Recapping our financial aid refund workshop
Recapping our financial aid refund workshop
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| IN CASE YOU MISSED IT: Feel free to reach out to a Student Financial Services Representative with any questions |
For the past couple of months, many students in the Peirce community have been trying to determine whether or not they will receive a financial aid loan refund in addition to their tax refund. As a result, on March 25, Student Financial Services presented a workshop to help students understand the financial aid refund process.
During the workshop, Student Financial Services representatives Ruthann Wyatt and Desiree Hernandez explained how the refund process works. The material covered in the workshop is important information for all students receiving financial aid, so we’re recapping the main points of the workshop for those who weren’t able to make it.
The first thing you need to know is that a student loan refund is created after you are charged for your tuition fees, books and supplies, and after your grants, scholarships, and loans are factored in. If you have more financial aid than you have charges, you will have a credit balance.
In order to be considered for the maximum amount of financial aid resources, you must complete a Free Application for Federal Student Aid once a year, which you can find here: www.fafsa.gov. In addition, you must also have these commonly requested financial documents on hand: official high school and college transcripts (if applicable), verification documents including federal tax transcript and household income resources(if selected and items have been requested), a master promissory note, and entrance counseling.
It’s also important to understand that whether you’ve exceeded your loan limit or not is a factor in determining if you’ll receive a loan refund. A loan limit is the maximum amount you can borrow each year in direct subsidized and unsubsidized loans This amount is dependent on your grade level and whether you are a dependent or independent student. To calculate your loan limit, please visit: http://www.finaid.org/calculators/loanpayments.phtml
If you have completed and turned in the necessary documentation, and the additional allowances have been met, the financial aid loan refund process can begin. First, the financial aid awards are posted to student accounts, and their credit balances are reviewed for accuracy.
In seven to fourteen days from the date the credit was posted, an approved credit balance is transferred to a Peirce debit card. (Paper checks are available upon request.) Upon transferring to a debit card, an email notification of the refund is communicated to the student.
If you didn’t receive a refund, there could be several reasons. If you’re a first-time student loan borrower, you will experience a 30-day delay in receiving your loan refund. You may also not receive a refund if you have not submitted or completed one of the critical documents outlined above. You may also be denied a refund for not attending or actively participating in classes, or for dropping or withdrawing from courses.
You can view the status of your refund by logging into the Peirce College portal. Announcements will be updated with the next scheduled refund date under the “My Finance” tab. Clicking on “My Account History” will allow you to see what financial aid resources have been posted. The 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.
Thanks to all who attended! For those of you that couldn’t attend the workshop, we have made the PowerPoint presentation available for you on the web.
If you have any further questions, please contact Student Financial Services at SFS@peirce.edu.
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