How to Apply for Financial Aid
Applying for Financial Aid
- Complete your Free Application for Federal Student Aid (FAFSA) as soon after January 1 as possible. The sooner you apply, the sooner you'll hear from us regarding an award offer!
- The data reported on the Free Application for Federal Student Aid (FAFSA) determines the expected family contribution (EFC). The EFC is then subtracted from the cost of attendance for the academic year. The resulting figure is called demonstrated Financial need. COST OF ATTENDANCE - EFC = DEMONSTRATED FINANCIAL NEED
- File a Free Application for Federal Student Aid (FAFSA) online at Free Application for Federal Student Aid (FAFSA) If you prefer to receive a paper application, contact the Prescott College Financial Aid Office. Be sure to include Prescott College's school code, 013659
- Anticipate that the FAFSA will be processed within two two three weeks. You will receive an automated e-mail reply to confirm it has been received.
- Once your application has been processed, you will receive an e-mail with a link to your Student Aid Report (SAR). Review the SAR to ensure all information is correct. Prescott College will also receive this information and begin determining eligibility for all forms of financial aid.
- Prescott College begins its awarding in March each year. If you have completed your FAFSA prior to March, anticipate receiving and award offer in March. The College continues its awarding based on FAFSA information thereafter.
- In your award offer, it may indicate that you are required to submit additional documents in order for your offer to be finalized. Be sure to complete and submit all documents requested as soon as possible.
Federal eligibility requirements and criteria Federal Student Aid
Do you need to provide parent information on your FAFSA?
Independent status is based on federally determined criteria. Take a Quick Quiz to find out your status.
New for 2014-2015!! Who is My FAFSA Parent? Use to clarify which parent(s) should be included on the Free Application for Federal Student Aid (FAFSA).
The FAFSA collects data and evaluates your family's financial strength based on the prior year's income information. If you have experienced extenuating circumstances (loss of employment, death, divorce, etc.), which will affect your family's current income information, please contact the Financial Aid Office. In some cases, a change may result in a lower EFC but may not affect your overall award package. By answering a few questions, we will be able to determine if it would be worthwhile to pursue a petition and advise you of the supporting documentation required for your unique situation.
Satisfactory Academic Progress & Degree Completion
Federal regulations require that Prescott College define minimum standards of Satisfactory Academic Progress to determine eligibility for financial aid. The standards apply to all federal, state and institutional financial aid programs. This policy mirrors the academic policy that is published in the Student Handbooks for each program.
Students receiving federal, state and/or institutional aid must complete at least 65% of credits attempted overall to maintain eligibility for financial aid. Incomplete grades DO NOT count toward credits earned and can jeopardize eligibility for aid.
The Prescott College Financial Aid Office evaluates earned credit hours at the end of every term and sends notification (via email) to all students who fall below the minimum standards. Students will be extended one term of "Financial Aid Warning" to regain Satisfactory Academic Progress. If the student does not achieve a 65% or greater completion rate after the "Warning" term, the student will be placed on "Financial Aid Suspension" and be considered ineligible for institutional, state or federal financial aid, including grants, scholarships, loans or work-study.
Extenuating circumstances sometimes prevent students from earning all credits in a term. Extenuating circumstances may include illness, serious personal issues, or the death of a family member. Petition forms are available in the Financial Aid Office and circumstances must be documented. Students who are experiencing difficulties are highly encouraged to visit with a Financial Aid Counselor so that we may assist you in every way possible.
Federal regulations also require that Prescott College monitor the number of cumulative credit hours earned for all students.
The maximum time frame for the completion of a degree is limited by federal regulations to 150% of the published length of the degree program and includes transferable credits from other postsecondary institutions.
The Prescott College Financial Aid Office evaluates hours earned in January, May and August of every year. Students who are approaching 150% of their degree requirements and students who have approached or exceeded 150% will be notified via email. Students who have earned 150% are suspended from financial aid.
Please be advised that the Prescott College Financial Aid Office cannot accept petitions for this federal regulation as 150% is the absolute limit for funding. Students approaching the 150% limit are encouraged to visit with a financial aid counselor so that other funding options may be pursued.
If you Withdraw from School
When a student receives financial aid funds to attend school, the US Department of Education assumes the student will complete the enrollment period for which they have received funding. If a student officially withdraws or unofficially withdraws (stops attending without formally notifying the school) they are subject to the US Department of Education’s "Return to Title IV Policy" (R2T4).
The Financial Aid Office is required by federal regulation to calculate the amount of funding the student received compared to what the student actually "earned" based on the portion of the enrollment period the student completed. This calculation may result in a financial obligation for the student. Such financial obligations may include immediate repayment of student loan funds to their lender/bank, a balance owed to Prescott College, and/or a debt owed to the US Department of Education.
Students who may consider withdrawing from school should consult their academic advisor for enrollment options and are strongly urged to contact the Financial Aid office to discuss potential financial ramifications.
Upon withdraw, the financial aid counselor will complete the necessary calculations and notify the student in writing of any obligations within 45 days. The R2T4 policy is mandated by federal regulation and cannot be appealed.
What is Verification?
Each year, a percentage of applications are selected for "Verification." Some applications are selected because certain FAFSA information is inconsistent with other information reported on the application; others are chosen at random. If your application is selected, you must submit certain documentation to verify the application information you provided is correct. The sooner you provide your documentation, the sooner we will be able to provide a financial aid offer.