FINANCIAL AID AND STUDENT ACCOUNTS HANDBOOK

Transcription

1 FINANCIAL AID AND STUDENT ACCOUNTS HANDBOOK Welcome to the Adler University s Financial Aid and Student Accounts Handbook! This handbook contains information about the financial aid process and should be the first source consulted with any questions about financial aid. The Office of Financial Aid reserves the right to update or change the policies and information contained in this handbook. Among other topics, the handbook provides information about how to apply for aid, the amount and types of aid students may qualify for, and how to make tuition payments. If there are any remaining questions after reading this handbook, please feel free to contact the Office of Financial Aid. Office of Financial Aid Adler University 17 N. Dearborn Street Chicago, IL P (312) F (312) financialaid@adler.edu

2 Table of Contents Introduction to Financial Aid... 4 Federal Student Aid Eligibility Requirements... 4 Applying for Financial Aid... 5 Record Keeping... 6 Applying for Scholarships... 7 Adler University Institutional Scholarships... 7 External Scholarship Opportunities... 7 Loan Options... 7 Federal Direct Unsubsidized Loans... 8 Direct Graduate PLUS Loans... 8 Alternative Private Loans Student Loan History Loan Repayment Perkins Loan Deferment Student Cost of Attendance Budget Your Financial Aid Award Letter and Required Materials Entrance Loan Counseling How to Complete Entrance Loan Counseling Electronic Master Promissory Note (MPN) How to Complete an MPN: Federal Direct Unsubsidized and Graduate PLUS Loans Direct Graduate PLUS Application How to Complete a Direct Graduate PLUS Application Direct Refund Authorization Form Verification How to Request a Tax Transcript Receiving Your Financial Aid Financial Aid Process Timeline/Deadlines Financial Aid Satisfactory Academic Progress Policy Financial Aid Warning and Suspension Financial Aid Appeal Procedure Leave of Absence Student Withdrawal Administrative Withdrawal/SCEC How Specific Grades Can Have a Negative Effect on Federal Financial Aid Eligibility

3 Adjustments and Cancellations Budget Increase Policy FERPA Confidentiality of Your Records Federal Work Study Federal Work Study Terms & Conditions Tax Benefits for Students Financial Aid Vancouver Campus Tuition and Fees Vancouver Vancouver Payment Information Vancouver Tuition Refund Policy Billing Policy for Chicago and Vancouver Campus Students Late Payment Policy Disbursement of Refund Checks Refund Check Holds Payment Plans Deferred Billing Payment Options Tuition Withdrawal Policy Schedule Changes and Late Registration Estimated Refund Check Schedule for Student Services Contact Information Department of Education Contact Information Frequently Asked Questions Financial Aid Online Resources

4 Introduction to Financial Aid Financial Aid includes all resources other than those of the students and their families, which are used to finance an education. It includes: Federal Direct Unsubsidized Loans Direct Graduate PLUS Loans Federal Work Study (FWS) earnings Alternative Private Loans Scholarships and Grants from Adler University or other outside funding sources Financial Aid Type Distribution Alternative Loan Direct Graduate PLUS Loan Direct Stafford Loan Federal Work Study Scholarship Students rely upon a variety of financial aid sources to fund their Adler University education. Federal Student Aid Eligibility Requirements Students wishing to receive federal student aid at Adler University must meet all of the following eligibility criteria: Be matriculated in a degree or certificate program at Adler University Be a U.S. citizen or Permanent Resident Not be in default on any previously awarded federal student loan Maintain Satisfactory Academic Progress (completion of at least 70% of all attempted coursework and a cumulative GPA of at least 3.0) Maintain at least half-time enrollment status as defined by your academic program: Program M.A. and Certificate Doctoral Programs Online Minimum Enrollment Required At least 4 credit hours per term or enrollment in any of the following: Practicum, Practicum Continuation, Internship (half-time or full-time), Dissertation Proposal, Dissertation, or Dissertation Continuation At least 5 credit hours per term or enrollment in any of the following: Practicum, Practicum Continuation, Internship (half-time or full-time), Dissertation Proposal, Dissertation, or Dissertation Continuation Students enrolled exclusively in an online degree program must enroll in six (6) or more credits to be considered full-time. Students enrolled in three to five (3-5) credits are considered half-time, and those enrolled in fewer than three credits are considered less than half-time and are not eligible for federally funded financial aid. 4

