|Demonstrated Financial Need|
|Sources of financial aid can include both need-based financial aid and non-need based aid. Need-based aid may be awarded up to a student’s demonstrated financial need which is the student’s cost of attendance (COA) minus their estimated family contribution (EFC). Need-based aid may consist of both institutional and federal sources of financial aid. Some financial aid award types such as the federal Pell grant, work study, and direct subsidized loans are need based. Others are not which means you can receive them even if you do not have financial need.|
Loans are borrowed funds that must be repaid with interest. You are automatically considered for federal direct subsidized and unsubsidized loan funds by completing your FAFSA.
William D. Ford Federal Direct Loan Program:
|Other Important Information Regarding Borrowing|
Students should first complete the FAFSA so that eligibility for the federal loan programs (Federal Direct, Parent PLUS and Graduate PLUS) can be determined before considering a private educational loan. Students who apply for a private loan prior to having federal loan eligibility determined will be asked to complete a FAFSA.
Students should only borrow what they need and should carefully scrutinize whether they should borrow the full amount of what was offered in their award letter.
Prescott College partners with various organizations in an effort to best serve our students’ needs with respect to student borrowing. These organizations include lenders who offer private educational loans. In establishing and maintaining these relationships, faculty and staff should always be cognizant of what is in the best interest of our students. In this regard, faculty and staff are expected to maintain a commitment to exemplary standards of professional conduct and ethical behavior.