Apply for Financial Aid

At Prescott College, we have a team of financial aid professionals ready to help guide you through the process of applying for Federal Student Aid, whether you are a new or continuing student. Below we have collected answers to our most frequently asked questions. Please jump to the section that pertains to your needs or feel free to call us anytime at (928) 350-1111 or e-mail us at finaid@prescott.edu.

 

You may reach any of the financial aid staff listed below by e-mailing finaid@prescott.edu or by calling (928) 350-1111.

  • Bee Sena – Director of Financial Aid  
  • Chris Schreiner - Associate Director of Financial Aid  
  • Lori Wiedner - Financial Aid Counselor  
  • Jann Sulzen – Financial Aid Counselor
  • Deborah Kronz - Veteran's Certifying Official  veterans@prescott.edu

Code of Conduct:

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.


 

 

Mark your calendar now with the following important dates. Note that you will NOT see a “Prescott College Financial Aid Application” on this list!  That’s because at Prescott College, your initial application for financial aid is your application to the school. Most scholarship awards awarded through the admissions process are renewable each year, but check your financial aid award letter for details. How do you get these renewable financial aid awards again? Register for classes! 

Start Filing Your FAFSA Soon!

Complete your Free Application for Federal Student Aid (FAFSA) as soon after October 1st as possible for the following school year.  Our school code is 013659. The sooner you apply, the sooner you will hear from us regarding an award offer!

Which FAFSA should I file?

The first term of the Prescott College school year is the fall term and we treat summer term as a trailer.  This means, for example, that if you need financial aid for Summer 2019, file a 2018-2019 FAFSA.  If you need aid for Fall 2019, Spring 2020, or Summer 2020, file a 2019-2020 FAFSA.

Final Deadline:

You may file a FAFSA at anytime throughout the school year until June 30th at the tail end of the school year.  (e.g. 2019 – 2020 FAFSA’s can be submitted until June 30th, 2020.)

Registration and Billing Deadlines:

The registration and billing deadlines are posted each year on the Prescott College Academic Calendar. The academic calendar for the current school year and the upcoming school year are posted at the top of our events calendar page. In each academic calendar, there is one page for each term with all the important registration and billing deadlines.


 

 

Apply to Prescott College!

Receiving financial aid begins with applying to Prescott College.  Every applicant at Prescott College is considered for institutional school-based aid.  No special application required.  Financial aid offers are only sent to accepted students.  After you are accepted, you will have time to consider your financial aid offer before deciding to confirm your offer of admission. 

 

File Your FAFSA

  • Go to fafsa.gov  to file your Free Application for Federal Student Aid (FAFSA) online and to be considered for the most financial aid possible.
  • List up to 10 schools on the FAFSA. If you did not originally list Prescott College, you can do so by removing any school you have decided not to pursue and adding Prescott College. See the FAFSA instructional documents for more information.
  • If you prefer to receive a paper application, contact the Prescott College Financial Aid Office.  Be sure to include Prescott College's school code013659.  Paper FAFSA’s may be submitted for consideration of need-based institutional aid, regardless of federal eligibility status for the FAFSA. If you do not want to be considered for federal sources of financial aid, you may submit your paper FAFSA directly to Prescott College Financial aid office.

Eligibility

What’s next?

  • You will receive an automated e-mail reply to confirm your FAFSA has been submitted usually the same day or the day after you submit your FAFSA.
  • You will receive another automated e-mail ~ 2 – 3 days later once the FAFSA is processed and has been sent to the school.  This e-mail contains your Student Aid Report (SAR).

 

The Student Aid Report (SAR)

  • Once your application has been processed, you will receive an e-mail with a link to your Student Aid Report (SAR) which lists the information you submitted on your FAFSA.  
  • Review the SAR to ensure all information is correct.  Prescott College will also receive this information and begin determining eligibility for all forms of financial aid. 
  • If you find an error, log back into fafsa.gov to make a correction, or e-mail the Prescott College Financial Aid office at finaid@prescott.edu to let us know.