5 Applying for Financial Aid Admitted students and continuing students applying for any form of federal student aid must first complete a FAFSA, using their 2014 federal tax return, to receive a Financial Aid Award Notice from the Office of Financial Aid. In order to ensure the timely receipt of the award notice , please be aware all current students must complete their FAFSA by our deadline of Friday, July 17, 2015 and newly admitted students must submit the FAFSA by Friday, August 7, Four Steps on How to Apply for Financial Aid 1 File 2 File 2014 Federal Tax Return If you are unsure of your filing requirements, please refer to the IRS Publication #501 Exemptions, Standard Deduction, and Filing Information for more detailed information: After students complete their 2013 Tax Return, it is recommended to wait two weeks before filing their FAFSA in order to utilize the IRS Data Retrieval Tool. This Tool will provide for further accuracy and is the preferred method for filing a FAFSA. the Free Application for Federal Student Aid (FAFSA) Log on to using your Federal Student Aid PIN To request a duplicate PIN visit: Adler University Code: G20681 To complete the FAFSA online you will need: Social Security Number and Driver s License Number W-2 Forms or any other records of earned income 2014 Federal Income Tax Return Records of other untaxed income received such as welfare, Social Security, veterans benefits, AFDC, TANF, ADC, and military or clergy allowances Current bank statements and records of other savings and investments such as stocks, bonds, and mutual funds Non U.S. Citizens will need their permanent resident card Please note: All graduate students must file as independent regardless of the dependency status listed on their federal tax return. All housing is off campus. Parents tax information should not be included. We recommend that you retain a copy of the FAFSA completion confirmation for future follow up. FAFSA HELP Click on the NEED HELP? button located at the bottom of every FAFSA page. You can also contact customer service by clicking on Live Help at the top of the FAFSA page or by calling FED-AID ( ). 5

6 3 Update 4 Complete your Student Aid Report (SAR) Once your FAFSA is submitted, the Department of Education will send you a Student Aid Report (SAR) for your review. If your SAR shows that you have missing or incorrect information, make changes as soon as possible to ensure timely processing. Log back into the FAFSA site at to make corrections. Official Financial Aid Packet by Deadline A Financial Aid Award Notice will be sent to students once their FAFSA is successfully completed and the student has been admitted to Adler University. Record Keeping Be thorough in completing and retaining copies of all financial aid documents. You may need to reference these documents from time to time. Helpful Tip: Begin the habit now of keeping a copy of all important correspondences; it will save you time and money later. It is highly recommended for students to keep copies of the following documents for their records: IRS 1040 forms with all schedules All loan applications FAFSA, Promissory Note, and Entrance Loan Counseling Confirmations All correspondence from our office, your lenders, and guarantee agencies Student copies of award notices for all anticipated aid, whether from Adler University or other sources. Prior to matriculation, our office sends correspondence to the and mailing addresses recorded by the Office of Admissions (admissions@adler.edu). Until the first day of classes, the Office of Admissions should be contacted regarding address changes. After the first day of class, please contact the Office of the Registrar (registrar@adler.edu) to make any changes to your name, contact information, or marital status. 6

7 Applying for Scholarships Scholarships are a form of gift aid and do not have to be repaid. Scholarships vary in amount and can be based on a student s financial need, merit, community involvement, or other criteria. Below are descriptions of the different types of scholarships available to Adler students. Adler University Institutional Scholarships Adler University funds a limited number of scholarships for both incoming and current students. To view incoming student scholarship information in detail, please visit Important Scholarship Information Applicants who defer admission from the original term of acceptance are ineligible to receive scholarships. Scholarships are disbursed, toward tuition and fees, over two terms. For example, a $10,000 scholarship disburses $5,000 in the fall term and $5,000 in the spring term. Students must maintain satisfactory academic progress (see Satisfactory Academic Progress Policy) in order to maintain eligibility for subsequent allocations of their awards. Scholarship recipients may be required to attend a scholarship reception and/or ceremony. Students must be enrolled full-time to receive a scholarship from Adler University. External Scholarship Opportunities It is strongly recommended that you take advantage of external scholarship opportunities and services. The internet is a valuable tool to use in search of scholarships from organizations outside Adler University, such as non-profit, civic, and faith-based organizations. The Office of Financial Aid also maintains a list of applicable external scholarship opportunities in Adler Connect Portal. Login to the Adler Connect Portal and check out the opportunities: Adler Home Page Click on Login Adler Connect Portal Student Services Financial Aid Financial Aid Options Loan Options Loans are borrowed money that must be repaid with interest. Repayment of loans does not begin until a student graduates, withdraws from school, or does not maintain at least half-time enrollment status. Students are notified of the Federal Direct Unsubsidized Loan amount awarded to them in their Financial Aid Award Notice . The following loan types are available to students who attend Adler University: 7

8 3 Types of Loans Available to Adler Students Unsubsidized Federal Direct Loans Graduate PLUS Loans Alternative Loans If students require additional aid, they can apply for either a Direct Graduate PLUS or Alternative Private Loan. Application procedures for the different types of loans available to students are outlined below. Federal Direct Unsubsidized Loans Unsubsidized Direct Loans are federal student loans awarded to students who have completed the FAFSA and have met all financial aid eligibility requirements, regardless of financial need or credit history. Federal Direct Unsubsidized Loans disbursed between July 1, 2014 and July 15, 2015 have a fixed interest rate of 6.21%, with a 1.073% origination fee. New interest rates are established each June for the upcoming year. The interest rate applies for the life of the loan. Interest begins to accrue on unsubsidized loans immediately upon disbursement. Repayment begins 180 days (six months) after the last term in which a student is enrolled in at least half-time status. Limits for Federal Direct Loans Program M.A. and Certificate Annual Loan Limit $20,500 Psy.D. $37,165 Lifetime Aggregate Limit M.A. and Certificate candidates may borrow up to a lifetime aggregate limit of $138,500 in Federal Direct Loans. Psy.D. candidates may borrow up to a lifetime aggregate limit of $224,000 in Federal Direct Loans. Accepting Federal Direct Unsubsidized Loans Federal Direct Unsubsidized Loans are pre-packaged for all eligible students. Students can review loan amounts and application instructions in the Financial Aid Award Notice . FIRST-TIME BORROWERS: Students borrowing for the first time must complete an electronic Master Promissory Note (MPN) and Entrance Loan Counseling online by August 7, 2015 to accept Federal Direct Unsubsidized Loans. Students may require aid in excess of the annual Unsubsidized Loan limit. Students have two primary choices for additional funding: a Direct Graduate PLUS Loan or an Alternative Private Loan. Direct Graduate PLUS Loans Direct Graduate PLUS Loans are another kind of unsubsidized federal loan available to students who need additional aid after accepting their Federal Direct Unsubsidized Loans (if eligible). 8

