Financial Aid:
Policies
Eligibility and Determination of Need
- To be eligible for any of the government-funded programs, the student must be (1) a U.S. citizen or an eligible non-citizen, (2) a regular student enrolled for the purpose of obtaining a degree or certificate, (3) making satisfactory academic progress toward the completion of a chosen program of study, and (4) in need of financial aid as determined by the federal methodology needs analysis system.
- Financial need is determined on the basis of information supplied on the Free Application for Federal Student Aid (FAFSA). All applicants are analyzed according to the formula known as the Federal Methodology. In determining the extent of the student's need, consideration is given both to the amount of support which may be expected from all family financial strength, such as taxes, number of dependants, debt, and other educational responsibilities and retirement needs. Financial aid is awarded for one academic year at a time; students must reapply annually for a renewal of aid. Renewal depends upon continued financial aid need and satisfactory academic progress.
Maintaining Academic Progress
Federal and state regulations require that students demonstrate satisfactory academic progress in their course of study to be eligible to participate in any Title IV or State financial aid program. At Peirce College, students demonstrating satisfactory progress are eligible for Title IV aid if they meet the requirements listed below:
- maintain the minimum grade point average necessary for continued enrollment and demonstrate a minimum cumulative grade point average of 2.0 after the second academic year of attendance
- successfully complete the minimum required number of credits after enrollment for one academic year (two terms)
- complete their program of study within the required maximum time frame. The maximum time frame during which a student is eligible for Title IV financial aid is one and one-half academic years for enrollment in certificate programs, and three academic years for enrollment in associate degree programs and six academic years for a bachelor's degree program as measured by credit hours completed
Appeal
Appeals must be made in writing to Student Financial Aid Services. Each appeal evaluation is an individual judgment based on that student's record and personal circumstances. Successful student appeals will result in an appropriate individual adjustment to the satisfactory progress policy. Some examples of extenuating personal circumstances for which an appeal may be made are: illness, death of a family member, employment responsibilities, change in program of study, or the length of time since previous enrollment. Appropriate documentation must accompany an appeal.
Reinstatement of Title IV Aid Eligibility
Students who do not demonstrate satisfactory progress and are not able to meet the appeal criteria of extenuating circumstances must reestablish satisfactory progress by enrolling and successfully completing enough credits to meet policy requirements without receiving payment from Title IV financial aid programs. Students pursuing this course of action should consult with a Peirce Financial Aid Specialist for the number of credits needed to reinstate Title IV eligibility. A copy of the entire satisfactory academic progress policy is available in the Office of Student Financial Aid upon request.
State Financial Aid Satisfactory Progress
The PHEAA program imposes a separate and more stringent satisfactory progress policy than the one used for Title IV aid programs. Eligible students must be enrolled full-time (for the PHEAA grant only). In addition, a student enrolled full-time in an associate degree (two-year) program may remain eligible for PHEAA grants for a maximum of four terms. A student enrolled in a bachelor's degree (4-year program), may remain eligible for PHEAA grant for a maximum of eight terms. Students who become ineligible for state financial aid because of unsatisfactory progress may still remain eligible for Title IV funds by meeting Title IV satisfactory progress requirements. For more information on any of the financial aid policies, freshmen scholarships (merit-based and leadership scholarships), loans and/or returning student scholarships, stop by the Office of Student Financial Aid.
Student Refund Policy
Students, who receive financial aid in excess of tuition, fees and book costs, may be eligible for a refund to be used for indirect educational expenses. However, because of limits on funding, Peirce does not package institutional financial aid (FSEOG, Peirce Grants, Scholarships and Leadership Awards) to allow refunds for personal expenses. Peirce reserves the right to adjust or cancel institutional aid awards to ensure the compliance with this policy.
In an effort to keep our default rate low, Peirce College has the authority to refuse certification of a loan application or to limit the amount borrowed as allowed by Federal Regulations (CFR 682.603(e)). In determining approved borrowing amounts, Peirce College will consider the following as Indirect Educational Expenses, which occur within the 14-week period:
Childcare Expense
Peirce College may authorize childcare expense. Written documentation must be provided
from the childcare provider.
