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Financial Aid

Welcome to the Potomac College Financial Aid Homepage!

At Potomac College, it is one of our primary missions to make a post-secondary degree accessible to everyone. With that in mind, we offer numerous options for financing your education including: grant aid, loans, alternative funding and tuition reimbursement available to those who qualify.

The best way to find out what is right for you is to contact one of our Financial Aid Officers. They will give you personal help in matching you with your best options.

Our financial aid staff can be reached by calling 202-686-0876 or by emailing us at finaid@potomac.edu.


Follow these steps to begin applying to Potomac:
Step 1: Getting Started
Step 2: Your Federal Loan Application Process
Step 3: FA Next Steps
Step 4: Beginning Classes
Step 5: Types of Aid
Step 6: Costs
Step 7: Tax Benefits
Step 8: Free Financial Literacy Education



Step 1: Getting Started

  • Complete Your 2010-2011 Free Application for Federal Student Aid (FAFSA). The school code for Potomac College is 032183.
    • Get your PIN, if you don't have one already, at www.pin.ed.gov.
    • Complete the FAFSA at www.fafsa.ed.gov
      (you will need your 2009 tax returns, 2009 W-2 forms and any other documentation of income for 2009)

Once these steps are complete, the Financial Aid Office will let you know what your estimated awards are!

However, there are more steps for you to take and until those are completed, you are not ready to register for your courses.

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Step 2: Your Federal Loan Application Process

Federal Direct Loans are a type of financial aid. You have both rights and responsibilities when you borrow a federal student loan. In some cases the federal government will pay the interest on your loan while you are in school.

Learn about federal student loans and complete the application process.

If you have not already borrowed at Potomac College, you need to complete entrance counseling and a Direct Loan Electronic Master Promissory Note (MPN). To do this, you will need your PIN that you established when you completed your FAFSA.

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Step 3: FA Next Steps

The Financial Aid Office will review your file

  • Were you selected for verification?
    A third to half of financial aid applicants are selected for verification. If you are selected, then Potomac College is required to “verify” your file. You will be asked to submit your 2009 tax returns and complete a “Verification Worksheet” . Other documents may also be needed. We will contact you if you are selected for verification.

    *If you don't have a copy of your complete tax return, you can contact the IRS at the following number to obtain a free copy (if you call from a location with a fax machine, stay on the line to speak with an IRS representative and let them know you're at a fax machine and they will fax your documents to you!) - 1 (800) 829-0922

  • We may need additional documents.
    The U.S. Department of Education performs comparisons on every financial aid application with several federal databases, including Social Security Administration and Selective Service. Other checks and balances are performed by the Department of Education which may result in additional documents being required to review your file. This is common. We will contact you if this occurs.

Please respond within 2 or 3 days to each request so the processing of your financial aid application is not delayed. Our fax number is 1-866-954-8523.

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Step 4: Beginning Classes

  • Make sure you have your books!
    Book vouchers are available to students who qualify for enough financial aid to pay for both tuition and books. Please contact us if you need a book voucher.
  • Paying your bill with financial aid
    Your financial aid will be “disbursed” or paid to your student account after you begin classes. For first time borrowers, your student loan is disbursed 30 days after classes begin.
  • Are you a full-time student?
    If you do not take at least one 3 credit course per 4-week session(4 courses in one semester), you are not a full-time student and your financial aid is reduced. Please contact the Financial Aid Office if you will not be maintaining a full-time student courseload.
  • You lose your financial aid awards when you drop courses.
    If you do not begin class or drop a course, your financial aid may be reduced or canceled. Please contact the Financial Aid Office as soon as possible if you are considering any changes to your enrollment status.

Remember – every year you must re-apply for financial aid.

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Step 5: Types of Aid

Learn more about Federal Aid

  • Academic Competitiveness Grants (ACG)
  • National Science and Mathematics Access to Retain Talent Grants (SMART)
  • Federal Pell Grant Program (Pell)
  • Federal Supplemental Educational Opportunity Grants (SEOG)
  • Federal Direct Loan Program (FFEL)
  • Federal Direct Parent Loan Program (PLUS)
  • Veterans Benefits (VA)

Learn more about Private Aid

  • Military Valor Grants
  • Private Loans
  • Employer-Based Tuition Assistance Programs
  • Private Scholarships
  • Yellow Ribbon Program

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Step 6: Costs

Your costs to attend college include both your direct costs (tuition, fees, and books) and indirect costs (estimated living expenses). Your Financial Aid Officer will advise you to borrow a student loan (after determining grant and scholarship awards) only to cover the amount of your direct expenses for school each year. Most Potomac students are working adults, and by definition you already have a way to pay for your basic living expenses.

Millions of students over-borrow each year. Some run out of loan eligibility before they graduate. Others simply borrow so much that they run into problems paying the loans back. If you do not need to borrow more than your direct costs for tuition, fees, and books, please don't!

Remember – if you live like a student now, you will not have to live like a student after you graduate! Don't over-borrow!

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Step 7: Tax Benefits

There are several federal tax benefits that students can take advantage of While this doesn't help you pay for college upfront. It may provide you with some financial assistance or relief down the road. These tax benefits are:

Student Loan Interest Deduction
Student loan borrowers may be able to deduct up to $2500 annually in interest paid. Most students don't make any payments while in school so this is a tax deduction that you can benefit from after you graduate.

Hope Tax Credit
Freshman and sophomore students who do not already have an associate degree may be able reduce their federal income tax by as much as $1800 for payments they made toward tuition and fees either with cash or by a student loan that they borrowed. There is a two year limit on this tax credit.

Lifetime Learning Credit
Any student may be able to claim a Lifetime Learning Credit of up to $2000 annually for qualified tuition expenses.

Tuition and Fees Deduction
Students may be able to reduce their taxable income by up to $4000 annually for tuition and related expenses.

For more information on any of these tax benefits, please consult the IRS or your tax preparer.

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Step 8: Free Financial Literacy Education

More than ever, it's important to educate yourself about financial matters.

  • How can I create a budget and stick to it?
  • What is my credit score and what does it mean to me?
  • How can I impact my credit score?
  • What do I do if I'm a victim of identity theft?

These are all very important questions. And while most of us know something about most of these questions, you'd be very surprised how much you have to learn to really be on top of your game – financially.

Potomac College has made a commitment to our students to ensure that they have the opportunity to gain knowledge and skills in managing their finances while they're earning their degree. We believe this will not only assist them in making better financial choices now, but also far into their future.

Below are some free online courses in financial literacy and planning, which include topics like budgeting, credit card management, understanding your credit score, warranties, identity theft and student loans.

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