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Introduction to Financial Aid

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 depend on the extent of the student’s needs and the number of financial aid funds available for disbursement. Most financial aid awards are for one academic year; therefore, students must reapply 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.

Each program has specific eligibility requirements that an undergraduate or graduate aid applicant must meet before the student is eligible for an annual award. For a complete list of federal funding sources available to qualified students, visit Federal Student Aid at Students who have questions about the federal and state aid programs can speak to the Financial Aid Office by emailing [email protected] or calling 302-225-6264.

Expected Family Contribution

The EFC is a measure of how much the student and his or her family can be expected to contribute to the cost of the student’s education for a given award year. It impacts a student’s eligibility for certain types of federal student aid. The EFC is calculated according to a formula specified in the law.

Student Budget

Awards for most of the Federal Student Aid (FSA) programs are based on some form of financial need. Unlike scholarship programs that may award funds based on academic merit or the student’s field of study, “need-based” grants, loans, and work-study are based on the student’s demonstrated financial need for assistance. The cost of attendance (COA) is the cornerstone of establishing a student’s financial need, as it sets a limit on the total aid that a student may receive for purposes of the Campus-Based, TEACH Grant, and Direct Loan programs, and is one of the basic components of the Pell Grant calculation.

Understanding Your Tentative Aid Offer

Goldey-Beacom College creates a tentative aid offer for prospective undergraduate students. This section contains a sample financial aid tentative aid offer. There may be some differences between this tentative aid offer and the one you will receive, as each student’s financial aid package differs. Reviewing your tentative aid offer to this sample aid offer will help you understand the different parts of the tentative aid offer.

  • Your out-of-pocket cost section will detail the net price to attend Goldey-Beacom College after all free sources of financial aid. There are two sections: a commuter and residential net price. Comparing each net price will help you make the most educated decision on how to attend Goldey-Beacom College.

Your Out-of-Pocket Cost: This is how much you will need to pay to attend GBC after all financial aid has been applied. Living at Home = $10,440 Living On-Campus = $22,800

  • The middle section of your tentative aid offer will contain information on Goldey-Beacom College’s direct costs and your free sources of financial aid assistance from the College.

The Math Behind Your Out-of-Pocket Cost:

Our Cost
Your estimated cost of attendance in this calculation is made up of only your direct costs. Anticipate that you will have additional costs such as book costs and living expenses, but they are not included here.
Tuition $13,440
Housing $8,400
Food $3,960
Grant & Scholarship Assistance
These Grant(s) and/or Scholarship(s) are considered gift aid and do not require repayment. The source of the awards listed here come from GBC and/or endowed funds from the College.
GBC Scholarship $3,000
  • The latter section of your tentative aid offer will contain your federal student aid eligibility. Your FAFSA results depend on having a valid ISIR on-file with the Financial Aid Office. Conflicting information on your FAFSA needs to be resolved prior to receiving the results of your FAFSA.

The Results of Your FAFSA

The amounts listed here reflect your estimated eligibility for Federal Student Aid. Grants do not need to be repaid. Loans do need to be repaid.
  • Page two of your tentative aid offer provides essential information on the financial aid process, cost of attendance information, options for financing your net price, and contact information for the admissions and financial aid offices.

Important Information

  • Total tuition cost is calculated on the assumption of full-time undergraduate enrollment ($448 per credit hour * 30 credits = $13,440).
  • The net cost calculated on page one includes federal direct loans from the FAFSA. If you do not plan on using federal direct loans, please add the direct loan amount(s) back into your net cost to calculate your final net cost.
  • Below is a chart containing information on Goldey-Beacom College’s cost of attendance for the 2023-24 academic year. Please be aware that direct costs are costs that you can anticipate seeing on your account at the College. Indirect costs are costs that you may experience while enrolled as an undergraduate student at Goldey-Beacom College. Examples of indirect costs include textbooks, supplies, and personal living expenses. The indirect costs listed are average costs that a student may experience at Goldey-Beacom College. Since each student is different, these costs may differ compared to the average amounts listed.
  • 4: The federal student loan amount listed is the “net” amount that you can borrow. There is an origination fee deducted by the Federal Government of approximately 1.057%.
  • 5: Expanded meal plans are available at a higher cost. Meal plans are required if you reside on campus.

Cost of Attendance

On Campus Off Campus with Family Off Campus
Direct Costs Direct Costs Direct Costs
Tuition: $13,440 Tuition: $13,440 Tuition: $13,440
Housing: $8,400 Indirect Costs Indirect Costs
Food: $3,960 Housing: $3,364 Housing: $13,445
Indirect Costs Food: $837 Food: $3,330
Books/ Supplies: $1,240 Books/ Supplies: $1,240 Books/ Supplies: $1,240
Misc./ Transportation: $4,821 Misc./ Transportation: $3,312 Misc./ Transportation: $3,31
  • Other options for repaying the net cost:
    • Interest-free installment payment plans that are offered by the College’s Business Office
    • Private alternative loans
    • Federal Parent PLUS Loans (more information can be found on
  • For alternative private loans and Federal Parent PLUS Loans, the Financial Aid Office highly encourages all students and their families to conduct thorough research into the terms and conditions of each option. The Financial Aid Office is available to assist you through this process.
  • The Financial Aid Office at Goldey-Beacom College encourages you to set up a meeting to discuss your financial aid offer in greater detail. To schedule an in-person appointment or virtual appointment via Zoom, please see the contact information below.

