Financial Aid FAQ

Your questions answered here!  Click the button below to search for keywords and get help with the Financial Aid process.

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Financial aid can be confusing. We understand. That’s why we have developed ways to help you get the answers you need. We provide you with live assistance from real people, a variety of online tutorials, and easy access to all your accounts – anytime of day or night – even on holidays and weekends!  Click the button above to do a keyword search, email FinancialAid@pdc.edu or call 1-855-877-3918 toll-free.

CONSUMER INFORMATION: You have a right and a responsibility to know and have access to information regarding financial aid policies and procedures and other items mandated by federal regulation.  The College Catalog is our main resource for consumer information, and we have supplemented it with important information below:

Satisfactory Academic Progress - the status required for all students to maintain eligibility for financial aid.  All students are required to be familiar with this process and their status.

Net Price Calculator - we use the Virginia Education Wizard to help you understand how much it costs to attend college.

Gainful Employment – certificate programs must lead to a recognized occupation, in order to be eligible for financial aid.  You have the right to know the costs associated with each of these programs, along with the success rates and indebtedness of students.

Campus Safety and Security – Alerts, reports, forms, and emergency assistance information available here, including Clery Act statistics.

Your Right to Cancel – As a student or parent borrower, you have the right to cancel the entire loan or any portion (a specific disbursement) of any federal Stafford or PLUS loan. Requests to cancel a specific loan disbursement may be submitted prior to the date of crediting to your account or within 14 days of notification of disbursement.

Scheduled Disbursement Dates – financial aid is generally disbursed starting 40-60 days of the beginning of the semester, after class attendance is confirmed.  Single semester loans must be disbursed in two parts, 30 days apart.

Loan Fees -  are funds you borrow and will repay, but are kept by the Department of Education. Under sequestration, loan origination fees will be adjusted at the beginning of the federal fiscal year (October 1) of each year unless the act is repealed or replaced.

The following chart shows the sequester-required loan fees for FY 2016 and FY 2017.

Direct Loan Fees
for FY 2016 and FY 2017
Loan Type First Disbursed Loan Fee
Percent
Fee Example
Direct Subsidized
Loans and Direct
Unsubsidized
Loans
FY 2016
First disbursed on or after
October 1, 2015 and before
October 1, 2016
1.068 $58.74 on a
$5,500 loan
FY 2017
First disbursed on or after
October 1, 2016 and before
October 1, 2017
1.069 $58.79 on a
$5,500 loan
Direct PLUS
Loans (Parent
and Grad/Prof
Student
FY 2016
First disbursed on or after
October 1, 2015 and before
October 1, 2016
4.272 $427.20 on a
$10,000 loan
FY 2017
First disbursed on or after
October 1, 2016 and before
October 1, 2017
4.276 $427.60 on a
$10,000 loan
Loan fee calculations that result in more than two decimal places must be
truncated (not rounded) to two digits after the decimal point (cents).

As a reminder, the amount of the loan fee for a loan is determined by the date of the first disbursement of the loan. Any subsequent disbursements, even if made on or after the relevant October 1, have the same loan fee percentage that applied to the first disbursement of that loan.

NOTE:  Interest rates for each academic year are available online from the federal government at StudentLoans.gov.

 

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What is the name and title of the person responsible for Financial Aid disclosure information? How can I contact this person?

  • Teresa Harrison, MBA, Financial Aid Coordinator, Senior VA Certifying Official
  • Available: Monday-Friday 8:00a.m. – 4:30p.m.
  • Email: tharrison@pdc.edu