Admissions Financial Aid

APPLYING FOR FINANCIAL AID AT PORTFOLIO CENTER

1. COMPLETE THE FAFSA:

Even if you have completed a current FAFSA, please read these instructions carefully!

Although Portfolio Center looks and acts like a graduate school, Portfolio Center’s programs are non-degree granting. Therefore, when completing the FAFSA, you must answer these questions accordingly:

#23. Certificate/diploma for 2 year program
#24. 1st year (quarters 1-3)
2nd year (quarters 4-8)
#49. NO, Portfolio Center does not grant Master’s degrees
#86. 015663 (Title IV school code for Portfolio Center)

If you have already completed a FAFSA prior to applying to Portfolio Center, you may need to correct the items above. Please call the Portfolio Center Financial Aid Office at 1-800-255-3169, ext.15, to determine if you need to correct these items on-line.

Please complete a 2006-2007 FAFSA on-line at www.fafsa.ed.gov. If you have completed a 2006-2007 FAFSA, but did not list Portfolio Center on the FAFSA, please call 1-800-433-3243 and request your FASFA data be sent to 015663.

DEADLINES*

FALL 2006: September 2, 2006
WINTER 2007: December 1, 2006
SPRING 2007: March 1, 2007

*If you miss the deadline, there may still be time to process your financial aid. Contact your Admissions Representative.

IMPORTANT NOTE: The FAFSA is not a loan application. Please contact Portfolio Center’s Financial Aid Office for the appropriate Federal loan applications.

2. GRANT AND LOAN APPLICATIONS:

Federal Pell and SEOG Grants

College graduates are not eligible
No repayment is required
Eligibility is based on the FAFSA
maximum Pell is $1350 per quarter
average SEOG grant is $200 per quarter

Loans

Repayment is required
Loans are both need based and non-need based, depending on the processed FAFSA
Portfolio Center students are eligible for freshman and sophomore loan limits only ($2625 Subsidized $4000 Unsubsidized)
Complete the Stafford MPN included in this package. If you are a dependent student, your parent may complete the PLUS application also included in this package. Check the list of preferred lenders. If you have an outstanding student loan with a lender not on our list, please call Portfolio Center Financial Aid Office to check if it’s possible to continue with that lender.
Complete the Entrance Interview form

Types of Loans

need based
government pays the interest while student is in school
variable interest rate
deferment available
repayment begins 6 months after student leaves school or graduates

Federal Unsubsidized Stafford Loan:

not need based
interest option to pay quarterly or capitalize
variable interest rate
deferment available
repayment begins 6 months after student leaves school or graduates

Federal Parent PLUS Loan:

student must be a dependent student (generally based on age, per FAFSA)
not need based
variable interest rate
deferment not available, but borrower may request forbearance
repayment begins immediately after disbursement or after graduation if forbearance is granted

3. LOAN LIMITS AND TUITION PLANNING:

INDEPENDENT STUDENTS: (per FAFSA, born before 01/01/1983)

Stafford loan limits:

Subsidized: $2625 for the 1st term of loans (3 qrts)
Unsubsidized: $4000 for the 1st term of loans (3 qrts)

Example of loan totals per quarter:

$ 875 - GROSS
$ 848.75 - NET

Unsubsidized Stafford

$1333 - GROSS
$1293.98 - NET

Total of Federal Loans

$2208 - GROSS
$2142.73 - NET

Tuition per quarter

$3950 - GROSS
$3950.00 - NET

Shortfall due at Registration each quarter for 1st 3 quarters - $1807.27*

*Many independent students use a private loan source to assist with the shortfall and living expenses. Please see the list of private lenders in the next section.

DEPENDENT STUDENTS: (per FAFSA, born after 12/31/1982)

Stafford loan limits:

$2625 for the 1st term of loans.
Depending on the completed FAFSA, student may be eligible for subsidized or unsubsidized.

PLUS loan limits:

Parent may borrow up to the cost of education, which includes tuition, living expenses and supplies.
The average parent PLUS loan amount at Portfolio Center is between $13,000 and $20,000 for an academic year.

Example of loan totals per quarter:

$ 875 - GROSS
$ 848.75 - NET

PLUS Loan ($13,000)

$4333 - GROSS
$4203.00 - NET

Total of Federal Loans

$5208 - GROSS
$5051.75 - NET

Tuition per quarter

$3950 - GROSS
$3950.00 - NET

Credit Balance per qtr. - $1101.75

4. COMPLETING THE LOAN APPLICATIONS

Contact the Financial Aid Office at Portfolio Center for the Federal loan applications. The appropriate paper loan applications will be sent to you. Please do not complete the Federal Stafford or Federal PLUS loan applications on line!

To receive the Federal loan applications contact Regenia Jarrett, Financial Aid Director, at:

E-mail:
Phone: 404-351-5055, ext. 15 or 1-800-255-3169, ext 15

IMPORTANT NOTE: Your financial aid file will not be complete until the Financial Aid Office at Portfolio Center has received your Federal loan applications. You will receive an award letter when all forms are returned to the Financial Aid Office.

Private Lenders:

Many of the student loan lenders offer supplemental loan programs to assist students in paying tuition shortfalls, cost of attendance and cost of supplies. These loan programs are not part of the Federal student loan program. Each lender has unique qualification and repayment requirements. There are many other lenders not on this list…feel free to shop around for the private lender.

Wachovia Education Loan
www.educaid.com
1-800-338-2243, option 1

Student Capital (SCALE LOAN)
www.studentcapital.net
1-877-700-0722

Bank of America Private Loan
www.bankofamerica.com/studentbanking
1-800-344-8382

SunTrust
www.SunTrustEducation.com
1-800-208-9729