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, College Work Study, Peirce Grants, Scholarships, and Leadership Awards) to allow large refunds for personal expenses. Peirce reserves the right to adjust or cancel institutional aid awards to ensure compliance with this policy.
Students who incur future charges for books, tuition, or fees after his or her refund check has been processed will be responsible for payment of those charges. It is the student's responsibility to make payment arrangements with the Peirce College Financial Aid Office.
If you need additional funding for educational expenses, please fill out the additional funds request forms.
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:
- Unsubsidized Federal Stafford Loan
- Subsidized Federal Stafford Loan
- Unsubsidized Direct Stafford loans (other than PLUS loans)
- Subsidized Direct Stafford Loan
- Federal Perkins
- Federal PLUS loans
- Direct PLUS loans
- Federal Pell Grants for which a return of funds is required
- Federal Supplemental Educational Opportunity Grants (FSEOG) for which a return of Funds is required
- Other assistance under this Title for which a return of funds is required (e.g., LEAP)
- Academic Competitiveness Grant (ACG)
- National Science and Mathematic Access to Retain Talent Grant (SMART)
Award minimums will be honored where applicable. Funds returned to any program may not exceed those awarded from that program.
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