Like What You See?!


Contact your Admissions Rep to let us know you’re coming!

Brittany Hobbs |[email protected] |302-225-6243

Contact your Financial Aid Rep to ask questions you have!

Eric Johnson |[email protected]|302-225-6298

Types of Financial Aid


On average, our undergraduate students receive 50% in scholarships and tuition assistance from Goldey-Beacom College.

Scholarship assistance includes:

  • Merit scholarships
  • Endowed scholarships
  • SEED Extension scholarships
  • Athletic scholarships

Federal Aid Programs

Federal Pell Grant Program

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 Program (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 before receiving any federal student loans. Students interested in learning more about the Federal Direct Loan Program are encouraged to visit

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 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. 

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.

You can complete Entrance Counseling by clicking on this link: Entrance Counseling | Federal Student Aid

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.

You can complete the Master Promissory Note by clicking on this link: Completing a Master Promissory Note | Federal Student Aid

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 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.

State Aid Programs

Delaware Scholarship Incentive Program

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, 2023, 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 2023-24 academic year by June 15, 2023.

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.

Employer Tuition Benefits: EdAssist

Through our education alliance with EdAssist, students approved for tuition assistance through EdAssist, receive a discount on tuition. Students must submit proof of education benefits and approval from EdAssist to the College’s Business Office. Contact your company’s Human Resources representative for more information regarding proof of education benefits and approval form.

SAGE Scholars Tuition Rewards

Goldey-Beacom College is a partner in the SAGE Scholars Tuition Rewards Program. Eligible students may receive a tuition discount at Goldey-Beacom College when they submit their SAGE points. SAGE points cannot exceed the College’s cost of attendance. Contact the Admissions Office to learn more about this program and how to submit your points.

The Bill Raskob Foundation

The Bill Raskob Foundation, Inc. is a small family foundation, and depends upon the repayment of loans in order to continue to help students obtain an education. It is important that you recognize there is a moral as well as legal obligation to repay any loan that you may receive.

In order to qualify, you must be an American citizen, enrolled at an accredited institution for the upcoming school year. At present, the Foundation is not accepting applications from foreign students, US students graduating from a foreign school, for first year study (undergraduate), Medical School (MD) or correspondence courses. You will also wish to know that it is not the policy of this Foundation to fund students through more than one degree … or accept applications for theses, dissertations, internships, residencies or affiliations. (If you are in a combined Degree Program, you might wish to call the Foundation at (410) 923-9123 to see if you qualify, prior to submitting an application).

Regarding repayment, the Foundation offers a 6-month “grace period” following graduation to all students, except medical\dental\veterinary students who may begin repayment within 12 months. The Foundation determines the repayment schedule and time frame … and since the Bill Raskob Foundation, Inc. basically operates as a revolving loan fund, deferments are not granted.

The Foundation strongly recommends that all applicants apply for government loans or grants. Since this is a small family Foundation with limited funds to distribute, a student’s efforts at locating funding from as many sources as possible are often considered by the Trustees as an indication of serious intent and responsibility. (Most BRF loans for a given academic year average $9,000)

The student must complete the form. Loans are made to the student applicant (not the parents, the school or outside agencies), so the ability to follow instructions is a factor taken into consideration. All additional information (see Checklist on Application Form) must be supplied before the Board will consider your application. If any requirements are not satisfied, the application may be automatically rejected. (Please make copy of applications for you records)

If you meet the above qualifications, and now wish to apply to the Bill Raskob Foundation, Inc., we will be happy to hear from you. Our Board of Trustees meets once a year to consider applications. Applications are accepted from January 1st through May 15th. You will be notified of the committee’s decision in July or August.

Edward H. Robinson
Executive Director

To learn more about this opportunity and to apply please click on this link: The Bill Raskob Foundation – Interest-Free Student Loans

Private Education Loans

Private Education Loans, also called Alternative Education Loans, assist students and families with schooling expenses after all other federal financial aid options have been exhausted. Goldey-Beacom College does not offer a private education loan to its students, nor does it recommend or endorse any lenders or their products. According to Section 128(e)(3) of the Truth in Lending Act, a lender must obtain a self-certification form signed by the applicant before disbursing a private education loan. Goldey-Beacom College is committed to providing students and their families with the best information and processing alternatives regarding student borrowing and adheres to a Student Loan Code of Conduct.

Submit An Application

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Complete a free application today.

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4701 Limestone Road
Wilmington, DE 19808
(302) 998-8814

Goldey-Beacom College is a Equal Opportunity Employer/Program. Auxiliary aids and services are available upon request to individuals with disabilities.

Text Telephone/Teletypewriter (TTY) Relay Service: 711 or 800-232-5460 for English or 877-335-7595 for Spanish