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Title IV Loan School Code of Conduct

Pfeiffer University is a member of NASFAA, National Association of Student Financial Aid Administrators.  The Financial Aid Office abides by NASFAA's Code of Conduct which states that the Financial Aid Office Staff is expected to maintain exemplary standards of professional conduct in all aspects of carrying out his or her responsibilities, specifically including all dealings with any entities involved in any manner in student financial aid, regardless of whether such entities are involved in a government sponsored subsidized, or regulated activity.

Schools participating in Title IV loan programs are required to develop and adhere to a code of conduct.

The following code of conduct includes requirements specified in the Higher Education Act and applies to offices, employees, and agents of Pfeiffer University.

  1. The college will not engage in revenue-sharing arrangements with any lender.  This is defined as any arrangement between a school and a lender that results in the lender paying a fee or other benefits, including a share of the profits, to the school, its officer, employees or agents, as a result of the school recommending the lender to its students or families of those students.
  2. Employees in the Financial Aid Office will not accept gifts from any lender, guaranty agency or loan servicer.  This ban is not limited to providers of Title IV loans.  Providers of private education loans, also known as alternative loans, are included in this provision.  The law does provide for some exceptions related to specific types of activities or literature including:
    1. Brochures or training material related to default aversion or financial literacy.
    2. Food, training or informational materials as part of training as long as that training contributes to the professional development of those individuals attending the training.
    3. Philanthropic contributions from a lender, guarantee agency, or servicer unrelated to educational loans.
  3. No employee of the college's financial aid office will accept any fee, payment or financial benefit as compensation for any type of consulting arrangement or contract to provide services to or on behalf of a lender relating to education loans.
  4. Borrowers will not be steered to particular lenders, or delay loan certifications.  This includes assigning any first-time borrower's loan to a particular lender as part of their award packaging or methods. 
  5. The college will not request nor accept any offer of funds for private loans.  This includes any offer of funds for loans to students at the college, including funds for an opportunity pool loan, in exchange for providing concessions or promises to the lender for a specific number of loans, or inclusion on a preferred lender list.
  6. The college will not request nor accept any assistance with call center staffing for financial aid office staffing.  However, the college can request or accept assistance from a lender related to:
    1. Professional development training for financial aid administrators.
    2. Providing educational counseling materials, financial literacy materials, or debt management materials to borrowers, provided that such materials disclose to borrowers the identification of any lender that assisted in preparing or providing such materials.
    3. Staffing services on a short-term, nonrecurring basist to assist the school with financial aid-related functions during emergencies, including State-declared or federall declared natural disasters, and other localized disasters and emergencies identified by the Secretary.
  7. No employee of the institution may receive anything of value from a lender, guarantor, or group in exchange for serving in this capacity.  Employees may, however, accept reimbursement for reasonable expenses incurring while serving in this capacity.

The college will not permit a lender to use any form of identification related to Pfeiffer University on lender promotion materials. 

 

Financial Aid Terms

Free Application for Federal Student Aid (FAFSA): this is the basic form that must be filled out for all students who wish to participate in Federal student aid programs such as Stafford and Perkins Loans, as well as Pell Grants.

The FAFSA application is free to fill out and generally does not require professional preparation.
Student Aid Report (SAR):  The SAR is a printout that you will receive in the mail (or via email) once your FAFSA has been processed.  Your SAR will contain all of the information that you submitted on your FAFSA, and will let you know what Federal Student Aid you may qualify for.
Student Aid Eligibility: (taken from http://studentaid.ed.gov/PORTALSWebApp/students/english/aideligibility.jsp)  Eligibility for federal student aid is based on financial need an on several other factors.  The Financial Aid Office will determine your eligibility by ensuring that all students:

