Frequently Asked Questions Summer Eligibility
Financial Aid Summer Eligibility
Q: I’m a continuing student and want to take summer courses. Which Free Application for Federal Student Aid (FAFSA) should I file?
A:
It depends. Go ahead and file a renewal Free Application for Federal Student Aid (FAFSA) as early as January 1 and we will determine which year the aid should come from.
Q: Why does it depend?
A:
Summer is considered a crossover term, it can fit into either the prior or the new award year.
Prescott College offers Federal Student Loans on a Borrower Based Award Year (BBAY), which allows you to borrow ½ of your annual award amount each term, rather than divide the annual award by three if you enroll in three consecutive terms. (See link: Annual Award Limits ) By offering BBAY, whether the summer term is the beginning or end of the academic year varies by student.
How this works, Example 1:
Sally enrolled in summer last year. She will have completed 60 credits prior to Spring 2012.
| Summer 2011/Fall2011 | Spring 2012/Summer 2012 |
| Sophomore | Junior |
| Award Amt=4500 | Award Amt=5500 |
| 2011-12 FAFSA | |
How this works, Example 2:
Joe’s first term at Prescott College was in the Fall.
| Fall 2011/Spring 2012 | Summer 2012/Fall 2012 |
| First Year | Sophomore |
| Award Amt=3500 | Award Amt=4500 |
| 2011-12 FAFSA | 2012-13 FAFSA |
Q: What if I’m not taking out Federal Loans?
A:
If you qualify for any other Federal funds, such as Pell, TEACH or SEOG, we will determine which award year would be most beneficial for you best on your usage to date and funding availability.
Q: I qualify for Pell. Will I have Pell Grant eligibility in the Summer?
A:
The Federal Pell Grant is limited to your annual award amount. So whether or not you can receive any in the summer depends on your enrollment history and enrollment plans in future terms. For example, if you were enrolled half time in the prior terms, you will still have some of your annual award available for summer. If you used up your annual amount already but only have one or more terms of enrollment to go, we will determine if we can use some of your next award year’s allocation in the summer term.
Q: What about my scholarship from the College?
A:
Scholarships and need based grants are renewable each term for the normal duration of your program. This includes summer terms. You must be enrolled in at least six credits and if you are enrolled in less than 12 credits your gift aid is prorated accordingly.
Q: How do you know my enrollment plans?
A:
We don’t know until you register for courses. We assume full time enrollment for fall and spring until we learn otherwise from you or at the last day to add/drop for the term. If you intend to enroll in Summer, please email your Financial Aid Counselor (see link for contact page) so we can revise your award letter accordingly. Please tell us if you intend to be half time (6-8 credits), three quarter time (9-11 credits) or full time (12 or more).
