How to Apply for Financial Aid
1) Apply for a PIN at www.pin.ed.gov
- Both the student and parents need to apply for a PIN to sign the FAFSA electronically.
- Parents can use the same PIN for each child filling out the FAFSA.
A) Enter personal Information - SS#, Name, Date of Birth, Mailing address, email address
B) Option to choose your own 4 digit PIN or have the PIN website assign one to you
C) Select a Challenge question and provide challenge question answer. This is needed if you ever lose or forget your PIN and need to request a duplicate.
D) Submit PIN application - You must agree not to share your PIN with anyone. The security of the PIN is important because it can be used to sign financial aid documents. Access personal records, and make binding legal obligations (like promissory notes for student loans that will have to be repaid.)
NEXT - choose how to receive your PIN:
- Instantly view online - Confirmation Page says that application was successful and will display PIN number.
- Receive an immediate email - email will display link to secure PIN delivery website where you will enter personal information and retrieve PIN online.
- Have PIN sent by mail - PIN will be received in 7 to 10 days.
PIN is conditional until verified with the Social Security Administration (1 to 3 days). An applicant can only use the PIN to sign the FAFSA until verified.
2) Complete Your Free Application for Federal Student Aid (FAFSA)
Our Federal School Code is 041315
An applicant can file FAFSA anytime after January 1st of the year that you are starting the program.
FAFSA needs to be filed each year
For Summer Semester students, FAFSA needs to be filed for both the award year in which the program starts and the award year in which the program finishes.
Go to www.fafsa.ed.gov
Click on "Start here" button (orange).
- Enter first name, last name, Social security number, and Date of Birth.
- Start FASFA application
- Create password
You will need the following information to complete the FAFSA:
- Your social security card (It's important that you enter your social security number correctly)
- Your driver's license (if any)
- Your W-2 forms and other records of money earned
- Your (and your spouse's, if married) previous year Federal income tax returns:
- IRS 1040, 1040A, 1040 EZ Foreign Tax return, or Tax return for Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, the Marshall Islands, the Federal States of Micronesia, or Palau.
- Your Parents Previous year Federal income tax returns (if you are a dependent student)
- Your untaxed income records
- Your current bank statements
- Your current Business and investment mortgage information, business and farm records, Stock, bond, and other investment records.
- Your alien registration or permanent resident card (if you are not a U.S. citizen).
When organizing your information, you can print and complete a FAFSA ON THE WEB WORKSHEET before you begin entering your information online. However, you are not required to do so. FAFSA on the web will guide you through the questions that you must answer, and you can save your application and return to it later if you don't have the information you need to complete any of the questions.
Once your FAFSA is completed, processed, and received by the school from the Dept. of Education, we will send you an award letter letting you know of the type of financial aid for which you are eligible.
For further information, please feel free to contact our financial aid advisor, Anna Kopit, at 212-741-0091 X104. Or you can contact Anna by email at firstname.lastname@example.org
Net Price Calculator
The Net Price Calculator is designed to help you get a meaningful estimate of total, out-of-pocket costs, based on your particular financial circumstances and anticipated aid.
How It Works
The calculator first factors cost of attendance including tuition and fees, room and board, books/supplies, transportation and personal expenses. Using Financial Data you enter, the calculator then estimates the amount that you/your family would be expected to contribute to pay school expenses. Finally, the calculator evaluates your eligibility for Financial Aid (need-based) by matching your financial and personal characteristics to the criteria used to determine financial aid awards.
To complete the calculator you will need to answer some basic questions about you/your family's financial situation. It may be helpful to have recent tax forms and pay stubs/income statements on hand before you begin.
PLEASE CLICK HERE TO LAUNCH THE NET PRICE CALCULATOR
Please Note: Results from this tool are only an estimate of financial aid eligibility. The accuracy of estimated awards is based on information provided and on the assumption that the student will complete the FAFSA (Free Application for Federal Student Aid). Future costs and financial aid estimates are subject to change. Final eligibility for federal and state financial aid is determined by the U.S. Department of Education. Actual financial aid awards, if approved, may differ from this estimated figure.