 

Financial Aid Packaging

Financial aid packaging is the process during with the financial aid team reviews an individual’s record including their FAFSA to determine eligibility for various financial aid types.  Once this process begins for a particular record it typically takes at least another week for a financial aid offer to be sent out as each record goes through a quality review process to have a second set of eyes (and sometimes more) review the offer. 

  • If conflicting data is found in the record, the individual will be contacted to resolve the conflict.  Otherwise, a financial aid award offer is sent out a day or two after packaging and quality control is complete.

 

Financial Aid Offers

Prescott College begins awarding and sending out financial aid offers for new students beginning in January each year starting with undergraduate students followed by graduate students.   Individuals must have an accepted application to the school to receive a financial aid offer.  Continuing student financial aid offers begin going out after spring break.  The College continues sending out offers on a rolling basis thereafter based on the date of application to the school or the date the student registers for the following term, and the date the FAFSA is received. 

  • Once your financial aid eligibility has been determined, you will receive a financial aid offer via e-mail and in certain cases, by mail as well.   
  • In your financial aid offer, it may indicate that you are required to submit additional documents in order for your offer to be finalized.  Be sure to complete and submit all documents requested as soon as possible.

 

Verification

Each year, a percentage of applications are selected for a process called “Verification."  Some applications are selected because certain FAFSA information is inconsistent with other information reported on the application or on a prior year’s FAFSA; others are chosen at random.  If your application is selected, you must submit certain documentation to verify that the application information you provided is correct.  The sooner you provide your documentation, the sooner we will be able to provide an official financial aid offer.   Typical verification documents may include but are not limited to tax returns and/or tax return transcripts acquired from the IRS, a household size form, a IRS non-tax filer letter, independent student status verification, and identity and educational purpose verification documents.  Some of these documents are Prescott College Financial Aid forms that can be found on our financial aid forms page (link).  Other requirements are documents that must be collected from outside sources.  Please contact the financial aid office if you have questions regarding requested verification documents.

 

Financial Aid Appeals

If you have experienced recent extenuating circumstances (loss of employment, death, divorce, etc.), which will affect your family's current income or may cause you to have unusual living or school-related expenses, please call the Financial Aid Office at (928) 350-1111 to discuss your particular circumstance.

  • In some cases, a change may result in a lower estimated family contribution (EFC) or an increased cost of attendance (COA).  This may or may not affect your overall financial aid offer.  To determine if your EFC can be lowered or COA increased, an appeal form with supporting documentation is required.
  • Financial aid team members can help you determine if your situation is grounds for an appeal, which type of appeal would be most appropriate, and then advise you of the supporting documentation required for your unique situation.
  • Financial Aid appeals are reviewed on a first-come, first-served basis and may take several weeks for review.   Therefore, appeals should be submitted as soon as possible after a special circumstance is known.

 

Accepting Your Aid

Once you have your financial aid offer, determine YOUR net cost – that’s what it will actually cost you to attend school after taking into account your financial aid.  To do this:

  • Review tuition and fees and other costs (link to Costs and How to Pay page) for your program. If you received an award packet by mail, these costs are listed on your budget worksheet.
  • Subtract financial aid scholarships and grants listed on your financial aid offer.  This will tell you your net cost before loans
  • Consider employment options (link to student employment page), personal savings, and any other outside sources of aid you expect to receive. 
  • Decide how you will pay any that will be due to the school  -- school payment plan (link to Prescott.afford.com)? Apply for more scholarships (link to outsides scholarships)? Loans (link to types of loans page)? …or out of pocket.  The decision is yours.
  • Determine the amount of loans if any you may want to cover your expenses --- don’t forget about your living expenses or other costs you may have not due to the school.
  • Accept any federal loans you desire listed on your financial aid offer by completing a loan response form (link to forms page).  Also complete the federal loan entrance counseling (link to studentloans.gov) and a Master Promissory Note (link to studentloans.gov) if your award offer says you need to.
  • Apply for any additional loans you may need including Federal Parent PLUS loans (link to studentloans.gov), Graduate PLUS (link to studentloans.gov), or Private Loans (link to our Private Loans page).

