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Welcome to the Financial Aid Office

Read the GBC Financial Aid Literacy Blog:

April 21, 2022: Financial Planning

Cost should never be a barrier to enrollment at Goldey-Beacom College. Scholarships, aid, or grant money is available for almost every student. We can work with you to make a Goldey-Beacom College education affordable. We will show you how reasonable a high-quality education can be!

The financial aid process can sometimes be confusing and bewildering. We understand you may have questions or concerns. To discuss financial aid opportunities, please do not hesitate to reach out to the Financial Aid Office! You can reach our office by calling 302-225-6264 or emailing finaid@gbc.edu. A Financial Aid Counselor will assist you with any of your questions or concerns.

Types of Financial Assistance

Financial aid funds are available in the form of 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 which is awarded to qualified students is based upon the extent of the students' need as well as the amount of financial aid funds available for disbursement. All types of financial aid are awarded for a period of one academic year; therefore, students must re-apply 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.

Important Dates & Reminders

The 2023-24 Free Application for Federal Student Aid (FAFSA) opens on October 1, 2022. We encourage you to file your 2023-2024 Free Application for Federal Student Aid (FAFSA) online at https://studentaid.gov/h/apply-for-aid/fafsa. Goldey-Beacom College's federal school code for the FAFSA is 001429.

Delaware Scholarship Incentive Program (ScIP): On April 1, 2023, the ScIP application will be available on the Delaware Department of Education website at https://www.doe.k12.de.us/Page/996. Click on the link for the website and follow the directions for the application process for the ScIP program. Provide your anticipated college enrollment information for the 2023-24 academic year by June 15, 2023.

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. The application deadline is May 1st.

Financial Aid Appeal

As a friendly reminder, the Financial Aid Office at Goldey-Beacom College would like to remind you of the professional judgement tool our office possesses when reviewing your financial aid package. Eligibility for financial aid is determined by the Free Application for Federal Student Aid (FAFSA), which currently uses financial information from two years prior to estimate a household's current circumstances. Due to the pandemic's disruption to the economy, the Financial Aid Office at Goldey-Beacom is cognizant of the fact that your household may have experienced changes in come or other finances that are no longer reflective of the information submitted on your FAFSA form.

When there are special situations or circumstances that impact your federal student aid eligibility, federal regulations give a financial aid administrator discretion or professional judgment on a case-by-case basis and with adequate documentation to make adjustments to the data elements on the Free Application for Federal Student Aid (FAFSA) form that impact your Expected Family Contribution (EFC) to gain a more accurate assessment of your family's ability to contribute to your cost of education.

As you begin to prepare for the 2023-24 academic year, please note that the Financial Aid Office remains committed to ensuring the best financial aid package as possible to help make your education affordable at Goldey-Beacom College. If your household’s income level or financial situation has changed, please contact the Financial Aid Office to discuss your next steps in the professional judgement process.

Confused? Unsure of what your next steps are? The Financial Aid Office understands the federal aid process can be nerve wracking; that said, do not hesitate to reach out to us to discuss your next steps. Our goal is to help you in any way we can to make your education as affordable as possible. You can reach us by emailing finaid@gbc.edu or by calling 302-225-6264.

Federal and State Aid Programs

Goldey-Beacom College awards funds to eligible undergraduate or graduate students from the below federal and state aid programs.

Each program has specific eligibility requirements that an undergraduate or graduate aid applicant must meet before the student is determined eligible to receive an annual award. For a complete listing of federal and state funding sources available to qualified students, go to Federal Student Aid at https://studentaid.gov. Current GBC students who have questions about the federal and state aid programs can speak to the Financial Aid Office by emailing finaid@gbc.edu or calling 302-225-6264.

Federal Aid Programs

Federal Pell Grant Program

The Federal Pell Grant Program makes funds available to eligible students attending Goldey-Beacom College. The amount of funds awarded is based upon the student's financial aid eligibility. Pell Grant awards for 2022-23 have a maximum award up to $6,895. Students interested in applying for the Pell Grant can do so by filing 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 program from which funds are awarded based upon the student's Pell Grant award and available campus-based funds. Eligibility is determined according to a need analysis, which is 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 federal 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 are awarded funds that they may earn by working at jobs on and 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 on a monthly basis. Students are required to file a FAFSA to establish eligibility.