  1. Demonstrate financial need (except for certain loans)
  2. Have a high school diploma or a General Education Development (GED) certificate, pass an ability-to-benefit (ATB) test approved by the U.S. Department of Education, meet other standards your state establishes that the Department approves, complete a high school education in a home school setting that is treated as such under state law, or have satisfactorily completed six credit hours or the equivalent course work toward a degree or certificate.
  3. Be enrolled or accepted for enrollment as a regular student working toward a degree or certificate in an eligible program.  
  4. Be a U.S. citizen or eligible noncitizen
  5. Have a valid Social Security Number
  6. Register with the Selective Service if required.  You can use the electronic FAFSA to register, you can register at www.sss.gov, or you can call 1.847.688.6888
  7. Maintain satisfactory academic progress once in school
  8. Certify that you are not in default on a federal student loan and no not owe money on a federal student grant
  9. Certify that you will use Federal Student Aid only for educational purposes.

Expected Family Contribution (EFC):  You will find this listed on your SAR.  It is an amount of money that the Federal Government says you and your family are capable of contributing to college expenses each year.  The EFC is based on many different circumstances, including family size and income.
Financial Need: is the difference between the estimated cost of attendance and the amount the student is expected to contribute to the cost of their education.  The amount a student is able to contribute to their education is determined by the FAFSA and is the Expected Family Contribution (EFC).
Independent Student:  for federal aid eligibility, you are an independent student if at least one of these criteria applies to you:

  1. You are 24 years old or older (born before Jan 1, 1987 for the 2010-2011 FAFSA).
  2. You're married on the day you apply for financial aid (even if you are separated but not divorced).
  3. You are or will be enrolled in a master's or doctoral degree program (beyond a bachelor's degree) at the beginning of the academic year your FAFSA is for.
  4. You're currently serving on active duty in the U.S. Armed Forces for purposes other than training.
  5. You're a veteran of the U.S. Armed forces.  (A "veteran" includes students who attended a U.S. service academy and were released under a condition other than dishonorable).
  6. You have children who will receive more than half their support from you during the FAFSA academic year.
  7. You have legal dependents (other than your children or spouse) who live with you and who receive more than half their support from you now and through June 30, 2011.
  8. When you were age 13 or older, both your parents were deceased and you were in foster care or a dependent or ward of the court.
  9. As of the day you apply for aid, you are an emancipated minor as determined by a court in your state of legal residence.
  10. As of the day you apply for aid, you are in legal guardianship as determined by a court in your state of legal residence.
  11. At any time on or after the July before you file your FAFSA, the director of an emergency shelter program funded by the U.S. Department of Housing and Urban Development determined that you were an unaccompanied youth who was homeless.
  12. At any time on or after the July before you file your FAFSA, the director of a runaway or homeless youth basic center or transitional living program determined that you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless.

Dependent Student:  if you answer "no" to all of the questions above you are considered a dependent student.

Direct Subsidized Stafford Loan: the basic building block of most financial aid packages.  The interest rate and terms for the Direct Subsidized Loan is 4.5% (for Undergraduates).  Direct Subsidized Loans for Graduate Students and Direct Unsubsidized loans for all students is 6.8%.  Students must beat least part time (6 credit hours for Undergrad Students & 3 for Grad Students) to be eligible, and they must show financial need.  the borrower is not charged interest while still in school, nor during the grace and deferment periods.  Students are eligible to borrow as listed below.

    Subsidized   Dependent Student Total   Independent & Dependent Students whose parents can't get PLUS Total
First Year (Undergrad)   $3500   $5500   $9500
Second Year (Undergrad)   $4500   $6500   $10500
Third Year & Beyond (Undergrad)   $5500   $7500   $12500
Grad & Professional Students (all years)   $8500       $20500



