Financial Aid Policies and Scholarships

A variety of federal, state, and institutional financial aid funds are available in the form of scholarships, grants, loans, and work study opportunities to eligible undergraduate or graduate students enrolled at Goldey-Beacom College. The type and amount of financial aid that is awarded to qualified students is based upon the extent of the students’ need as well as the amount of financial aid funds available for disbursement. All types of financial aid are awarded for a period of one academic year. Eligible students must re-apply each academic year to determine eligibility for federal financial aid funds. Students entering the College must be accepted into or enrolled in a degree program to qualify for federal, state or institutional financial aid funds. Recipients must meet the United States citizenship requirements for federal and state financial aid programs. Continued federal and institutional aid eligibility is dependent upon continued satisfactory academic progress.

Cost should never be a barrier to enrollment at Goldey-Beacom College. Scholarships, aid, or grant money is available for almost every student. We can work with you to make a Goldey-Beacom College education affordable. We’ll show you how reasonable quality education can be! New students should contact us today at (302) 225-6264 to discuss financial aid opportunities at Goldey-Beacom College.

Application Procedure

Goldey-Beacom College offers a New Student Timeline to assist undergraduate applicants with the financial aid process. Any questions about the Timeline can be directed to the College’s Financial Aid Office at finaid@gbc.edu or the Admissions Office at (302) 225-6248.

Students and parents who need help filing the electronic Free Application for Federal Student Aid (FAFSA) should contact the College’s Financial Aid Office at (302) 225-6264. The FAFSA is used to calculate your Estimated Family Contribution. The FAFSA will also serve as an application for federal and state financial aid programs.

Application Due Dates for Priority Funding

2021-22

2022-23

Federal Aid Programs

Goldey-Beacom College awards funds to eligible undergraduate or graduate students from the following federal aid programs. Each program has specific eligibility requirements that an undergraduate or graduate aid applicant must meet before the student is determined eligible to receive an annual award. For a complete listing of federal funding sources available to qualified students, go to https://studentaid.gov. GBC students who have questions about the federal aid programs can speak to an Financial Aid Counselor at (302) 225-6264 or finaid@gbc.edu.

Federal Pell Grant Program

The Federal Pell Grant Program makes funds available to eligible students attending Goldey-Beacom College. The amount of funds awarded is based upon the student’s financial aid eligibility. Pell Grant awards for 2021-22 have a maximum award up to $6,495. Students interested in applying for the Pell Grant can do so by filing a Free Application for Federal Student Aid (FAFSA).

Federal Supplemental Educational Opportunity Grant Program (FSEOG)

The Federal Supplemental Educational Opportunity Grant Program is a grant program from which funds are awarded based upon the student’s Pell Grant award and available campus-based funds. Eligibility is determined according to a need analysis which is calculated from the information processed on the FAFSA. FSEOG awards range from $100 to $4,000 per year. Grants are awarded to eligible students until federal allocated funding is exhausted.

Federal Work-Study Program (FWS)

The Federal Work-Study Program is a federally-funded program through which students with demonstrated financial need are awarded funds that they may earn by working at jobs on and off campus. The College partners with outside educational organizations to fulfill community service requirements. In addition, on-campus community outreach activities occur. Wages are paid directly to the student on a monthly basis. Students are required to file a FAFSA to establish eligibility.

A student who has been awarded Federal Work-Study is not guaranteed to earn the amount of the award. The student is required to apply and interview for available positions. Job availability is based on the needs of the College and the institution’s Federal Work-Study allocation from the federal government. Federal Work-Study (FWS) paychecks are issued directly to the student at the 15th of each month following the month that the student worked. The money may be used for indirect educational expenses such as living expenses. FWS earnings will not be credited to a student at the beginning of the semester, nor will the FWS award be applied to the student’s semester charges.