A student who has been awarded Federal Work-Study is not guaranteed to earn the amount of the award. The student is required to apply and interview for available positions. Job availability is based 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. The money may be used 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. A master promissory note and entrance counseling must be completed using the https://studentaid.gov website before a student loan can be awarded to new borrowers. Students interested in learning more about the Federal Direct Loan Program are encouraged to visit https://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 who are 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.

State Aid Programs

Delaware Scholarship Incentive Program

Eligible state 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 and choose the ScIP scholarship and provide your anticipated college enrollment information for 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 who would like to be considered for a PHEAA grant must file a PHEAA application form in addition to a Free Application for Federal Student Aid (FAFSA). The application deadline is May 1.

Goldey-Beacom College Federal School Code: 001429

Free Application for Federal Student Aid (FAFSA)

Financial Aid Counselors are available to answer questions and concerns on the federal aid process or with guiding students and parents through the electronic filing process of the Free Application Form for Federal Student Aid (FAFSA). To receive federal grants, loans, and work-study program eligibility, a completed FAFSA must be submitted to the Financial Aid Office. Please use Goldey-Beacom’s federal school code (001429) when submitting your application.

Completing the FAFSA

  1. Create a Federal Student Aid (FSA) ID on studentaid.gov. Whether you are a student, parent, or borrower, you will need to create your own account to complete federal student aid tasks.
  2. You may complete your FAFSA securely through studentaid.gov. The FAFSA questions ask for information about you (your name, date of birth, address, etc.) and about your financial situation.

    Most common information or documents needed to complete a FAFSA application:

    • Your Social Security number
    • Your parents’ Social Security number if you are a dependent student
    • Your Alien Registration number if you are not a U.S. citizen
    • Federal tax information or tax returns including IRS W-2 information, for you (and your spouse, if you are married), and for your parents if you are a dependent student
    • Records of your untaxed income, such as child support received, interest income, and veterans noneducation benefits, for you, and for your parents if you are a dependent student
    • Information on cash; savings and checking account balances; investments, including stocks and bonds and real estate (but not including the home in which you live); and business and farm assets for you, and for your parents if you are a dependent student
  3. Prior to submitting your FAFSA application, you will need to add Goldey-Beacom’s federal school code (001429). You may input this school code manually or you can look Goldey-Beacom's federal school code up within the FAFSA.
  4. It is highly encouraged, when possible, to use the Internal Revenue Service Data Retrieval Tool (IRS DRT) when completing your FAFSA. This tool automatically transfers your tax information using the Internal Revenue Service. When using this tool, you do not have to find your tax records or worry about making mistakes or errors when entering the tax information into the FAFSA.
  5. The last step to completing and submitting your FAFSA is signing the form digitally. If you are a dependent student, one of your parents will be required to sign your FAFSA.
  6. After signing and submitting your FAFSA, the Financial Aid Office will receive your completed FAFSA in the form of an Institutional Student Information Record (ISIR) within three to five business days after your submission. The Financial Aid Office will review your FAFSA to determine federal grant, loan, and work-study eligibility. If your FAFSA is selected for verification, you will be notified by the Financial Aid Office.

Questions or concerns about the FAFSA? Unsure of how to answer a question? Do not fret! The Financial Aid Office can walk you through the entire process to ensure your FAFSA is submitted successfully. In addition, you can visit the following the link to learn more about filling out your FAFSA: https://studentaid.gov/apply-for-aid/fafsa/filling-out.

Application Due Dates for Priority Funding

2022-23Fall 2022April 1, 2022
Spring 2023October 1, 2022
2023-24Fall 2023April 1, 2023
Spring 2024October 1, 2023

Verification Policy

Verification uses a student's documentation to confirm that the data provided on a student's Free Application for Federal Student Aid (FAFSA) is accurate. The Federal government requires all colleges and universities that participate in the Title IV aid programs to verify, or confirm, the data reported by a student and their parent 1/parent 2 on the FAFSA. The verification process ensures that eligible students receive all the Federal financial aid to which they are entitled and prevents ineligible students from receiving financial aid for which they do not qualify.

