Peirce College Aid Refund Workshop
Post on 18-Nov-2014
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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 Hall
Monday – Thursday8:00am – 7:00pmFriday 8:00am – 5:00pm
Phone:215-670-9600
Email: SFS@peirce.edu
Financial Aid ContactsLast Names A -F
Cherita Brown- Financial Aid SpecialistEmail: CDBrown@peirce.edu
Phone: 215-670-9195
Last Names G-LDesiree Hernandez -Financial Aid Specialist
Email: DMHernandez@peirce.eduPhone: 215-670-9289
Last Names M-RAshley McLaughlin- Financial Aid Specialist
Email: ALMclaughlin@peirce.eduPhone: 215-670-9184
Last Names S-ZApril Battle-Johnson- Financial Aid Specialist
Email: ABattle-Johnson@peirce.edu 215-670-9172
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.
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.
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
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
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.
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
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
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
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)
Awards, Limits, and Disbursements
1Except those whose parents are unable to borrow a PLUS loan.2These 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.4Graduate and professional students are not eligible to receive Direct Subsidized Loans for loan periods beginning on or after July 1, 2012.5The aggregate amounts for graduate students include loans for undergraduate study.
Direct Stafford Loan Limits (Subsidized and Unsubsidized)
Undergraduate studentsGraduate 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)
Awards, Limits, and Disbursements
Federal & State Grant LimitsIf 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.
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.
Example of Disbursements
1st Disbursement 2nd DisbursementCharges:Tuition and fees for session 3 course $1704Bookstore Advance $ 285Total Charges $1,989
Charges:Tuition and fees for session 4 course $1704 Bookstore Advance $ 150Total Charges $1,854
Credits:1st half of fall subsidized loan $5831st half of fall unsubsidized loan $9901st half of fall Pell $706Total credits $2,279
Credits:2nd half of fall subsidized loan $5832nd half of fall unsubsidized loan $9902nd half of fall Pell $706PHEAA Grant $925Total credits $3,204
Session 3 loan refund (shows up as a credit): $290
Session 4 loan refund (shows up as a credit): $1,350
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
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.
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
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
Why didn’t I receive a refund?1st Disbursement 2nd Disbursement
Charges:Tuition and fees for session 3 course $3,408Bookstore Advance $ 285Total Charges $3,693
Charges:Tuition and fees for session 4 course $1,704 Bookstore Advance $ 150Total Charges $1,854
Credits:1st half of fall subsidized loan $5831st half of fall unsubsidized loan $9901st half of fall Pell $706Total credits $2,279
Credits:2nd half of fall subsidized loan $5832nd half of fall unsubsidized loan $9902nd half of fall Pell $706PHEAA Grant $925Total 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
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!
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/
The college that really works for working adults.
Contact Student Financial
Services with questions.
215.670.9600SFS@peirce.edu
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