9 Students can borrow up to the cost of attendance per academic year, minus any amount borrowed through the other federal loan programs, wages earned through the Federal Work Study Program, and/or any scholarships awarded. Please see the Student Cost of Attendance Budget section for more information on how this is calculated. For loans disbursed on or after October 1, 2014 and before October 1, 2015, the interest rate is fixed at 7.21% and there is a 4.292% origination fee. This fee is deducted from each disbursement of the loan. The borrower is also responsible for accrued interest during the in-school deferment period which accrues with each disbursement. Students do not need to make payments while attending school. Direct Graduate PLUS Loans go immediately into repayment after the last term in which a student is enrolled in at least half-time status, unless the student applies for a deferment or forbearance to take effect upon graduation. The standard repayment term is 10 years, unless consolidated with other federal loans. The repayment term can then extend up to 25 years for qualified loans. Direct Graduate PLUS Loans require a credit check. Credit is evaluated by the Department of Education every time a student requests a new loan, unless they have a credit decision within the preceding 180 days (credit approval is valid for 180 days). If one or more of the items outlined in the credit requirements listed below applies to the student, he/she may want to obtain a credit report in advance of applying for a Direct Graduate PLUS Loan. Students are advised to correct negative items on their credit report as soon as possible. Credit Criteria Credit approval is based on federally mandated criteria, not a credit score. In order to qualify, students must not have any of the following items on their credit report: Any current delinquency of 90 days or more Default, Bankruptcy, Discharge, Foreclosure, Repossession, Tax Lien, Wage Garnishment, Writeoff of a Title IV Debt, and/or Open Collection within the preceding five years of the date of the credit report Recent changes in the law that governs the terms and conditions of Direct Graduate PLUS Loans establish a specific extenuating circumstance for certain PLUS loan applicants who would otherwise be considered to have adverse credit history. Specifically, an applicant may qualify for a Direct Graduate PLUS Loan based on extenuating circumstances if the applicant: Has been or is delinquent for 180 days or less on mortgage loan payments, or on medical bill payments for the applicant or the applicant s family and Does not otherwise have an adverse credit history as determined in accordance with the federal regulations that apply to PLUS loan applicants Credit Denial Options Apply with an endorser. Students with no credit history or poor credit may find an endorser (cosigner) for the loan Correct any invalid information on the credit report that may have led to the denial. Appeal the denial (see the contact information on next page). 9

10 Correspondence from the Department of Education as well as the Office of Financial Aid will be sent to Direct Graduate PLUS Loan applicants who receive an adverse credit determination. Information will include instructions regarding appealing the denial of a Direct Graduate PLUS Loan Application and securing an endorser for the loan. Applicant Services for Direct Graduate PLUS Loan Borrowers Loan applicants can contact Applicant Services for credit appeal overrides and endorser application questions: Student Loan Support Center (8 a.m. to 8 p.m. EST, Monday - Friday) Fed Loan Servicing (open same times/days as above) Telecommunication Device for the Deaf (TDD) Applying for a Direct Graduate PLUS Loan Each student s anticipated Direct Graduate PLUS Loan amount is provided on the Financial Aid Award Notice . This amount is calculated assuming a full-time course load and acceptance of the maximum allowable amount for living expenses. Students must pass the Department of Education s credit check to receive this type of federal student aid. Once a Direct Graduate PLUS Application and Direct Graduate PLUS Electronic Master Promissory Note (MPN) are submitted online, students are able to view credit consideration results immediately. Any student denied based on credit may apply with an endorser. Thirty days prior to the start of each term, the Office of Financial Aid provides Refund Estimate s after registration to give students the opportunity to adjust their financial aid (to cover any unanticipated costs). Contact a Financial Aid Counselor (financialaid@adler.edu) at any time to adjust your federal student aid. Incoming Students: Please submit all action items by August 7, 2015 to ensure timely delivery of Fall 2015 financial aid funds. Current Students: Please submit all action items by June 15, Students who submit items after this date may be assessed a late payment fee by the Office of Student Accounts and risk late disbursements of financial aid funds (including refund checks for living expenses). Making Adjustments to Direct Graduate PLUS Loan Amounts Students who wish to adjust their Direct Graduate PLUS Loan amounts throughout the year are encouraged to visit the Office of Financial Aid for assistance with the Direct Graduate PLUS Application. Adjustments typically require 4-6 weeks processing time (from date of submission) unless the student s credit is denied or further endorser paperwork must be processed. 10

