Applying for Financial Aid
You must complete the Free Application for Federal Student Aid (FAFSA) in order to be considered for federal loan funds. Though it is not recommended, you can obtain a paper application by calling the Department of Education at 1-800-4FED AID. If you decide to file online, you must first apply for a PIN, which will serve as your electronic signature. To apply for a PIN, visit www.pin.ed.gov. After you have your PIN, you may go to www.fafsa.ed.gov and complete the application. You must indicate the federal school code for Chestnut Hill College (003245) on the FAFSA. This will insure that your FAFSA information will be sent to the Financial Aid Office at Chestnut Hill College. In addition to the FAFSA, you must complete the Graduate School Institutional Application.
Eligibility for Federal Loans
To be eligible for federal loans you must be at least half-time (taking at least 4.5 credits per semester and matriculated in a degree program). After your first year in a graduate program, you must be making satisfactory academic progress toward your degree. You must also be either a U.S. citizen or a permanent resident of the U.S. You will be billed on a per-credit basis. Therefore, your Cost of Education is individually calculated. The Cost of Education includes, but is not limited to, tuition costs, books and supplies, living expenses and transportation costs. The Expected Family Contribution (EFC) is based on the information you provide on the FAFSA. Your Cost of Education along with your EFC is used to calculate your eligibility for federal loans.
What is the FAFSA?
The FAFSA (Free Application for Federal Student Aid) asks for your financial information so that the financial aid staff can determine your financial need. To determine your EFC (expected family contribution), the Department of Education uses a formula called the Federal Methodology which takes into account your income, assets, debts, size of family, number of family members in college and other expenses.
What Happens After You Complete Your Financial Aid Application?
The Financial Aid Office will send you a financial aid award letter that will detail your awards for fall, spring and summer semesters. If you are interested in borrowing the Federal Direct Loan funding on your award letter, follow the instructions to complete the Loan Master Promissory Note (MPN) and Entrance Couseling on www.studentloans.gov. If you want to decrease the amount of loan funding you will borrow, send the Financial Aid Office an email at firstname.lastname@example.org stating the amount of funding you would like to borrow.