Federal Direct Loan Program

The College participates in the Federal Direct Loan program which makes funds available to eligible undergraduate and graduate students. Students are required to file a FAFSA (Free Application Form for Federal Student Aid) to determine eligibility for the program. A master promissory note and entrance counseling must be completed using the https://studentaid.gov website before a student loan can be awarded to new borrowers. Students interested in learning more about the Federal Direct Loan Program are encouraged to visit https://studentaid.gov. Students who withdraw from GBC and have borrowed from the Federal Direct Loan Program must complete exit counseling on https://studentaid.gov. Students who enroll concurrently at another institution are required to notify the College’s Financial Aid Office to ensure accurate federal student loan eligibility.

Federal Direct PLUS Loans

The College participates in the Federal Direct PLUS Loan program which makes funds available to eligible parents of undergraduate students. Parents who are interested in learning more about the program can visit https://studentaid.gov and select “Parent Borrowers.” A valid FAFSA must be on file for the student to initiate parent borrower eligibility.

The College’s Financial Aid Office welcomes the chance to discuss the many scholarship and grant assistance programs available to qualified students. For a general estimate of the net price of attendance, the Net Price Calculator may be used. For those seeking further information, please contact the Financial Aid Office at (302) 225-6264.

Other Payment Options

Goldey-Beacom College Annual Payment Plan

The Goldey-Beacom College Annual Payment Plan is a budget program for parents and students. This plan allows parents and students to budget tuition, fees, as well as residence hall and meal plan charges. Parents and students are eligible for the annual payment plan if no outstanding debt is owed to the College, and if previous payments were made according to established plans. Additional information regarding the annual payment plan can be obtained by contacting the College’s Business Office at (302) 225-6268 or by emailing business@gbc.edu.

Goldey-Beacom College Semester Payment Plan

The College offers to its parents and students a Semester Payment Plan. This plan allows parents and students to split their semester charges, including tuition, fees, as well as residence hall and meal plan charges into payments. Parents and students are eligible for the payment plan if no outstanding debt is owed to the College, and if no previous payments were made according to established plans. Contact the College’s Business Office at (302) 225-6268 or email business@gbc.edu for more information.

Family Tuition Savings Plan (FTSP)

A special tuition savings is available to families in which two or more members of the immediate family (husband, wife, tax-dependent children) are enrolled concurrently at Goldey-Beacom College in a degree program. The tuition credit offers a tuition savings and is applicable for all semesters. Speak with a Financial Aid Counselor about the Family Tuition Savings Plan in the Financial Aid Office. If necessary, a copy of the IRS 1040 form may be requested.

Employment Opportunities

To help offset educational costs, a student may want to consider part-time employment with a business in the local area. The College offers an Internship Program through which eligible students may earn academic credit for work experience provided the student meets all College academic criteria. Contact the Careers Services Office at (302) 225-6256 for assistance.

Private Education Loans

Private Education Loans, also called Alternative Education Loans, assist students and families with schooling expenses after all other federal financial aid options have been exhausted. Goldey-Beacom College does not offer a private education loan to its students nor does it recommend or endorse any lenders or their products. According to Section 128(e)(3) of the Truth in Lending Act, a lender must obtain a self-certification signed by the applicant before disbursing a private education loan. Goldey-Beacom College is committed to providing students and their families with the best information and processing alternatives regarding student borrowing and adheres to a Student Loan Code of Conduct  .

Summary of Student Consumer Rights and Responsibilities

• A student who receives financial aid from Goldey-Beacom College has the following rights: to know the costs of attendance to the institution; to know all available sources of financial aid; to speak with a Financial Aid Advisor who evaluates the student’s need; to be informed of all aspects of the financial aid package awarded including special dispersal of aid; and to know the academic expectations of the institution.
• A student who receives financial aid from Goldey-Beacom College also has the following responsibilities: to apply for financial aid by the established deadline as determined by Goldey-Beacom College; to report to the Financial Aid Office any awards received from agencies outside the College; to maintain satisfactory academic progress; to comply with established loan repayment schedules; to report to the Financial Aid Office any changes in family or student financial status.
• The student’s financial aid awards may be cancelled or reduced if: (a) any of the information on the financial aid applications is erroneous; (b) requested documents are not provided to validate eligibility; (c) enrollment status changes; (d) the student’s program of study changes.

