The Financial Aid Office is designed to help you reach your educational goals. Financial Aid Staff members can help you fulfill those dreams and walk you through the financial aid, scholarship and application processes.
Click here for Federal Student Aid Natural Disaster information, help is available for students, borrowers, and schools.
- Contact a Financial Aid Counselor
- Net Price Calculator
- How Student Loans Are Processed
- Changes To Federal Financial Aid for the 2013-2014 Award Year
- Helpful Tips
- Frequently Asked Questions About Financial Aid
- A-Z Scholarships Portal
- College.Gov Resources
- Veterans Benefits
- Financial Aid Fact Sheet
- Code of Conduct
Scholarships are offered each year to new or returning students. For complete current scholarship listings and eligibility requirements, please visit our scholarships page.
Note: Goddard College reserves the right to amend or change policies as they relate to eligibility for, and disbursement of, its own funds.
Students are also encouraged to research outside scholarships available to them. Following are a selection of websites worth reviewing:
All student loans are processed through the Department of Education's Direct Loan program. All new borrowers must complete a Direct Loan Master Promissory Note (MPN) and Entrance Counseling.
Please go to www.StudentLoans.gov. To sign in you will need your PIN - the same PIN you used for your FAFSA submission - to complete your Master Promissory Note and Entrance Counseling. The Department will notify us once you have completed both items.
After January 1st of each year, you can apply or reapply for financial aid (must be completed every academic year). Once you have completed your Federal tax returns, please go to www.FAFSA.gov to complete your application for the upcoming year.
For the 2013-2014 Award Year (effective July 1st, 2013)
- When submitting the 2013-2014 FAFSA form, all students are encouraged to request the IRS retrieval option. By selecting the IRS retrieval option students will allow the IRS to populate the income sections of the FAFSA. This will save the filer time and reduce typing errors. Students who completed their FAFSA with estimated information will be asked to use the retrieval option once their 2012 Federal Income Tax Return is filed.
- Direct Loans will no longer have up-front rebates. Direct Loans will have a 1.051% origination fee charged during disbursement and Plus Loans will have a 4.204% origination fee charged during disbursement. For example, if you borrowed a $1000 Direct Loan only $989 will be disbursed to the school; for a $1000 Plus Loan only $957 will be disbursed to the school.
- Beginning in 2012, students can only receive 12 semesters of Pell Grant eligibility (a total of six years), down from 18 semesters previously (a total of nine years).
- There will no longer be an interest subsidy for the six-month grace period on Subsidized Stafford Loans. You do not have to make payments during the grace period (unless you choose to) but the interest will be added (capitalized) to the principal amount of your loan when the grace period ends. This provision does not eliminate the interest subsidy while the borrower is in school or during eligible periods of deferment.
- Subsidized loans for which the first disbursement is on or after July 1, 2013, will have a 6.8% fixed interest rate.
- New loan borrowers with no outstanding federal student loans as of July 1, 2013 will be limited to subsidized loan eligibility to 150% of program length. This means new students in a four-year program will be eligible for subsidized loans for the equivalent of 6 years.
- Effective July 1st, 2012 graduate level students will no longer be eligible for Subsidized Stafford Loans. Students WILL still be eligible for Unsubsidized Stafford Loans up to $10,250 a semester and for those needing additional funding Graduate Plus Loans are also still available.
For more information on these changes please go to http://studentaid.ed.gov/PORTALSWebApp/students/english/recentChangesSA.jsp
- Mistakes to Avoid When Applying for Financial Aid
- Financial Aid Fact Sheet- Financial Aid and student debt information at a glance.
- Veterans Benefits
- YELLOW RIBBON PROGRAM
Goddard College participates in the Yellow Ribbon Program.
• The program provides contributions to eligible individuals who apply for the Yellow Ribbon Program on a first-come first-served basis, regardless of the rate at which the individual is pursuing training in any given academic year;
• Provides contributions during the current academic year and all subsequent academic years in which the school is participating in the Yellow Ribbon Program and the student maintains satisfactory progress, conduct, and attendance;
• Makes contributions toward the program on behalf of the individual in the form of a grant, scholarship, etc.;
• Five $500 yellow ribbon grants will be awarded each year
Q: I’m a prospective student who has never received Financial aid before, where do I begin?
