Financial Aid Processes
Financial Aid is money provided to the student and the family to help them pay for the student’s education.
1. What kind of aid is available?
Financial aid awards include grants, scholarships, and loans. Grants and scholarships are “gift” awards and do not have to be repaid. The CUBM Grant is tuition assistance that the Center for Urban Biblical Ministry offers to each student. The current rate is 35% off the cost of tuition. The amount of this discount is determined by the Board of Directors and is subject to change. If a change is to be made, students will be notified.
A loan is money the student borrows that they must repay, often with interest. Federal loans are counted as financial aid because they offer favorable repayment terms and are not based on credit history.
2. How to apply for financial aid?
The first step in applying for financial aid is completing the Free Application for Federal Student Aid (FAFSA). This form collects the necessary information to determine if you are eligible for federal or state financial aid. The FAFSA can be completed at www.fafsa.ed.gov. If you have questions related to completing the FAFSA, please contact Federal Student Aid at 1-800-433-3243.
While all students may not qualify for a Pennsylvania State Grant or Federal Pell Grant, it is highly recommended that all students complete the form, which could determine if they qualify to receive subsidized or unsubsidized federal student loans. It is the student’s responsibility to complete the FAFSA form online.
After completing the FAFSA, a percentage of students will be chosen for Federal Verification. If chosen for this process, the student will be required to provide family information and verification of the student’s financial status. If chosen for verification, the Financial Aid Office will mail the student instructions for completing the process.
• Instructions for completing Student Loan Entrance Counseling: Click Here
• Instructions for completing the Student Loan Master Promissory Note: Click Here
Here are some Tutorials from the University of Texas at Dallas:
• Entrance Counseling: Click Here
• Master Promissory Notes: Click Here
3. How is financial need determined?
Financial need is determined by taking the student’s cost of attendance and subtracting the student’s expected family contribution (EFC). The factors taken into consideration when evaluating the student’s financial need include: parental income/assets, student income/assets, family size, and number in college.
4. When will I be notified?
After the Free Application for Federal Student Aid (FAFSA) is submitted, verification is complete, and the student is registered for classes in the upcoming term, financial aid can be determined. Students will be mailed an Award Letter from the financial aid office indicating their financial aid eligibility.
Please Note: Any changes in the student’s registration or status can result in financial aid being adjusted.
5. Can payments be arranged?
Many students prefer to pay their college payments in smaller, more manageable installments. Monthly payment plans must be negotiated with the CUBM office prior to the start of class.
6. How will I be notified?
You will receive an award letter and acceptance form from the Financial Aid Office of Geneva College.
Please be sure to respond to all mail, email, and phone calls related to your financial aid. If additional information is requested, please provide the additional information as quickly as possible. A delay in submitting information could lead to adjustments being made to your financial aid.
7. What if scholarships from outside sources are received?
Notify the Financial Aid Office of any scholarships you have received from outside sources. This will enable us to finalize your financial aid package.
8. Is there anything to do after receiving Federal Student Loans?
Please log on to www.studentloans.gov and complete Direct Loan Entrance Counseling and a Direct Loan Master Promissory Note (MPN). Loan funds will not be disbursed to your student account until both of these items are complete.
Plan to attend the new student orientation on the date indicated.