Withdrawal, Refund and R2T4 Policies
Regular attendance in classes is necessary for students to achieve success. Attendance will be monitored by the administrative staff on a regular basis. In accordance with stated policy, students with excessive absences may be subject to grade reductions and/or course failure. Students with excessive absences/attendance issues in individual courses will receive a warning after two unexcused absences. Students with excessive absences/attendance issues in multiple courses may, after having received a written warning, be withdrawn from the program at the discretion of the Director.
Official Withdrawal Policy:
A student who intends to withdraw from the program is required to notify the Director of his/her intent to withdraw. Whenever possible, the notification shall be either in writing or in-person. Withdrawal notifications by telephone, e-mail, third-party communication, or other communications method are deemed “official notifications” at the discretion of the Director (or other designated official) based upon the credibility of the communication. All withdrawal notifications may be subject to verification through follow-up communication to the student. If it becomes apparent to the Director, based on instructor reports, that a student may have discontinued his/her studies during a semester without notifying the school, the Director (or other designated official) will attempt to contact the student to determine the student’s status. If the school is unable to contact the student, the student may be administratively withdrawn from the program at the discretion of the Director.
Official Date of Withdrawal and the Official Date of Determination:
The official date of withdrawal and the official date of determination are determined as described below, for all purposes including the federal “Return to Title IV” (R2T4) calculation.
The date of withdrawal, for a student who withdraws between semesters or otherwise does not return for a subsequent semester for any reason (including dismissal), shall be the last day of scheduled classes/examinations for the prior semester. The date of determination shall be the date the school was notified of the student’s intent to withdraw/discontinue, the date the school dismissed the student academically, or the last day of the drop/add period for the subsequent semester, whichever is earliest.
For a student who is dismissed or withdraws during a semester, both the official date of withdrawal and the official date of determination shall be the date the student began the official withdrawal process by notifying the school (as detailed in the policy above), the date the school became aware of the student’s intent to withdraw through credible communication with the Director (or other designated official), or the date the student was dismissed or withdrawn for any reason, whichever is earliest.
Tuition Refund Policy
Students who officially withdraw or are dismissed from their program prior to the start of through to the early part of a semester may be entitled to a partial reduction in their tuition as follows:
Up to two weeks prior to the start of the semester: 100% refund
From two weeks to the day before to the start of the semester: 65% refund
Before the 3rd week of the semester: 40% refund
After the 3rd week of the semester: 0% refund
Students who withdraw prior to the 60% point of the semester (6 weeks) may lose partial eligibility for student aid, and thus may owe a balance to The Collective or to the US Department of Education. Students considering withdrawal are strongly encouraged to meet with the school Director or contact the Financial Aid Advisor.
Withdrawal, Refund and R2T4 Policies
Financial Aid Return Policy (Return to Title IV)
Recipients of Federal Title IV financial aid that withdraw from enrollment at The Collective, or have their enrollment terminated for administrative, disciplinary, attendance, or other reasons will have their financial aid eligibility re-calculated under a formula prescribed by the U.S. Department of Education. This formula is called the "Return to Title IV" or "R2T4" formula. In general, a student will keep only the pro-rated portion of student aid “earned” through attendance in the first sixty percent of the enrollment period. Upon completion of the first sixty percent of the first or second year, all of a student’s financial aid is considered “earned” and no return of Title IV funds is necessary.
The school will calculate the amount of aid earned/retained using the pro-rata R2T4 formula prescribed under Federal regulation. The Financial Aid Advisor will determine the amount of Title IV aid earned by multiplying the total Title IV aid for which the student qualified by the percentage of time enrolled. The student is only entitled to the pro-rated portion of the federal student aid received according to the formula, and may be required to return aid funds to the U.S. Department of Education under certain circumstances. More detailed information on the Return of Title IV Funds may be obtained by contacting the Financial Aid Advisor.
The pro rata refund calculation stated above does not include the registration fee or books, or other materials. If a student drops out of school, any refund that is due will be paid within 45 days of the earliest of (I) date on which the school determines that the student dropped out or withdrew; or (II) expiration of the period of enrollment for which the student has been charged. The Financial Aid Advisor can be reached by calling 212-741-0091 x104 or via e-mail at email@example.com.