Direct Unsubsidized Stafford Loan: Students must be at least part time (6 credits for Undergrad students & 3 credits for Grad students) - the interest rate is 6.8% for all Graduate Student (subsidized and unsubsidized) and Undergraduate Unsubsidized Stafford Loans.  The borrower is responsible for all interest on the loan including while in college and during all grace and deferment periods.  The lender is the U.S. Government and the loan will be paid back to the U.S. Government.  Students are elgiible to borrow as listed above.
Direct Parent Plus Loan:  This loan is a Parent Loan for Undergraduate Students and can be borrowed from the Department of Education through the Direct Loan Program with a fixed interest rate of 7.9% (for loans disbursed after July 1, 2006).  The borrower is responsible for paying all interest and repayment begins 60 days after then 2nd disbursement -or - the parent borrower may elect to delay repayment until six months after the student is not enrolled at least half-time (this option is only available to borrowers whose funds were first disbursed on or after July 1, 2008).  You must renew your credit decision each year, but unless an endorser is required on your loan, or your student changes schools, you will only need to fill out one Master Promissory Note at www.studentloans.gov.  Each academic year, you will be required to complete a Plus Request Form (*LINK TO FORMS PAGE*) which is located here.  Just fill this form out and return it to your financial aid representative indicating how much you would like to borrow for the next academic year.  To be eligible for a Direct Plus Loan for Parents (taken from http://studentaid.ed.gov/PORTALSWebApp/students/english/parentloans.jsp)

  1. The parent borrower must be the student's biological or adoptive parent.  In some cases, the student's stepparent may be eligible.
  2. The student must be a dependent student who is enrolled at least half-time (6 credit hours) at a school that participates in the Direct Loan Program.  Generally, a student is considered dependent if he or she is under 24 years of age, has no dependents, and is not married, a veteran, a graduate or professional degree student, or a ward of the court.
  3. The parent borrower must not have an adverse credit history (a credit check will be done).  If the parent does not pass the credit check, the parent may still receive a loan if someone (such as a relative or friend who is able to pass the credit check) agrees to endorse the loan.  The endorser promises to repay the loan if the parent fails to do so.  The parent may also still receive a loan if he or she can demonstrate extenuating circumstances.
  4. The student and parent must be U.S. citizens or eligible non-citizens, must not be in default on any federal education loans or owe an overpayment or a federal education grant, and must meet other general eligibility requirements for the federal student aid programs.  

Perkins Loan:  Federal loan made through participating schools to undergraduate degree-seeking students.  Offered to students who demonstrate financial need and are enrolled Full Time (at least 12 credit hours).  Repayment is made to Pfeiffer and the interest rate is fixed at 5%.  Funds available depend on the students financial need and the availability of funds at the college -  the annual award limit is up to $3000.

 

 

Frequently Asked Questions

What is the Pfeiffer University Federal School Code?
002955 

When do I apply for Financial Assistance?
The Free Application for Federal Student Aid (FAFSA) is available for completion January 1 for the upcoming academic year.  Hint:  The FAFSA should be completed around Federal Tax Time.  Beginning in January of each year, FAFSA sends email reminders to all returning students.  The FAFSA and all required Pfeiffer documentation must be submitted in a timely manner to ensure all issues can be resolved before the first day of class.

How do I speak with a Financial Aid Counselor?
Every student, regardless of Admissions status, has access to a financial aid counselor through phone, email and online chat.  You should receive a response to your communication (be it phone or email) within 24 hours of the initial request.
 
What are the Financial Aid Office Hours?
 
Misenheimer Campus 
Mon. - Fri. 8 a.m.-5 p.m.
Charlotte Campus 
Mon.- Thurs. 9:30 a.m.-6 p.m.
Fri. 9:30a.m.-4 p.m.
Online Office Hours 
Mon.-Fri. 8 a.m.-10 a.m.
Mon.-Fri. 11:30a.m.-4:30p.m.
 
Should I ask my Admissions Counselor about Financial Aid or submit Financial Aid paperwork to them?
If you have questions regarding your Financial Aid, speak with the Financial Aid Office as indicated below:  The rules and regulations change frequently, and although your counselor may have your best interest in mind academically, they may not always be award of rules regarding dropped hours, required GPA's, federal regulations, policies, timelines, and proper procedures.  Anyone in the Financial Aid Office can answer your Financial Aid Questions if you can't reach your appropriate representative listed below.
 