A: The first step to receiving aid is to apply. This is done by completing the Free Application for Federal Student Aid (FAFSA) form. There is no fee for submitting a FAFSA form. You will need Goddard’s Federal School Code to apply, which is 003686. In order to sign the FAFSA form you must apply for a PIN, this can be done at http://www.pin.ed.gov/PINWebApp/appinstr.jsp. You will need your tax/financial information from the previous year to complete the form. The FAFSA form is the only application we require.
Q: Where do I get a FAFSA form?
A: You can go to the 'FAFSA' link and apply over the Internet (http://www.fafsa.ed.gov/). We strongly encourage students to apply online whenever possible. Online submission is quicker, easier, and may require less follow up Financial Aid paperwork be returned. When submitting the 2013-2014 FAFSA form, all students are encouraged to request the IRS retrieval option. By selecting the IRS retrieval option students will allow the IRS to populate the income sections of the FAFSA. This will save the filer time and reduce typing errors. Students who completed their FAFSA with estimated information will be asked to use the retrieval option once their 2012 Federal Income Tax Return is filed. Contact the Financial Aid Office if you cannot apply online we will submit your FAFSA form electronically for you. Remember, the FAFSA form is free and does not require a fee for filing.
Q: How do I apply for a loan?
A: DIRECT LOAN PROGRAM - Please note that Goddard participates in the William D. Ford Federal Direct Lending program with the Department of Education All new borrowers wishing to borrow a Federal Direct Stafford or Federal Direct PLUS loan need to complete a Direct Loan MPN (Master Promissory Note) and Entrance Interview online at www.studentloans.gov. Use your PIN (from your FAFSA) to sign in. We will not be able to process your loans until this step is completed.
Q: When should I apply for aid, is there a deadline?
A: We encourage students to apply for aid as soon as possible. A student can apply any time after January 1st for the upcoming academic year. We encourage students to wait until they have completed their income tax returns, but if a student is a late filer, estimated information can be used until the exact information can be submitted. If you are applying for a scholarship or state grant that requires a FAFSA form be submitted by a certain date make sure you submit the FAFSA well before the deadline, in case there are any errors that need to be corrected.
Q: Should I wait to be accepted before I apply for Financial Aid?
A: No, you should apply for Financial Aid as soon as possible. If a student has already submitted their FAFSA form before being accepted, sometimes their award letter arrives in the mail the same day they receive an acceptance letter from the Admissions Office!
Q: I forgot to file my FAFSA and the residency is right around the corner, is it too late to apply for Financial Aid?
A: No, we suggest that if the residency is less than two weeks away you complete the FAFSA and mail or fax a copy of the completed form to the Financial Aid Office. This will show us that you are applying for Financial Aid and we may be able to correct any errors made to the form in a more timely manner. If all of your paperwork is not complete by registration day, you will be required to pay a residency fee.
Q: I have submitted my FAFSA form and been accepted, what happens next?
A: You will receive an award letter in the mail, along with all necessary paperwork required to complete to receive your aid. The paperwork may consist of the following: an award letter, instructions on how to complete the online loan application called a Master Promissory Note, loan entrance counseling, , Parent Plus Loan application (for dependent students) all found at www.studentloans.gov website; and if requested, a verification form. You may also be expected to provide a signed copy of your previous year’s income tax transcript (and your parent’s income tax transcript if you are a dependent student) if you are selected for verification.
FAFSA forms need to be completed every Academic year.
Q: What if I’m not a US citizen?
A: You may still be eligible for Federal aid if you are an eligible non-citizen as defined on the FAFSA. The FAFSA says an eligible non-citizen is "If you are an eligible noncitizen, write in your 8 or 9 digit Alien Registration Number. Generally you are an eligible noncitizen if you are 1. a permanent resident with a permanent resident card (I-551); 2. a conditional permanent resident (I-551C); or 3. the holder of an Arrival Departure Record (I-94) from the Dept. of Homeland Security showing any of the following designations: Refugee, Asylum Granted, Parolee, Victim of Human trafficking, T-Visa holder (T-1, T-2, T-3, etc.) or Cuban-Haitian Entrant."
International students receiving a scholarship from Goddard should be aware that a 30% tax must be sent to the IRS, which will reduce the amount disbursed to the student’s account.
Q: When do you start awarding aid?
