FAQs

FAQ

Financial Aid FAQ

Get the answers you need about funding your education.

Do You Have Questions About Financial Aid?

We've got the answers for you. If you don’t find the information you’re looking for below, please contact our Student Financial Services department. We’re here to help!

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 worked per week.

Do I have to apply every year for Financial Aid?

Yes, you must complete a Free Application for Federal Student Aid (FAFSA) every year. New forms are available after January 1. In order to be considered for the PHEAA state grant, please note the deadline is May 1st each 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?

Unfortunately, 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.

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

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.

Should I wait until I have completed my federal tax forms before completing 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.

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.