Extenuating Living Situation
Peirce College may authorize expenses for any living situation that a rises such
as natural disasters or home displacement such as a fire or flooding during the
semester. A student should provide written documentation for review.
Computer
Peirce College may authorize expense for a one-time computer purchase. A student
must provide a written purchase agreement for the computer.
Please review the instructions carefully and return the necessary information to Student Financial Services. To ensure that you request is processed in a timely manner; please be aware of the following deadlines in bolded.
Fall Semester - October 1st - Refunds processed end of November
Spring Semester - Feb. 1st - Refunds processed end of April
Summer Semester - June 1st - Refunds processed beginning of August
Refunds are processed when financial aid has been applied to the students account. Refund checks are processed through the Student Financial Services and mailed by the Business Office. Refunds are mailed to the student's home address on record. No individual checks will be processed for students. To check the status of your refund, please verify your address. Refund checks are mailed to the student's home address on record. Expect to receive your refund check within 7 to 10 business days after it is deducted from your account.
IIn order to process a refund over $500 you need to complete an Additional Funds Form. To ensure that your request is processed in a timely manner, please be aware of the following deadlines highlighted in red below:
Fall Semester - October 1st - Refunds processed end of November
Spring Semester - Feb. 1st - Refunds processed end of April
Summer Semester - June 1st - Refunds processed beginning of August
In an effort to keep our default rate low, Peirce College has the authority to refuse certification of a loan application or to limit the amount borrowed as allowed by Federal Regulations (CFR 682.603(e)). In determining approved borrowing amounts, Peirce College will consider the following as Indirect Educational Expenses, which occur within the 14-week period:
A check may be refunded to you due to an overage of financial aid or a refund request. Please be advised to cash a refund check at TD Bank you will need your Peirce ID and one of the following forms of identification, valid driver's license, non-driver's license, passport, active Military ID card. If you encounter any difficulty in cashing this check, please ask the branch personnel to contact Rittenhouse Square Office in Philadelphia. If you incur future charges from books, tuition or fees after a refund check has been processed, you will be responsible for payment of these charges.
Return of Title IV Funds Policy
A statutory schedule is used to determine the amount of Student Financial Aid (SFA) program funds a student has earned when he or she ceases attendance based on the period the student was in attendance. As a result, the order of return of unearned funds no longer includes funds from sources other than SFA programs. The Return of Federal Funds Worksheet is available online (PDF) or may be requested from Student Financial Aid Services.
- Determine the percentage of the payment period the student attended before withdrawing. The percentage of the period attended determines the percentage of aid earned. The percentage completed equals the number of days completed as of the withdrawal date divided by the number of days in the semester or payment period. This percentage is also the percentage of aid earned. If the percentage attended is equal to or greater than 60%, the percentage earned becomes 100%. (Worksheet Step 2)
- Determine the amount of Title IV aid earned by multiplying the total Title IV aid (other than FWS) for which the student qualified by the percentage earned. Total Title IV includes both aid that was disbursed and aid that could have been disbursed.(Worksheet Step 3)
- Compare the amount earned to the amount actually disbursed prior to withdrawal (other
than FWS). (Worksheet Step 4)
- If more aid was disbursed than was earned, determine the amount of Title IV aid that must be returned (i.e. that was unearned) by subtracting the earned amount from the amount disbursed.
- If less aid was disbursed than was earned, the student is entitled to a post withdrawal disbursement for the difference within 30 days of the student's withdrawal.
- Allocate the responsibility for returning unearned aid between the school and the
student. Per federal guidelines, refunds to federal aid programs will be accomplished
in the following order:
- FFELP Unsubsidized Federal Stafford Loan
- FFELP Subsidized Federal Stafford Loan
- Unsubsidized Federal Direct Stafford loans
- Subsidized Federal Direct Stafford Loan
- Federal Perkins Loans
- Federal parent or Grad PLUS loans
- Direct parent or Grad PLUS loans
- Federal Pell Grants
- Academic Competitiveness Grant (ACG)
- National Science and Mathematic Access to Retain Talent Grant (SMART)
- Federal Supplemental Educational Opportunity Grants (FSEOG)
- TEACH Grant
Award minimums will be honored where applicable. Funds returned to any program may not exceed those awarded from that program.
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