 

 

Demonstrated Financial Need

Sources of financial aid can include both need-based financial aid and non-need based aid.  Need-based aid may be awarded up to a student’s demonstrated financial need which is the student’s cost of attendance (COA) minus their estimated family contribution (EFC).  Need-based aid may consist of both institutional and federal sources of financial aid.  Some financial aid award types such as the federal Pell grant, work study, and direct subsidized loans are need based. Others are not which means you can receive them even if you do not have financial need. 

 

Scholarships and Grants

General Criteria for all Prescott College Funds:

  • Except as noted, all funds require at least half-time enrollment (6 credits) at Prescott College
  • Prescott College scholarships, grants, fellowships, assistantships, discounts and matches are applied towards direct costs only and cannot be combined with other tuition-specific funds such as tuition remission, waivers for tuition, or agency and third party payments that are intended to cover direct costs only
  • Students will qualify for the same amount of renewable Prescott College gift aid (grants and scholarships) each term, provided the student meets academic progress requirements. The amount is prorated based on enrollment level
    • Full Time 12 or more credits 100%
    • Three Quarter Time 9 – 11 credits 75%
    • Half Time 6-8 credits 50%
  • Scholarships are offered on the basis of academic merit, or other criteria, at the point of admission. These awards are available for up to the normal duration of the program
  • Prescott College scholarships and grant aid are not transferable to other colleges or programs
  • Courses taken at other institutions may not be counted towards meeting the enrollment requirement for Prescott College funds
  • Except as noted, funds may be applied towards summer enrollment
  • To receive Prescott College funds, students must be enrolled in a degree seeking or eligible certificate program.

Endowed Scholarships

Prescott College has a number of endowments that are specifically for funding scholarships to enrolled students.  Look for an email announcement (and at this web page) in mid-February 2019 to download the application.  The annual competition is open to all current and incoming students. The next deadline is March 20th, 2019 for a possibility of an award for Fall 2019 and/or Spring 2019.  Each one is specific to a different area of study with various amounts ranging from $ 500 to $ 5000.

2019 Endowed Scholarship Criteria and Application.

Freedom Education Fund

The Freedom Education Fund is a full tuition and fees scholarship at Prescott College specifically for students who are undocumented and demonstrate financial need. The 2019-2020 Application deadline will occur on March 20th, 2019 at 5:00 p.m.  Find out more about the Freedom Education Fund, or download an application.

Prescott College Scholarships

The Changemaker Scholarship

The Changemaker Scholarship initiative guarantees a tuition scholarship to every new accepted student who applies by our priority application deadline that intends to enroll in a degree program for the fall 2019, spring 2020, or summer 2020 semester. Scholarships will be available for those who apply after the priority application deadline on a first-come, first-serve basis*. The Changemaker scholarship will be renewed each year for students who maintain satisfactory academic progress as a full-time student at Prescott College. Learn more.

Changemaker Scholarships available by program

  • On Campus Undergraduate for a first time student up to $16,000 per year
  • On Campus Undergraduate for a transfer student up to $9,000 per year
  • Online Undergraduate for a transfer student up to $3,000 per year
  • Online Master of Arts for a student up to $3,000 per year
  • Online Master of Education for a student up to $3,000 per year
  • Online Master of Science in Counseling for a student up to $4,000 per year
  • Online PhD in Sustainability Education for a student up to $8,000 per year

Priority application deadlines

Applicants must submit all required admissions materials to be considered for admission and the Changemaker scholarship by:

  • February 1, 2019 for the fall 2019 term
  • November 1, 2019 for the spring 2020 term
  • March 1, 2020 for the summer 2020 term

*Additional details on priority deadlines for the Changemaker scholarship:

Candidates who apply for the fall 2019 term by the priority scholarship deadline (February 1) will qualify for the highest scholarship available. After that date, scholarships may be available at lower levels based upon availability. See the Scholarships page for details. We encourage you to apply early!

