PAA FINANCIAL AID INSTRUCTIONS
Are you a university student planning on using your financial aid award to pay for some or all of your PAA program? If so, this page is the resource for everything you need to know about how to make that happen. In order to ensure that your financial aid can be applied to your PAA invoice, please follow the steps below. You should also download and print this form which includes the information below and forms to have filled out by your financial aid office.
First, it is important to note that the following amounts must be paid directly to PAA by the following deadlines regardless of your financial aid amount, or the timeline for processing financial aid funds:
- $200 Application Deposit (due at the time of application)
- Housing Security Deposit (if applicable to your program) (due by the date specified on your invoice)
- Advance payment: If you are using financial aid, you may also be required to make an advance payment on financial aid. Please see below for details.
IMPORTANT: ALL STUDENTS USING FINANCIAL AID ARE SUBJECT TO THE FOLLOWING:
- Payment Deadlines: Payment deadlines vary by program: please see your invoice for your specific deadline. If you are using financial aid, it is your responsibility to make sure your documentation is completed by the payment deadline. Any balance of fees that will not be covered by aid must be paid in full to PAA by the payment deadline. Failure to make adequate financial arrangements will result in your withdrawal from the program.
- Financial Aid Advance Payment: All financial aid students must pay PAA at least $1,000 (in addition to the deposit) toward the cost of the program by the payment deadline, regardless of financial aid award.
FOR EXAMPLE: If your program fee is $10,000 and:
- If your financial aid will cover the full amount, then you must make an advance payment of $1,000 by the payment deadline. This payment will be deducted from your invoice.
- If your financial aid covers $9,500, then you must still make a total payment of $1,000 by the payment deadline. ($500 balance plus $500 advance on financial aid.)
- If your financial aid covers $6,000 then you must pay the remainder of $4,000 by the payment deadline. (Since the remaining balance is greater than $1,000, no additional advance payment is required).
- Post-Dated Check: If you are receiving financial aid you must submit a check for the amount of your balance owed made out to PAA dated for one week after the disbursement date of your financial aid. PAA will deposit this check two weeks after your funds are disbursed, if your payment in full has not been received by the PAA office.
- Fees: Please note that there is a $100.00 fee for late payments and bounced checks.
FORMS FOR COMPLETION
- PAA Proof of Financial Aid Form: You must have this form completed by your financial aid office at your home institution, and returned to PAA before the final payment deadline.
This form will show the amount of aid to be applied to your PAA fees. Any balance that will not be covered by financial aid must be paid on or before the final payment deadline. Please do NOT send PAA a copy of your financial aid award letter. Financial aid award letters will NOT be accepted in lieu of the PAA Proof of Financial Aid form.
- Financial Aid Plan and Agreement: Please read and complete the Financial Aid Plan and Agreement form. This form is an explanation of how you are planning to pay your PAA fees with financial aid.