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Undergraduate Financial Aid

FAFSA

2024-25 FAFSA Changes 

February 1, 2024 Update: 

Due to the FAFSA updates, the Department of Education announced on Jan. 30 that institutions will begin receiving FAFSA data during the first half of March. As a result of this delay, Rosemont expects to send financial aid offers by late March or early April. 

We look forward to welcoming you to the Rosemont community!

Learn more about the new FAFSA.

How the FAFSA Simplification Act Affects You  

Big changes are coming to the Free Application for Federal Student Aid (FAFSA) application for the 2024-2025 aid year!  

The FAFSA Simplification Act represents a significant overhaul of the processes and systems used to determine federal student aid eligibility. This includes the Free Application for Federal Student Aid (FAFSA) form, the need analysis that determines federal aid eligibility, and many policies and procedures.

2024-2025 FAFSA Available in December 2023 

Historically, the FAFSA has been available beginning October 1st each year. However, because of significant changes to the application and the rebuilding of the FAFSA processing system, the 2024-25 FAFSA will not be available until sometime in December 2023. New students who plan to begin classes in the fall of 2024 should complete the FAFSA as soon as it becomes available in December. Returning students should complete the FAFSA by the March 15th priority deadline. 

What's Changing with the FAFSA?

The FAFSA will reduce the maximum number of questions from 108 to 46. This streamlined format will simplify the application process and make it less daunting for students and their families.

The 2024-25 application will be expanded to include the 11 most common languages spoken by English learner students and their parents. 

Beginning with 2024-25, all persons on the FAFSA must provide consent for the Department of Education to receive tax information or confirmation of non-filing status directly from the IRS using the Direct Data Exchange (DDX).  

  • A contributor—a new term being introduced on the 2024-25 FAFSA—refers to anyone who is required to provide information on a student's form (such as a parent/stepparent or spouse). A student's or parent's answers on the FAFSA will determine which contributors (if any) will be required to provide information.
  • Contributors will receive an email informing them that they've been identified as such and will need to log in using their own FSA ID to provide the required information on the student's FAFSA.
  • Being a contributor does not mean they are financially responsible for the student's education costs, but it does mean the contributor must provide information on the FAFSA or the application will be incomplete, and the student will not be eligible for federal student aid. Any student or contributor who is creating an FSA ID for the first time should do so at least 3 days prior to completing the application. 

A notable terminology update within the new FAFSA is the replacement of the term Expected Family Contribution (EFC) with the Student Aid Index (SAI). This name more accurately describes the number used to determine aid eligibility.  

The application will still ask how many household members are in college, but your answer will not be used to calculate the SAI.  

For dependent students, the parent of record will be the parent that provides the most financial support. 

We understand that a college education is a significant investment and that figuring out how to afford it can be confusing. We're here to help! How?

  • We begin with transparent pricing. Rosemont's base tuition is well below that of similar institutions. Why? Because Rosemont believes the standard higher education pricing model—that prices high at the onset, then heavily discounts through the aid process—is unnecessarily confusing and misleading to families. Rosemont follows a more transparent low-price/low-discount model. We trust that families will value this honest approach and will consider the bottom-line cost when comparing aid packages.
  • We partner with families to make the financial aid process understandable. Financial aid is both highly regulated, and different by institution. Because of this it can be confusing—and at times frustrating—for families. We have developed a series of reference guides to support families in applying for, and understanding the financial aid packages they receive. These are provided below, but we also welcome families to contact us at finaid@rosemont.edu with questions at any time throughout the process.

To aid families in understanding the financial aid process we have outlined the following below:

  • Types of financial aid
  • A summary of the financial aid process
  • Helpful resources & quicklinks

The most important things families can do in the financial aid process is to send Rosemont their FAFSA by entering our school code (003360) when they complete and submit the Free Application for Federal Student Aid (FAFSA®).


Types of Financial Aid

Financial aid consists of grants, loans, scholarships, and work-study.  Financial aid can come from a variety of sources: federal and state, institutional, and private. The Federal Student Aid site provides a comprehensive guide for families to understand the types of aid available to them.

