The FAFSA collects data and evaluates your family's financial strength based on the prior year's income information. If you have experienced extenuating circumstances (loss of employment, death, divorce, etc.), which will affect your family's current income information, please contact the Financial Aid Office. In some cases, a change may result in a lower EFC but may not affect your overall award package. By answering a few questions, we will be able to determine if it would be worthwhile to pursue a petition and advise you of the supporting documentation required for your unique situation.
Federal regulations require that Prescott College define minimum standards of Satisfactory Academic Progress to determine eligibility for financial aid. The standards apply to all federal, state and institutional financial aid programs. This policy mirrors the academic policy that is published in the Student Handbooks for each program.
Students receiving federal, state and/or institutional aid must complete at least 65% of credits attempted overall to maintain eligibility for financial aid. Incomplete grades DO NOT count toward credits earned and can jeopardize eligibility for aid.
The Prescott College Financial Aid Office evaluates earned credit hours at the end of every term and sends notification (via email) to all students who fall below the minimum standards. Students will be extended one term of "Financial Aid Warning" to regain Satisfactory Academic Progress. If the student does not achieve a 65% or greater completion rate after the "Warning" term, the student will be placed on "Financial Aid Suspension" and be considered ineligible for institutional, state or federal financial aid, including grants, scholarships, loans or work-study.
Extenuating circumstances sometimes prevent students from earning all credits in a term. Extenuating circumstances may include illness, serious personal issues, or the death of a family member. Petition forms are available in the Financial Aid Office and circumstances must be documented. Students who are experiencing difficulties are highly encouraged to visit with a Financial Aid Counselor so that we may assist you in every way possible.
Federal regulations also require that Prescott College monitor the number of cumulative credit hours earned for all students.
The maximum time frame for the completion of a degree is limited by federal regulations to 150% of the published length of the degree program and includes transferable credits from other postsecondary institutions.
The Prescott College Financial Aid Office evaluates hours earned in January, May and August of every year. Students who are approaching 150% of their degree requirements and students who have approached or exceeded 150% will be notified via email. Students who have earned 150% are suspended from financial aid.
Please be advised that the Prescott College Financial Aid Office cannot accept petitions for this federal regulation as 150% is the absolute limit for funding. Students approaching the 150% limit are encouraged to visit with a financial aid counselor so that other funding options may be pursued.
When a student receives financial aid funds to attend school, the US Department of Education assumes the student will complete the enrollment period for which they have received funding. If a student officially withdraws or unofficially withdraws (stops attending without formally notifying the school) they are subject to the US Department of Education’s "Return to Title IV Policy" (R2T4).
The Financial Aid Office is required by federal regulation to calculate the amount of funding the student received compared to what the student actually "earned" based on the portion of the enrollment period the student completed. This calculation may result in a financial obligation for the student. Such financial obligations may include immediate repayment of student loan funds to their lender/bank, a balance owed to Prescott College, and/or a debt owed to the US Department of Education.
Students who may consider withdrawing from school should consult their academic advisor for enrollment options and are strongly urged to contact the Financial Aid office to discuss potential financial ramifications.
Upon withdraw, the financial aid counselor will complete the necessary calculations and notify the student in writing of any obligations within 45 days. The R2T4 policy is mandated by federal regulation and cannot be appealed.
Each year, a percentage of applications are selected for "Verification." Some applications are selected because certain FAFSA information is inconsistent with other information reported on the application; others are chosen at random. If your application is selected, you must submit certain documentation to verify the application information you provided is correct. The sooner you provide your documentation, the sooner we will be able to provide a financial aid offer.
Prescott College is a member of the National Association of Student Financial Aid Administrators (NASFAA) and therefore adheres to NASFAA’s Statement of Ethical Principles and Code of Conduct for Institutional Financial Aid Professionals.