A: For the Fall semester we start awarding aid near the end of March. Anytime after March we will award students as soon as they have been accepted and we have received their FAFSA form. For the Spring semester we will mail an award letter as soon as we have been notified of the student’s acceptance and the student’s valid FAFSA form has been received.
Q: What is the impact (if any) of multiple family members on financial aid?
A: The FAFSA uses the number of people in the student’s household and the number of students in that household that attend college along with income and asset information to calculate the EFC (Estimated Family Contribution). How it impacts the FAFSA is dependent on the other household member’s position—i.e. is this a dependent child, a spouse. A graduate student is only eligible for loan funds (no matter if they are single or married, with no dependents or with multiple dependents). For an undergraduate student, the more members in the household increases the eligibility for aid but income and assets are the major factor in determining aid eligibility.
Q: What types of aid am I eligible for and how much will I receive?
A: The types of aid and the amount of aid you receive depend on your financial situation and your grade level.
Aid Available for Undergraduate (BA or BFA) Programs:
- Federal Grants: The Federal Pell Grant, for students with a low Estimated Family Contribution (EFC) as determined on your FAFSA form. This grant can be up to $5645 a year. We also have a small amount of SEOG that is awarded in conjunction with a Pell Grant.
- State Grants: Most states require you to complete an additional application in order to qualify for a state grant. Check with your state’s Department of Higher Education to receive an application and deadline information. The amount of aid received varies by state.
- Goddard Scholarships: Please refer to the Goddard Scholarships page for a complete listing of the scholarships available to BA and BFA students.
- Federal Loans: Direct Subsidized Loan, Direct Unsubsidized Loan, Perkins, and Parent Plus Loan.
- Direct Subsidized Loan amounts vary by financial eligibility and grade level. The maximum amount available for a Freshman (level 1 & level II) is $3,500 for the year ($1,750 in the Fall and $1,750 in the Spring). The maximum amount available for a Sophomore (level III & IV) is $4,500 for the year ($2,250 in the Fall and $2,250 in the Spring). The maximum amount available for a Junior (level V & VI) or Senior, (level VII & VIII) is $5,500 for the year ($2,750 in the Fall and $2,750 in the Spring.)
- Direct Unsubsidized Loan amounts for independent students as determined by the FAFSA form. The maximum amount available for a Freshman (level I & II) or Sophomore (level III & IV) is $6,000 for the year ($3,000 in the Fall and $3,000 in the Spring). The maximum amount available for a Junior (level V & VI) or Senior (level VII & VIII) is $7,000 for the year ($3,500 in the Fall and $3,500 in the Spring).
- Direct Unsubsidized Loan amounts for dependent students as determined by the FAFSA form. The maximum amount available for all dependent students regardless of grade level is $2,000 for the year ($1,000 in the Fall and $1,000 in the Spring).
- Parent Plus loans are loans borrowed by the parent of a dependent student to assist the student in paying for tuition. The amount of the Plus Loan varies depending on need.
- Perkins Loan funds are limited and are only granted to financially eligible students. Perkins Loans can only be used toward a student's direct costs--they cannot be used to create a refund. Perkins Loans will be reduced first if additional aid is received. The maximum amount available for eligible students is $2,000 per semester.
Aid Available for Graduate (MA and MFA) programs:
- Federal Grants: There are no Federal grants at the Graduate level.
- Goddard Scholarship: Please refer to the Goddard Scholarships page for a complete listing of scholarships available to MA and MFA students.
- Federal Loans:, Direct Unsubsidized Loan and Graduate PLUS loan.
- The maximum amount available in Unsubsidized Direct Loan funds for graduate students is $20,500 for the year ($10,250 in the Fall and $10,250 in the Spring).
- Graduate PLUS loans are to supplement the Stafford Loans for educational expenses up to the cost of attendance.
- BA Psychology semester (pre-graduate preparation) and Education Licensure only students are eligible to borrow up to $6,250 in Direct Loan Funding
Q: What is the difference between a loan and a grant?
A: Loans are a type of aid that must be repaid with interest. Scholarships and grants are gift aid, that means it does not have to be repaid.
Q: Are there loan fees?
A: Federal Direct student Stafford loans have loan fees of 1.051% for 2013-2014.
Federal Direct PLUS (parent and graduate) loan fees are 4.204% for 2013–2014.
Q: I’m a Veteran. What might be available to me for benefits?