11 Alternative Private Loans Alternative Loans are private loans that cannot be consolidated with Direct Loans. Alternative Loans are not federal loans and are therefore available to international students and borrowers without a FAFSA. As a general rule, students should only consider obtaining a private educational loan if they have maxed out the Federal Direct Loans. The fees charged by some lenders can significantly increase the cost of the loan. A loan with a relatively low interest rate but high fees can ultimately cost more than a loan with a somewhat higher interest rate and no fees (the lenders that do not charge fees often roll the difference into the interest rate). Typically 3% to 4% in fees equates to an approximate 1% increase in interest rate. Be wary of comparing loans with different repayment terms according to Annual Percentage Rate (APR), as a longer loan term reduces the APR despite increasing the total amount of interest paid. It is not uncommon for lenders to advertise a lower rate for the in-school and grace period, with a higher rate in effect when the loan enters repayment. Private educational loans are credit-based loans, so it is important to maintain your credit rating up to and throughout your Adler University career. If you are late in paying any of your bills (i.e. credit cards, rent, phone bill, or medical bill) you may be disqualified from receiving private educational loans. The Office of Financial Aid strongly recommends that all students review their credit status. Alternative Loans vs. Direct Graduate PLUS Loans Both the Graduate PLUS Loan and a private educational loan have their relative benefits and drawbacks. The decision on which loan program to utilize may come down to individual preference and comfort level with the interest rate environment. You may prefer the Direct Graduate PLUS Loan if: You like the certainty that a fixed-rate loan provides. Your credit is good, fair or poor; your cost may be lower with a Direct Graduate PLUS Loan. You like the protection of greater deferment and forbearance options. You may work in the public interest sector and may qualify for Federal Loan forgiveness through You may prefer an Alternative Private Loan if: You are comfortable with the possibility of interest rates increasing beyond the interest rate cap of the Direct Graduate PLUS Loan. You have top-tier credit. Borrowers with great credit scores may be charged less interest now, but if interest rates continue to climb, it could cost you more. You believe there is very little possibility that you may use deferment or forbearance options. You plan to borrow the loan only for a short period of time. You do not plan to work in the public interest sector. 11

12 the College Cost Reduction and Access Act (CCRAA). Applying for an Alternative Loan Follow these directions to apply for an Alternative Loan: 1. Choose a lender for your Alternative Loan. 2. Determine the amount for which you would like to apply. Keep in mind that a refund check cannot exceed the schooldetermined cost of living, which is $9,750 per term. 3. Apply for the loan online through the Great Lakes website. The URL is listed on the Alternative Loan Application form. 4. Complete an Alternative Loan Application form and return it to the Office of Financial Aid. This form is available in the Adler Connect Portal: International Students must have a co-signer to apply for Alternative Loans. The co-signer must be a U.S. citizen or Permanent Resident with an established credit history. Adler Home Page Click on Login Adler Connect Portal Student Services Financial Aid (scroll down to Documents & Forms) 5. International students and students who are ineligible to receive federal loans must complete Adler University's Institutional Application when they apply for this type of loan. Students can request this form from the Office of Financial Aid or download a copy online: Student Loan History Students can view their federal student aid details by visiting the National Student Loan Data System (NSLDS) online at Logging in to this site requires the last two letters of the student s last name, social security number, date of birth, and Federal Student Aid PIN (used on the FAFSA). Loan Repayment Students approaching graduation should prepare to begin loan repayment. The first step is to review the student copies of the loan applications and promissory notes to ascertain the beginning payment dates and amounts. Direct Graduate PLUS Loans do not have an automatic grace period, and repayment begins immediately after graduation, unless the student applies for a 6 month post-graduation deferment or forbearance. Federal Direct Loans, however, have an automatic 6 month grace period during which payments are not needed. The student is responsible for notifying lenders of their current address. Failure to do so may result in confusion for both the student and the lender, which could lead to default and legal action. Alumni who enter their loan repayment periods before securing employment should notify their lenders and consider forbearance options until they begin receiving salaries. Lenders will often allow up to twelve months of forbearance or interest-only payments. Most lenders are interested in receiving their money and are willing to work out different payment schedules with borrowers, but can only do so if they know the borrower s circumstances. The Office of Financial Aid is available to provide guidance to its students and alumni. 12