Return of Title IV Funds

Upon a Title IV financial aid recipient’s withdrawal from the College, the following will apply:

1. When Title IV funds were disbursed to a student who withdraws from the College during the institutional refund period according to the drop/add policy, the following rules apply to both new and returning students:

• The institutional refund, which is calculated according to the refund schedule in the drop/add policy will be used to restore money to all or some of the financial aid programs from which the student received funds. Federal law defines a distribution formula for restoring funds to aid programs.
• The student receives a cash refund only when a negative balance exists after the financial aid programs are fully funded. 

2. The College is required by federal regulations to determine how much financial aid was earned by students who cease attendance in all Title IV eligible classes in a payment period prior to completing 60% of the given period of enrollment.

The calculation is based on the percentage of earned aid using the following Federal Return of Title IV funds formula:

• Percentage of payment period or term completed = the number of days completed up to the withdrawal date divided by the total number of days in the payment period or term. (Any break of five days or more is not counted as part of the days in the term). This percentage is also the percentage of aid earned.
• Funds are returned to the appropriate federal program based on the percentage of unearned aid using the following formula: Aid to be returned = 100% minus the percentage of aid earned, then multiplied by the total dollars of aid that was or could have been disbursed.
• If a student earned less aid than was disbursed, the College is required to return the amount of unearned aid to each respective Title IV aid program. This may result in a balance owed to the College.
• If a student earned more aid than was disbursed, the College is required to offer a post-withdrawal disbursement. This only applies if the student had Title IV aid award originated that was not disbursed prior to withdrawing.
• The College must return the amount of Title IV funds that were unearned within 45 days of the date of determination that the student withdrew.

3. For a student who withdraws after the 60% point-in-time of a given payment period or term, there are no unearned funds. This means that no funds are required to be returned to the respective Title IV aid programs, however a calculation is required to document and determine the following:

• The student did, in fact, complete at least 60% of the payment period or term and;
• The student is eligible for a post-withdrawal disbursement (only applies if the student has federal aid awards that were packaged and were not disbursed to their student account).

4. Return of funds to the Department of Education are made in the following order:

• Unsubsidized Federal Direct Loans
• Subsidized Federal Direct Loans
• Federal Direct Grad PLUS Loans
• Federal Direct Parent PLUS Loans
• Federal Pell Grant
• FSEOG
• TEACH Grant
• Iraq and Afghanistan Service Grant

5. A Financial Aid Counselor will notify the student when the R2T4 process has been completed with the outcome of the calculation (for example a balance is owed, or a refund is due). The written notification will be sent to the student’s GBC Email within ten (10) business days of completing the R2T4 process.

6. Students who have questions about the R2T4 refund calculation are directed to the Financial Aid Coordinator.

Items to note: (1) The SAM License is non-returnable and non-refundable. Therefore, it is counted as an excludable cost in the R2T4 calculation, so it is assessed as a 100% charge. (2) Online bookstore purchase charges for books that are required for students to purchase and are sold exclusively by GBC’s online bookstore will be included in the R2T4 calculation. The Business Office maintains a list of courses in which this would be applicable. (3)  This Title IV Refund Calculation Policy supersedes the housing cancellation fee established by the Student Affairs Office.

Beginning with the 2011-12 academic year, the Goldey-Beacom College academic and financial aid Satisfactory Academic Progress (SAP) standards were updated in accordance with federal regulations for both undergraduate and graduate students.  The College makes its SAP policies applicable to all federal and state financial aid as well as institutional aid. The Satisfactory Academic Progress applies to all enrollment periods* regardless of whether financial aid was received. See the Standards of Academic Progress section that defines undergraduate and graduate Standards of Academic Progress. The graduate and undergraduate periods of enrollment are: fall, semester, winter session, spring semester, and summer session.

