Tepper School of Business
Frequently Asked Questions
The information provided below is for current and potential graduate students interested in filing financial aid.
- Is there a deadline date for financial aid? (U.S. or Permanent Resident and International)
- How do I apply for Financial Aid? (U.S. or Permanent Resident and International)
- How will I be notified of my Financial Aid eligibility? (U.S. or Permanent Resident and International)
- What federal and private lenders do you suggest? (U.S. or Permanent Resident and International)
- Is financial aid available to international students? (International Only)
- How often do I need to apply for financial aid? (U.S. or Permanent Resident and International)
- Where do I get the FAFSA form? (U.S. or Permanent Resident Only)
- What if I lost my federal PIN? (U.S. or Permanent Resident Only)
- What is verification/Why was I selected for verification? (U.S. or Permanent Resident Only)
- Are there any other Scholarships available other than Merit? (U.S. or Permanent Resident and International)
- How and when do I pay my bill? (U.S. or Permanent Resident and International)
- What is an Entrance Counseling Session? ( U.S. or Permanent Resident Only)
- What is a Master Promissory Note? (U.S. or Permanent Resident and International)
- What is EFC? ( U.S. or Permanent Resident Only)
- What happens to my financial aid if I do not make academic progress? (U.S. or Permanent Resident Only)
- How can I contact the Financial Aid Office? (U.S. or Permanent Resident and International)
Is there a deadline date for financial aid?
While we process aid on a rolling basis, it is suggested that you have your materials completed and submitted to the Office of Student Finance, Financial Aid by June 1 to ensure disbursement for the fall semester.
How do I apply for Financial Aid?
How will I be notified of my Financial Aid eligibility?
Once we receive all of your completed financial aid materials (FAFSA and Tepper Financial Aid Application), we will then calculate your eligibility and send this information to you in the form of a email.
What federal and private lenders do you suggest?
Please refer to the 2009-10 suggested lenders list.
Is financial aid available to international students?
International students are reviewed for merit scholarship. Students who receive merit scholarships are notified in their admission letter. International students may also apply for Private Loans.
How often do I need to apply for financial aid?
Please be reminded that you must complete or renew a FAFSA form and submit a Tepper School of Business Financial Aid Application for every academic year in which you want to process loan funds.
Where do I get the FAFSA form?
You can apply online at www.fafsa.ed.gov.
What if I lost my federal PIN?
Go to www.pin.ed.gov to request it again.
What is verification/Why was I selected for verification?
Verification is a random selection process. On average, 33% of all aid applicants each year are chosen. The Financial Aid Office is required to review the household's federal income tax documents and other household info such as untaxed income and household size, to ensure information was reported accurately on the FAFSA.
Are there any other Scholarships available other than Merit?
Should scholarship opportunities become available, students will be notified via email and/or the Student Intranet. It is suggested that all students search for scholarships independently.
How and when do I pay my bill?
Please refer to our section on the web dedicated to explaining student accounts.
What is an Entrance Counseling Session?
The Entrance Counseling session is an online tutorial explaining the Federal Stafford and Federal Plus Loan Program, what it means to be a loan borrower, what your rights and responsibilities are as a borrower and how to repay your student loan. There is a short quiz following the tutorial that you must pass to fulfill your entrance requirement. All students who are borrowing for the first time must complete the entrance counseling session.
What is a Master Promissory Note?
A Master Promissory Note (MPN) is a legally binding contract between the borrower of a loan and the lender. Once completed, the MPN is valid for up to 10 years (certain restrictions may apply). Other loan programs, such as alternative student loans or the federal perkins loan, have separate promissory note requirements.
What is EFC?
EFC stands for Expected Family Contribution and is a measure of your family's financial strength. It is determined through a calculation called Federal Methodology taking into account income, asset and other household information provided on the FAFSA. The EFC is used to determine your eligibility for need-based financial aid (Subsidized Stafford).
What happens to my financial aid if I do not make academic progress?
It is very important for students to realize that the federal government has specific guidelines regarding minimum academic progress. These guidelines are different than the standards that are required by the Tepper School of Business. A student who does not meet the minimum SAP requirements for federal aid may be in jeopardy of losing his or her aid eligibility, including student loans and scholarship.
