FINANCING YOUR EDUCATION AT DMACC

Transcription

1 FINANCING YOUR EDUCATION AT DMACC Your guide to grants, loans and scholarships

2 INVEST IN YOURSELF Table of Contents Description. 3 4 Federal and State Grants. 5 7 DMACC Financial Resources. 7 8 On-Campus Employment Opportunities 8 Loan Programs Paying Your College Bill. 11 Financial Aid Calendar. 12 Notes. 13 General Financial Aid Checklist. 14 All DMACC two-year degree and diploma programs are financial aid-eligible Many certificate programs are financial aid-eligible State funding is available to assist students in career and vocational programs More than 1,200 students annually receive DMACC scholarships DMACC hires students for its Work-Study programs Financial aid assistance is available to help with daycare costs and transportation Federal low-interest loans are available to help with education-related expenses Families may submit financial aid appeals due to unique family circumstances You can apply and register for classes while financial aid is being processed DMACC FAFSA code:

3 Don t let the myths about financial aid keep you from attending college. Too often, families think they make too much money, so they won t qualify for aid. The reality is that there is no income cutoff for federal student aid. Factors other than income contribute to determining eligibility, from the size of your family to the age of the older parent. Financial aid is determined by a mathematical formula and not income alone. Another myth is that only students with outstanding grades can get financial aid. Not so. As long as a student maintains satisfactory academic progress in his or her program of study, financial aid will help students with average academic records complete their education. We look forward to helping you make one of the best investments of your lifetime... a DMACC college education. Best Regards, Student Financial Aid

4 UNDERSTANDING YOUR FINANCIAL AID Description Your financial aid offer describes the cost of attending DMACC and the financial aid that is available to help you meet expenses. DMACC s Financial Aid office has considered you for all available assistance. If your financial aid award does not show one of the types of aid described here, either: You were not eligible for the financial aid Due to enrollment status, default on a student loan or not meeting standards for Financial Aid Satisfactory Academic Progress or, Funds were no longer available from that source when we received your application. Your financial aid award may be changed if your financial need changes, you receive funding from other sources, or the data on your Free Application for Federal Student Aid (FAFSA) changes. If you are a continuing student, you may receive an electronic notification directing you to review your awards on the Student Web Information System at On the Student Web Information System, you may do the following: Accept Terms and Conditions Review your financial aid award offer Reduce, accept or decline portions of your award offer Complete promissory notes, if requested Complete Direct Loan Entrance Requirements, if requested View your student accounts Check your Satisfactory Academic Progress Check your Federal Student Loan Indebtedness 3

5 Estimated Cost of Attendance The financial aid award offer lists the total estimated cost of attendance, including both direct and indirect costs. We try to use actual costs for full-time tuition and off-campus room and board. Other costs may vary, so we use averages for such items as books and supplies, personal expenses and transportation. Expected Family Contribution (EFC) Your expected family contribution is calculated using a federal formula and is based on information you supplied on your FAFSA. Your expected family contribution is the amount your family is expected to contribute toward your education. Your financial need is calculated by subtracting your EFC from your total cost of attendance. Most financial aid programs are based on your financial need. Other programs will allow you to borrow your family contribution to help you meet your costs. Verification Your FAFSA may be selected for verification of the information submitted. If we indicate that a Verification Form is needed, you must submit online along with the appropriate federal tax documents as outlined on the form. Financial aid cannot be released until the verification process is complete. Satisfactory Academic Progress To maintain eligibility for financial aid programs, you must complete 67% of all attempted credits each term and earn a minimum cumulative grade point of 2.0. You may lose eligibility for financial aid after you have attempted 96 credits. Gift Aid Gift aid, such as scholarships and grants, does not have to be repaid. Amounts shown on your financial aid award offer are for full-time enrollment and may be reduced if you are registered for fewer than 12 credits. Eight credits is full-time during the summer term. 4

