Financial Aid

The Office of Financial Aid receives numerous requests for information about student loan products from students and families each year. Students and families who wish to obtain student loans should always consider federal student loans first. We strongly encourage students and families to research financing options thoroughly and select a lender based on the option that best fits within their financial situation.

To aid our students, we have compiled a suggested lender list based on the favorable terms and conditions that are offered to the borrower. In this endeavor, we were guided by the NYS Student Lending Accountability, Transparency and Enforcement Act (SLATE).

In order to compile the list, the Office of Financial Aid completed a Request For Information (RFI) process. Financial Aid staff compiled an RFI questionnaire for all interested lenders to complete. All RFI reports submitted by deadline were then reviewed thoroughly by Financial Aid staff. After review, Financial Aid staff met to discuss the RFI documents and obtain additional information as needed. At the conclusion of this process, the Financial Aid staff determined which lenders met the criteria established in our RFI document.

The lenders listed meet the following requirements (in no particular order):

• Have customer service hours that are flexible to meet student and family needs
• Have low student-loan default rates in all categories: nationally, within New York and for ACPHS students
• Offer low interest-rate structures for private student loans
• Have low back- and front-end fees charged to the borrowers in the private student-loan products
• Offer a quick turnaround for credit decisions for students and parents
• Have high approval rates for credit-based student loans
• Agree to allow a student to view the RFI materials with the vice president of Enrollment Management in the Office of Financial Aid, upon request from the student

Many students will be assisted by grants, scholarships and loans from state and federal governments, the College and other private agencies. In the 2024-25 academic year, 98% of incoming students received financial assistance.

All students are expected to apply for federal and state grant programs for which they are eligible. Students are also expected to use the Federal Direct Stafford Loan Program when necessary. Students are expected to file the FAFSA or Renewal FAFSA each year in order to determine financial-aid eligibility.

Students must have unmet need in order to qualify for need-based aid. The College will determine the student’s unmet financial need by deducting the federal expected family contribution from the student’s cost of attendance. Need-based awards are limited and offered on a first-come, first served basis to students who meet the College’s financial-aid deadlines.

ACPHS’s Federal Title IV Code is 002885
The regular filing deadline for the FAFSA is February 1 for new students and March 1 for returning students. (Earlier deadlines apply to new students applying for Early Decision or Early Action.) Students are encouraged to submit the FAFSA or Renewal FAFSA electronically. Students without internet access may mail the paper FAFSA form to the federal processor. The federal processor will conduct an analysis of family income, assets, number in household and number of family members attending college using the federal methodology formula.

The federal methodology formula is approved by the U.S. Congress each year to determine the expected family contribution. Students selected for verification or correction must submit copies of student-, spouse- and parent(s)-signed IRS tax transcripts (filed by the previous April) and W-2 forms with a federal verification worksheet to the Office of Financial Aid by May 1. Students subsequently selected for verification after May 1 are required to submit these documents within 60 days of written notification from the Office of Financial Aid. The Office of Financial Aid cannot process financial-aid awards for students who do not meet the above deadlines.

The Office of Financial Aid will determine the student’s financial need according to the following formula: Cost of Attendance minus Expected Family Contribution equals Financial Need. In addition to filing the required forms and demonstrating financial need, the student must maintain satisfactory academic performance to remain eligible for federal, state and institutional financial-aid awards.

A student’s enrollment status for determining financial-aid eligibility and student-loan deferment includes only those courses required for degree fulfillment. Courses not required for a student’s degree program do not qualify for payment or student-loan deferment.

Federal regulations require the Office of Financial Aid to monitor the academic progress of students attending ACPHS. Standards of Academic Progress (SAP) for financial-aid purposes are separate from, and in addition to, the Academic Standing policy and progression requirements established in the Academic Regulations section of the college catalog. All students, regardless of major, grade level and course load, will be evaluated with the same standards for federal and institutional aid eligibility.