Satisfactory Academic Progress Procedures

Goldey-Beacom College evaluates a student’s academic progress in a degree seeking program at the end of enrollment periods. That review process determines if a student is eligible for subsequent federal and state financial aid as well as institutional aid or if a student is not achieving academic success. Given the extent that a student is not succeeding academically, he/she may be placed on Academic Warning or dismissed from the College.

Academic Warning Procedures

A student is on Academic Warning after the academic transcript has been reviewed by an Advisor at the end of a stated enrollment period and if the student is academically deficient in accordance with the applicable undergraduate or graduate Standards of Academic Progress. Students remain eligible for federal and institutional funding if on Academic Warning. When a student has been determined to be on Academic Warning, the student is notified via GBC email. 

Academic Warning requires that an academic action plan be developed for the undergraduate or graduate student with input from the Advisor and Associate Provost. The action plan is to identify the student’s academic deficiencies and focus on strategies that can lead to academic success and continued federal and state aid eligibility. All students are required to meet in person with an Advisor and/or Associate Provost to discuss the academic action plan. A student’s continued federal and state aid as well as institutional aid may cease should the student choose not to attend the prescribed meeting or not agree to the recommended academic action plan.

It is the federal government’s and Goldey-Beacom College’s expectation that the student will successfully achieve the agreed-upon academic action plan through prescribed strategies. An example of a particular strategy would be the requirement of a student to enroll in a reduced course load for a given semester or require the student to earn a certain final grade in a particular course registered for in a stated semester.

The Advisor will monitor the student’s academic progress toward completion of the academic action plan through email communications with the student and appropriate faculty members. A student may be required to regularly meet with an Advisor to discuss progress of the academic action plan. The Advisor will routinely present all findings to the Associate Provost.

Academic Action Plan Outcomes Procedures

Any student who meets their academic action plan continues to be eligible for federal and state financial aid as well as institutional aid. The student will be removed from Academic Warning status when the academic action plan has been achieved. The student will be notified of the determination by the Advisor using GBC email. Students who demonstrate satisfactory progress toward the completion of the action plan but may not have met their plan can appeal to have the plan extended with approval from the Advisor or the Associate Provost. If approved, the student remains on Academic Warning and the monitoring process by the Advisor and Associate Provost continues.

Should a student be unable to successfully achieve the academic action plan as documented and monitored by the Advisor, the student will be forwarded to the Associate Provost for final review and determination of dismissal or continued enrollment. A student who is permitted to continue enrollment in the next regular semester at the College is not eligible for federal and state financial aid and may not be eligible for institutional financial aid. The final decision of the Associate Provost will be communicated to the student using GBC email.

Dismissal from the College

Any student who is dismissed from the College may petition the Provost/Vice President for Academic Affairs for possible reinstatement to the College, but may not do so until taking a full semester period of enrollment* break from the College after the dismissal.

Petitioning is defined as submitting an appeal in writing for consideration to be reinstated. Reinstatement grants permission to register and enroll in classes. The student’s written request should state why the student failed to make academic progress and what has changed that will now enable the student to succeed. The petition is reviewed by the Provost/Vice President for Academic Affairs in consultation with the Associate Provost. The Provost/Vice President for Academic Affairs may request an interview with the student. A decision will be rendered in writing to the student within ten (10) business days of receipt of the petition. All decisions by the Provost/Vice President for Academic Affairs are final. The Provost/Vice President for Academic Affairs will communicate the final decision regarding reinstatement using GBC email.

Students reinstated at Goldey-Beacom College must meet the Satisfactory Academic Progress standards prior to receiving federal and state aid. Students who re-enter the College will not automatically receive previously awarded Goldey-Beacom College sponsored merit and need-based scholarships. Consideration for the reinstatement of the scholarship awards will include a review of the student’s prior record while in attendance at the College.

Satisfactory Academic Progress Standards

The Satisfactory Academic Progress (SAP) standards are two-fold. A student must make satisfactory academic progress according to both Grade Point Average Progress and Earned Credit Progress criteria to continue receiving federal or state financial aid as well as institutional aid.

