Investing in your future ...

Applying for Financial Aid

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PharmD – Applying for Financial Aid

Investing in Your Future …

The investment in your graduate degree can seem daunting but you don’t have to take this step in your career alone. ACP offers federal student loans for eligible students who have completed 72 credit hours of coursework upon admissions through the U.S. Department of Education’s Federal Direct Loan program. Financial aid is processed through ACP’s Financial Aid Office, third party servicer Financial Aid Services, Inc. (FAS), and ACP’s Business Office. There are a number of financial aid options that you may qualify for.

There are several options to assist in financing your education:

To apply for federal financial aid, follow these steps:

Complete the Free Application for Federal Student Aid (FAFSA)

Complete the Online Entrance Counseling

  • Log on to studentaid.gov and complete the Entrance Counseling Session for Graduate and Professional level students

Complete the Electronic Master Promissory Note (MPN)

  • Log on to studentaid.gov and complete the MPN for the Subsidized/Unsubsidized Loan Program

Complete the Federal Direct Loan Request form

  • Mandatory for each student requesting aid
  • Do you need additional funding beyond your Unsubsidized Loan eligibility ($33,000)? If so, you can apply for the Graduate PLUS Loan Program.
    • The Graduate PLUS Loan is a credit-based loan program offered to Graduate and Professional level students. If you are interested in borrowing from the Graduate PLUS Loan program, please complete the below steps.
      1. Log on to studentaid.gov
      2. Click on “Request a Direct PLUS Loan” (Loan Period is August – April)
      3. Complete the entire application
      4. If approved, complete the Master Promissory Note for the Graduate PLUS Loan program

Once all documents have been received the Third Party Servicer (FAS) and financial eligibility is confirmed, the Third Party Servicer will issue an award letter indicating the financial aid available to the student.  Carefully review the information on the award letter.

The Financial Aid Office (FAO) will confirm enrollment and Satisfactory Academic Progress (SAP). After it is determined that the student meets all academic requirements, Financial Aid Services, Inc. (FAS), the third party servicer, processes the release of federal funds based on the information contained in the award letter and issues a disbursement roster to the Financial Aid Office. The Financial Aid Office will review the information for accuracy. The student(s) receive an email from the Financial Aid Office when the funds have been disbursed to the college. The email states the type of funds, the gross and the net amounts disbursed, along with the date of disbursement. The disbursement roster is provided to the Business Office after the student is advised of the pending disbursement.

Duties:

Financial Aid Services, Inc. (FAS) – third party servicer

(Office located in Atlanta, Georgia but available to students by email)

  • FAFSA
  • Entrance Counseling
  • eMaster promissory note
  • Loan request form
  • Verification
  • Graduate PLUS Loans
  • Issue Award letter
  • Exit Counseling
  • Monthly Disbursement Reports

Financial Aid Office

  • Financial Aid Counseling (Q&A)
  • Collection of forms or documents required for financial aid
  • Verification of enrollment eligibility
  • Determine Satisfactory Academic Progress (SAP)
  • Review disbursement roster vs award letter
  • Notification of disbursement
  • Deferment and Forbearance forms
  • National Student Loan Data System (NSLDS) reporting
  • Cost of Attendance (COA)
  • Review monthly disbursement reports
  • Submit required reports

The Business Office receives the disbursement roster from the Financial Aid Office and reviews the information for accuracy. The Business Office draws down funds via the G5 federal award system and the funds are then applied to the individual student accounts. Student tuition and fees are deducted and if applicable, a refund check is issued to the student. Once the check is available to the student, the student will receive an email from the Business Office telling the student that the check is available for pick up or mailing.

Duties:

  • Funds are drawn down through the G5 federal award system
  • Disbursement roster applied to student account
  • Issue reimbursement checks
  • Release or mail reimbursement checks
  • Verify accuracy of the monthly disbursement reports
  • Submit FISAP report
  • Annual audit

***The Appalachian College of Pharmacy federal financial aid is provided on a Borrower Based Academic Year (federal financial aid is disbursed every two terms).  Students must re-apply every two terms.

If you have additional questions, please don’t hesitate to contact the Financial Aid Office at financialaid@acp.edu.