Questions For Students And Parents
Accept awards on the iNet, make sure you have completed any missing information that was noted on your award letter that was sent to you.
If there is a remaining balance for tuition, room and/or board you have a few options:
- Option 1: have a parent apply for a Federal Direct Parent Plus loan at studentloans.gov. Parents will sign in with their parent FSA ID (same one used to sign the FAFSA) and apply. This loan requires a credit check, an interest rate of 6.84% and will have an Origination fee of 4.292% (4.272% beginning 10/1/15). This percentage is taken prior to the loan funds being disbursed. When considering the amount you want to borrow, subtract the origination fees. The definition of a Parent Plus loan is listed below.
- Option 2: In August, set up a payment plan on CashNet to begin paying your balance. Each semester, fall and spring, has a five month payment plan. There is a payment plan fee of $40 each semester. This payment plan fee has to be paid in addition to your first payment.
The Federal Direct Stafford interest rate is 4.29% and will have an Origination fee of 1.073% (1.068% beginning in October, 2015).
The amount the student can borrow in the Federal Direct Stafford loan will be $5500 freshman year, $6500 sophomore year, and $7500 junior and senior years. If the student is eligible (eligibility depends on financial need) the amounts are a combination of Subsidized and Unsubsidized Direct Stafford loans. If the student is not eligible, they will receive only unsubsidized loans.
The Federal Direct Subsidized Stafford loan is for students who demonstrate financial need and, while the student is in school, the interest is paid by the U.S. Department of Education. The Federal Direct Unsubsidized Stafford loan is made available to eligible students, who do not have to demonstrate financial need, and the student is responsible for the interest. The interest can be capitalized at the end of the grace period or the student can pay the interest while in school.
Students will be asked to begin payments on their loan six months after the date they cease to be at least a half time student. This is called a grace period, which usually occurs after you have graduated. However, if the student at any point in their education drops below half-time status, the grace period will begin.
The Federal Direct Parent Plus loan is a loan that parents of dependent students can apply for at www.studentloans.gov . This loan requires a credit check and parents can borrow up to the student’s Financial Aid budget minus the amount that has already been awarded to the student. This money will be sent directly to the school. However, the parent has to determine if they want any refund checks (excess left over after your Parent Plus loan pays the students account) to be sent to the student or to the parent. If the Parent Plus loan is not approved, the student will automatically be eligible for an additional Federal Direct Unsubsidized Stafford loan at $4,000 per year as a freshman and a sophomore. Once the student is a junior and a senior, they will receive an additional $5,000 per year, if the parent continues to be denied.
Once your son or daughter becomes a student at Rosemont College they have privacy. Therefore, the departments mentioned cannot discussed any personal information about the student unless the student completes a FERPA waiver. The FERPA waiver is a form the student completes and indicates with whom they would like our offices to discuss their personal information.
No. For this particular award, the student has to work and earn funds. If you are interested in Federal Work Study, you need to answer Yes on the FAFSA, and if you qualify, you will be sent an email to begin applying for positions on campus. If you are hired, you will receive a pay check bi-weekly not to exceed the amount of your award each semester. If you do not earn your entire award by working, it will not be credited to you or your student account.
Yes, you and your parents will need to complete the FAFSA every year using the tax information they file in the beginning of each year. Everyone should use the IRS Data Retrieval to submit the tax information and should wait three weeks after filing taxes to retrieve the information from the IRS.
The information from the FAFSA is automatically sent to the state where the student resides.
Yes, and it is very important that students and parents complete the FAFSA renewal every year before May 1st to continue receiving your state grant each year. If you lose your state grant, you will owe additional money to the college, so reapply on time each year. Also, keep in mind that you may only receive eight payments of PA state grant and if you are in school longer than four years, you will lose your state grant after the eight semester payments and will owe additional money to Rosemont College.
Yes, not every state allows students to transfer their state grant if he/she does not attend a school in the state where the student resides. Some of the states who do transfer state grants are: Delaware, Vermont, Connecticut, Rhode Island, and Massachusetts.
The Financial Aid office will send most communications through email. It’s very important that students check their Rosemont email accounts daily to ensure that they’re up to date on any requests that may be sent to them.
No, please check the iWay throughout the semester to ensure that you do not have a balance. If you find that anything has changed, please make an appointment with our office to discuss your Financial Aid. Our office is available to assist you, so please do not hesitate to ask questions. You can make your financial aid appointment online at www.rcfinancialaid.appointy.com.