Misenheimer Students 
Amy Brown Director of Financial Aid amy.brown@pfeiffer.edu (704) 463-3046
Diane Martin Financial Aid Counselor diane.martin@pfeiffer.edu (704) 463-3052
Stephanie Stroupe Financial Aid Counselor stephanie.stroupe@pfeiffer.edu (704) 463-3015
Graduate Students 
Lorri Connor Financial Aid Counselor lorri.connor@pfeiffer.edu (704) 945-7309
Adult Undergraduate Students 
Lorri Connor  Financial Aid Counselor lorri.connor@pfeiffer.edu (704) 945-7309
 
 
 
 
 
 
 
 
 
 
 
 
 
How do I access my Financial Aid Information Online?
Once you are accepted and enrolled, Financial Aid information can be viewed on my.pfeiffer.edu

What is Financial Need?
Financial Need is the difference between the estimated cost of attendance and the amount a student is expected to contribute to the cost of their education.  The amount a student is able to contribute to their education is determined by the FAFSA (known as the Expected Family Contribution or EFC).

Where do I complete the FAFSA?
www.fafsa.ed.gov

What happens after completing the FAFSA? 
  1. Undergraduate Students
  2. Adult Undergraduate Students
  3. Graduate Students

Will Financial Aid cover all my educational and living expenses?
The Federal Government states the primary responsibility of financing a college education belongs to the student and his or her family.  Financial assistance is offered to students who cannot provide all the funds needed and is intended to supplement what the student can contribute towards their educational cost.  Also, most funds are limited.  We cannot guarantee we will be able to meet the entire need of all students who qualify for assistance.

Requirements for Maintaining Financial Assistance
To receive and maintain financial assistance from Federal, State,or Institutional sources, students must conform to the following standards of satisfactory progress:

  1. Maintain at least the standards for academic eligibility outlined in the Pfeiffer University Catalog.  Certain scholarships and grants require a higher grade point average; this information is available from the Office of Financial Aid.
  2. Some financial aid can be limited to the equivalent of 8 full-time semesters or four academic years.  For transfer students, this limitation is adjusted in accordance with the number of hours accepted in transfer
  3. Any student rendered ineligible for failure to maintain satisfactory progress must meet the stated grade point averages consistent with the number of stated hours attempted before assistance can be reinstated.  Any student readmitted after a period of suspension or dismissal will be ineligible to receive financial assistance until reinstated with the conditions above.

How is Financial Aid Awarded?
After receipt of all required information (i.e. results from FAFSA, taxes, verification forms, Default status, Loan eligiblity, etc), the Financial Aid Office will evaluate your information and your availibility of funds.  If you are eligible for funding, process your aid, and mail an award letter listing your eligibility for the academic year.

How will my enrollment status affect my Financial Aid?
The number or credit hours you are enrolled determines your enrollment status.  For undergraduate students, 6 credit hours is considered half-time and 12 credit hours is considered full-time.  Some Financial Aid programs are awarded based on full-time enrollment; if you drop below full-time enrollment the Financial Aid Office will review your awards and make adjustments.  In some cases funds will be returned to the program or the lender.  As a result, you will have to pay Pfeiffer out-of-pocket the difference of what was returned.  If payment is not made, a hold will be placed on your account, you will not be allowed to register for an upcoming term, nor will you be eligible to receive your grade report.

Will my enrollment status affect my previous loans?
If you have previously borrowed under the Federal Stafford Loan program, you will not enter repayment until you drop to less than half-time status, graduate, or withdraw.  To avoid entering repayment, be sure to enroll each semester at least half-time.