Students are randomly chosen by the Federal government. If the FAFSA a student submits is incomplete or inconsistent with other documentation provided to the Financial Aid Office, the student and/or parent 1/parent 2 will be asked to update the data on the FAFSA. Verification is a Federal regulation and the items to be verified may change each award year. Additional supporting documentation may be requested by the Financial Aid Office should questions arise after a review of the Student Aid Report (SAR).

The Financial Aid Office will notify the student if selected for verification. All requests for documentation from a student or parent 1/parent 2 must be fulfilled before any aid eligibility is finalized. Students who have not completed the verification process prior to the start of a given semester must contact the GBC Business Office at (302) 225-6268 to receive direction on how to proceed with making an out-of-pocket payment.

A student and/or parent/guardian are directed to speak with a Financial Aid Counselor to learn more information about this important step in the financial aid awarding process.

Family Tuition Savings Plan (FTSP)

A special tuition savings is available to families in which two or more members of the immediate family (husband, wife, tax-dependent children) are enrolled concurrently at Goldey-Beacom College in a degree program. The tuition credit is approximately a five percent tuition savings and is applicable for all semesters. Eligibility for the Family Tuition Savings Plan can be discussed with the Financial Aid Office. If necessary, documentation may be requested.

Employment Opportunities

To help offset educational costs, a student may want to consider part-time employment with a business in the local area. The College offers an Internship Program through which students may earn academic credit for work experience provided the student meets all College academic criteria. Contact the Careers Services Office for assistance.

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 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.

Return of Title IV Funds

Upon a Title IV financial aid recipient's withdrawal from the College, the following will apply:

  1. When Title IV funds were disbursed to a student who withdraws from the College during the institutional refund period according to the drop/add policy, the following rules apply to both new and returning students:
    • The institutional refund, which is calculated according to the refund schedule in the drop/add policy will be used to restore money to all or some of the financial aid programs from which the student received funds. Federal law defines a distribution formula for restoring funds to aid programs.
    • The student receives a cash refund only when a negative balance exists after the financial aid programs are fully funded.

  2. The College is required by federal regulations to determine how much financial aid was earned by students who cease attendance in all Title IV eligible classes in a payment period prior to completing 60% of the given period of enrollment.

    The calculation is based on the percentage of earned aid using the following Federal Return of Title IV funds formula:
    • Percentage of payment period or term completed = the number of days completed up to the withdrawal date divided by the total number of days in the payment period or term. (Any break of five days or more is not counted as part of the days in the term). This percentage is also the percentage of aid earned.
    • Funds are returned to the appropriate federal program based on the percentage of unearned aid using the following formula: Aid to be returned = 100% minus the percentage of aid earned, then multiplied by the total dollars of aid that was or could have been disbursed.
    • If a student earned less aid than was disbursed, the College is required to return the amount of unearned aid to each respective Title IV aid program. This may result in a balance owed to the College.
    • If a student earned more aid than was disbursed, the College is required to offer a post-withdrawal disbursement. This only applies if the student had Title IV aid award originated that was not disbursed prior to withdrawing.
    • The College must return the amount of Title IV funds that were unearned within 45 days of the date of determination that the student withdrew.
  3. For a student who withdraws after the 60% point-in-time of a given payment period or term, there are no unearned funds. This means that no funds are required to be returned to the respective Title IV aid programs, however a calculation is required to document and determine the following:
    • The student did, in fact, complete at least 60% of the payment period or term and;
    • The student is eligible for a post-withdrawal disbursement (only applies if the student has federal aid awards that were packaged and were not disbursed to their student account).
  4. Return of funds to the Department of Education are made in the following order:
    • Unsubsidized Federal Direct Loans
    • Subsidized Federal Direct Loans
    • Federal Direct Grad PLUS Loans
    • Federal Direct Parent PLUS Loans
    • Federal Pell Grant
    • FSEOG
    • TEACH Grant
    • Iraq and Afghanistan Service Grant
  5. Financial Aid Counselor will notify the student when the R2T4 process has been completed with the outcome of the calculation (for example a balance is owed, or a refund is due). The written notification will be sent to the student's GBC Email within ten (10) business days of completing the R2T4 process.
  6. Students who have questions about the R2T4 refund calculation are directed to the Financial Aid Coordinator.

