – example of 9 credits
  22. 22. My.Peirce.edu • Under the “My Finance” tab, Announcements will be updated with the next scheduled refund date. www.my.peirce.edu • My Account History will allow you to see what financial aid resources have been posted. • Peirce College Financial Aid System Tool (PCFAST) will allow you to see what financial awards are scheduled to post as well as documents that have or have not been received. Single sign-on is now active!
  23. 23. Be an Educated Consumer!  Make a Plan!  How much will it cost to complete your degree?  Monitor your loan and grant usage. Be mindful of your borrowing limits.  Use student refunds wisely as they are primarily from student loans and will increase your total loan debt (money you have to repay). For more information on loan and Pell grant status, please go to the National Student Loan Data System (NSLDS) at http://www.nslds.ed.gov/nslds_SA/
  24. 24. The college that really works for working adults. Contact Student Financial Services with questions. 215.670.9600 SFS@peirce.edu

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