How much can I borrow in Stafford loans in an academic year?
A number of factors determine how much a student may borrow. The annual maximum for each undergraduate grade level is:
 
Dependent Undergraduates (excluding dependent students whose parents can't get PLUS)
 
  Number of  Credits Subsidized Total (subsidized & unsubsidized)
First Year 0- 25 $3500 $5500
Second Year 26- 55 $4500 $6500
Third Year & Beyond 56-   $5500 $7500
 
Independent Undergraduates & Dependant Students whose parents can't get PLUS

  Number of Credits Subsidized Total (subsidized & unsubsidized)
First Year 0- 25 $3500 $9500
Second Year 26- 55 $4500 $10500
Third Year & Beyond 56-   $5500 $12500
 

Graduate & Professional Students (all years)

Subsidized Total (Subsidized & Unsubsidized)
$8500 $20500
 
Who is my lender and how do I contact them?
Prior to June 30th 2010, lender were chosen by the student (aka FFELP loans).  For Stafford and Plus Loans disbursed after July 1st, 2010 your lender is the Department of Education (aka Direct Loans).  You may contact them either online, via Phone (800.848.0979), Fax (800.848.0984) or TDD(800.848.0983). 
 
Why is it taking so long to receive my Financial Aid Award?
The Financial Aid Process takes 4-6 weeks from the time the FAFSA is completed (8-12 weeks during peak processing times).  In some cases, the FAFSA is selected for Verification (either by the Department of Education or by the Financial Aid Office).  We require the Verification Worksheet signed by the student and parent (if a dependent student) and Federal Tax documents.  If any of these documents are not submitted or are incomplete, no Financial Aid can be processed.  In the event that conflicting information is provided on the FAFSA and the Verification documents, we may request additional documentation.  Also all new students who are Stafford Loan borrowers are required to complete a Master Promissory Note & Entrance Counseling at www.studentloans.gov before funds may be processed and released.

Where is my Student Loan?
First, make sure you have accepted your aid by signing and returning your award letter each time one is mailed to you.  Accepted loans are transmitted electronically to lenders after the Financial Aid Office receives your signed award letter.  New borrowers must complete a Master Promissory Note & Entrance Counseling at www.studentloans.gov.  Students borrowing Alternative Loans must alert the Financial Aid office when they have secured a loan and the Financial Aid Office will certify the students loan with the correct lender, and may be disbursed to the Business Office via papercheck from the lenders and must be endorsed by the student in the Business Office.  Plus Loan funds are disbursed electronically to Pfeiffer, and funds will be released to the student pending eligibility; Once the disbursement has been received at the Business Office (either electronically or by papercheck), please allow 48-72 hours for internal processing.

My lender says that my funds have been released to Pfeiffer, where is my refund?
Make certain you have applied for and confirmed your aid.  You must be enrolled at least half-time (6 credit hours for Undergraduate students and 3 credits for Grad Students) to receive aid.  New Undergraduate and Graduate Students receiving the Stafford Loan must sign a Master Promissory Note and complete the Loan Entrance Counseling at www.studentloans.gov before the funds can be released. You can access guides to these applications online at Stafford Loan Master Promissory Note or Parent Plus Loan Master Promissory Note.

All I have are Stafford and/or Parent Plus Loans; why can't I receive them when I am not making Satisfactory Academic Progress?
Contrary to popular belief, Stafford Loans and Parent Plus Loans (although they are in the parent's name) ARE financial aid because the funding is provided by the Federal Government.  Aid provided by the Federal Government falls into the category of Title IV Aid and these funds are subject to the rules and regulations of an individual school's Satisfactory Academic Progress Policy.

Can I get Financial Aid for the Summer Term(s)?
Summer financial aid is awarded pending a review of each studen'ts eligibility.  To apply, you must first register for your classes and then submit a Summer Direct Stafford Loan Request Form.  Students are only eligible for student loans in the summer term(s). We anticipate beginning our review of summer aid applications at the same time Summer registration begins.

How do I apply for Summer Aid?
If you completed the FAFSA, for Fall and/or spring term(s), you only need to complete the Stafford Loan Request Form for the Summer Term. If this is your first term, you need to complete a prior year FAFSA even if you did not attend the Fall or Spring term.
 
