FINANCIAL AID POLICIES & INFORMATION
Basics of Determining Financial Aid
The basis of determining a student’s financial
need will be an analysis of the financial status of the student’s
and/or the parents’ income. This analysis is accomplished by completing
a Free Application for Federal Student Aid (FAFSA) distributed by the
U.S. Department of Education.
These forms are available:
• FAFSA on the Web www.fafsa.ed.gov
Financial need is based on:
• Cost of attendance
• Expected Family Contribution
• Financial Need
Loan Entrance Counseling
FEDERAL PELL GRANT
A Federal Pell Grant, unlike a loan, does not have to be repaid. Generally,
Pell Grants are awarded only to undergraduate students who have not earned
a bachelor’s or professional degree. For many students, Pell Grants
provide a foundation of financial aid to which other aid may be added.
FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY
A Federal Supplemental Educational Opportunity Grant is for
undergraduates with exceptional financial need – that is, students
with the lowest Expected Family Contributions (EFCs) - and gives priority
to students who qualify for Federal Pell Grants. An FSEOG does not have
to be repaid.
DIRECT LOAN PROGRAM
Direct Loans are the Department of Education’s major form of self-help
aid for students. Under the Direct Loan program, the lender is the U.S. Department of Education rather than a bank or other financial institution. You borrow directly from the federal government and have a single contact - the Direct Loan Servicing Center - for everything related to the repayment of your loans.
Types of Direct Loans available are:
Subsidized Stafford Loan
A subsidized loan is awarded on the basis of financial need.
You will not be charged interest before you begin repayment or during
authorized periods of deferment. The federal government “subsidizes”
the interest during these periods.
Unsubsidized Stafford Loan
An unsubsidized loan is not awarded on the basis of need. You
will be charged interest from the time the loan is disbursed until it
is paid in full. If you allow the interest to accumulate, it will be capitalized
– that is, the interest will be added to the principal amount of
your loan and additional interest will be based upon the higher amount.
Direct PLUS Loans
These are low-interest loans available to parents of dependent students. Interest is charged during all periods.
Students are encouraged to apply for one type or a combination
of the types of financial aid available.
A student who is subject to involuntary civil commitment upon completion of a period of incarceration for a forcible or non-forcible sexual offense is ineligible to receive a Pell Grant.
Information regarding our campus crime statistics may be found at: http://www.ope.ed.gov/security. Click on the link for "Get data for one institution/campus" in the upper right corner and type "Phagans" into the Name of Institution text box and click the search button at the bottom of the page.
Title IV Loan: School Code of Conduct*
a. We ban revenue-sharing with any lender
b. We ban receiving gifts from any lender
c. We prohibit contracting arrangements with any lender
d. We prohibit assigning of a lender to a first-time borrower
e. We prohibit refusal to certify or delay of certification based upon choice of lender
f. We prohibit offers of funds for private loans
g. We ban staffing assistance
h. We prohibit the receipt of compensation for advisory board service
*This code of conduct is in regards to the school Title IV FFELP loans. As of July 1st, 2008 most Title IV loans have been awarded through the Direct Loan Program of the US Dept of Education. The school does not currently offer FFELP Title IV loans through any lender. Therefore, we do not have a preferred lender arrangement or preferred lender list. Students can borrow or choose any lender for financial aid assistance.
|Addition to Benefits Available - Offered by the Departments of Veterans Affairs and Defense
If you served on Active Duty, you might be eligible for education benefits offered by the Department of Veterans Affairs. For example, the Post-9/11 GI Bill provides financial support for educational and housing expenses to individuals with at least 90 days of aggregate service after September 10, 2001, or individuals discharged with a service-connected disability after 30 days. You must have received an honorable discharge to be eligible for the Post-9/11 GI Bill. If you are currently serving in the military, you may be eligible for funding offered through the Department of Defense Tuition Assistance program. Check your eligibility status and the amount for which you qualify with your Service prior to enrolling. If you are the spouse or child of a service member who is serving on active duty Title 10 orders in the paygrades of E1-E5, O1-O2, or W1-W2, you may be eligible for financial assistance from the Department of Defense for education, training, and/or the occupational license and credentials necessary for a portable career. If you are the spouse or child of a service member, you may be eligible for transfer of the service member's Post-9/11 GI Bill benefits to you.
Special considerations will be made for readmissions for students that return to/from active military duty. Contact your school's administrative office for answers all questions regarding the readmission process and other details of your re-enrollment.