FAQ

Click on any question to find the answer.

  1. What is an Award Letter?
  2. How was my need determined?
  3. How long will the financial aid process take?
  4. How do I get my award and/or refund?
  5. How does Work Study “work”?
  6. Must I apply for the Stafford Loan listed on my Award Letter?
  7. What if I am a first-time borrower at EPIC?
  8. What if my enrollment status changes?
  9. What else can affect my award?
  10. But what if I need more money?

1. What is an Award Letter (Estimated Cost of attendance Letter)?

An Award Letter tells you the aid programs for which you are eligible, in order to help cover the institutional costs. We have calculated your financial aid eligibility based on the information that you have provided on the Free Application for Federal Student Aid (FAFSA). If you accept the award in its entirety, you don’t need to take any action. Otherwise, please indicate the changes, initial and return the offer to us within two (2) weeks.

2. How was my need determined?

EPIC Bible College, like all other colleges and universities, utilizes the federal standardized methodology to calculate your need. Actual awards may vary by school due to the differences in costs, funding, policies, etc. Generally speaking, the methodology used can be explained with the following calculation: College Costs – Expected Family Contribution = Your Financial Need. We also consider outside financial aid sources and benefits such as, private scholarships, vocational rehabilitation benefits, etc. before awarding financial aid.

3. How long will the financial aid process take?

Once EPIC Bible College has received your FAFSA, as well as the required documentation, for verification funds can be disbursed. A student who wants a student loan must first a Master Promissory (MPN) and an Entrance Counseling before the loan is processed. Once these items are completed, first disbursement will be made within 2-3 weeks.

4. How do I get my award and/or refund?

To receive a financial aid award, your FAFSA must be complete along with all other required verifying documents. Awards can then be disbursed. If you have a Title IV credit balance (this occurs if a student receives a Pell, ACG, FSEOG grant and/or Federal student loans in excess of the allowable charges) and do not authorize the EPIC to retain this credit on your student account, then a refund check is available within 14 business days. Please remember that financial aid funds are subject to delay until all necessary documents are received and the funds arrive. If your financial aid is applied toward costs but does not cover all of your charges, you must use your own resources to pay any balance due. Please contact the Business Office for payment details. If you do not have a Title IV credit balance you must complete a Request for Refund form and turn it into our Business office.

5. How Does Work Study “Work”?

Federal Work Study is a federally funded program that provides an opportunity for students to earn income through part-time employment. The selection of students for various jobs is made by supervisors based on the student applicant’s skills and abilities, job requirements, and other job related criteria. Students are encouraged to prepare for the competitive application process by developing a resume or gaining some part-time employment experience. Your award represents the maximum amount you can earn through work study, but it does not guarantee employment. For more information and job placement, please contact Kathy Clarke (kclarke@epic.edu).

6. Must I Apply for the Stafford Loan listed on my Award Letter?

No, you are not obligated to take out a Stafford Loan. Should you choose to do so, you must first sit down with the Financial Aid Officer for an entrance interview and there you will obtain the MPN (Master Promissory Note) and other application materials. The amount listed on your Award Letter is the maximum you can borrow; you may borrow less. It usually takes 2 – 4 weeks to receive a disbursement to your student account. Funds are sent to the institution and applied automatically to your student account. This time frame varies depending on volume both in our office and at the lender.

7. What if I am a borrower at EPIC Bible College?

Borrowers at EPIC must complete a Master Promissory Note and Entrance Counseling before their loan funds can be requested.  Students are required to complete both items online at www.studentloans.org.  If this is the first time you are borrowing under the Stafford Loan programs, federal regulations also require a 30 day delay after the start of the quarter before receiving your first disbursement. Please contact the Student Financial Aid Office if you have additional questions.

8. What if my enrollment status changes?

All federal, state and institutional programs are subject to a statutory pro rata refund calculation when students change enrollment status (withdraw completely or drop to less than half-time). Thus, adjustments to your award are necessary. Also, reduction in units can affect your award. In all circumstances, once known, we will send a revised award letter to inform you of any changes. Any funds that you have already received, but for which you are now no longer eligible, must be returned. As a result, this repayment may create an outstanding balance in your account, which affects your ability to register for further sessions, participate in commencement, or request the release of degrees, transcripts, etc.

9. What else can affect my award?

In addition to changes in enrollment status, resources (such as outside scholarships, Veteran Benefits, etc.), and failure to meet Satisfactory Academic Progress (SAP) requirements will affect your eligibility. Please refer to the academic progress guidelines for details. Review of academic progress is done every quarter. If you do not meet the academic progress requirements, you will be notified.

10. But what if I need more money?

We are committed to helping students explore their options and the potential for additional resources as well as providing information regarding other alternative loan programs. Applications and information about these loan programs can be obtained at your Student Financial Aid Office. EPIC students can utilize an outside scholarship search company to seek additional grant(s) by logging on to www.fastweb.com and/or many other web sites or companies (See scholarship section). If you and/or your family have special circumstances (such as loss of income, etc.) that warrant a review of the aid offer, please contact to your Student Financial Aid Counselor immediately. As always, you are welcome to discuss your financial situation with us at any time. Please call for an appointment (916) 348-4689.