Frequently Asked Questions

Tags: FinancialAid


Financial Aid:

Frequently Asked Questions

What is included in a financial aid award package?

Do I have to apply every year?

My parents tell me that I am 18 and on my own. Can I be considered a self-supporting student for the needs analysis?

My parents are divorced, and I live with my mother. Will her income and assets be the only information required for need analysis?

If I am married, do I need my spouse's income?

Should we wait until they have completed their IRS 1040 tax forms before completing the application for aid, the FAFSA?

How and When Will I Receive My Financial Aid?



What is included in a financial aid award package?

A typical package may include gift aid (grant and scholarship), a student loan with low interest rates and no payments while in college, and on campus employment, usually requiring no more than 20 hours work per week.

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Do I have to apply every year?

Yes, you must complete a Free Application for Federal Student Aid (FAFSA) every year. Renewal applications are mailed to all students in early December.

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My parents tell me that I am 18 and on my own. Can I be considered a self-supporting student for the needs analysis?

No. As an undergraduate you can only be considered self-supporting if you are age 24 or older, married, a veteran, have a dependent other than a spouse, or are an orphan or a ward of the court.

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My parents are divorced, and I live with my mother. Will her income and assets be the only information required for need analysis?

Yes, for federal methodology and completion of the FAFSA. However, colleges that use the verification form may require disclosures by the non-custodial natural parent. If the custodial parent is remarried, the step-parent's income and assets must be included on the FAFSA and verification forms.

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If I am married, do I need my spouse's income?

Yes. If you are married you must provide both incomes. This means both incomes must be provided on the FAFSA.

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Should we wait until they have completed their IRS 1040 tax forms before completing the application for aid, the FAFSA?

Not if the forms will be delayed beyond the deadline for submission set by the college to which you are applying. Estimates can be used.

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How and When Will I Receive My Financial Aid?

  • For grants, most scholarships, Stafford Loan funds, and PLUS Loan funds, our office reviews your enrollment and other eligibility criteria and authorizes payment to your student account.
  • Your awards may increase, decrease, or be cancelled, depending on these eligibility reviews. If your aid is cancelled for any reason, you are responsible for paying all tuition, fees, and book charges you have incurred. Credited funds are applied to your unpaid balance, including any charges you may have for books.
  • For first-time Stafford loan borrowers, funds are credited 30 days after your first day of classes.
  • All refunds will be processed during Sessions 2, 4, and 6. Students must complete an additional funds form for childcare, transportation and computer purchases. Peirce College will send your refund check to you within 14 days after your aid is credited. If your charges exceed your credited aid, you must pay the balance.

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