Sep 27, 2023  
2022-2023 Academic Catalog V2 
    
2022-2023 Academic Catalog V2 [ARCHIVED CATALOG]

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 will show you how reasonable a high-quality education can be!

The financial aid process can sometimes be confusing and bewildering. We understand you may have questions or concerns. To discuss financial aid opportunities, please do not hesitate to reach out to the Financial Aid Office! You can reach our office by calling (302) 225-6264 or emailing finaid@gbc.edu. A Financial Aid Counselor will assist you with any of your questions or concerns.

Application Procedure

Goldey-Beacom College offers a 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 via email at finaid@gbc.edu or via phone at (302) 225-6264.

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

2022-23

Fall 2022 April 1, 2022  
Spring 2023 Oct 1, 2022  

2023-24

Fall 2023 April 1, 2023  
Spring 2024 Oct 1, 2023  

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, please visit 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 2022-23 have a maximum award up to $6,895. 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

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 Counselor 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 Unearned TA Funds

Military Tuition Assistance (TA) is awarded to a student under the assumption that the student will attend school for the entire period for which the assistance is awarded.  If the student withdraws during the enrollment period, the student may no longer be eligible for the full amount of TA funds originally awarded. To comply with the Department of Defense (DOD) policy, Goldey-Beacom College will return any unearned TA funds directly to the Military Service, not to the Service Member, on a prorated basis up to the 60% point in the session/semester.  If the student withdraws after the 60% point, all TA will be considered earned.  Should a Service Member stop attending due to a Military Service obligation, GBC will work with the affected student to identify solutions that will not result in student debt for the returned portion. 

GBC will calculate the return of funds based on the date when the Service Member began the period of enrollment up to the 60% point in the session/semester when the student withdraws or ceases to attend classes. Prior to the class start date, a 100% return is processed to the Military Service for the course(s).  The schedule of refund of unearned TA funds after the class start date is as follows:

 

7- or 8-Week Course Withdraw

Before or during week 1:       100% return
During weeks 2:  75% return
During weeks 3-4:  50% return
During weeks 5:  40% return (60% of course is completed)
During weeks 6-8: 0% return

 

15-Week Course Withdraw

Before or during weeks 1-2:  100% return
During weeks 3-4:  75% return
During weeks 5-8:  50% return
During weeks 9-10:  40% return (60% of course is completed)
During weeks 11-15: 0% return

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.


Standards of Academic Progress (SAP) for Federal Financial Aid Recipients

See the Graduate Academic Policies  for the Graduate SAP Policy. 

See the Undergraduate Academic Policies  for the Undergraduate SAP Policy.

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 applied 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 several 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 a Financial Aid Counselor in the Financial Aid Office.

Additional Scholarship Resources

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

http://www.fastweb.com

http://www.cappex.com

http://scholarships.delawarestudentsuccess.org

http://scholarshipamerica.org

http://www.collegescholarships.org

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.