Undergraduate

Grade Point Average Progress

Students must maintain a satisfactory cumulative grade point average (CGPA) as outlined below according to the appropriate program of study.

Earned Credit Progress

In order for a student to maintain academic progress each period of enrollment (semester/session), the student must complete the prescribed number of enrolled credits listed in the chart below.

Associate in Arts, Associate in Science, Bachelor in Arts, and Bachelor of Science Degree Programs

The minimum cumulative earned credits required for:

Examples:

1. A full-time (enrolled in 12 + credits) student who has completed the Fall 2020 semester and has not completed any additional semesters/sessions is required to earn at least 9 credits.
2. A student completed four semesters/sessions: Fall 2020 semester (enrolled in 17 credits), Spring 2021 semester (enrolled in 15 credits), Summer 2021 session (enrolled in 6 credits) and Fall 2021 semester (enrolled in 9 credits).

Maximum Time Frame

Students must complete the bachelor of arts or bachelor of science degree program within six academic years (an academic year equals two semesters plus winter and summer sessions) of full-time study (minimum of 12 credits per semester) or twelve academic years of half-time study (minimum of 6 credits per semester).

Students must complete the associate in arts or the associate of science degree program within three academic years (an academic year equals two semesters plus winter and summer sessions) of full-time study (minimum of 12 credits per semester) or six academic years of half-time study (minimum of 6 credits per semester).

Graduate

Grade Point Average Progress

The Graduate cumulative grade point average is reviewed for every graduate student after each semester, beginning at the completion of the first semester of attendance. At any time, a cumulative grade point average below the level of 3.0 will place the student in Academic Warning status.

Two periods of enrollment* below a 3.0 cumulative grade point average may be grounds for dismissal. A cumulative grade point average of 2.0 or below will be grounds for immediate dismissal.

*semesters are not consecutive

Earned Credit Progress

Students must progress toward their degree completion by earning all registered and enrolled credits during required periods of enrollment at the College.

Maximum Time Frame

All degree requirements, including prerequisite curriculum courses and those approved for transfer, must be completed within 10 years.

Final Grades and Satisfactory Academic Progress

The final grade(s) that an undergraduate or graduate student receives at the end of each semester or session has a direct effect on the academic progress standards:

• For a course in which a final grade of “F”, “W” or “X” (which is a result of courses dropped or an official withdrawal from the College) is received, the credits for that course are included in a student’s attempted credits but not in earned credits.
• A final grade of a repeated course is added to attempted credits each time it is repeated but is added to earned credits only once if a grade of “D” or better is received.
• Course credits for a grade of “I” are added to attempted credits at the end of the semester. However, earned credits for incomplete courses are not added until the “I” is replaced by a final grade of “D” or better. If a final grade of “F” replaces the “I” grade, no credits will be included in earned credits.
• Transfer credits are not included in attempted or earned credits. Therefore, a student cannot earn credits at another institution in order to make up any earned credit deficiency at Goldey-Beacom College.
• Courses that are taken as listener status are not included in attempted or earned credits. (Note: A student who enrolls in a course as a listener cannot receive financial aid for that course.)

NOTE: A reduction in course load during and after the College’s official drop/add and drop periods, repeating courses, and withdrawing from the College have major effects on a student’s continued financial aid academic progress eligibility. The Financial Aid/Advisement Office recommends a student contact their Advisor prior to dropping/adding a course(s), withdrawing from GBC, receiving a non-passing grade, or rescheduling a previously taken course to discuss their continued financial aid eligibility reviewed.

An undergraduate student accepted by the College’s Admissions Office as a “Special Student” or on “Probational Status” must achieve a 2.0 cumulative grade point average*, earn the required number of earned credits as defined on the Earned Credit Progress chart above, and enter a degree program. The student must meet with an Advisor in the Financial Aid/Advisement Office to complete this process and to apply for financial aid in a subsequent semester.