13 For more information about loan repayment, please contact a Financial Aid Counselor (financialaid@adler.edu) and attend a Debt Management Webinar offered by the Office of Financial Aid. The Office of Financial Aid also provides Loan Repayment Webinars for your convenience. You can find webinar details (date, time, and location) in the Adler Connect Portal. The Loan Repayment Webinars are optional; however, all students are required to attend at least one Debt Management Webinar before graduation as a term of accepting financial aid at Adler University. Perkins Loan Deferment Students who have any Perkins loans, are required to communicate with their lender(s) and submit any enrollment verification or deferment forms required to keep the loan(s) in good standing. Student Cost of Attendance Budget Each academic year, the Office of Financial Aid develops a standard Cost of Attendance Budget to estimate an individual student s educational expenses. This budget governs the total amount of aid (the sum of federal loans, work study wages, and scholarships) that is available to cover education-related expenses including tuition, fees, rent, utilities, books, and transportation. Federal law defines the types of expenses that can be included in the student cost of attendance budget. These are direct education expenses, such as tuition and fees and related living expenses that make the student s attendance possible. The federal government requires Adler University to use fair and reasonable figures for student expense budgets that are based on average expenses for all enrolled students with student input from an annual Cost of Attendance Survey, which we conduct online annually. Cost of Attendance for The figures in the table below represent a basic Cost of Attendance (COA) estimate for students attending Adler University for one term of study. This estimate, along with data from the student s FAFSA, is used by the Department of Education to determine student eligibility for certain scholarships and participation in the Federal Work Study program. Please note that this estimate is for student reference only: individual tuition bills and living expenses vary from student to student. Students are encouraged to meet individually with a financial aid counselor for more clarification regarding their actual cost of attendance. Expenses Full-Time Doctoral (9 credit hours) Full-Time M.A. (8 credit hours) Full-Time Online (6 credit hours) Tuition $11,970 $9,160 $5,130 Student Services Fee $285 $285 $285 *UPASS $118 $118 - Living Expenses $5,871 $5,871 $5871 Miscellaneous Expenses $1,909 $1,909 $1,909 Transportation $1,950 $1,950 $1,950 Total COA $22,103 $19,293 $15,145 *NOTE: The UPASS fees are estimated, since the CTA did not publish the rates as of the printing of this book fees can be waived with approval from the Office of Student Affairs. The total amount allowed for a student s living expenses is $9,750 per term (less the cost of the fees). 13

14 How much Financial Aid can I receive? The chart above reflects an approximate Cost of Attendance for one semester, but does not account for the difference in tuition for students with different schedules at varying points within the curriculum sequence. For example, a Psy.D. student enrolled in 10 credit hours will have a higher cost of tuition than a Psy.D. student who is only registered for Dissertation, even though both of these students may have accepted the entire $37,165 in Federal Direct Loans for the year. The following section explains how to calculate an accurate cost of tuition based on individual circumstances. Calculating Your Actual Cost of Attendance Budget The actual cost of attendance per term for one student is determined by adding together the student s cost of tuition, fees, and the allowed $9,750 for living expenses (per term). Example: Bill is a 1st year M.A.F. student who will be enrolled in 8 credit hours for the Fall 2015 term in addition to the 0 credit Professional Development Seminar which is charged the same as 1 credit. Bill wants to request the maximum amount allowable for his living expenses. The UPASS fees are calculated as living expenses. Therefore, the most he can receive in a Fall 2015 refund check for living expenses is $9,592.** Here is the breakdown of Bill s Actual Cost of Attendance for the Fall 2015 term: FALL 2015 Total Expenses Tuition 8 # of Credit Hours x $1,145 $9,160 Tuition & Fees Student Services Fee $270 Miscellaneous Fees (Liability Insurance) $1,145 Living Expenses Maximum living expense amount is $9,750 per term UPASS estimated (full-time only) $118 Living Expenses/Refund Check Needed $9,750 Total Expenses for Fall 2015 Term: $20,207 **NOTE: The UPASS fees are estimated, since the CTA did not publish the rates as of the printing of this book fees can be waived with approval from the Office of Student Affairs. The total amount allowed for a student s living expenses is $9,750 per term (less the cost of the fees). $20,207 is the maximum amount that Bill can receive in financial aid for the Fall 2015 term. He can receive this through a combination of loans, scholarships, and earnings from federal work study. If a student requests more financial aid than his/her budget allows, the Office of Financial Aid will return any excess funds to the Department of Education, first returning monies from a Direct Graduate PLUS or an Alternative Loan (as they are the most expensive loans), followed by monies from an Federal Direct Unsubsidized Loan. For more information about calculating your cost of attendance please contact the Office of Financial Aid (financialaid@adler.edu). 14

15 Living Within the COA Budget Students come to Adler University from a variety of backgrounds, experiences, and means. However, the student cost of attendance budget allows for a relatively simple student lifestyle. This lifestyle demands a responsible approach to living as a student and advanced financial planning to circumvent unexpected expenses as they arise. Please remember that each refund check disbursement is meant to cover four months of expenses, and the first checks of the year are not issued until the end of September Refunds from loans are distributed three times per year (once a term) with funds disbursed to students by the 5 th week of the term (please see the Estimated Refund Check Schedule section for more details); therefore students must budget accordingly. For example, you should plan to spend your Fall 2015 refund check on any living expenses for October through the end of January 2016 (including holiday travel) and books for the Spring 2016 term (since the Spring term starts in early January, and the next check will not be issued until the end of January 2016). Some students tend to spend freely when they receive their initial financial aid refund check, only to find that they do not have enough money to be financially comfortable by the end of the term. If you need to make an adjustment to your financial aid to accommodate additional coursework or to potentially increase your refund check amount, please visit the Office of Financial Aid as soon as possible for assistance as the typical application processing time is 4-6 weeks. Items Not Covered by the Student COA Budget Federal law governs allowable costs that may be included in the student expense budget. The cost of attendance is an estimate of a student s educational expenses for the period of enrollment. There are many expense items that some students might assume can be included in the student expense budget that are not permitted. Some of the most common items that are not included in the student expense budget are: automobile lease or purchase automobile repair automobile insurance financial support of a spouse or partner interview and/or professional wardrobes excessive rent expense (rent in excess of the amount allocated in the student expense budget) consumer credit card debt Budget Increases Students are typically able to borrow only up to the total amount of the Cost of Attendance budget. Budget increases are allowed for the following items only: The purchase of a personal computer Moving expenses (one-time allowance) Psy.D. student internship interview travel expenses (one-time allowance) Dependent care expenses (up to $5,000 allowance per academic year) PLEASE NOTE: Adler University cannot make special allowances for credit card or other consumer debt. 15