 

Federal Loans

Loans are borrowed funds that must be repaid with interest. You are automatically considered for federal direct subsidized and unsubsidized loan funds by completing your FAFSA.

William D. Ford Federal Direct Loan Program

Prescott College participates exclusively in the William D. Ford Federal Direct Loan program in which borrowers obtain Federal Direct, Parent PLUS and GradPLUS loan funds directly from the US Department of Education rather than from private lenders. We believe that the Direct Loan program offers our students and parents a more stable, streamlined, and predictable borrowing experience.

Federal Direct

Federal Direct loans are the most common source of student loan funds made available to students seeking a degree or certificate. Federal Direct Loans must be repaid with interest. Federal Direct Loans offer deferments of principal payments while a student is in school and allow a six-month grace period after leaving school, before repayment begins. Depending on a student's need as calculated by U.S Department of Education, a Federal Direct Loan may be offered as a subsidized or unsubsidized loan, or as a combination of the two.

Subsidized

Subsidized Federal Direct loans are need-based. With a Subsidized Federal Direct Loan the Department of Education will pay the interest while the student is in school and during the grace and deferment periods. The fixed interest rate for Undergraduate loans first disbursed on or after 7/1/2017 and before 7/1/2018 is 4.45%.

Unsubsidized

All qualified students, regardless of their income or assets, may take out Unsubsidized Federal Direct loans. Students must meet all of the same requirements as those for Subsidized loans, except they do not need to demonstrate financial need. With an Unsubsidized Federal Direct Loan the student is responsible for interest that accrues throughout the life of the loan. A student may elect to defer interest payments while in school; however, this interest will be added to the principal balance of the loan upon repayment. Therefore, we strongly recommend students pay interest on a monthly or quarterly basis to keep their loan debt under control. The fixed interest rate for Undergraduate unsubsidized loans first disbursed on or after 7/1/2017 and before 7/1/2018 is 4.45%.  The fixed interest rate for Graduate or Professional student unsubsidized loans first disbursed on or after 7/1/2017 and before 7/1/2018 is 6%.

Federal PLUS

Federal PLUS loans are available to either parents of undergraduate dependent students or to graduate or professional students.  Students must be enrolled at least half time (minimum 6 credits per term) to receive a Federal PLUS loan.  Borrowers must pass a credit check and may borrow the full "cost of attendance" for the student minus other forms of financial aid received.  The cost of attendance is the average cost for students in each program for direct costs such as tuition, fees, and on-campus housing, as well as indirect costs such as books and supplies, transportation, and room and board.

Parent PLUS

The Parent PLUS Loan has a fixed interest rate of 7% for all loans disbursed on or after July 1, 2017 and before July 1, 2018. Interest will begin to accrue with the first disbursement to the school. Repayment of principal and interest will begin sixty days after the loan funds are fully disbursed to the school, however, parents may opt to defer repaying both principal and interest on a Parent PLUS loan while their student is enrolled at least half-time and for an additional six months after the student graduates, leaves school, or drops below half time.  To apply for a Parent PLUS loan, go to studentloans.gov.

Graduate PLUS

Graduate PLUS loans have a fixed interest rate of 7% for loans first disbursed after July 1, 2017 and before July 1, 2018. Students may apply for deferments while enrolled at least half-time. To apply for a Graduate PLUS loan, please go to studentloans.gov.

 

Private Loans

After you have considered all federal loans, you may also be interested in applying for a Private Loan for Education.  A private loan is a credit based educational loan.  Terms and conditions are set by each individual lender, so students should shop wisely for their lender.  Students unable to qualify on their own may need to obtain a co-borrower/co-signer.  Students may borrow up to their Cost of Attendance budget, less any other financial aid funds and resources received. 

