A. No. Admissions decisions are made without regard to a student's/parent's financial circumstances.
A. We award financial aid on the basis of academic merit and financial need.
A. You don't need to apply. Once you're accepted for admission, the Admissions Committee will review your application for eligibility. If you meet all the requirement, they will send you a letter confirming your scholarship.
A. You will need to complete the Free Application for Federal Student Aid, called the FAFSA, then submit it by March 1, which is our priority deadline. We encourage all applicants to use the IRS Data Retrieval option to report their Federal Income Tax information.
A. No. You should submit the FAFSA by our financial aid priority deadline of March 1.
A. The Pitt-Bradford Title IV code is 008815. It will come up as University of Pittsburgh.
A. You can update your information by going online to www.fafsa.gov to report accurate information after your tax returns are completed. We encourage you to use the IRS Data Retrieval option.
A. Your financial aid eligibility is recalculated each year based on your family's income for the most recently completed tax year. If there are limited changes from year to year, your financial aid award should be similar. However, please keep in mind that as a financial aid recipient, you will need to complete the FAFSA again.
A. Please complete the Financial Aid Special Conditions Form. You may wish to contact our office for assistance in determining what constitutes special circumstances.
A. If that happens, contact us as soon as possible so we can reevaluate. Depending on the circumstances, you may not be eligible for the aid originally offered.
A. The U.S. Department of Education requires you to participate in entrance counseling before you receive your Federal Direct Student Loan funds. During the counseling session, you will be advised of your rights and responsibilities as a student borrower. You can complete your entrance counseling online by clicking on Federal Direct Stafford Entrance Counseling. Please be sure to complete all of it.
A. A Master Promissory Note (MPN) is a legal document that you sign, which includes the terms and conditions of your loan. In general, it is your promise to pay back your loans.
A. Federal Direct Student Loans subtract origination fees from the amount of each loan. For example, if you are approved for a $2,000 loan that charges 1% in fees, you will receive $1,980, which will be applied to your University account. Note, origination fees for Federal Direct Student Loans are 1.072% and Federal Direct Parent PLUS loans are 4.288% currently.
A. The Federal Direct Student Loan and Federal Direct Parent PLUS Loan are disbursed in two equal amounts, at the beginning and middle of the loan period, unless circumstances warrant otherwise. Alternative Loans will disburse once final disclosures are completed with the lender and the waiting period is over. This period is at the discretion of the lender.
It is important to remember that the disbursement dates are the earliest that your loan proceeds can be sent to the school. You may have to pay some initial education-related expenses and reimburse yourself with your financial aid proceeds.
A. Interest will be calculated based on the amount that you borrow. If your loan has a fixed rate, then the interest does not change during the life of the loan. Many interest rates are variable and are tied to a certain index and will fluctuate as the index changes.
A. Interest payments generally begin when you begin to repay your loan. With a subsidized Federal Direct Student Loan, the interest is paid by the federal government during your in-school and deferment periods. With unsubsidized Federal Direct Student Loans, the interest payments are your responsibility. Some borrowers make quarterly interest payments while they are in school. Others allow the interest to accumulate, which is then added to the total amount of your loan. We strongly encourage you to pay quarterly interest payments if you can. This will save you money in the long run.
Interest payments are not required while in school on Federal Direct Student Loans, however, check with the lender for when interest payments are due on Alternative Loans.
A. Yes. There is no penalty for repaying (or prepaying) the principal and accrued interest on federal loans. No interest is charged on payments for subsidized Federal Direct Student Loan principal that are made before the grace period begins.
A. You will receive a repayment schedule about 120 days before you are scheduled to begin paying on your Federal Direct Student Loan. This will include the balance you owe, estimated amount of interest, amount of each monthly payment, number of monthly payments, and the date your first payment is due. There are a number of repayment options available. Talk with your lender to get more detailed information.
In addition, under federal regulations all Federal Direct Student Loan borrowers must take part in an exit interview before leaving or graduating from Pitt-Bradford. The exit interview materials provide general repayment information.
A. If you miss or are late with a payment, contact your lender immediately. Most lenders will work with you so you can repay your loans. That's important to remember because if you are delinquent for 270 days, your loan may be placed in default. If you default on your student loan, it will be reported to a national credit agency. A court judgment could be made against you, your federal and state tax refunds can be seized, your wages can be garnished and lottery winnings, if any, can be withheld.
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