A: The first step is getting in touch with the VA to determine your eligibility at www.GIBILL.va.gov where you can determine your eligibility. Types and amounts of benefits are determined by your status and length of service and there are differing plans that you can select.
Q: Why am I able to receive more financial aid than the cost of tuition?
A: Some students decide to borrow the maximum amount of aid they are eligible for which creates an overage—we call this a refund. (Although not all students are eligible for a refund, which is based on their grade level and financial situation) A student can use the refund to pay for travel expenses for the next residency, to buy a computer, to buy books etc. The refund can be used toward any educational expenses. Refund checks are generated from the Student Accounts Office.
Q: When do I get my refund?
A: This will depend on when your paperwork is completed and the type(s) of funds you are receiving. For a “refund” check to be issued to eligible students, all necessary faculty approvals of the student’s study plan(s) must be noted in the Student Information System (SIS). Overpayment/refund checks will be mailed to the home address after the residency unless the student picks up the refund check in-person from the Student Accounts Office on the last day of the residency. Your refund will not be available if your paperwork isn't complete by registration or if Goddard has not received the funds. Funds that may not be received until after the residency include State Grants, outside scholarships or loans, tuition or VocRehab payments, or other late awards. Your refund will be mailed to you as soon as all paperwork and funds are received.
Q: What if I qualify for a refund but don’t want to borrow so much in loan funds?
A: We encourage students to borrow the smallest amount in loan funds they can afford while still having a successful semester. It’s better to live like a student now than to live like a student later. You may decline any or all of the aid you have been awarded, just make sure to contact the Financial Aid Office with any adjustments you want made. Students have 14 days after disbursement to change or decline their loan funds. Another way to reduce your loan payments after graduation is to make payments toward your Unsubsidized Loan while enrolled. Contact your Direct Loan Servicer if you would like to start paying down the interest on your unsubsidized loan.
Q: There is an enrollment deposit required by the Admissions Office, will Financial Aid cover this?
A: No, your Financial Aid award covers expenses incurred after you enroll, not before.
Q: I need money for travel expenses, I qualify for a refund, can I receive my refund check before I arrive?
A: No, funds do not get applied to your account until after you enroll.
Q: How much financial aid will you award me? Will I receive enough aid to cover all of my expenses?
A: We always award as much aid as possible to try and cover the direct costs. However, lower level independent students or students who are ineligible for Pell and SEOG grants may not receive enough aid to cover their direct costs. If you have a balance due on your account you may contact the Student Accounts Office to set up a payment plan. Or, for those of you with excellent credit, you may apply for a private loan. Please contact the Financial Aid Office if you are planning on applying for a private loan and check www.finaid.org.
Q: Are there loan forgiveness programs available?
A: Loan forgiveness information can be found at www.studentloans.gov under the Managing Repayment Tab.
- Public Service Loan Forgiveness: http://studentaid.ed.gov/PORTALSWebApp/students/english/PSF.jsp
- Teacher Loan Forgiveness: http://studentaid.ed.gov/PORTALSWebApp/students/english/cancelstaff.jsp?tab=repaying/
- Income Based Repayment: http://studentaid.ed.gov/students/publications/factsheets/IBRFactSheetv031612.pdf
- There are also loan forgiveness program with Americorp- http://www.americorps.gov/for_individuals/benefits/benefits_ed_award.asp
- Childcare Providers-http://studentaid.ed.gov/PORTALSWebApp/students/english/childcare.jsp?tab=repaying
- National Health Services Corp -http://nhsc.hrsa.gov/loanrepayment/index.html
Please note: Goddard College complies with the following code of conduct
If a school participates in an FSA loan program, it must publish and enforce a code of conduct that includes bans on
- revenue-sharing arrangements with any lender,
- steering borrowers to particular lenders or delaying loan certifications, and
- offers of funds for private loans to students in exchange for providing concessions or promises to the lender for a specific number of FSA loans, a specified loan volume, or a preferred lender arrangement.
The code of conduct applies to the officers, employees, and agents of the school and must also prohibit employees of the financial aid office from receiving gifts from a lender, guaranty agency, or loan servicer. The code must also prohibit financial aid office staff (or other employees or agents with responsibilities with respect to education loans) from accepting compensation for
- any type of consulting arrangement or contract to provide services to or on behalf of a lender relating to education loans; and
- service on an advisory board, commission, or group established by lenders or guarantors, except for reimbursement for reasonable expenses.