16 Your Financial Aid Award Letter and Required Materials Financial aid eligibility for the upcoming academic year is determined using the FAFSA. Loan eligibility cannot be determined until this electronic transmission has been received by the Office of Financial Aid and you have been admitted to Adler University. When a complete FAFSA is received by the Office of Financial Aid, the student receives a Financial Aid Award Notice with loan award information. Beginning this year, the Office of Financial Aid is implementing an online portal which lists all materials that need to be completed by the student and their current status. Please ensure that all required materials are completed by the following deadlines: Incoming Student Materials Deadline: August 7, 2015 Current Student Materials Deadline: June 15, 2015 In order to complete your Financial Aid Packet before the deadline, you must submit the following required documents: Entrance Loan Counseling (complete online) Electronic Master Promissory Note (complete online for both Federal Direct Unsubsidized and Direct Graduate PLUS Loans) Direct Graduate PLUS Application (complete online) Direct Refund Authorization Form (print form and return to the Office of Student Accounts) Please note that a student s financial aid for the upcoming academic year will not be processed until all required documentation has been received by the Office of Financial Aid. Please visit the Financial Aid Process Timeline/Deadlines section for more information. Entrance Loan Counseling Log in to: to complete. Entrance Loan Counseling is required by federal regulation of all students who borrow any type of federal loans. This counseling session informs students of their rights and responsibilities with regard to borrowing under various loan programs. Even students that have received federal loans prior to matriculating into Adler University need to complete this Entrance Loan Counseling session. Students are required to complete Entrance Loan Counseling only once during their time at Adler University. Current students who met this requirement last year are not required to submit a new Entrance Loan Counseling session for the academic year. For assistance on how to fulfill the Entrance Loan Counseling requirement, please see the How to Complete Entrance Loan Counseling section below. 16

17 How to Complete Entrance Loan Counseling Entrance Counseling will walk you through the Direct Loan process and explain your rights and responsibilities as a borrower. All first time Direct Loan borrowers at Adler University must complete entrance counseling before their loans can be disbursed. If you are a continuing student, you do not need to repeat this process. 1. Log into 2. Click the green Sign In button. If you do not see this button, check your computer s browser settings. You will need the following supported browsers: Internet Explorer 8.0 or 9.0 and Mozilla Firefox Sign in with your SSN, Name, Date of Birth and Federal Student Aid PIN (used on the FAFSA). 4. Verify your personal information and preferences for correspondence. 5. Select the Complete Entrance Counseling link. You have two options. 17

18 6. Select I am a graduate/professional student and continue to the next screen. 7. Read through the instructions on the next screen and click Continue to begin the Entrance Loan Counseling session (you will need about 30 minutes to complete 16 pages). The Office of Financial Aid will import your completion confirmation electronically however it is recommended that you make a copy of the Counseling Completion Verification page for your records. NEED MORE HELP? Contact the Department of Education s Applicant Services line at (800) between 8am and 8pm Eastern Standard Time, Monday through Friday. Electronic Master Promissory Note (MPN) Log in to: to complete. Electronic Master Promissory Notes or MPNs are required for both Federal Direct Unsubsidized and Direct Graduate PLUS Loans; MPNs are accepted as part of a student s federal student aid for the year. Please complete one MPN for each loan type that you want to accept. Continuing students who accepted Federal Direct Unsubsidized or Direct Graduate PLUS Loans at Adler University previously do not need to complete new MPNs for (unless applying for a Direct Graduate PLUS with an endorser). How to Complete an MPN: Federal Direct Unsubsidized and Graduate PLUS Loans 1. Log into 2. Click the green Sign In button to begin your MPN. If you do not see this button, check your computer s browser settings. You will need the following supported browsers: Internet Explorer 8.0 or 9.0 and Mozilla Firefox

19 3. Sign in with your SSN, Name, Date of Birth and Federal Student Aid PIN (used on the FAFSA) 4. Select the Complete Master Promissory link. You have two options. 5. Select Subsidized/Unsubsidized loan for Federal Direct Loans. Select Graduate PLUS for Direct Graduate PLUS Loans. The next screen(s) will ask you to complete 4 steps: Personal Information, Personal References, Terms & Conditions, and Review & Sign. The Office of Financial Aid will import all of your information electronically; we do not need a hard-copy of your MPN. We recommend that you maintain a copy for your personal records. Note: Please complete one MPN for each loan type you want to accept. Continuing students who accepted Federal Direct Unsubsidized and Direct Graduate PLUS Loans at the Adler University previously do not need to complete new MPNs for unless an endorser is needed. Incoming students need to complete two MPNs to receive both loan types. NEED MORE HELP?! Contact the Department of Education s Applicant Services line at (800) between 8am and 8pm Eastern Standard Time, Monday through Friday. 19