Items to note: (1) The SAM License is non-returnable and non-refundable. Therefore, it is counted as an excludable cost in the R2T4 calculation, so it is assessed as a 100% charge. (2) Online bookstore purchase charges for books that are required for students to purchase and are sold exclusively by GBC's online bookstore will be included in the R2T4 calculation. The Business Office maintains a list of courses in which this would be applicable. (3) This Title IV Refund Calculation Policy supersedes the housing cancellation fee established by the Office of Residence Life.

 

NEW STUDENT FINANCIAL AID TIMELINE

October - June

Fall 2023 undergraduate applicants: after you are accepted to the College, a tentative aid package will be prepared and mailed to you.

The 2023-2024 Free Application for Federal Student Aid (FAFSA) opens on October 1, 2022. We encourage you to file your 2023-2024 Free Application for Federal Student Aid (FAFSA) online at https://studentaid.gov/h/apply-for-aid/fafsa. Goldey-Beacom College's school code for the FAFSA is 001429.

February – April

Financial aid applications will be reviewed and processed for students who have a valid FAFSA on file.

Dependent and Independent students who are selected for FAFSA data verification may be required to provide additional documentation to the Financial Aid Office. Students are encouraged to respond promptly to documentation requests from the Financial Aid Office.

Should your family have special circumstances that might affect your financial situation (such as loss of employment), please communicate that information to the College’s Financial Aid Office.

April

Newly admitted students who file an electronic FAFSA and submit all requested financial aid documents no later than April 1 will receive financial aid awards by April 30th.

May

A $100 acceptance deposit is required by May 1 to reserve a seat in the freshman class. This acceptance deposit, which is credited towards your first semester's tuition payment, is refundable until May 1.

Please contact the Admissions Office at 302-225-6248 to learn more about the acceptance deposit.

June - July

Financial aid awards are finalized during July to “secure your course schedule” with the Business Office.

July 15

Final financial aid award packages must be accepted by visiting the College's online financial aid portal, GBC Financial Aid Portal, which can be found on Campus Web. If you are using federal direct student loans, please remember to complete Entrance Counseling and the Master Promissory Note on studentaid.gov. Do not forget to accept your financial aid awards on the GBC Financial Aid Portal!

August 1

If you plan on using a book voucher from your federal financial aid, please contact the Financial Aid Office to see what amount you are eligible for. The Business Office will process book voucher amounts once your federal financial aid is finalized and a credit is on your account.

August 15

Fall 2023 semester payment due. Additional information can be found on the Payment Options page.

August 21

Welcome to Goldey-Beacom College! Fall semester classes begin.

January 2

Spring 2023 semester payment due. Additional information can be found on the Payment Options page.

May 1

Summer 2023 semester payment due. Additional information can be found on the Payment Options page.

GBC is committed to providing an affordable education!

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Federal Perkins Loan Repayment

Goldey-Beacom College wishes you well in your future endeavors and hope you enjoyed your time at the College. If you received a Federal Perkins Loan while attending the College, please contact the Department of Education, Educational Computer Systems, Inc. (ECSI) for information regarding your Perkins Loan.

Perkins Loan Servicer Borrower Contact Information

Borrower payments should be mailed to:

U.S. Department of Education
ECSI Federal Perkins Loan Servicer
P.O. Box 6200-31
Portland, OR 97228-6200

The Borrower Customer Service telephone number is: (866) 313-4130.

The address for general correspondence and entitlement forms for borrowers will currently remain as:

U.S. Department of Education
ECSI Federal Perkins Loan Servicer
P.O. Box 1079
Wexford, PA 15090

Please keep in mind that your Perkins Loan is separate from your Stafford and/or Federal Direct Loans. If you received Stafford and/or Federal Direct Loans, please contact your loan servicer(s) for assistance. For additional information regarding your federal student loans, including contact information, please refer to the National Student Loan Data System Student Access Website.