FAQ

Q.

What percentage of your students receive financial aid?

A.

For first-time and transfer students in the Undergraduate College, nearly 100% of the students will receive one or more forms of financial aid.

Q.

What forms are needed to apply for financial aid?

A.

For students in the Undergraduate College, the FAFSA is the only application required. However, additional forms must be completed for students who wish to borrow a Federal Direct Subsidized/Subsidized Loan or participate in the Federal Work Study program. Additional paperwork is also required for parents who wish to borrow the Direct PLUS Loan. If your FAFSA is selected for verification, then you will also need to submit a Verification Worksheet and signed copies of your and your parents’ (for dependent students) federal income return and W2 forms.

For students in the Schools of Graduate and Professional Studies, a supplemental financial aid application is also required.

Q.

What is the FAFSA?

A.

The FAFSA is the Free Application for Federal Student Aid. This form is used to determine the amount of money a family is expected to contribute toward the cost of attending a college or university. The results of the FAFSA are used in determining student grants, work study, and loan amounts.

Q.

What is listed in the financial aid award letter and when will I receive one?

A.

The financial aid award letter spells out the details of your financial aid package. A financial aid package is a collection of different types of financial aid from multiple sources. The award letter is created by a Rosemont College financial aid counselor after you have been admitted to the college and submitted your FAFSA.

Q.

How do I determine how much of my tuition, fees, and housing costs are covered by my financial aid package?

A.

Your financial aid award letter will tell you the total amount of financial aid for which you qualify for a full academic year. Subtract this amount from the annual tuition and fees at Rosemont and you will learn whether you have a balance to cover outside of the financial aid process. With your initial financial aid package, you will receive a worksheet to help you calculate your costs.

Q.

Are loans considered financial aid?

A.

Yes, loans are considered a form of self-help aid. These loans are only for college students pursuing degrees, are guaranteed, and, in some cases, are subsidized by the federal government.

Q.

What is a PLUS loan?

A.

This is a loan that the parent of a student attending college can assume to help pay the child’s college costs. To obtain the loan, the parent will need to be approved based on the parent’s credit history. If the parent is denied the PLUS loan, the student could be eligible for additional Direct Unsubsidized Loan.

Q.

What is Federal Work Study?

A.

Federal work study awards are estimates of what a qualifying student could potentially earn in a given semester or year by working at a job, in most cases, on campus. An award amount does not guarantee a student a position or the certainty of earning the award. If a student has an award indicating they have eligibility, they will be given the ability to apply for a position. These positions are competitive due to limited federal funding.

Q.

What is the difference between a scholarship and a grant?

A.

A scholarship is normally based on merit. Often merit is determined by your academic record. Grants are typically awarded based on financial need, which is determined by filing the FAFSA.

Q.

Can I access my financial aid information online?

A.

Yes. If you have been admitted to Rosemont College, your financial aid will be available through the Rosemont iNet, our online financial aid portal accessed through the iWay, our online campus wide student information portal.

Q.

Can I meet personally with a Rosemont College financial aid counselor?

A.

Yes. During the busy season, longer wait times may apply, but there is always a counselor available to meet with you during office hours.

Q.

How often must I reapply for financial aid?

A.

Once per year. The FAFSA is available each year on January 1 to determine eligibility for the following academic year. For example, the FAFSA for the 2013-2014 academic year is available as of January 1, 2013.

Q.

What is the most important advice you can give me about the financial aid process?

A.

Complete any and all required forms as early and accurately as possible. This will help Rosemont College financial aid staff give you the best indication of what your financial aid package will be. Check the Rosemont iNet frequently to stay abreast of award changes and documents needed.