Education You Can Afford

At University of the Potomac, it is one of our primary missions to make a post-secondary degree accessible to everyone. With that in mind, we offer numerous options for financing your education.  The best way to find out what is right for you is to contact one of our Financial Aid Advisors.

Our financial aid staff can be reached by calling 888-635-1121 or by emailing us at [email protected]

Accessing Federal Student Aid Options

Fill out the FAFSA

The Free Application for Federal Student Aid (FAFSA) is used by the university’s Financial Aid Office to determine eligibility for aid and to assist you in deciding what resources are best suited to your circumstances. Go to www.fafsa.ed.gov  to complete the FAFSA online. You are required to have an FSA ID to complete and submit a FAFSA on the Web application. It is also the ONLY WAY to access your data online.

Prior – Prior

What is it? Prior – Prior Year will allow students to submit their FAFSAs in October by accepting tax information on the year prior – prior to their enrollment. (e.g. Students enrolling in fall 2017 will be allowed to submit 2015 tax information for federal student aid.)

Why is it happening? In the current college application cycle, students have to wait until January of their senior year to submit for federal student aid. (And really, who gets their taxes done in January? Making the submission time more like March or April.) This deadline is poorly aligned with the college application calendar, creating obstacles for students trying to meet priority filing deadlines and resulting in less informed enrollment choices.

What does all of this mean? You need to be aware of the new deadlines that will take place in response to the change. The deadline to complete the FAFSA will depend on the college(s) you’re considering attending, but whatever their deadline(s) may be, you can expect to get financial award letters sooner if you submit your FAFSA as early as you can after Oct.1. There will be an adjustment period for college admission departments as they determine new deadlines in response to PPY—meaning that deadlines for admission may not become clear until later in the summer.

University of the Potomac School Code: 032183

You will need your 2015 income information (i.e. taxes) to complete the 2017-2018 FAFSA and your 2016 income information (i.e. taxes) to complete the 2018-2019 FAFSA.  This process can be completed using the IRS Data Retrieval Tool (IRS DRT) which helps tax filers estimate when they will be able to retrieve their IRS tax return information. Specific questions related to the obtaining your IRS tax return should be directed to the IRS at 1-800-829-1040 1-800-829-1040 FREE.

Complete the required Financial Aid file forms

These forms should be printed, scanned and emailed or faxed to (866) 954-8523

Once these steps are complete, the Financial Aid Office will let you know what your estimated awards are!

However, there are more steps for you to take and until those are completed, you are not ready to register for your courses.

Complete Entrance Counseling
Federal Student Loans are an important part of financing educational expenses. University of the Potomac provides students with information and counseling to assist them in managing their loans efficiently.

Loan counseling is completed online at:

https://studentloans.gov/myDirectLoan/index.action#

Federal Loan Application

University of the Potomac participates in the Federal Direct Student Loan program. Federal student loans, unlike grants, are borrowed money that must be repaid. However, student loans are not credit based loans and offer another option to eligible recipients to assist in paying for their education.

For dependent students whose award package may include a Parent Loan for Undergraduate Students (PLUS) loan, the parent will need to apply for the PLUS by logging into www.studentloans.gov and clicking “Parent Borrower” and Apply For A PLUS Loan.

The Master Promissory Note (MPN) for the loans should be completed and electronically signed online at: www.studentloans.gov

Financial Aid Next Steps
The Financial Aid Office will review your file.

Verification
In the event that your 2017/2018 FAFSA application is selected for review in a process called “Verification”, the Financial Aid Office as well as Federal Student Aid will contact you. In this process, University of the Potomac will be comparing information from your application with income information provided and the 2017/2018 verification forms.  Federal regulations state that we have the right to ask you for this information before awarding Federal aid. If there are conflicts between your application information and your financial documents, you or your school may need to make corrections electronically or by using your Student Aid Report (SAR).

Additional Documents
The U.S. Department of Education performs comparisons on every financial aid application with several federal databases including the Social Security Administration, the Department of Homeland Security, and Selective Service. Other checks and balances are performed by the Department of Education which may result in additional documents being required to process your Financial Aid.

Please respond immediately to any request so the processing of your financial aid application is not delayed.

Types of Aid

  • Federal Pell Grant Program (Pell)
  • Federal Supplemental Educational Opportunity Grants (SEOG)
  • Federal Direct Loan Program
    • Subsidized
    • Unsubsidized
    • Parent PLUS Loan
  • Veterans Benefits (VA)
    • Chapter Benefits
    • Yellow Ribbon Program
    • Other Funding Sources
  • Scholarships
  • Employer-Based Tuition Assistance programs
  • Private Loans

Estimated Indirect Costs:
These estimated costs are provided by the EPI or similar sources and are used in calculating Title IV and private loans.

Monthly room and board for students not living with parents $1469
Monthly room and board for students living with their parents $1176
Monthly personal/miscellaneous expenses $498
Monthly transportation expenses $482

Financial Aid Exit Interview
The staff of the Financial Aid Office would like to offer our most sincere congratulations on your impending graduation!! Did you receive a Federal Stafford Loans? If so, you are required to participate in an exit interview for each loan type prior to graduation.

Federal Direct (Stafford) Subsidized & Unsubsidized Loans
It is a federal requirement that students go through Exit Loan Counseling at such time as they are ready to graduate, withdraw, or drop below half-time enrollment. This requirement can be fulfilled by going to https://studentloans.gov, and completing the Exit Counseling process through the National Student Loan Data System (NSLDS) Student Access link. You will be provided with valuable information about loan repayment as well as your rights and responsibilities as a borrower in the Federal Direct Loan program. If you are unable to complete the counseling online, please contact the Financial Aid Office to inquire about upcoming Exit Loan Counseling sessions. Questions? Contact the Financial Aid Office at (202) 274-2300.

To retrieve your Loan Information please review the information above, then click on the link below:

Visit the NSLDS web site

NSLDS

Grace Counseling Outreach and Default Prevention Outreach

You’re not alone when it comes to student loans. University of the Potomac has partnered with Inceptia, a division of National Student Loan Program (NSLP), to provide you with FREE assistance on your Federal student loan obligations to ensure successful, and comfortable, loan repayment. Inceptia’s friendly customer representatives may reach out to you during your grace period to answer questions you have about your loan obligation and/or repayment options. They may also contact you if your loan(s) become delinquent.

Inceptia is not a collection agency: We’ve partnered with them to help you explore a wide variety of possibilities such as alternative repayment plans, deferment, consolidation, discharge, forgiveness, and forbearance options. Inceptia will stay in touch with you via phone calls, letters, and/or emails to help you find answers to your questions and solutions to your issues.

For additional resources including information on repayment options, please visit Inceptia’s Federal Student Loan Overview website at Inceptia.org/FAQ.