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.

Creating a StudentAid.gov Account

We strongly recommend you create your StudentAid.gov account before starting your FAFSA form. When you create your account, be careful to enter your name and Social Security number (SSN) exactly as they appear on your Social Security card.

2024-2025 FAFSA Form

On the 2024-25 FAFSA form, every contributor-anyone (you, your spouse, a biological or adoptive parent, or your parent’s spouse) who’s required to provide information on the FAFSA form-needs a StudentAid.gov account before accessing and completing their section of the online form. Contributors can access their StudentAid.gov account by using their FSA ID (account username and password).

Note: Contributors without an SSN can create a StudentAid.gov account to fill out their portion of your 2024-25 FAFSA form online.

To start the online 2024-25 FAFSA form, select “Start New Form.” You’ll be taken to the “Log In” page to enter your account username and password. After logging in, you’ll be given the option to select your applicable role to fill out the FAFSA form: “Student” or “Parent.” You (the student) should select “Student.” If a parent wants to start their dependent child’s FAFSA form, they should select the “Parent” option.

Gathering the Documents Needed to Apply

You might need the following information or documents as you fill out the 2024-25 FAFSA form:

• Your parents’ SSNs if you’re a dependent student
• Tax returns
• Records of child support received
• Current balances of cash, savings, and checking accounts
• Net worth of investments, businesses, and farm

Keep these records! You may need them again. Do not mail these supporting records to us.

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.

Federal Student Aid Estimator

With this tool, students can find out how much federal student aid they may be eligible for starting with the 2024-25 award year-note that this tool estimates the Student Aid Index (SAI) for 2024-25 award year, not the Expected Family Contribution (EFC) for 2023-24 award year.

Click here to use the Federal Student Aid Estimator. 

To apply for financial aid, complete the 2024-25 FAFSA^® form.

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 June 15. On January 2, 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 June 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 2024-25 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 Honors 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 participating in Title IV aid programs to verify or confirm the data reported by a student and their parent 1/parent two 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.

The Federal government randomly chooses students. If the FAFSA a student submits is incomplete or inconsistent with other documentation provided to the Financial Aid Office, the student and parent 1/parent two 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. The Financial Aid Office may request additional supporting documentation should questions arise after a review of the Student Aid Report (SAR).

The Financial Aid Office will notify the student if selected for verification. Before finalizing financial aid awards, a student must submit all federal verification documents. Students who have yet to complete the verification process before 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.

The Financial Aid Office encourages students and their parents to speak with a Financial Aid Counselor to learn more about this critical 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.
• Confidentiality of all personal, family, and financial information.
• 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.

Student Loan Code of Conduct

Goldey-Beacom College is committed to providing students and their families with the best information and processing alternatives available regarding student borrowing. In support of this and in an effort to rule out any perceived or actual conflict of interest between Goldey-Beacom College officers, employers or agents and private education loan lenders, Goldey-Beacom College has adopted the following code of conduct:

• Goldey-Beacom College does not participate in any revenue-sharing arrangements with any private lender.
• Goldey-Beacom College does not permit any officer, employee or agent of the school who is employed in the financial aid office or is otherwise involved in the administration of education loans to accept any gifts of greater than a nominal value from any lender or servicer.
• Goldey-Beacom College does not permit any officer, employee or agent of the school who is employed in the financial aid office or is otherwise involved in the administration of education loans to accept any fee, payment, or other financial benefit (including a stock purchase option) from a lender or affiliate of a lender as compensation for any type of consulting arrangement or contract to provide services to a lender or on behalf of a lender relating education loans.
• Goldey-Beacom College does not permit any officer, employee or agent of the school who is employed in the financial aid office or is otherwise involved in the administration of education loans to accept anything of value from a lender, guarantor, or group of lenders and/or guarantors in exchange for service on an advisory board, commission or other group established by such a lender, guarantor group of lenders and/or guarantors. Goldey-Beacom College does allow for the reasonable reimbursement of expenses associated with participation in such boards, commissions or groups by lenders or groups of lenders.
• Goldey-Beacom College does not assign a private lender to any first-time borrower through financial aid packaging or any other means.
• Goldey-Beacom College recognizes that a borrower has the right to choose any private lender from which to borrow to finance an education. Goldey-Beacom College will not refuse to certify or otherwise deny or delay certification of a loan based on the borrower’s selection of a private lender.
• Goldey-Beacom College will not request or accept any offer of funds to be used for private education loans to students from any lender in exchange for providing the lender with a specified number or volume of Title IV loans, or a preferred lender arrangement for Title IV loans.
• Goldey-Beacom College will not request or accept any assistance with call center or financial aid office staffing.

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.