The purpose of financial aid is to provide financial assistance to students who would otherwise be unable to attend university. A majority of financial aid, including aid funded through federal and state agencies, is granted on the basis of need. A student’s financial need is the difference between the total cost of one academic year (two semesters) of study at the university and the total resources available to the student and, if dependent, to his/her/their family.
Goodwin University’s Financial Aid Office is dedicated to giving students the personal attention needed to help them find the financial means to pay for their university education. A variety of financial aid is available to qualified individuals in the form of grants, loans, part-time employment, and scholarships. Some of these funds originate from federal and state agencies and some originate from local government and community-based organizations. Some funds originate from Goodwin University in the form of institutional grants and scholarships. Scholarships and grants do not have to be repaid. Loans have to be repaid. Typically, federal loans are repaid after the student graduates or is no longer enrolled in university.
Financial Literacy
Goodwin University is committed to assisting students in becoming fiscally responsible. All new students are required to take an on line, module based, self-paced financial literacy course, FIL101, as a graduation requirement.
In partnership with Inceptia, Goodwin University provides the online program, Financial Avenue to give students smart resources to help simplify the world of personal finance. Our goal is to empower students with key knowledge they need to take control of their financial future.
Each module is designed to be interactive and tailored to your needs to help you build a solid financial foundation.
In addition to the required course, Goodwin University provides a full time Financial Literacy Coordinator to help students learn strategies to make better financial decisions, obtain a greater understanding of their relationship with money, learn how to create a budget/spending plan, learn to create short-term and Long-term Financial Goals, learn about financial products, how to keep their money safe, and how keep their costs low.
Workshops and seminars are provided and announced each semester to help students navigate their finances.
Individual appointments may be scheduled as well as “walk-ins” welcomed in the Financial Aid suite. Please contact finlit@goodwin.edu or call 860-913-2147 for assistance.
FAFSA for Graduate Students
To apply for financial aid; follow the steps below. Please remember that many scholarships require you to complete the Free Application for Federal Student Aid (FAFSA) in addition to the scholarship application.
Step 1: Get an FSA ID
The FSA ID is a username and password combination that gives you access to Federal Student Aid’s online systems. It can also serve as your legal signature. If you don’t have an FSA ID by the time you fill out your online Free Application for Federal Student Aid (FAFSA), you will be prompted to apply for one. Get a head start on that process by creating one at www.studentaid.gov.
Step 2: Complete the FAFSA
Complete the FAFSA annually online at www.studentaid.gov. It becomes available October 1 for aid in the following year. The Goodwin University Federal School Code is: 015833. You will need your 2021 federal tax information for the 2023-2024 FAFSA.
Federal Direct Unsubsidized Loans for Graduate Programs
Graduate students may be eligible for funds under the Federal Direct Unsubsidized Loan program. To determine eligibility, students must:
- Complete a FAFSA
- Be enrolled in a minimum of six credits per semester
- Complete a Direct Loan Master Promissory Note and Entrance Loan Counseling prior to first disbursement. These are completed online at www.studentaid.gov.
An exit interview is required after a student drops below half-time or ceases enrollment. For current interest rates and loan fees; please see www.studentaid.gov.
Federal Direct Graduate PLUS Loan for Graduate Programs
Graduate students needing to secure funding in addition to the Direct Unsubsidized loan program may be eligible for a Graduate PLUS loan.
To determine eligibility, students must:
- Complete FAFSA
- Be enrolled in a minimum of six credits per semester
- Meet annual maximum loan eligibility under the Federal Direct Subsidized and Federal Direct Unsubsidized Loan Program
- Complete a Direct PLUS Master Promissory Note and Entrance Loan Counseling prior to first disbursement. These are completed online at www.studentaid.gov.
Eligibility is contingent upon credit approval after submission of application on www.studentaid.gov. For current interest rates and loan fees; please see www.studentaid.gov.
Scholarships for Graduate Programs
Students are encouraged to search and apply for scholarships. For scholarships specific to graduate students; please see the graduate section of our scholarship webpage.
Federal Work-Study Program for Graduate Students
The Federal Work-Study (FWS) Program provides part-time employment for graduate students who are enrolled in at least 6 credits, have indicated interest and have financial need. FWS is not available to students in online programs. The job can be on or off campus. Students may use these funds to offset their educational and personal expenses. Students may work no more than 15 hours per week and may not perform their duties during scheduled class times. Awards are paid directly to the student in the form of a paycheck. For more information, please contact the financial aid office.
Notification of Awards for Graduate Programs
Graduate students are advised of award amounts in their financial aid offer, which are provided online and also given to new students when processing is complete. These financial aid offers are based on information from the FAFSA application, which may be estimated and subject to change. Students are encouraged to view their financial aid offers for the current semester by accessing the Self Service website in Colleague. On the main page, access Financial Aid information, which will outline total charges and gift aid for the entire award year. To view College Financing Plan, please go to Financial Information, Financial Aid, College Financing Service in Self Service. Federal and State awards are not final until the information reported on the FAFSA application has been verified as accurate by the Financial Aid Office. The financial aid offer is for one academic year (2 semesters) and outlines the types and amounts of aid offered. Goodwin University uses passive acceptance processing (accepts all awards on your behalf). If you would like to decline or decrease your Federal student loan amounts, please do so through “My Awards” at the top of this page under Financial Aid Counselor.
