Debbie Smith
Financial Aid Director |
|
|
Phoenix Seminary has a full-time, trained Financial Aid Director that is available to assist students or prospective students with matters dealing with financial aid. It is the responsibility of the Financial Aid Office to award eligible students with Federal Financial Assistance.
|
Financial Aid Procedures
Phoenix Seminary participates in FFELP loan programs. Loans are made by a lender such as a bank, and must be repaid.
Eligibility
Degree seeking students accepted for admission may apply for financial assistance. Phoenix Seminary awards financial assistance on the basis of need, regardless of sex, age, disability, creed, or national origin of the applicant. Need is defined as the difference between a student’s cost of education and the amount the family can afford to pay (called the Expected Family Contribution).
To receive financial assistance, the student must:
- Be an U.S. citizen or an eligible non citizen
- Have a valid Social Security Number
- Be registered with Selective Services if male between the ages of 18 and 25.
- Have financial need
- Not be in default or owe an overpayment on any Title IV Program
- Be enrolled in an eligible program at the institution
- Maintain Satisfactory Academic Progress according to the school’s standards
Application Procedures
After students have successfully completed the admission process, if desired, an appointment to meet with the Financial Aid Adviser may be arranged. During the financial aid meeting, personal data is collected and appropriate documents are completed to determine eligibility. Once eligibility has been determined, students will receive an Estimated Award Letter. They will be given the opportunity to either accept or decline the award letter. It is the responsibility of the student to keep the institution and their lender informed of any name or address changes. Title IV Federal Financial Aid Funds can only be used for educational purposes.
Note: Financial aid awards are subject to change at any time due to changes in student financial or academic status
Verification
A student may be selected for verification by either the Department of Education or Phoenix Seminary. The verification process requires Phoenix Seminary to validate the information that has been provided. If selected, the student may be asked to verify any of the following information: adjusted gross income, federal income tax paid, household size, the number of family members enrolled in postsecondary education at least half-time, and certain untaxed income and benefits received. Discrepancies and inconsistencies must be resolved.
Disbursement of Financial Aid Funds
All loans are disbursed in multiple payments through electronic funds transfer. All student loan borrowers are required to attend an entrance interview. The first disbursement occurs once the student has completed two weeks of the semester. The second disbursement usually occurs after the student has successfully completed the appropriate payment period or semester and is making satisfactory progress. The Business Office has the responsibility to credit students’ accounts with financial aid funds that have been electronically transferred.
Types of Federal Student Aid
Subsidized Stafford Loan Program
A student may borrow money for educational expenses directly from the Federal Family Educational Loan Program (FFELP). Funds are transmitted electronically and credited to the student’s tuition account. Repayment of principal plus interest, begins six months after graduation or withdraw from school, whichever comes first.
Unsubsidized Stafford Loan Programs
Federal FFELP Unsubsidized Stafford Loans are available to qualified graduate students as a supplement to the Subsidized Stafford Student Loan program. Funds are transmitted electronically and credited to the student’s tuition account.
Interest begins to accrue at the time of the first disbursement. Repayment of principal plus interest may be deferred to begin six months after graduation or withdrawal from school, whichever comes first.