20 Direct Graduate PLUS Application Log in to: to complete. Direct Graduate PLUS Application must be completed online to accept Direct Graduate PLUS funds as part of your federal student aid for the year. For help completing this, please see the How to Complete a Direct Graduate PLUS Application section below. How to Complete a Direct Graduate PLUS Application Important: All students must repeat this process for each academic year for which they wish to receive Direct Graduate PLUS Loans. 1. Log into 2. Click the green Sign-In button. If you do not see this button, check your computer s browser settings. You will need the following supported browsers: Internet Explorer 8.0 or 9.0 and Mozilla Firefox Sign in with your SSN, Name, Date of Birth and Federal Student Aid PIN (used on the FAFSA). 20

21 4. Select the Request a PLUS Loan link. You have two options. 5. Select the Graduate PLUS loan type: 6. The next screen will ask you to confirm Personal Information. Click Continue to proceed. 7. Select the Award Year ( ) and then find Adler University in the drop-down menus: 8. Select I want to borrow the maximum Direct Graduate PLUS Loan amount for which I am eligible, as determined by the school. 21

22 You can make adjustments to your aid amounts directly with the Office of Financial Aid but you need to first confirm your credit approval. DO NOT SELECT I would like to specify a loan amount. Remember that your Student Expense Budget is a difficult calculation, and you will need assistance from the Office of Financial Aid to determine your eligibility. Click Continue to proceed. 9. Review Application Information; click Continue to submit your Credit Check. The Office of Financial Aid will import all of your information electronically; we do not need a hard-copy of your Graduate PLUS application. We recommend that you maintain a copy for your personal records. NEED MORE HELP?! Contact the Department of Education s Applicant Services line at (800) between 8am and 8pm Eastern Standard Time, Monday through Friday. Direct Refund Authorization Form The Direct Refund Authorization Form is highly recommended for financial aid recipients as electronic transfer is the fastest way for Adler University s Office of Student Accounts to distribute federal funding. Students not enrolled in direct deposit must wait for a paper check to be mailed to the address we have on file. Any student that would like the most immediate form of financial aid distribution should complete a Direct Refund Authorization form. Current students only need to complete this form once unless they later decide to stop direct deposit or change bank information. Verification Verification is the Department of Education s means of testing the accuracy of the information submitted on FAFSAs and to ensure the integrity of student financial aid programs. Schools are authorized to collect certain documentation for review in order to complete this process. If the information submitted conflicts with the information provided on a FAFSA, schools are authorized, and obligated, to make a correction to the FAFSA before financial aid eligibility can be accurately determined and funds awarded. If selected for Verification, a student s Financial Aid Award Notice will include the following requirements: Verification Worksheet Corrections Release Form A signed copy of your 2014 Federal Tax Transcript Please note that you will not be awarded federal student aid until all verification documents have been submitted. For help on how to request a Tax Transcript, please see the instructions on the following page. 22

23 How to Request a Tax Transcript 1. Log into 2. Click the INDIVIDUALS button, then the link for Tools (see the illustration below). 3. Click the Order a Transcript in the Tools screen (left hand column, second from the top). Make sure to select Tax Return Transcript and request one for the 2013 year. The form will require that you provide your Social Security Number, Date of Birth and Street Address. 23

24 Receiving Your Financial Aid Incoming financial aid money will first be applied directly to your student account (with the exception of work study earnings which are paid directly to students on a semi-monthly basis) Office of Financial Aid receives federal financial aid disbursement from the Department of Education. Office of Student Accounts applies financial aid first to the student s bill. 3. Does financial aid pay the student's entire bill? Yes No Any remaining amount is distributed to the student by 5 th week of the term (direct deposit). The maximum allowable refund check amount for living expenses per term is $9,750. Student must pay remaining bill out of pocket or request an increase of financial aid (may be subject to late fees). If the amount of your financial aid exceeds the cost of your tuition and fees on your bill, you will be issued a refund check for the difference. If the financial aid disbursement does not cover your entire student bill, you are either required to pay the remainder out of pocket or increase your financial aid (please plan in advance to allow for processing time). Thirty days prior to the start of the term, the Office of Financial Aid provides Refund Estimate s after registration for each term to give students the opportunity to adjust their financial aid to cover any previously unaccounted for costs. 24

25 Financial Aid Process Timeline/Deadlines The timeline below provides a brief overview of the financial aid application process and when each step in the process occurs. Please connect directly with the Office of Financial Aid if you have any questions. January 1, 2015 The Free Application for Federal Student Aid (FAFSA) is available online at All students (both incoming and returning) must complete a FAFSA before an official financial aid packet can be issued. Make sure to list Adler University s code (G20681) so that we receive your information with our weekly import. Current students must complete the FAFSA by July 17, 2015 March 2015 The first round of financial aid award notices s will be sent to all eligible students that have submitted a completed FAFSA and who have been accepted to Adler University. April 15, 2015 This is the federal deadline to submit your completed 2014 federal tax return to the IRS. Please maintain a copy for your records. July 17, 2015 (current student deadline) This is the deadline for current students to complete the FAFSA and to submit their financial aid materials in order to allow enough processing time for the federal financial aid for the Fall 2015 term. Current students may be assessed a late payment fee by the Office of Student Accounts if their packet is received after this date. August 07, 2015 (new student deadline) This is the deadline for new students to complete the FAFSA and to submit their complete financial aid packet (both online items and hard copy forms) to the Office of Financial Aid in order to allow enough processing time for the federal financial aid for the Fall 2015 term. 25

