Rosemont College

HOW TO APPLY FOR FINANCIAL AID

To apply for financial aid, the student must meet the following criteria:

Be accepted as a degree-seeking candidate, without exception, prior to the start of the academic semester
Enroll on at least a half time basis (6 credits per academic semester, fall-spring-summer)
Be a United States citizen or eligible non-citizen (INS green card)
If male, be registered with Selective Service
Not be in default on a prior student loan or owe a refund on a grant

All students must complete the Free Application for Federal Student Aid (FAFSA), either by paper or on-line. Paper copies of the current FAFSA form are available in most area high school guidance offices and at Rosemont College Financial Aid Office. To file on-line, the student needs a PIN number - application for a PIN can be made at www.pin.ed.gov. The FAFSA can be completed on-line at www.fafsa.ed.gov. It is recommended that students file the FAFSA as soon as possible to allow time for processing by the federal processor and Rosemont College.

Financial aid funds can be used to pay education expenses incurred during the award period for attendance at Rosemont College. Such costs include tuition and required fees, books, transportation, child care, meals while attending class, and various education-related miscellaneous expenses. Financial aid is disbursed in accordance with federal regulations: for traditional graduate programs, fall disbursements are made on or about October 1; spring financial aid is credited to accounts on or about February 1; and summer funds are usually available after June 1. Financial aid for students enrolled in accelerated graduate programs and for those whose loan term is one semester only will have different disbursement dates to maintain compliance with federal regulations. If the student does not meet the enrollment criteria when the aid is scheduled for disbursement, all funds will be cancelled and returned to its source.

FINANCIAL AID FUNDS

Federal Stafford Loan - student loan program subject to federal regulation, which allows the student to borrow a low-interest loan for educational costs from a participating lender. Graduate students can borrow as much as $ 8,500 per academic year (two semesters or 30 weeks of study). If the student has demonstrated financial need as determined by the federal government, the loan will be "subsidized", with the federal government paying the interest on the loan while the student is enrolled in school, and during the subsequent grace period. If the student has no demonstrated financial need, or if the demonstrated financial need has been met in full, the student can still borrow the funds but no interest subsidy will be available.

In addition, adult students are also able to borrow additional Unsubsidized Stafford Loan funds to supplement regular Stafford Loan borrowing. Graduate students can borrow up to $ 10,000 per year in additional unsubsidized Stafford Loan funds.

The interest on the loan is capped at 8.25%. Standard repayment terms allow for a ten-year repayment with many lenders offering discounts for on-time payments or debits from bank accounts. Deferment, forbearance and alternative payment arrangements are also available Graduate students are capped at $ 125,000, including undergraduate borrowing. Students need to maintain at least half time enrollment to continue eligibility for subsequent borrowing and to maintain in-school deferment status. It is recommended that the student use the same bank that is the current holder of the student s prior student loans; if all prior loans have been repaid, the student can choose a new lender. Contact the Financial Aid Office for lender recommendations.

Alternative Loan programs - many lenders offer a variety of alternative loan programs, allowing the student to be the primary borrower with a credit-worthy co-signer. Interest rates, repayment terms and loan limits vary among program participants. Some of the more popular programs include Key Alternative Loan (BankBoston), CitiAssist Loan (CitiBank), NJ CLASS Loan (NJHEAA) and TERI Loan (M & T Bank, Sovereign Bank, Sun Trust). Specific program information is available from a Rosemont College Financial Aid Counselor.

FINANCIAL AID POLICIES

Rosemont College performs verification of financial data submitted by students and families in accordance with federal regulations. If selected for verification, certain documentation, including federal tax returns for the student and spouse, and W-2 forms, must be submitted to the Financial Aid Office. No funds will be disbursed until the verification process is complete.

Private scholarship awards and employer tuition benefits are regarded by federal regulation as an additional financial resource for the student and must be reported to the Financial Aid Office.

Per federal regulation, the student is subject to the college's academic progress standard. To meet the academic progress standard, the student must successfully complete a minimum of 75% of all courses attempted during the award period for which financial aid was last used. Withdrawals and failures are included in the number of courses attempted. If the academic progress standard is not met, the student is not eligible for any financial aid from federal or state sources until the 75th percentage is achieved.

RENEWAL OF FINANCIAL AID

Students must renew their financial aid every year by completing the FAFSA form prior to the start of the next academic period. Renewal is subject to federal and state regulations, satisfactory academic progress, good academic standing, and compliance with cumulative grade point averages, if applicable.

PRIVATE SOURCES

There are a variety of scholarship search databases that are available at no charge to students. Some of the more popular web sites include:

www.collegeboard.com
www.fastweb.com
www.finaid.org