Rosemont College

Financial Aid Information

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 on or before April 1 to ensure full consideration for state grant consideration. FAFSA data received by most state grant agencies after May 1 may not be considered for state grant eligibility. 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: fall disbursements are made on or about November 15; spring financial aid is credited to accounts on or about April 1; and summer funds are usually available after July 1. Students whose loan term is one semester only will have two disbursement dates within that semester. If the student does not meet the enrollment criteria when the aid is disbursed, all funds will be cancelled and returned to its source.

FINANCIAL AID FUNDS
Federal Pell Grant – Title IV entitlement grant, awarded to undergraduate students as determined by federal regulation. Pell Grant awards are usually made for enrollment in fall and spring semesters only. While the maximum eligibility for a Pell grant is capped at $ 4050 per academic year, the actual amount may be reduced based upon financial need, program costs, and actual enrollment.

State grant programs - Most state grant programs are need-based, but some offer merit and/or need-based grants. While each state has its eligibility guidelines, most do have a residency requirement.

Undergraduate Pennsylvania students are eligible for state grant funding to attend Rosemont College, subject to financial need, residency requirements and other criteria. PHEAA, the state grant agency, must receive the FAFSA data prior to May 1 for state grant consideration. The student must be a Pennsylvania resident for at least one year prior to applying for financial aid and must be enrolled during all three sessions in the fall and/or spring semesters (Sessions A, B and C for fall, Sessions D, E, F for spring). For a full time award, the student must be enrolled for at least 12 credits per semester. ( NOTE: Because of the lower cost of the Accelerated Degree Program, the maximum state grant award may be less than the award listed in the State Grant Status Notice). Students enrolled for less than full time may have eligibility for a partial state grant provided all criteria are met, including continuous enrollment through the semester.

Non-Pennsylvania residents may be eligible for state grant funding from their home state to attend Rosemont College. Most states limit their state grant awards to undergraduate students only. Contact your state grant agency for specific information, including program and award limits, portability of state grant funds, and filing and renewal deadlines.

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. First grade level students (up to 30 credits completed) can borrow up to $ 2625 for the academic year; second grade level students (between 30 and 60 credits completed) can borrow up to $ 3500; and third and fourth grade level students (over 60 credits completed) can borrow up to $5500 per academic year. Graduate students can borrow as much as $8,500 per academic year. 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. First and second grade level students (under 60 credits) can borrow up to $ 4000 per academic year; third and fourth grade level students can borrow up to $ 5000 per academic year. 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. Federal regulations limit the amount of Stafford Loan borrowing as an undergraduate student to no more that $ 46,000, of which no more than $ 23,000 is subsidized. 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 no later than April 1. Renewal is subject to federal and state regulations, satisfactory academic progress, good academic standing, compliance with cumulative grade point averages, if applicable, and availability of funds.

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

CONTACT US
Valerie Johnson
Counselor
Good Counsel, Room 2
E xt. 2221
vjohnson@rosemont.edu