Understanding PC Policy
How do I finalize my award?
The information provided on your application was most likely estimated; therefore, your award is not finalized until we collect tax returns and/or complete verification on applications selected by the U.S. Department of Education. There is a possibility that your award could change after the deposit deadline if the estimated information on your FAFSA and CSS PROFILE changes. Your award could increase or decrease if the information provided differs from your final tax documents. Here is a quick guide of what you need to know about Finalizing Your Financial Aid.
Your award also takes into consideration your housing status (i.e. living on campus vs. living with parent). Your award letter will display either ‘resident’ or ‘commuter’ – see upper right hand corner of your award letter. If you are considering changing your status from resident to commuter or commuter to resident, please notify our office. Your need-based assistance could be affected even after your final tax information was reviewed.
All incoming students and parents must submit their 2016 Federal 1040 including all schedules and W2 statements. Incoming students who are also selected for verification will additionally need to submit IRS tax transcripts and/or an IRS confirmation statement of non-filing and a verification worksheet. If you were not required to file or you did not work, please submit this statement to us in writing.
Requests for this additional information will be made after May 1. If a family forwards all required tax documents for a final review before that date, every attempt will be made to review the information. However, we do not guarantee finalized awards prior to May 1. Also, while the College utilizes the College Board’s CSS PROFILE, we do not participate in their IDOC program. Therefore, please send all requested tax documents directly to PC, adhering to published deadlines.
Can I appeal my aid if something extraordinary has happened since I completed my applications?
If an extraordinary situation (job loss, unexpected medical expenses, etc.) has occurred since completing the FAFSA and CSS PROFILE, you may complete our Appeal Forms to request a reevaluation. While we will review your request as soon as possible, we may not be able to process appeal requests until after the deposit deadline.
Our appeal form will help guide you on how to best communicate a change in circumstance to the office, as well as what documentation is needed. In most cases, a family will need to submit their 2016 Federal 1040 including all schedules and W2 statements, in addition to documents that support your extraordinary situation. If selected for verification, IRS tax transcripts and a verification worksheet must accompany this form, so that we can process your request.
How will the office communicate information to me and my family?
The Office of Financial Aid will send information to your home address until you enroll and receive your PIN to your CyberFriar account. Once you have access to PC’s online self-service account, all communication from the Office of Financial Aid will be electronic. In accordance with FERPA laws, we will communicate with only the student, who can then relay the information to his or her parents or guardians.
To keep our parents in the loop, the Office of Financial Aid has created an official Facebook page in order to communicate important and timely aid related information such as dates and deadlines. We hope this tool will assist our parents and other community members in staying informed of office happenings.
How do I renew my need-based award next year?
All need-based financial assistance is renewable for four years, provided a student adheres to published dates and deadlines, remains in good academic standing, and continues to demonstrate similar financial need each year. Students must reapply for federal financial assistance each year by completing the FAFSA. Students must also reapply for institutional need-based assistance by completing the CSS PROFILE. Please note, students who are only interested in renewing their merit-based offer are not required to complete these applications in a future year. Also, students who are only interested in renewing their federal assistance or Friar Grant only need to complete a FAFSA. If the information provided on the FAFSA or CSS PROFILE forms indicates a change (see How was my EFC calculated question below) in the family situation, it is possible that award types and amounts could change.
Renewal information will be sent electronically to the student’s PC email address from the Office of Financial Aid in the months leading up to the renewal deadline. The deadline for completing a renewal FAFSA and CSS PROFILE in subsequent years is April 15th.
What happens if my applications were late?
If your application was submitted after the deadline, your initial offer of assistance will be limited to federal aid. Decisions about need-based institutional aid for late applicants will most likely be made after our deposit deadline of May 1. You may need to make a deposit decision solely based upon your federal eligibility. Please note that if you applied late in the first year, it does not exclude you from reapplying on time in subsequent years. Visit our Late Policy for Prospective/Transfer Students for more for more information.
How was my EFC calculated?
In determining aid packages for prospective undergraduate day students (including transfer applicants), Providence College distributes financial assistance consisting of work, loan, grants, and scholarships based on a number of factors, including federal policy, institutional policy, and the availability of resources. Since resources are limited, and in order to give some aid to the maximum number of individuals who qualify, your demonstrated need may not be met in full and not all of the previously mentioned types of assistance will appear your offer of financial assistance
Providence College uses Federal Methodology (FM) required by the Higher Education Act (1965), as amended, to determine a student’s eligibility for all federal financial aid programs; therefore, based solely on the information provided on the Free Application for Federal Student Aid (FAFSA), federal financial aid is distributed by the College to eligible students.
When awarding institutional funds for need-based aid, the College uses Institutional Methodology (IM), to determine a student’s eligibility for institutional aid programs; therefore, based on the information provided on the College Scholarship Service (CSS) PROFILE and FAFSA applications, institutional aid is distributed by the College to eligible students. In order to determine the amount of institutional aid truly needed, the College carefully reviews the information provided on the CSS PROFILE because it provides a systematic, objective measurement of a family’s financial situation. An IM model considers family owned businesses and home equity as an asset. An IM model can also ignore business and real estate losses and excludes any sibling in the household that may be in a graduate program.
It is important to emphasize that financial awards heavily consider the number of students in the same family attending college as undergraduate students. For this reason, need-based eligibility can fluctuate greatly when one student graduates from an undergraduate or enters a graduate program. Please be aware that when a family experiences a number in college change, it can greatly impact the amount and type of assistance received in future years especially if coupled with other changes (income, etc.).