FINANCIAL AID & PAYMENTS
FINANCIAL AID TIMELINES & DEADLINES
Please allow for two weeks to process each FAFSA. FAFSA’s will be processed on a first come first serve basis. The student must be accepted into the Institution and an enrollment contract must be on file for an offer letter to be sent. The priority deadline for the FAFSA is May 1st of each year.
BASIC ELIGIBILITY CRITERIA
PIMS uses the same basic eligibility criteria as the Department of Education when determining who is eligible for federal financial aid.
The eligibility criteria requirements are that you must:
- sign the certification statement on the Free Application for Federal Student Aid (FAFSA®) stating that you are not in default on a federal student loan and do not owe money on a federal student grant and you will use federal student aid only for educational purposes;
- show you’re qualified to obtain a college or career school education by having a high school diploma or a recognized equivalent such as a General Educational Development (GED) certificate;
- completing a high school education in a homeschool setting approved under state law (or—if state law does not require a homeschooled student to obtain a completion credential—completing a high school education in a homeschool setting that qualifies as an exemption from compulsory attendance requirements under state law)
- maintain satisfactory academic progress;
- demonstrate financial need (for most programs);
- be a U.S. citizen or an eligible noncitizen;
- have a valid Social Security number (with the exception of students from the Republic of the Marshall Islands, Federated States of Micronesia, or the Republic of Palau);
- be registered with Selective Service, if you’re a male (you must register between the ages of 18 and 25);
- be enrolled or accepted for enrollment at PIMS;
- be enrolled at least half-time
HOW IT WORKS:
Students will be notified if verification documents are required via email. Students are responsible for sharing information requests with their parents as documents may need to be collected from the parent(s). Tax Return transcripts can be accepted and requested at www.irs.gov/individuals/get-transcript. Corrections will be made to the student’s FAFSA by the school if discrepancies are found. The student will be notified if corrections are made. There are consequences of not submitting verification information in a timely manner. Funds are awarded on a first-come, first-served basis and awards cannot be processed until all requested verification items have been received. Once all requested information has been received, please allow two weeks for the award to be processed. Students have 30 days to submit all required forms and documents, unless mitigating circumstances occur, otherwise the student may be asked to look into other funding options.
Financial Aid Disbursements
After the registration process is complete and the term begins, federal financial aid will disburse into your student account and be credited towards your tuition bill. For our campus based students, financial aid disburses once a trimester. For our online students, aid disburses every other term. If there is a credit balance, students may opt to receive a refund check. Contact the Business Office to change your credit balance authorization if you would like the school to hold or refund your excess financial assistance paid to the school. After all financial aid has posted to a student’s financial ledger and a balance occurs, students have until the end of term or trimester (prior to finals) to cover the remaining tuition and fees.
Students may contact the PIMS FA Office for assistance.
Refund Check Policy
Various circumstances may cause a student to have a credit to their student account. Payments from scholarships, loans, grants or other sources may be higher than the amount owed, resulting in a credit and a refund due to the student.*
- Refunds from financial aid are not disbursed until the second week of classes
- The only exception is book and supplies advances for Pell Grant eligible students in their first term/trimester only
*Must have a credit balance authorization on file if you wish for PIMS to hold your funds. All credit balances are refunded to the student (or Parent for PLUS loans) at the end of an academic year.
Enrollment & Aid Eligibility
- Full-time: 16+ full aid eligibility
- 3/4 time: 12-15 full aid eligibility
- Part-time: 8-11 part-time aid eligibility
- Less than part-time: under 8 no aid eligibility
- Students attending the online program must follow the published schedule to maintain a three-quarter time enrollment status, which allows for full aid eligibility.
Tuition Payment Policy
An invoice will be sent via email at the beginning of each term start. Tuition is due in full before the end of the term. If the full payment is not received you will not be scheduled for the next term. If the student finishes the program with a balance, transcripts will be placed on hold until payment is received. If the student has any pending financial aid, the remaining balance after the financial aid award is posted is still due prior to moving onto the next term. Students are responsible to know what pending financial aid offers they have available and what the remaining balance would be. If you submit paperwork late to the Financial Aid Office your balance must still be paid, please submit all aid paperwork no later than the 13th week of the trimester or for online students the 6th week of the term.
If you are registered for a course late in the term you are still responsible to pay for the term by the due date.
Making a Payment to PIMS
Checks can be made out to “PIMS” and mailed to the school’s address with the student’s name and ID number on the memo line, preferably the student can pay with a credit card via the online SONIS Student Portal.
Borrower Rights & Responsibilities
Loans require repayment and you need to understand your rights and responsibilities.
- Prepayment without penalty
- You are entitled to a Grace Period – Most students loans allow for no payments while in school and for 6 months after
- Options to change loan programs and payments
- Complete and submit Entrance Counseling
- Sign your Master Promissory Note / Loan Application
- Submit Exit Counseling otherwise transcripts are held
- Make payments regardless of receiving billing notices
- Keep in touch with loan servicer
EXAMPLE OF LOAN REPAYMENT:
Loan Amount to Cover Schooling and Expenses: $35,000
Subsidized Loan: $15,000
Unsubsidized Loan: $20,000
Interest Rate: 2.05%
Standard 10 Year Repayment Plan
Total repayment: $39,181 with interest & fees
Monthly payments: $295
QUICK FINANCIAL AID TIPS:
BORROW ONLY IF YOU NEED TO
APPLY FOR MULTIPLE SCHOLARSHIPS
CREATE A BUDGET AND STICK TO IT
BE ORGANIZED – KEEP FOLDERS OF INFO
MAKE PAYMENTS NOW AS YOU CAN
KEEP IN CONTACT WITH LOAN PROVIDER
KNOW YOUR RIGHTS & RESPONSIBILITIES