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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 https://www.studentaid.gov. 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.

Student Aid Index

The Student Aid Index (SAI) is an eligibility index number that your college’s or career school’s financial aid office uses to determine how much federal student aid you would receive if you attended the school.

This number results from the financial information you and your contributor(s) provide on your FAFSA® form.

This number is not a dollar amount of aid eligibility or what your family is expected to provide. A negative SAI indicates the student has a higher financial need. Learn how the SAI is calculated.

The college or career school will determine your financial need by subtracting your SAI from the cost of attendance. Learn more about how financial aid is calculated.

If your FAFSA form is complete and fully processed, your estimated federal student aid and SAI will display under the “Eligibility Overview” tab of your online FAFSA Submission Summary. Before completing the FAFSA form, use the Federal Student Aid Estimator to estimate your SAI.

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.

  • 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.

Grant & Scholarship Assistance

These Grant(s) and/or Scholarship(s) are gift aid and do not require repayment. The source of the awards listed here come from Goldey-Beacom College, endowed funds from the College, or the federal government.

Annual Amount
Pell Grant $7,395
Bank of America $2,000
GBC Scholarship $2,000
  • 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.

Federal Student Loans

The amounts listed here reflect your estimated eligibility for federal student loans. Loans require repayment.

Annual Amount
Subsidized Loan $3,464
Unsubsidized Loan $1,980
  • The last item on the first page of your tentative aid offer letter provides information about your eligibility for federal work study.

Federal Student Loans

The amount listed here reflects your initial eligibility for federal work study. Your financial aid package may alter your total amount of federal work study funding. The federal work study program requires students to earn the funding through wages.

Annual Amount
Federal Work Study $4,985
  • 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.

Cost of Attendance

On Campus
Off Campus with Family
Off Campus
Direct Costs
(Payable to GBC)

Amount Amount Amount
Tuition $14,940 Tuition $14,940 Tuition $14,940
Housing $8,820  Housing N/A Housing N/A
Food $4,500 Food N/A  Food N/A
Indirect Costs
(You are not charged for these items. Please use this section for budgeting purposes)
Amount Amount Amount
Housing N/A Housing $3,400 Housing $13,842
Food $1,550 Food $850 Food $3,450
Books/ Supplies $1,500 Books/ Supplies $1,500 Books/ Supplies $1,500
Misc./ Transportation $3,384 Misc./ Transportation $3,384 Misc./ Transportation $3,384

Important Information

  • Total tuition cost is calculated on the assumption of full-time undergraduate enrollment ($493 per credit hour * 30 credits = $14,790).
  • The federal student loan(s) amount listed is the “net” amount that you can borrow. There is an origination fee deducted by the Federal Government of approximately 1.057%.
  • Expanded meal plans are available at a higher cost. Meal plans are required if you reside on campus.
  • 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 studentaid.gov)
  • 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?!

Questions?!

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!

Mark McGuire|[email protected]|302-225-6264

Types of Financial Aid

Scholarships

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 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. 

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 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.

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 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.

Employer Tuition Benefits: EdAssist & Guild Education

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 evidence of education benefits and approval form.

Our partnership with Guild Education makes the process of receiving tuition assistance straightforward. Students approved for tuition assistance through Guild Education automatically receive a discount on their tuition. All they need to do is submit proof of education benefits and approval from Guild Education to the College’s Business Office. For more details, contact your company’s Human Resources representative. 

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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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