*Academic requirement

A student whos enroll in a graduate course to complete an undergraduate degree program must meet the graduate standards of academic progress for the graduate-level course enrolled in a given semester/session. An undergraduate student enrolled in graduate course work must achieve a 3.0 cumulative grade point average and earn all course credits in which they are enrolled. 

Withdrawal from College

• Upon a Title IV federal financial aid recipient’s withdrawal from the institution, the federal refund calculations or institutional refund calculation will apply. Any student and/or parents/guardians interested in learning more about the federal refund calculation should contact the Financial Aid Office.
• For a student to be considered officially withdrawn from the College, a student must notify an Advisor in writing. Student withdrawals due to substantiated medical reasons require the submission of medical documentation within thirty (30) days from the date of withdraw to apply for a medical tuition credit. The official withdrawal date will be determined as the date on which the student notified the Advisor in writing.
• A student who withdraws owing an outstanding debt to the College is expected to contact the College’s Business Office at (302) 225-6268 to immediately clear the debt. Student referral to collection agencies and credit bureaus are at the discretion of the College. A student is charged all collection and legal fees that the College incurs in attempting to clear the debt.
• In the event of a withdrawal from the College, the student must place a priority on contacting the Financial Aid Office to learn more about federal student loan exit counseling which presents information on repayment options, deferments, and loan consolidation.

Scholarships

Scholarships for New Students

It is the goal of the College to make a Goldey-Beacom College education affordable to all qualified students. The College offers a wide variety of academic and merit scholarships to academically talented students. Scholarships are awarded annually to students who meet high school or college CGPA and SAT or ACT requirement(s). In addition, some scholarships are awarded based upon state or city of residence or selection of college major.

Scholarship review is part of the Admissions process. When a prospective student has submitted an application for admission and provided the proper documentation, such as the final official high school transcript, final official college transcript(s), and SAT scores, their application will be evaluated for admission to the College and scholarship eligibility.

Scholarship award amounts vary, but are typically renewable based upon the recipient’s successful academic performance at Goldey-Beacom College. If an applicant has any questions about scholarships, it is recommended that the student contact their Admissions Representative.

Scholarships for Upperclassmen

Goldey-Beacom College is committed to providing scholarship assistance to an eligible student who has demonstrated satisfactory academic progress, a dedication to their studies and college community involvement while enrolled at GBC. In addition to scholarship assistance offered by the College, each year a number of endowed scholarships in varying amounts may be available to award to a student. These scholarships are typically awarded annually at Honor’s Day. Any student who wishes to discuss their scholarship assistance should contact aFinancial Aid Counselor in the Financial Aid Office.

Additional Scholarship Resources

To learn more about scholarship opportunities sponsored by outside organizations, visit these websites:

www.fastweb.com

www.cappex.com

Verification Policy

Verification uses a student’s documentation to confirm that the data provided on a student’s Free Application for Federal Student Aid (FAFSA) is accurate. The Federal government requires all colleges and universities that participate in the Title IV aid programs to verify, or confirm, the data reported by a student and their parent 1/parent 2 on the FAFSA. The verification process ensures that eligible students receive all the Federal financial aid to which they are entitled and prevents ineligible students from receiving financial aid for which they do not qualify.

Students are randomly chosen by the Federal government. If the FAFSA a student submits is incomplete or inconsistent with other documentation provided to the Financial Aid Counselor, the student and/or parent 1/parent 2 will be asked to update the data on the FAFSA. Verification is a Federal regulation and the items to be verified may change each award year. Additional supporting documentation may be requested by the Financial Aid Counselor should questions arise after a review of the Student Aid Report (SAR).

The Financial Aid Counselor will notify the student if selected for verification. All requests for documentation from a student or parent 1/parent 2 must be fulfilled before any aid eligibility is finalized. Students who have not completed the verification process prior to the start of a given semester must contact the GBC Business Office at (302) 225-6268 to receive direction on how to proceed with making an out-of-pocket payment.

A student and/or parent/guardian are directed to speak with a Financial aid Counselor to learn more information about this important step in the financial aid awarding process.