Financial Aid Information for Graduate students for the 2013-2014 academic year
Students who would like to determine their eligibility for financial aid should complete the Free Application for Federal Student Aid (FAFSA) for 2013-2014 which can be found online at www.fafsa.ed.gov and is available after January 1, 2013.
You will need a Personal Identification Number (PIN) in order to sign the FAFSA electronically. This PIN can be obtained on the same website where you complete the FAFSA. Keep this number in a safe place as you will need it in future years and to sign other Federal documents. Please be sure to include Peirce's school code of 003309 so the completed FAFSA is sent electronically to the College.
Process to complete Entrance Counseling and the Master Promissory Note (MPN)
If you choose to borrow through the Federal Government's loan programs, please note that you must complete a Master Promissory Note (MPN) and loan entrance counseling.
- Go online to www.studentloans.gov.
- Select Sign In (In green on the left)
- Enter your Social Security number, the first 2 Characters of your Last Name, your Date of Birth and your PIN.
- Once you're in, select Complete Entrance Counseling. It will take you about 30-45 minutes to complete entrance counseling.
- Next select Complete Master Promissory Note. Then select Subsidized/Unsubsidized. Please be sure to have your Driver's License and the information for two (2) references that do not live at the same address.
- As long as you include Peirce College's school code (003309), we will receive your information electronically.
TYPES OF AID
As a graduate student, you might be eligible for the following types of financial aid based upon the results of the FAFSA, number of credits you are taking per semester and how much money you have borrowed at other institutions:
Unsubsidized Federal Direct Loans
Under direct lending, the Federal Government allows eligible students through the higher education institutions they attend to borrow money. At the graduate level, students are eligible to borrow an Unsubsidized Direct Loans for a maximum of $20,500 per academic year. The student is responsible for paying all the interest on the Unsubsidized Direct Loan as this is an interest bearing promissory note. Six months after the student is no longer enrolled or is less than six credits (or the equivalent of half-time status) the student will enter repayment.
Federal Graduate PLUS
Credit-worthy graduate students can borrow money needed to cover the total educational cost of the academic program, minus other financial aid. These loans are not need-based and are based solely on credit ratings. Please note that a student must borrow the Unsubsidized Direct Loans first. As with any loan, please borrow only what you need since this is money you will have to repay to the Federal Government.
Federal Work Study
A student enrolled as a graduate or professional student in a degree seeking program is eligible to receive assistance through the Federal Work Study Program. In order to be considered for the Federal Work Study program, a student must demonstrate financial need which is determined by completing the FASFA. A student can be a full-time or part-time student at Peirce and be eligible for Federal Work Study. A student can choose to work on campus or at an approved off campus location. The student is paid in the form of a check for the hours he/she works.
Please contact Cherita Brown, Specialist, Student Financial Services, if you have any questions: