Financial Aid Policies and Scholarships

Cost should never be a barrier to education. At Goldey-Beacom, financial aid funds are available through scholarships, grants, loans, or work opportunities for eligible students who need financial aid assistance to pursue a college education.

The type and amount of financial aid awarded to qualified students depends upon the extent of the student’s needs and the number of financial aid funds available for disbursement. All types of financial aid awards are for one academic year; therefore, students must re-apply for financial aid funds each year.

Students entering the College must be accepted into an eligible program of study and meet other criteria to qualify for financial aid funds. Recipients must meet the U.S. citizenship requirements for federal and state financial aid programs.

Application Procedure

Free Application for Federal Student Aid (FAFSA)

Financial Aid Counselors are available to answer questions and concerns on the federal aid process or to guide students and parents through the electronic filing process of the Free Application Form for Federal Student Aid (FAFSA). All students who plan to receive federal grants, loans, and work-study must complete a FAFSA. Please use Goldey-Beacom’s federal school code (001429) when submitting your application.

Completing the FAFSA

1. Create a Federal Student Aid (FSA) ID at www.studentaid.gov. Whether you are a student, parent, or borrower, you must create your account to complete federal student aid tasks.
2. You may complete your FAFSA securely through studentaid.gov. The FAFSA questions ask for information about you (your name, date of birth, address, etc.) and your financial situation.
3. Most common information or documents needed to complete a FAFSA application:
   • Your Social Security number;
   • Your parents’ Social Security number if you are a dependent student;
   • Your Alien Registration number if you are not a U.S. citizen;
   • Federal tax information or tax returns, including IRS W-2 information, for you (and your spouse, if you are married) and for your parents if you are a dependent student;
   • Records of your untaxed income, such as child support received, interest income, and veterans noneducation benefits, for you and your parents if you are a dependent student;
   • and information on cash; savings and checking account balances; investments, including stocks and bonds and real estate (but not including the home in which you live); and business and farm assets for you and your parents if you are a dependent student.

Important Reminders when Completing the FAFSA

1. Before submitting your FAFSA application, you must add Goldey-Beacom’s federal school code (001429). You may input this school code manually or look Goldey-Beacom’s federal school code up within the FAFSA.
2. Use the Internal Revenue Service Data Retrieval Tool (IRS DRT) when completing your FAFSA. This tool automatically transfers your tax information using the Internal Revenue Service. When using this tool, you do not have to find your tax records or worry about making mistakes or errors when entering the tax information into the FAFSA.
3. The last step to completing and submitting your FAFSA is signing the form digitally. If you are a dependent student, one of your parents must sign your FAFSA.
4. After signing and submitting your FAFSA, the Financial Aid Office will receive your completed FAFSA in the form of an Institutional Student Information Record (ISIR) within three to five business days after your submission. The Financial Aid Office will review your FAFSA to determine federal grant, loan, and work-study eligibility. The Financial Aid Office notifies students who must submit documents to complete verification. 

Questions or concerns about the FAFSA? Need help with how to answer a question? Do not fret! The Financial Aid Office can walk you through the process to ensure your FAFSA is submitted successfully. In addition, you can visit the following link to learn more about filling out your FAFSA: https://studentaid.gov/apply-for-aid/fafsa/filling-out.

Application Due Dates for Priority Funding

To receive consideration for supplemental grant funding, the Financial Aid Office recommends finalizing your FAFSA by the following dates.

State Aid Programs

Delaware Scholarship Incentive Program (ScIP)

Eligible Delaware residents must be enrolled full-time in a degree program at a Delaware college to receive aid from the Delaware Scholarship Incentive Program. Awards are variable and will not exceed tuition, fees, and books. Students must file a Free Application for Federal Student Aid (FAFSA) before April 15. On April 1, 2024, the ScIP application will become available on the Delaware Department of Education website. Click on the Apply for Scholarships link at the top of the page, choose the ScIP scholarship, and provide your anticipated college enrollment information for the 2024-25 academic year by June 15, 2024.

Pennsylvania Higher Education Assistance Agency (PHEAA)

The Pennsylvania Higher Education Assistance Agency awards grants in varying amounts to eligible students who are Pennsylvania residents attending a Delaware institution of higher education. Goldey-Beacom College is a participating institution with the Pennsylvania Higher Education Assistance Agency. Pennsylvania residents seeking funding for a PHEAA grant must file a PHEAA application form and a Free Application for Federal Student Aid (FAFSA). The application deadline is May 1.

Federal Aid Programs

Federal Pell Grant

The Federal Pell Grant Program makes funds available to eligible Goldey-Beacom College students. Pell Grant award eligibility depends on several factors, such as whether the student meets the need requirement for a Pell Grant award. Pell Grant awards for 2023-24 have a maximum award of up to $7,395. Students interested in applying for the Pell Grant can file 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 from which funds are awarded based on the student’s Pell Grant award and available campus-based funds. Eligibility is determined according to a need analysis, 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 federally allocated funding is exhausted.

Federal Work Study (FWS)

The Federal Work-Study Program is a federally-funded program through which students with demonstrated financial need may earn funding by working at jobs on or 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 monthly. Students are required to file a FAFSA to establish eligibility.

A student receiving Federal Work-Study is not guaranteed to earn the award amount. The student is required to apply and interview for available positions. Job availability will depend 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 on the 15th of each month following the month that the student worked. Students may use earned funding for indirect educational expenses such as living expenses.

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 to determine eligibility for the program. Students must complete entrance counseling and the master promissory note at www.studentaid.gov before receiving any federal student loans. Students interested in learning more about the Federal Direct Loan Program are encouraged to visit https://www.studentaid.gov.

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 interested in learning more about the program can visit https://studentaid.gov and select “Parent.” A valid FAFSA must be on file for the student to initiate parent-borrower eligibility. Graduate students can also receive Direct PLUS Loan funding after exhausting their unsubsidized loan eligibility. 

Federal Aid Requirements

Along with the completion of a Free Application for Federal Student Aid (FAFSA), the following may be required to receive certain forms of federal aid:

Entrance Counseling

Entrance counseling ensures you understand the terms and conditions of your loan and your rights and responsibilities. You’ll learn what a loan is, how interest works, your options for repayment, and how to avoid delinquency and default.

When you’re finished, a record of your completion will be sent to the schools you selected, and you can then receive your loan money. Keep in mind that you cannot save and leave an incomplete session; you must complete entrance counseling in one sitting.

Entrance couseling can be completed here.

Master Promissory Note

The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s).

You may receive more than one loan under an MPN over a period of up to 10 years to pay for your or your child’s educational costs, as long as the school is authorized to use the MPN in this way and chooses to do so.

The Master Promissory Note can be completed here.

Exit Counseling

In accordance with the regulations set forth by the Department of Education, all federal direct loan borrowers are required to complete Exit Counseling.

You must complete exit counseling when you leave school or drop below half-time enrollment. The purpose of exit counseling is to ensure you understand your student loan obligations and are prepared for repayment. You’ll learn about what your federal student loan payments will look like after school. Further, the exit counseling session will recommend a repayment strategy that best suits your future and goals.

You can conveniently complete the exit counseling requirement on www.studentaid.gov or through the myStudentAid mobile app. The Financial Aid Office is notified electronically within 24 hours after you complete this requirement. In the interim, an exit counseling hold will be placed on your account. This hold may prevent the Registrar’s Office from releasing important college records like your academic transcript. In addition, exit counseling is required to be completed prior to receiving your diploma or graduation regalia.

Have questions or concerns about the material presented to you in your exit counseling session? Do not hesitate to reach out to the Financial Aid Office for clarification! We are available to answer any of your questions or concerns.

Institutional 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 Returning Students

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.

Outside Scholarships

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.

Student Aid Recipient Rights and Responsibilities

Goldey-Beacom College students have the right to:

• Know the types of aid programs available to you.
• Have all personal, family, and financial information treated with confidentiality.
• Know how your financial need is being met.
• Know the deadlines for submitting applications for all available financial aid programs.
• Request a financial aid appeal when your financial situation changes.
• Understand all loan conditions.

As a Goldey-Beacom College student, it is your responsibility to:

• Reapply for financial aid every year by the specified deadlines.
• Review your financial aid package annually.
• Report all outside scholarships or grants that you receive to the Financial Aid Office.
• Repay any loans you receive.
• Remain in good standing with Satisfactory Academic Progress.
• Submit verification documents in a timely manner.

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:

8-Week Course Withdrawal

15-Week Course Withdrawal

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. 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 Office of Residence Life.