Students have the following rights relating to private/alternative loans—

  • The right to select any lender even though it may not be included on the Prescott College Lender List 
  • The right to comparative information regarding interest rates and other benefits included on the Prescott College Lender List 
  • The right to prompt certification of any loan, irrespective of lender choice 
  • The right to inquire as to how the lenders on the Prescott College Lender List were chosen

 Private Loan Lender Lists

  • Prescott College objectively evaluates all prospective private educational loan lenders on an ongoing basis. Lenders chosen may be subsequently removed for failure to adequately serve the needs of students. 
  • Prescott College staff will make parents and students aware of their option to choose any lender. This choice will be clearly communicated via the financial aid website and whenever a parent or student inquires about student lending options. 
  • Prescott College will process all loan applications regardless of lender choice. All applications will be processed in as timely a manner as possible.

 Elm Select Private Lender List

Additional Resources

If you would like to research your alternative loan options further,  Alltuition.com is a free online resource that can help you compare student loans.

Other Important Information Regarding Borrowing

Students should first complete the FAFSA so that eligibility for the federal loan programs (Federal Direct, Parent PLUS and Graduate PLUS) can be determined before considering a private educational loan. Students who apply for a private loan prior to having federal loan eligibility determined will be asked to complete a FAFSA.

Students should only borrow what they need and should carefully scrutinize whether they should borrow the full amount of what was offered in their award letter.

Prescott College partners with various organizations in an effort to best serve our students’ needs with respect to student borrowing. These organizations include lenders who offer private educational loans. In establishing and maintaining these relationships, faculty and staff should always be cognizant of what is in the best interest of our students. In this regard, faculty and staff are expected to maintain a commitment to exemplary standards of professional conduct and ethical behavior.

 

Student Employment

Student Employment assists in financing educational expenses and provides a valuable service to Prescott College and local community projects. Positions continually become available in College departments, at special events, with orientations, campus tours and admissions work, as well as supporting faculty and academic programs. Off-campus community opportunities include working with local schools, farms, libraries, and other service organizations.

Student Employment supervisors understand that a student’s primary responsibility is to her or his course work. Accommodations are made in scheduling and work hours whenever possible. Many jobs can be related to academic pursuits and helpful to future careers.  Overall, Student Employment is a great way to help fund your education and gain valuable work experience.

Students may be employed with federal or institutional work-study funds.  Federal Work-Study funds are awarded to students by the Financial Aid office.  Institutional work-study funds are made available to campus departments for the purpose of employing students in part-time jobs.

About Federal Work-Study (FWS)

  • Federal Work-Study (FWS) is awarded on a first-come, first- served basis each year to eligible students who complete the  Free Application for Federal Student Aid (FAFSA) and indicate they are interested in student employment. 
  • Institutional work-study is available for certain on-campus positions to employ students who do not qualify for FWS.  All students are encouraged to apply for on-campus positions regardless of their FWS eligibility.  
  • Questions can be directed to the Student Employment Coordinator by E-mail or (928) 350-1108.

Prescott College is an equal opportunity employer.

View Student Employment Job Listings and Manage Time Sheets


 


 

Maximum Financial Aid

Per federal regulation, students may only receive financial aid, no matter the source, up to their cost of attendance.  Which types of aid the student may receive and how much of each type is determined by school policy (for institutional aid) by the data reported on the Free Application for Federal Student Aid (FAFSA) (for federal aid).  

The cost of attendance (COA) is an estimated budget based on a student’s program of study and enrollment level.  It includes tuition and fees due to the school as well as an estimated amount for transportation, books and supplies, room and board, and miscellaneous personal expenses.  Prescott College’s standard cost of attendance for each program is published on our “Costs and How to Pay” web pages (link), as well as e-mailed to individual students’ with their “Award Guide” version of their award letter each year which is typically the first financial aid award letter each student will receive.  

