Financial Aid For Part-Time and DCP Students

As a part-time or Degree Completion student, you have the opportunity to apply for financial aid by completing the Free Application for Federal Student Aid (FAFSA). You can apply by going to this website: http://www.fafsa.ed.gov/

This application must be completed each year and should be completed before May 1 in order for you to be considered for a Pennsylvania State Grant (PHEAA). The FAFSA will also determine your eligibility for a Federal PELL Grant and must also be on file if you want to borrow on a Federal Stafford Loan.

If during the academic year you have a drastic change to your income or incur unusually high medical or dental expenses, please contact the Financial Aid Office. The Financial Aid Office can take this information into consideration. You will be asked to complete a form, attach all the necessary documentation and the Federal government will be notified so that your aid can be recalculated.

Part-time and DCP Students may be eligible for the following types of financial aid:

• Pell Grant
• PHEAA State Grant
• Federal Stafford Loan (subsidized and/or unsubsidized)

Keep in mind state and federal grants are based on the FAFSA application and take into account income, assets and number in family. Federal Stafford loans are monies that must be repaid once you graduate or cease to be at least half-time.

Part-time and DCP student Procedure for Registering for Fall, Spring & Summer classes:

When you register for your classes the Controller's Office will want to know how you plan to pay your tuition bill. If your employer will be helping pay your tuition or if you expect to receive financial aid you must contact the Controller's Office to let them know your arrangements. Their office can be reached by dialing (814) 886-6473. If you do not clear your tuition bill for the semester, you should not attend classes.

Please note: Financial aid for the fall and spring will not be processed until after the semester begins. Therefore, the Financial Aid Office will estimate your aid to help you clear your bill. If you want to borrow on a student loan, you must contact Linda Gaston in the Financial Aid Office at (814) 886-6341 and let her know the amount you want to borrow for the year. Student loans will NOT automatically be processed. If you are taking a student loan for summer, a special form must be completed to indicate how much you want to borrow. For specific information regarding summer aid, please review the section on Financial Aid for Summer Classes.

Other Important Information

• After your financial aid is officially determined, you will receive an award letter. This letter will reflect the aid you are receiving for the fall and spring and/or summer and give you the opportunity to either accept or decline. You will need to sign and date the award letter and return it to the Financial Aid Office before any aid will be applied officially to your tuition account. So, don't forget to return this letter.
• When you start receiving financial aid the government and school will expect you to make Academic Progress. This means that you must pass the number of credits you attempt each semester. If you withdraw from school, drop a class, fail a class or repeat a class your financial aid can be affected during the semester you're in or in future semesters.
• In order to secure a Federal Stafford Loan, you must complete a Master Promissory Note (MPN). These applications are available at the Financial Aid Office or you may choose to complete one from your local bank or credit union. The MPN is good for 10 years, so you'll only need to complete the form once while at Mount Aloysius College unless we notify you otherwise.
• An Entrance Interview must also be completed by all students receiving a Federal Stafford Loan at Mount Aloysius. This form's purpose is to ensure that the student borrower understands the Stafford Loan terms and that it must be repaid. This form can be filled out on-line at: www.aessuccess.org. The entrance interview must only be completed once and will be kept on file at the Financial Aid Office.
• Once you apply for financial aid via the FAFSA, you may be selected for Verification. This means you will be required to submit proof of your income to the Financial Aid Office. You will be required to submit copies of your W-2's, signed copies of your Federal Income tax returns, and complete a verification worksheet. If you are selected, it is very important that you submit the documents as soon as possible.
• All part-time students who are receiving a PHEAA state grant will have their actual tuition and fees reported to the Pennsylvania Higher Education Assistance Agency. This means your eligibility for a state grant may change depending on your tuition and fees.