In order for your financial aid offer to be credited to your charges, you must review and sign your Financial Aid Offer Letter on the Self Service website in Colleague.
The availability of funds from federal and state programs is subject to federal and state appropriations and to changes in federal and state legislation and regulations. When their financial circumstances change, students are expected to notify the Financial Aid Office so that adjustments on the award package can be made. When outside awards are received, the student is required to notify the Financial Aid Office to ensure that these awards are credited to the student and to the aid package where mandated by federal and state law. Students should direct any questions related to financial aid at Goodwin University to the Financial Aid Office. The Financial Aid Office has extensive information on specific financial aid programs and federal and state regulations.
Before adding or dropping a course, transferring programs, withdrawing from a program or beginning a medical withdrawal, students should check with the Financial Aid Office regarding any financial charges or penalties involved.
Questions regarding procedure or awards should be directed to the Financial Aid Office, Goodwin University, One Riverside Drive, East Hartford, Connecticut 06118 (860) 727-6723.
Graduate Satisfactory Academic Progress
All students must maintain Satisfactory Academic Progress (SAP), defined as achieving minimum academic standards, progressing at a satisfactory rate toward program completion, and completing the program of study within the maximum time frame, in order to remain enrolled in the university. Graduate students must earn a Cumulative Grade Point Average (CGPA) of 3.0 and a rate of completion (PACE) of 66.7% throughout the course of their program.
Graduate Program Maximum Time Frame
Maximum time frame is defined as 150% of the length of an academic program, measured in semester hours attempted. For example, using the 150% maximum, students enrolled in a program that is 30 semester hours in length must complete the program with a CGPA of 3.0 and 66.7% rate of completion (PACE) by the time they have attempted 45 semester hours.
If at any point it becomes mathematically impossible for the student to complete his/her program within the maximum time frame, the student will become ineligible for federal financial aid and will be notified via Goodwin University email.
Evaluation Points for Graduate Students
A student’s academic progress toward meeting SAP requirements is evaluated at the end of each semester. Cumulative grade point average (CGPA) and rate of completion (PACE) are reviewed to determine Satisfactory Academic Progress. Students must meet all of the minimum SAP standards to be considered in good standing.
Graduate Programs Academic Warning
At the end of each semester, each student’s CGPA, PACE, and maximum time frame are reviewed to determine whether a student is meeting Satisfactory Academic Progress requirements. Students who are not meeting the 3.0 CGPA and 66.7% PACE standards at the end of a semester will be placed on Academic Warning for the next semester. Academic Warning status is assigned to the student by the Academic Progress Coordinator without the need for any appeal. All students placed on Academic Warning will be notified via Goodwin University email before the start of the next semester. Students on Academic Warning are eligible to continue to receive federal financial aid for one semester.
During the semester which a student has been placed on Academic Warning status, the Academic Progress Coordinator will evaluate a student’s academic standing to determine if the student is meeting the minimum standards of SAP. Students who raise their CGPA and PACE at or above SAP standards will return to good standing. Students who do not meet the SAP standards will no longer be eligible to receive federal financial aid, unless the student successfully appeals the determination and is placed on Academic Probation. All students not meeting SAP requirements will be notified via Goodwin University email before the beginning of the next semester.
Appeal Process for Graduate Programs
Graduate students who lose their eligibility to receive federal financial aid may appeal to the institution for reinstatement of eligibility. A student may also appeal for exceeding maximum time frame. A typed appeal must be initiated by the student and sent to the Academic Progress Coordinator. The deadline for the appeal will be emailed to students via Goodwin University email. The appeal must be based on mitigating circumstances such as the death of a relative, injury or illness of student or family member, or other special circumstances that prohibited the student from making SAP. The appeal must also provide information regarding what has changed in the student’s situation that will allow the student to meet SAP standards at the next evaluation point. Furthermore, the student must demonstrate that such circumstances will not continue to adversely impact their academic performance. The Graduate SAP Appeal Board will review and approve/deny all appeals.
If received in a timely fashion, all appeals will be responded to before the beginning of the next semester. If a student’s appeal letter is approved, the student will be eligible for federal financial aid and be placed on Academic Probation. Students whose appeal letters are denied will no longer be eligible to receive federal financial aid. All students will be notified of the outcome of their appeal via Goodwin University email.
Academic Probation for Graduate Programs
If the Graduate SAP Appeal Board approves the appeal and determines that the student can meet SAP standards by the end of the subsequent semester, the student will be placed on Academic Probation and will be eligible to receive federal financial aid for one semester.
At the end of the semester on Academic Probation, the student must raise their GPA and PACE to the SAP standards in order to return to good standing. If the student does not meet these standards, the student is no longer eligible to receive federal financial aid funds. Students will be notified of their academic standing through their Goodwin University email.
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