Federal formulas based on the student’s income and other financial factors determines the expected family contribution (EFC) for each student.   The EFC is then used to determine the types of aid and how much of each type the student may receive.  Students can view their calculated EFC on their Student Aid Report which is e-mailed to the student a few days after they submit their Free Application for Federal Student Aid (FAFSA).   

Each student’s financial need is determined by the following formula: COST OF ATTENDANCE - EFC = FINANCIAL NEED.  A student’s financial need is the maximum amount of need based financial aid a student may receive.  Students can still receive other non-need based financial aid (such as unsubsidized loans) above and beyond their demonstrated financial need up to their cost of attendance.

Maintaining Your Financial Aid

Federal regulations require that Prescott College define minimum standards of Satisfactory Academic Progress to determine eligibility for financial aid.  Standards include both quantitative (completion rate) and qualitative (maximum time frame) measures and apply to all federal, state and institutional financial aid programs. This policy mirrors the academic policy that is published in the college catalog.  Students who are experiencing difficulties are highly encouraged to visit with a financial aid counselor prior to being placed on financial aid warning or suspension so that we may assist you in every way possible. 

SAP Quantitative Measure – 65% Completion Rate

At Prescott College, students must complete at least 65% of Prescott College credits attempted overall to maintain eligibility for financial aid.  Incomplete grades DO NOT count toward credits earned and can jeopardize eligibility for aid.

SAP Qualitative Measure – 150% Maximum Timeframe
The maximum timeframe 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.
Students approaching the 150% limit are encouraged to visit with a financial aid counselor so that other funding options may be pursued.

When is SAP Reviewed?

The Prescott College Financial Aid Office reviews Satisfactory Academic Progress (SAP) at the end of every term (Fall, Spring, and Summer) and sends notification (via email) to all students who fall below the minimum progress rate standard (65%) or who have reached or are nearing the maximum time frame (150%) for their program of study.  

SAP Warning

Students who fall below the Satisfactory Academic Progress (SAP) completion rate standard (65%) will be extended one term of Financial Aid Warning to improve their progress rate.  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.

SAP Suspension

Students placed on Satisfactory Academic Progress (SAP) suspension are considered ineligible for institutional, state or federal financial aid, including grants, scholarships, loans or work-study.  Students are placed on financial aid suspension if they do not improve their SAP completion rate to above 65% after a SAP warning term, or if they have reached their maximum timeframe (150%).

SAP Appeal

Student placed on financial aid suspension for failure to meet the satisfactory academic progress rate measure, may appeal this suspension if they have certain extenuating circumstances which prevented them from earning all credits in a term.  Extenuating circumstances may include illness, serious personal issues, or the death of a family member, and must be documented.   Appeals for having met or exceeded the maximum time frame for a degree program are only permitted for students who are being re-admitted to the college after more than two years of non-attendance, or for students completely switching their degree program.  Financial Aid Satisfactory Academic Progress (SAP) Petition forms are available on our financial aid forms page (link).
 

Students who are considering dropping or withdrawing from school or from particular courses are strongly urged to contact the Financial Aid office to discuss the potential financial ramifications in addition to consulting with their academic advisor for enrollment options.   Failure to attend or complete classes and/or withdrawing or dropping courses may result in a recalculation of financial aid eligibility levels and a possible return of financial aid.

Withdrawal from School

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) after beginning courses, they are subject to the US Department of Education’s Return to Title IV (R2T4) policy.  This policy requires a calculation to determine 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.  Upon withdrawal, the financial aid counselor will complete the necessary calculations and notify the student in writing of any obligations within 45 days of the school’s date of determination that the student withdrew. The R2T4 policy is mandated by federal regulation and cannot be appealed.

Dropping Courses and/or Failure to Start Courses

When it is determined that a student has failed to start a course or courses, and/or a student chooses to drop a course prior to the drop/add deadline, Prescott College will redetermine the student’s enrollment level for financial aid purposes.  As a result, students may lose full or partial financial aid eligibility which 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.