Tuition

Federal Direct Loans – are low-interest loans for students and parents to help pay for the cost of a student’s education. The lender is the U.S. Department of Education. Additional information about Federal Direct Loans can be found at studentaid.ed.gov.  

• Subsidized: Students must demonstrate financial need as determined by federal regulations. Interest is paid by the federal government while you are in school and during certain other periods. 
• Unsubsidized: Interest is not paid by the federal government and accrues while you are in school. If you do not pay the interest, it will be added to the unpaid principal amount of the loan. This is called “capitalization.” Capitalization increases the unpaid principal balance of your loan, and interest will be charged on the increased principal amount. 
  
  Federal Direct PLUS Loan – Parents of dependent students may borrow under the PLUS program to help pay student’s expenses.  The parent must complete a PLUS loan application and Master Promissory Note (MPN). Also, the parent will be required to pass a credit check. Payment can be deferred while the student is enrolled or can begin immediately.  

Eligibility for Loans 

Students must demonstrate eligibility for Federal Direct Loans by having a current FAFSA on file at the College. Students must be enrolled at least half time in a certificate or degree program and be making Satisfactory Academic Progress. Students may not be in default status for any federal student loan(s). 

Students who are new Federal Direct Loan borrowers must complete the Federal DL Entrance Counseling and Master Promissory Note at studentloans.gov. Returning borrower(s) must notify the Office of Financial Aid of their desire to borrow. Students who have borrowed in the past will automatically have student loans awarded to them. It is the student’s responsibility to notify the Office of Financial Aid if they wish to decline the loans awarded to them or have the amount(s) changed. 

Students who receive federal aid or borrow through the federal Direct Loan program will be monitored in the National Student Loan Data System (NSLDS) where other authorized users may have access to personal information including other institutions and loan lenders. 

Borrowing Limits – The total amount students may borrow depends on several factors including: 

• Dependency Status 
• Borrowing History–borrowers without an outstanding loan balance who borrow after July 1, 2013 cannot exceed 150 percent of the published length of the borrower’s educational program. 
• Calculated Estimated Family Contribution (EFC) 
• Unmet need 
• Class Standing (course levels must reflect class standing) 

Disbursement 

Based on state and federal recommendations, best practices in higher education, and to foster student success, PMC will disburse loans and credit balances mid-semester. First-time freshmen will have their loans disbursed 30 days into the semester per federal requirement. Loan money must first be used to pay for any balance owed to the College, such as tuition, fees and textbooks. If loan funds remain, students will receive the credit balance by refund check. Refunds will be mailed to the most recent permanent address on file. Any financial aid may be delayed in disbursement if the necessary paperwork is not completed by the student on time. 

Repayment 

Direct Subsidized and Unsubsidized Loans have a 6-month grace period that starts the day after the student graduates, leaves school, or drops below half-time enrollment. Students do not have to begin making payments until the grace period ends. To learn more about repayment visit studentaid.ed.gov/sa/repay-loans. 

Exit Counseling 

Student loan borrowers who graduate or cease to be enrolled at least half-time must complete an exit counseling session. Graduating students should use their FSA IDs to login to studentloans.gov to complete the Exit Counseling and choose their repayment plan. Students should continue to stay in contact with their lenders if their contact information changes at any time. 

Verification 

Any student who files a FAFSA may be chosen for a verification review. This process is required by federal regulation and the College is mandated by this regulation to adhere to the procedures explained below. 

The verification process entails the review of IRS tax documents and household information to ensure the accuracy of the FAFSA application. FAFSA applications may by selected for verification at random or based upon a set of common edits developed by the U.S. Department of Education which check data for consistency and logic. Others are checked against prior year applications that students have submitted. 

Financial aid will continue to be processed during the verification process, though the financial aid remains estimated until the verification process is complete. No federal or institutional financial aid will credit to students’ accounts until this process is complete. Failure to complete paperwork in a timely manner will lead to possible late fees, inability to request transcripts, and loss of permission to register for upcoming semesters for students whose accounts are not paid by the deadlines specified by the Business Office. 

Notification of Selection 

Incoming new and transfer students selected for verification review will be notified via the email address they provided on their FAFSA. Returning students will be notified via their PMC email. Students should complete this process as quickly as possible. Please note that this process can take upwards of 2-3 weeks if IRS transcripts need to be requested. 

Documentation Required to Complete Verification 

Students should complete the form listed in their notification email. All signatures must be handwritten. No other electronic signatures will be accepted. Each form contains directions for completing and submitting all required paperwork. Dependent students must also submit parent income information. Independent students should spouse income information if applicable. 

Students who have not done so already should update their FAFSAs using the IRS Data Retrieval Tool for the income information section(s). Students who are unable to transfer income information using the IRS DRT on your FAFSA, may instead request official IRS tax return transcripts on the IRS website. Recent updates to federal regulations have declared that schools can accept a personal copy of the federal tax return from the student or parents (if required) for verification purposes for the 2017-2018 academic year only. Beginning for the 2018-2019 academic year, either a tax transcript from the IRS or your FAFSA filed using the IRS Data Retrieval Too are the only two ways to verify tax data. 

Students who did not file taxes for the year requested, must submit all W2s for that year as well as documentation from the IRS on or after October 1, 2016 that indicates a 2015 IRS income tax return was not filed with the IRS or other relevant tax authority. Additional documentation may be requested at the discretion of the Financial Aid Director. The Office of Financial Aid will follow up with questions or request for more paperwork if information is conflicting, missing, or appears inaccurate.  

Time Period 

A valid FAFSA application must be submitted prior to enrollment if the student intends to apply for financial aid. Verification paperwork should be submitted within 30 days of receipt of notice of selection. Verification paperwork can be submitted as late June 1 following the end of the semester, though late fees will already have been applied by this point. 

Verification must be complete before the Office of Financial Aid will certify any federal aid. 

Students who are eligible to work on campus through the work study program will not be allowed to work until the verification process is complete and eligibility for this program is confirmed. 

Noncompliance 

1. If the required documentation is not submitted, the following may occur: 
2. No federal financial aid for the semester or academic year. 
3. Holds will be placed on student accounts for overdue balances. Those students will be unable to request transcripts or register for future semesters. 

Completion of Verification Process 

When possible, the Office of Financial Aid will make electronic corrections to students’ FAFSA applications. These corrections will generate an updated Student Aid Report sent via paper or electronic means. The estimated family contribution may change based on the corrections made. The Office of Financial Aid reviews paperwork within one week of submission. When the verification process is complete, students will immediately receive an updated award letter via email indicating any change to the financial aid package. 

If it is determined that a student has received funds which they were not eligible to receive, the student must repay the amount. If a repayment is not made, the overpayment must be referred to the U.S. Department of Education. No further applications for financial aid will be processed by the U.S. Department of Education Pedrone Ministry College’s Office of Financial Aid. 

Special Circumstances 

Students who feel that the information reported on their FAFSA does not accurately depict their current financial situation can request to have their application adjusted. There must be a special circumstance to warrant such an adjustment to be made. Some instances where these changes could made include loss of a job, death of a parent, unusually high medical bills, and marriage/divorce. Contact the Office of Financial Aid for more information regarding specific situations. Students receiving adjustments will be required to submit extra documentation.