  • Grants: funds awarded based on a family's estimated financial need. These funds do not have to be repaid. Families may be eligible for government-funded grants—federal or state—as well as from the institution. Rosemont automatically considers eligibility for government and institutional grants in the aid process for families who have submitted a FAFSA (see below for details on how to submit a FAFSA). Learn more about federal grants on the Federal Student Aid site here
  • Loans: funds offered through both federal and private lenders, that are borrowed and must be paid with interest. Loans have different terms and conditions, it is important for families to understand these prior to choosing to borrow the funds. The most common question we receive is what the difference between unsubsidized and subsidized loans is. Unsubsidized loans accrue interest throughout the time of the loan, while subsidized loans do not begin incurring interest until a student ceases attendance at the institution. Learn more about federal loans on the Federal Student Aid site here.
  • Scholarships: Scholarships are gifts, that do not  need to be repaid. There are many sources of scholarships. Rosemont offers merit scholarships for students who demonstrate academic achievement. We also offer several endowed scholarships that eligible students are considered for. And there are numerous other scholarship sources families should research including those offered by employers, individual foundations, private companies, nonprofits, communities, religious groups, and professional and social organizations. Learn more about scholarships on the Federal Student Aid site here.
  • Work-study: a need-based federal program that allows students to earn money to pay for school by working part-time. This aid is not included in student packages, rather students must secure a work-study-funded position and will receive payment for hours worked. Learn more about the Federal Work-Study Program on the Federal Student Aid site here.

The Financial Aid Process

  • Step 1: Submit your FAFSA. In December this year, the Federal Government will open the Free Application for Federal Student Aid (FAFSA®) form. Families are highly encouraged to complete this form as it is the only way institutions like Rosemont can evaluate what federal and state aid a student is eligible to receive. It is also how many institutions evaluate institutional grant eligibility, so it's a good idea for even families who don't think they would be eligible for government funding to complete the FAFSA. To send your FAFSA to Rosemont enter our school code (003360). Completing the FAFSA is not as daunting as it seems. Please reference the Federal Student Aid website and take a look at seven easy steps to the FAFSA. NOTE: The priority FAFSA filing deadline for Rosemont College is January 15. Completing your FAFSA early will expedite the processing of your financial aid. If you are a Pennsylvania resident, then you must file the FAFSA before May 1 to receive consideration for a state grant.
  • Step 2: Receive your Initial Aid Package*. After we receive your FAFSA and you've been admitted to the college, you will receive an email—the email address used to complete your FAFSA—outlining your initial financial aid award that indicates the types and amount of aid you qualify for based on the expected family contribution (EFC) determined on your FAFSA, and your provided high school GPA. Your award letter will also notify you of any additional information needed to complete your financial aid file or to resolve any issues with your FAFSA. If you choose not to submit a FAFSA, but are eligible for a merit scholarship and/or any type of tuition discount or other scholarship, we will notify you—but this will not include any federal or state funding. If you choose not to submit a FAFSA, and are not eligible for any institutional merit or scholarships, you will NOT receive any financial communication.
  • Step 3: Determine your Balance Due. Understanding your financial aid package and how much a Rosemont College education will cost you is important. We have developed this worksheet to assist you in calculating the balance due after your financial aid has been applied to your institutional charges.
  • Step 4: Complete the Steps to Finalize Your Aid.
    • Submit your enrollment deposit. If you haven't already, you must finalize your enrollment at the college by submitting your deposit (which goes toward your first bill) at Rosemont.edu/deposit.

    • Let us know you are ready to finalize your aid. Once you formally enroll at Rosemont by submitting your deposit at Rosemont.edu/deposit you will receive your Rosemont email address and gain access to Rosemont’s student web portal where you will receive directions on how to finalize your Financial Aid. This access may take up to 72 hours. 

    • Complete and submit outstanding documents. You may be required to provide additional data in order to receive Federal Student Aid. 

 

NOTE: Financial aid packages are subject to change. There are a number of reasons why your financial aid might need to be updated. This may include, but is not limited to:

  • Changes in enrollment or housing status
  • Changes to your FAFSA that can occur through loan verification or corrections you make. 
  • Receipt of additional aid—like external scholarships—that the college was not aware of when aid was awarded.

 


Helpful Resources & Quicklinks


Disbursement

Typically, financial aid is finalized and posted to your student account during the first couple weeks of each semester.  If your financial aid exceeds your charges, then you will be issued a refund, which can be used for educational expenses such as books or transportation. Refunds checks are issued by the Office of Student Accounts after the aid has actually been credited to your student account.