Costs & Financing FAQ
Excelsior College has the ability to direct deposit refunds to your savings or checking account. This would allow for quicker access to your refunds by eliminating the time it takes to mail your refund and the possibility of your bank putting a hold on the check when deposited. If you are interested in this, please complete our direct deposit form and send it back to the Bursar’s Office per form instructions.
Please note: if your refund is for a payment made to us by credit card, we are required to process your refund back to that credit card. The direct deposit process is for payments made to us via check, Nelnet payment plan, or Financial Aid credit balance refunds.
Federal and Financial aid is available regardless of income, with low interest rates and flexible payment options. Excelsior College is the pioneer in offering federal aid for a completely online education. Certificate programs do not qualify for financial aid.
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To learn more about your eligibility for federal programs, visit the Title IV Federal Student Financial Aid page. This page also has information on the definition of financial need, how federal aid awards are determined, loan application procedures, and disbursement of funds.
The United States Department of Education provides a formula (or the federal methodology) that is used to determine your eligibility for federal and most state funds. Excelsior College uses the same, consistent method for all students to determine your ability to fund your education and costs. This method incorporates an assessment of your family’s income and assets.
Your cost of attendance at Excelsior College is based on direct and indirect expenses. Direct educational expenses include tuition and either the enrollment or annual fee. Indirect costs such as books, room and board, and a technology allowance are also taken into account. Indirect costs can also include child care, tutoring, food/housing for students, clothing, and other related expenses. Although you only see direct expenses on college billing statements, we use the comprehensive cost to determine your eligibility for financial aid. Cost of attendance may vary based on the number of credits and length of your period of enrollment.
In addition to the tuition costs, you should plan for costs associated with purchasing textbooks, as well as your Internet and phone charges. There is also a student services fee assessed annually, so your final program costs will be dependent on how long it takes you to complete your degree. See these pages for current information:
If you are experiencing financial difficulty and find it hard to repay your loans, you can discuss several options with your lender or the holder of your loan. Depending upon your circumstances, you may qualify for a deferment, a forbearance, or even cancellation of your loan. Please visit our Delaying Loan Payments page for more information.
If you have Federal student loans, you can refer to the Federal Student Aid Web Site for information about repayment options. If you have loans through a lender such as a bank or a credit union, you should contact the lender directly for more information.
The difference between the cost of attendance and the expected family contribution is the student’s financial need—the gap between the cost of attending Excelsior College and the student’s resources. The financial aid package is based on the amount of financial need. The process of determining a student’s need is known as need analysis.
Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need