Pace Undergraduate Catalog (Page 326)

Undergraduate Catalog 2004-2006

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326 Financial Assistance FINANCIAL ASSISTANCE TO STUDENTS Pace University’s Financial Aid policy is to provide the maximum financial aid available to qualified students to make their attendance at Pace University a reality. To this end, the University administers a wide range of scholarship and financial aid programs designed to enable the student to pursue his/her studies to graduation. The basis of selection is ability and/or financial need. Program guidelines and funding levels, especially State and Federal, are subject to change without enough advance notice to be corrected in this publication. Most Financial Aid is renewable on a yearly basis provided there is adequate funding, and the student remains eligible. To be considered eligible for most financial aid programs a student must: be matriculated, be enrolled in at least six credits per semester, be making satisfactory academic progress, continue to demonstrate financial need (for need-based aid), and file the Free Application for Federal Student Aid (FAFSA) by February 15 (for priority consideration). There are very few excep- tions to these basic eligibility criteria, and many financial aid programs have additional eligibility criteria. Meeting the complete costs of college, however, usually requires a cooperative effort from several possible sources of funds: student and family, Pace University, state and federal agencies, and independent sources of aid. Students have the responsibility to plan ahead, antici- pate all costs, budget all resources, and request aid for the entire academic period. Anticipated costs should include not only tuition and fees, but a reasonable cost estimate for books and supplies, transportation, room and board where applicable, and personal expenses. Budget resources should include assistance from parents, student’s savings, summer earnings, academic year earnings, federal and state aid, and scholarships from community/civic organizations. The University reserves the right to modify the amount of an award at any time on the basis of outside awards. Applicants will be sent a Financial Aid award notice listing the types and amounts they will receive. The Office of Student Financial Services may also request additional documentation and information to support a student’s application. Award notices are sent to new freshmen and transfer students for the fall semester starting in April and on a rolling basis thereafter. New students for the spring semester are sent award notices in December and January. Continuing students will begin to receive award notices for the upcoming academic year beginning in late May. Continuing students are advised that awards sent before spring grades are reviewed are subject to change if academic progress and program pursuit requirements are not met. Continuing students must also file their FAFSA form by February 15 each year to receive priority consider- ation for all types of financial aid. Students are advised to visit the Office of Student Financial Services to discuss significant changes in family circumstances. A student should never withdraw from a class or a semester without visiting the Office of Student Financial Services to discuss the impact on current and future financial aid. APPLICATION PROCEDURE All students who wish to be considered for University administered loans, work study, grants, or scholarships must file the Free Application for Federal Student Aid (FAFSA). The FAFSA must be received by the Federal Student Aid Office by February 15 to receive first priority in the awarding of aid. The FAFSA may be filed online at www.fafsa.ed.gov, which is the method we recommend. The FAFSA is also available from high school guidance counselors or from the Office of Student Financial Ser- vices. The FAFSA also serves as the first step in the application process for the New York State Tuition Assistance Program (TAP). Students applying for financial aid are considered for all programs for which they are eligible. Most financial aid awards consist of a combination of two or more forms of aid. The amount of the award is based on the financial need of the student. Recipients of financial aid may be required to submit the appropriate federal income tax return or similar statement of support, verifying all income information reported on the FAFSA. A student must reapply for financial aid each academic year. Continuing students can file the renewal FAFSA on the Web (www.fafsc.ed.gov) starting in early January each year. Students can also submit an original paper FAFSA form (available from your Office of Student Financial Services). SUMMER FINANCIAL AID APPLICATION PROCEDURES Limited types and amounts of financial aid are available for the summer terms. Students should be aware that using financial aid during the summers may impact their eligibility for aid during the following academic year or at the end of their degree program. Students interested in receiving financial aid for the summer terms should make sure they have filed the FAFSA for the academic year prior to the summer (i.e. 2003–2004 for summer 2004). In most cases a student should also already have a FAFSA on file for the following academic year. In addition, summer aid applicants must also file a Pace University Application for Summer Financial Aid which is available from your campus Office of Student Financial Services beginning in March.

NOTE: Information contained herein was compiled prior to June 2004 and is accurate as of that date. Subsequent changes may occur with respect to University programs, curricula, requirements, rules, regulations, policies and procedures, which are not reflected in this catalog. Enrollment shall be subject to and governed by such changes.

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