I applied for Financial Aid and Scholarships last year, do I need to do anything for the new academic year?
YES.  Financial Aid MUST be applied for every academic year, which consists of Fall, Spring and Summer.  If you plan on continuing to use Financial Aid, you must submit a FAFSA or renewal FAFSA.
 
What is a Federal Student Loan?
Federal Loans are borrowed funds that you must repay with interest.  A Federal Student Loan allows students and their parents to borrow money to help pay for college through loan programs supported by the Federal Government. Beginning July 1, 2010 all new Stafford and Plus Loans will be made under the William D. Ford Federal Direct Loan Program (Direct Loan Program). In the Direct Loan Program, the U.S. Government is the lender, and loan funds are provided to students through their school.
 
Why are Federal Student Loans a better option for paying for college?
These include low fixed interest rates, income-based repayment plans, cancellations for certain employment, and deferment (postponment) options, including deferement of loan payments when a student returns to school.  For these reasons, students and parents should always exhaust Federal Student Loan Options before considering a Private (or Alternative) loan.

Financial Aid

Pfeiffer University awards financial aid based on financial need as well as criteria such as academic, athletic or artistic achievement or promise. Each year, 90 percent of Pfeiffer students receive more than a total of $12 million in financial assistance. For complete information, please contact the Office of Financial Aid.

FAFSA Code/Pfeiffer University: 002955

 

The first step for all students in the financial aid process is to complete the Free Application for Federal Aid (FAFSA).  This determines if you are eligible for any grants, loans and work study programs. All Pfeiffer students are eligible for the Federal Direct Student Loan Program, after the Master Promissory Note and Entrance Counseling are completed.

  1. Get your PIN: Obtain your unique 4-digit U.S. Department of Education PIN (Personal Identification Number).  You will use this unique number each year you file your FAFSA, and to complete the Federal Direct Stafford Loan application. Request your pin at www.pin.ed.gov. If you are a dependent student, one of your parents will need their own PIN as well.
  2. File the FAFSA:  Visit fafsa.ed.gov to complete the FAFSA. Wait until you (and your parents if you are a dependent student) have filed your FEDERAL taxes and allow the IRS Data Retrieval Tool to pull your information from your federal tax returns and populate the application for you. Add Pfeiffer's school code (002955) as this is the only way that Pfeiffer can receive results.
  3. Complete Federal Direct Student Loan Master Promissory Note & Entrance Counseling:  Both may be completed at www.studentloans.gov. Sign in using the same PIN you requested in step one. Once you sign into the Student Loans website, choose "Complete Entrance Counseling" and "Complete Master Promissory Note."
  4. Choose the Pfeiffer program you are interested in:  The menu bar on the left lists Pfeiffer's different programs - undergraduate, graduate and adult studies. Choose your program from the menu to move forward with the financial aid process.

Requirements for Maintaining Financial Assistance

To receive and maintain financial assistance from Federal, State or Institutional sources, students must conform to the following standards of satisfactory progress:

  1. Maintain at least the standards for academic eligibility outlined in the Pfeiffer University catalog. Certain scholarships and grants require a higher grade point average; this information is available from the Office of Financial Aid.
  2. Some financial aid may be limited to the equivalent of 8 full-time semesters or four academic years.  For transfer students, this limitation is adjusted in accordance with the number of hours accepted in transfer.
  3. Any student rendered ineligible for failure to maintain satisfactory progress must meet the stated grade point averages consistent with the number of stated hours attempted before assistance can be reinstated. Any student readmitted after a period of suspension or dismissal will be ineligible to receive financial assistance until reinstated with the conditions above.
  4. Pfeiffer is excited to announce its participation in the SALT program - a unique, student-friendly web site that offers interactive tools to manage your loan debt, learn critical financial literacy skills, find a job, locate scholarship funding and much more!  And, best of all - it's free to all Pfeiffer students and alumni! Click here to right to the SALT web site!