Undergraduate Financial Aid FAQs
Below are some of the most common questions our Office of Financial Aid is asked. If you have any further questions, please feel free to contact us at firstname.lastname@example.org.
Q: What percentage of students receive financial aid?
Q: I have decided on Rosemont College and I am making, or have made, my tuition deposit. What do I need to do in the Financial Aid Office?
A: Accept awards on the iNet, make sure you have completed any missing information that was noted on your award letter that was sent to you.
Q: I noticed on my award Net Price sheet that I have a balance. Can you remind me of my options?
A: If there is a remaining balance for tuition, room and/or board you have a few options:
- Option 1: have a parent apply for a Federal Direct Parent Plus loan at studentaid.gov. Parents will sign in with their parent FSA ID (same one used to sign the FAFSA) and apply. This loan requires a credit check, an interest rate of 6.84% and will have an Origination fee of 4.292% (4.272% beginning 10/1/15). This percentage is taken prior to the loan funds being disbursed. When considering the amount you want to borrow, subtract the origination fees. The definition of a Parent Plus loan is listed below.
- Option 2: In August, set up a payment plan on CashNet to begin paying your balance. Each semester, fall and spring, has a five month payment plan. There is a payment plan fee of $40 each semester. This payment plan fee has to be paid in addition to your first payment.
Q: What is the difference between Subsidized and Unsubsidized Stafford loans?
A: The Federal Direct Subsidized Stafford loan is for students who demonstrate financial need and, while the student is in school, the interest is paid by the U.S. Department of Education. The Federal Direct Unsubsidized Stafford loan is made available to eligible students, who do not have to demonstrate financial need, and the student is responsible for the interest. The interest can be capitalized at the end of the grace period or the student can pay the interest while in school.
Q: When do I begin paying my Stafford loan back to the lender?
A: Students will be asked to begin payments on their loan six months after the date they cease to be at least a half time student. This is called a grace period, which usually occurs after you have graduated. However, if the student at any point in their education drops below half-time status, the grace period will begin.
Q: As a parent, I want to take out the Federal Direct Parent Plus for my dependent student. What is the process to borrow the Federal Direct Parent Plus loan?
A: The Federal Direct Parent Plus loan is a loan that parents of dependent students can apply for at www.studentloans.gov . This loan requires a credit check and parents can borrow up to the student’s Financial Aid budget minus the amount that has already been awarded to the student.
This money will be sent directly to the school. However, the parent has to determine if they want any refund checks (excess left over after your Parent Plus loan pays the students account) to be sent to the student or to the parent. If the Parent Plus loan is not approved, the student will automatically be eligible for an additional Federal Direct Unsubsidized Stafford loan at $4,000 per year as a freshman and a sophomore. Once the student is a junior and a senior, they will receive an additional $5,000 per year, if the parent continues to be denied.
Q: I may want to discuss my son’s or daughter’s student account with the Financial Aid, Student Accounts or Registrar’s office. Will that be an issue?
A: Once your son or daughter becomes a student at Rosemont College they have privacy. Therefore, the departments mentioned cannot discussed any personal information about the student unless the student completes a FERPA waiver. The FERPA waiver is a form the student completes and indicates with whom they would like our offices to discuss their personal information.
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: I have Federal Work Study on my Financial Aid award. Can you tell me if this money goes directly to my student account to assist me with my bill?
A: No. For this particular award, the student has to work and earn funds. If you are interested in Federal Work Study, you need to answer Yes on the FAFSA, and if you qualify, you will be sent an email to begin applying for positions on campus. If you are hired, you will receive a paycheck biweekly not to exceed the amount of your award each semester. If you do not earn your entire award by working, it will not be credited to you or your student account.
Q: Do I have to apply for the FAFSA (Free Application for Federal Student Aid) every year?
A: Yes, you and your parents will need to complete the FAFSA every year using the tax information they file in the beginning of each year. Everyone should use the IRS Data Retrieval to submit the tax information and should wait three weeks after filing taxes to retrieve the information from the IRS. The information from the FAFSA is automatically sent to the state where the student resides.
Q: How do I renew my Pennsylvania state grant? Do I have to apply for that grant every year?
A: Yes, and it is very important that students and parents complete the FAFSA renewal every year before May 1st to continue receiving your state grant each year. If you lose your state grant, you will owe additional money to the college, so reapply on time each year. Also, keep in mind that you may only receive eight payments of PA state grant and if you are in school longer than four years, you will lose your state grant after the eight semester payments and will owe additional money to Rosemont College.
Q: Do some states not allow the transfer of state grants to schools outside of their state?
A: Yes, not every state allows students to transfer their state grant if he/she does not attend a school in the state where the student resides. Some of the states who do transfer state grants are: Delaware, Vermont, Connecticut, Rhode Island, and Massachusetts.
Q: How does the Financial Aid Office communicate to students?
A: The Financial Aid office will send most communications through email. It’s very important that students check their Rosemont email accounts daily to ensure that they’re up to date on any requests that may be sent to them.
Q: What should I do once I have applied for federal and state aid; should I assume my student account is going to be at a zero balance?
A: No, please check the iWay throughout the semester to ensure that you do not have a balance. If you find that anything has changed, please make an appointment with our office to discuss your Financial Aid. Our office is available to assist you, so please do not hesitate to ask questions. You can make your financial aid appointment online at www.rcfinancialaid.appointy.com.
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 Federal tax transcripts for parents and student if applicable.
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 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 iWay, 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. Although walk-in appointments are available, you can schedule an appointment online at www.Rcfinancialaid.appointy.com to minimize wait times.
Q: How often must I reapply for financial aid?
A: Once per year. The FAFSA is available each year on October 1st to determine eligibility for the following academic year. For example, the FAFSA for the 2021-2022 academic year will be available on October 1, 2020.
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 iWay frequently to stay abreast of award changes and documents needed.