Frequency of SAP Evaluations
The Office of Financial Aid will review SAP annually in June, after spring semester grades are posted. This standard is stricter than the College’s Academic Standing policy for students who are not receiving Title IV assistance.

Qualitative Standard
All students must be in good academic standing with the College. Students enrolled in a Bachelor of Science program or the Doctor of Pharmacy program must maintain a minimum cumulative grade point average (GPA) of 2.0 at the end of each academic year. In addition, all Doctor of Pharmacy students must have a minimum cumulative GPA of 2.5 to graduate. Students enrolled in a master’s degree program must maintain a minimum cumulative GPA of 3.0 at the end of each academic year. In addition, the Higher Education Act requires that all students, at the end of their second year, have a cumulative GPA of at least a “C” or have an academic standing consistent with their program’s graduation requirements.

Quantitative Standard (Pace of Progression)
All students must progress toward degree completion at a defined cumulative rate. Completed coursework and credit hours earned are defined as any course for which a student receives a passing grade. See examples of the Pace of Progression for PharmD, master’s and bachelor’s degrees.

Process for Pass/Fail Courses, Incompletes, Withdrawals, Repetitions and Transfer of Credit

• Grades of P in a Pass/Fail courses will be counted in the quantitative standard only.
• Course incompletes and withdrawals are counted in the quantitative standard only.
• Repeated courses will be counted in the quantitative standard only.
• Transfer credits will be counted in the quantitative standard only.
• Students who change their major will be placed on the chart of the academic program they have switched to for the semester they are entering.

Loss of Financial-Aid Eligibility
If students fail to maintain SAP, they will lose eligibility until they raise their cumulative GPA to the minimum standard and/or make up the credit deficiency.

Appeals
Students who fail to make SAP due to very serious circumstances, such as injury, illness, the death of a relative or other special circumstances causing a major disruption to their ability to successfully complete their coursework, may appeal the loss of that aid to the Director of Financial Aid. Students should submit a letter to the Director of Financial Aid along with documentation to substantiate the unusual or extraordinary circumstance(s) that prohibited the student from making SAP. This must include a comprehensive description of the circumstance(s) and documentation from at least two qualified persons who can verify the information.

In addition, students must explain what has changed with their situation that will allow the student to meet SAP requirements at the next evaluation. In cases of student injury, student illness or death of an immediate family member, the Director of Financial Aid may decide to review the appeal before proceeding to the Financial Aid Appeals Committee. The student must submit a letter of appeal and associated documentation to his/her case by June 29. Within two to four weeks after the due date, the Financial Aid Appeals Committee will review the appeal, make a recommendation and send a letter of response.

Financial-Aid Probation
Probation status is assigned to a student who failed to make SAP and successfully appealed their loss of financial-aid eligibility. Students in this status will have their financial aid reinstated for one payment period. At the end of that payment period, students are reevaluated for federal and institutional aid eligibility.

Academic Plan
If the Financial Aid Appeals Committee determines, based on the student’s appeal, that it will take more than one payment period for the student to meet progress standards, a status of probation will be assigned and an academic plan will be developed. Students in this status will have their progress reviewed at the end of one payment period to determine they are meeting the requirements of the academic plan. If the academic plan is being followed, the student will regain eligibility for Federal Student Aid, as long as they continue to meet the requirements set forth in the academic plan. Students may appeal to change their academic plan by explaining what has happened to make the change necessary and how they will continue to meet SAP.

Reestablishing Aid Eligibility
If students fail to maintain SAP, they may regain eligibility by raising their cumulative GPA to the minimum standard and/or by making up the credit deficiency without the benefit of federal or institutional aid.

Maximum Time Frame for Degree Completion
Students must complete their degree within the maximum time frame of 150% of the published length of the academic program. Students enrolled in the Doctor of Pharmacy program must complete their education objective within nine years (150% of six years). Students enrolled in a bachelor’s degree program must complete their educational objectives within six years (150% of four years). The maximum period allowed for completion of a master’s program will vary based on the expected program length.