Welcome to Financial Aid
The financial aid process begins by filling out the Free Application for Federal Student Aid (FAFSA). If you wish to apply for financial aid, including loans and work study, then you must complete the FAFSA. If you are only interested in your merit aid, you are not required to complete the FAFSA. Please email the Office of Financial Aid to advise them you will not be completing the FAFSA form.
You should gather federal income tax returns and W2 forms for yourself and your parent(s). If you or your parents have not yet filed your federal income tax return, then you can estimate your income information and subsequently update the FAFSA when your tax returns are complete.
You can complete the FAFSA online at www.fafsa.gov. The data entered on the FAFSA will be used to calculate an Expected Family Contribution (EFC). The EFC is used by the Financial Aid Office to determine eligibility for federal, state, and institutional aid.
You may select up to 10 schools to receive the results of your FAFSA. You should enter Rosemont's school code (003360) if you would like to receive financial aid from Rosemont College.
You and your parent will both need to sign the FAFSA. You can sign electronically with your FSA ID (federal student aid id) issued U.S. Department of Education while completing your FAFSA. Please note that the student and parent need to have separate email addresses. Alternately, you can print a signature page which both you and your parent will need to sign and return by mail to the FAFSA processor but this generally causes extreme delays.
Rosemont College generally receives FAFSA results in 2-4 business days if the application is signed electronically.
Your Initial Financial Aid Package
The priority FAFSA filing deadline for Rosemont College is February 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 in order to receive consideration for a state grant. After we receive your FAFSA and you have been admitted to the college, you will receive a financial aid award letter in the mail indicating the types and amount of aid you qualify for, along with information on how to accept these awards. Your award letter will also notify you of additional information needed to complete your financial aid file or to resolve any issues with your FAFSA.
There are a number of reasons why your financial aid might need to be updated. If data on your FAFSA changes through verification or corrections you make, your EFC may change, affecting your eligibility. If so, a revised award package will be created. If you receive additional aid after your initial award package, your eligibility may be affected. Changes in enrollment or housing status can also impact the financial aid offered. Any time a change is made to your financial aid package, you will receive an electronic notification to review your financial aid record on our iNet financial aid portal.
Rosemont College Financial Aid staff is committed to communicating electronically and empowering you with the information you need to be an active participant in the financial aid process. You will receive logon information to access your Rosemont financial aid record online through our iNet financial aid portal. After the initial award letter, you will be notified electronically of any changes to your financial aid. Once you enroll, you will be contacted at your Rosemont email account.
Financial Aid 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 credited your student account.
It is important that you understand your financial aid package and how much a Rosemont College education will cost. Rosemont has developed a worksheet to assist you in calculating the balance due after your financial aid has been applied to your institutional charges Click here to download this worksheet. You can view the types and amount of aid you have been awarded on our iNet financial aid portal, and you can review any unfamiliar terms under the types of aid section.
Types of Financial Aid
Financial aid is awarded in an array of types: scholarships, grants, loans, and work study.
Scholarships are a form of gift aid and are generally awarded on the basis of merit.
Grants are gift aid that is based on financial need.
Loans are aid that must be repaid, usually after a student completes his or her education.
Work study is aid that is earned through on-campus employment.
The different types of financial aid can come from a variety of sources: federal, state, institutional, and private. Below is a description of the various types of financial aid and their source. The amounts listed are estimates for the 2014-2015 academic year.
|Pell Grant||Grant||$717 - $5,730|
|SEOG||Grant||$500 - $1,000|
|Direct Subsidized Loan||Loan||$100 - $5,500|
|Direct Unsubsidized Loan||Loan||$100 - $12,500|
|Perkins Loan||Loan||$500 - $2,000|
|Direct PLUS Loan||Loan||Up to Cost of Attendance|
|Federal Work Study||Work||$500 - $2,000|
|PHEAA Grant||Grant||$500 - $4,010|
|Merit Scholarship (One of the three: Raven, Maroon and Gray or Presidential)||Scholarship||$2500 - $8000|
|Rosemont Grant||Grant||Need Based Financial Aid|
|Cornelian Scholarship||Scholarship||Need Based Financial Aid|
|Sister Maria Stella Kelly Scholarship||Scholarship||$500|
Direct Subsidized/Unsubsidized Loans - a federal student loan program to help fund educational costs. Most students who qualify for federal student aid are eligible for the Federal Direct Loan. The maximum amount a student can borrow is determined by the student’s grade level.
If the student has financial need, the Direct Loan will be Subsidized (which means the federal government pays the interest during the enrollment and 6-month grace periods). If the student has no financial need, if the financial need has been met through other sources, or if the student has already borrowed the maximum Subsidized, then the Direct Loan will be Unsubsidized (the student is responsible for the interest payments during the enrollment and 6-month grace periods).
Perkins Loan - a federally-funded loan with a fixed interest rate of 5% for students with high financial need.
Direct PLUS Loan - a credit-based federal loan program for the parents of dependent undergraduate students. Credit-worthy parents can borrow the cost of education not covered by other aid through the Federal PLUS Loan program.
Federal Work Study - an on-campus employment program funded by the federal government.
PHEAA State Grant - a grant for Pennsylvania residents. The amount is based on the student’s Expected Family Contribution and the cost of the college attended. Students must file the FAFSA by May 1 to meet PHEAA’s application deadline.
Rosemont Scholarship - a merit award from Rosemont College based on past academic achievement.
Rosemont Grant - a need-based award from Rosemont College based on Expected Family Contribution and educational costs.
Cornelian Scholarship - a full tuition scholarship from Rosemont College awarded annually for two outstanding graduates of Catholic High Schools. Students must submit an additional application, and the finalists will be invited to an on-campus interview from which the recipients will be selected.
Opportunity Grant - a merit award from Rosemont College based on past academic achievement.
Sister Maria Stella Kelly Art Scholarship - a merit award from Rosemont College based on artistic excellence for students who plan to major in fine arts.
Institutional Aid - a merit award from Rosemont College based on past academic achievement.
Alternative Loans - private loans from banks to help fund educational costs not covered by other aid. Alternative loans generally require a credit-worthy co-signer. Interest rates and other terms vary by lender.
Private Scholarships - Rosemont College participates in the Pennsylvania Private Loan Marketplace. The Pennsylvania Private Loan Marketplace is an online education financing resource that enables consumers to learn about and compare private loan terms from multiple lenders.