26 Financial Aid Satisfactory Academic Progress Policy Satisfactory Academic Progress (SAP) is used to define successful completion of coursework to maintain eligibility for student federal financial aid. The U.S. Department of Education s federal regulations require Adler University to establish, publish, and apply standards to monitor student progress toward completion of a certificate or degree program. If a student fails to meet these standards, they will be placed on a financial aid warning and/or suspension. There are three parts to the Satisfactory Academic Progress Policy: Grade Point Average (Overall GPA) Cumulative Progress (Overall) Timely Degree Completion Students need to comply with all requirements to remain eligible for federal financial aid, as detailed below: 1. Grade Point Average (Overall GPA) The Satisfactory Academic Progress Policy requires that students maintain a minimum cumulative grade point average (GPA) of 3.0 (on a 4.0 scale) in order to remain eligible for federal financial aid. If a student drops below a cumulative GPA of 3.0 they will be placed on a financial aid warning. Once a student is on a financial aid warning, they may continue to receive federal financial aid, but will be expected to meet the minimum standards (3.0 cumulative) in the following term. However, the student will be expected to maintain Satisfactory Academic Progress until the end of the warning term in order to continue to receive financial aid for future terms. 2. Cumulative (Overall) Progress The Satisfactory Academic Progress Policy contains a quantitative component, meaning that students are required to make steady progress toward a degree by completing at least 70% of all attempted credit hours. For example, if a student has attempted 30 credit hours total, then they would be expected to complete at least 21 of these credit hours in order to comply with the minimum quantitative standards (Note: all transfer credits figure into credit hours attempted calculation). If a student does not successfully complete at least 70% of all credit hours attempted, they will be placed on a financial aid warning at the end of the term. Once a student is on a financial aid warning they may continue to receive federal financial aid for the following term. However, the student will be expected to maintain Satisfactory Academic Progress until the end of the warning term in order to continue to receive federal financial aid for future terms. 3. Timely Degree Completion All qualified Psy.D. students receiving federal financial aid are eligible for a maximum of 7 years of federal financial assistance from the initial date of registration. All qualified Master students receiving federal financial aid are eligible for a maximum of 5 years of federal financial assistance from the initial date of registration. All qualified Certificate students receiving federal financial aid are eligible for a maximum of 2 years of federal financial assistance. Students who reach the maximum enrollment limit for receiving federal financial aid would need to file a financial aid appeal. 26

27 Financial Aid Warning and Suspension When a student fails to meet one or more of the Satisfactory Academic Progress requirements, they are placed on a financial aid warning at the end of that term. Once a student is on a financial aid warning they may continue to receive federal financial aid for the following term. However, the student will be expected to maintain Satisfactory Academic Progress until the end of the warning term in order to continue to receive federal financial aid for future terms. Failure to meet the requirements after the warning term will result in a financial aid suspension. Students on a financial aid suspension will have all federal financial aid cancelled for future terms. Once a student's financial aid eligibility has been suspended, notification will be sent to the student stating the reason and the procedure for appealing the decision. Federal financial aid will not be reinstated unless the student s appeal is granted. Financial Aid Appeal Procedure To appeal, a student must submit all required documents listed below within ten days of the date of the notification of warning or suspension that was sent to the student. If no appeal is filed within the ten-day appeal period, the decision becomes final, and the student is not eligible for future appeal. 1. A signed and dated letter to the Director of Financial Aid describing the specific reasons, events, or circumstances that prevented the student from meeting the Satisfactory Academic Progress requirements 2. A Corrective Action Plan to improve Satisfactory Academic Progress 3. Documentation of a discussion between the student and the student s Academic Advisor regarding the Corrective Action Plan (this documentation must be signed by the Academic Advisor). 4. Documentation of an extenuating circumstance (examples include, but are not limited to, student illness, family illness, or death in the family). Once the Financial Aid Appeals Committee has reviewed the appeal and made their determination, the student will be notified via of the decision. The Financial Aid Appeals Committee s decision is final. Students may submit multiple appeals, but the reason or rationale of the appeal must be different than previous Satisfactory Academic Progress appeals submitted by the student. If the Financial Aid Appeals Committee approves the appeal, the student will be eligible to receive federal financial aid for the following term and will be on financial aid probation. When appeals are approved, the committee will require that the Corrective Action Plan be maintained each term. If at any time the Satisfactory Academic Progress policy is not maintained, the student s federal financial aid will be permanently suspended. The Satisfactory Academic Progress Policy applies to students receiving federal student aid through the following programs: Federal Direct Unsubsidized Loan Federal Direct Graduate PLUS Loan Federal Work Study All state and federal military benefits 27