6 5 Federal and State Grants The following is a description of what you may be eligible for: Federal Pell Grant The Federal Pell Grant is for undergraduates working toward their first Bachelor s degree. The amount of Pell Grant is based on your Expected Family Contribution (EFC). Maximum annual Pell award is $5,775. Federal Supplemental Educational Opportunity Grant (FSEOG) The Federal Supplemental Educational Opportunity Grant is awarded to high-need students who also qualify for the Pell Grant. Students who file their FAFSA prior to April 1 are considered for the FSEOG award. The maximum FSEOG award is $500. Federal TEACH Grant Grant assistance is available for students who intend to teach in a public or private elementary or secondary school that serves students from low-income families. Maximum amount per year is $4,000. Students who file the FAFSA, have met the academic achievement requirements and sign a TEACH Grant Agreement to serve are eligible. This grant does not need to be repaid if the required teaching service is completed; if not completed, this will need to be repaid as an unsubsidized loan. Student must be enrolled in the program. Iowa Grant The Iowa Grant is available to Iowaresidents only. Maximum grant award is $500 per semester. Award amounts are based on number of credits in which the student is enrolled and financial need. This grant is not available during the summer term. Iowa Vocational Technical Tuition Grant (IVT) IVT Grants can range from $300 to $1,200 for a full academic year. Award amounts are based upon the Expected Family Contribution and the number of credits in which the student is enrolled. The Kibbie Grant The Kibbie Grant Program provides need-based financial assistance to Iowa residents enrolled in career education (career-technical) and career option programs at Iowa community colleges. Grants for full-time students are designed to cover one-half of the average tuition and mandatory fees at Iowa community colleges, depending on financial need and available funds, and are used to cover tuition and fee charges. More information on

7 this new program can be found at GEAR UP Scholarship Program The Gaining Early Awareness and Readiness for Undergraduate Programs (GEAR UP) Scholarship is a statewide non need-based scholarship program that assists students in the GEAR UP Iowa cohort with the cost of postsecondary education. The GEAR UP Scholarship recipients are eligible to receive maximum award of $2,600 for academic year The full-time GEAR UP Scholarship award is $1,300 per semester. Awards may not exceed cost of attendance. The All Iowa Opportunity Scholarship The All Iowa Opportunity Scholarship is a state-funded program that provides scholarships to students who do well in high school and demonstrate financial need. Applicants must complete the FAFSA. The All Iowa Opportunity Scholarship is administered by the Iowa College Student Aid Commission. To qualify, a student must: Be an Iowa resident who begins his or her initial period of enrollment at an eligible Iowa college or university within two academic years of graduation from high school Be an Iowa high school graduate who graduated from high school with at least a 2.5 cumulative grade point average (GPA) on a 4.0 grade scale or its equivalent Enroll for at least 3 semester hours, or the trimester or quarter equivalent, in a program leading to an undergraduate degree from an eligible college or university Must complete the Iowa Financial Aid Application Have Expected Family Contribution (EFC) of $7,885 or lower 6

8 7 Funding for Foster Care Youth/Education and Training Voucher Programs The Iowa College Student Aid Commission administers the Foster Care Youth Programs. Students who are in foster care, were in foster care, or were adopted from foster care after their 16th birthday may be eligible to receive assistance to help cover the costs of a college education or job training. For qualifying applicants, the award amount will be based on financial need and the program for which one qualifies. Up to $5,000 per year in federal funding is available through the Education and Training Voucher (ETV) Program. State funding, up to the full cost of attendance less other financial aid received, is available through the All Iowa Opportunity Foster Care Grant program. To Qualify, a recipient must: Be an Iowa resident Have a high school diploma or a general equivalency diploma (GED) Be between 18 and 23 years of age or Be in foster care, have been in foster care, or have been adopted from foster care after his/her 16th birthday DMACC Financial Resources DMACC Grant This college grant is for undergraduate students who show financial need. The FAFSA must be filed prior to June 1 to be considered for this award. The maximum award is $300. Scholarships Scholarships are awarded on the basis of achievement, although many also require that you have financial need. Scholarships will be divided equally between fall and spring semesters unless the donor instructs us to do otherwise. DMACC s Foundation Office, in collaboration with the Student Financial Aid Office, selects scholarship recipients each year. You may apply for DMACC Foundation scholarships at

9 Loans Loans are funds you must repay. You have been considered for all loan types and awarded loans for which you have eligibility. The amount listed on your financial aid award offer may be a recommended amount. You may be eligible to request more. Please read the loan information to determine your maximum award. You may decline or reduce any loan amount awarded. You will remain eligible to apply at a later time, if necessary, for the Federal Direct Stafford Loan, Federal Direct PLUS Loan and private loan programs. DMACC participates in the Direct Lending Program through the U.S. Department of Education. You will not be required to find a lender for your Stafford (Direct and Direct PLUS) Loans. On-Campus Employment Opportunities There are part-time employment opportunities available for students, both on-campus and off-campus. Students who secure part-time jobs gain valuable experience to aid in job placement after graduation. Part-time employment can also help reduce loan indebtedness. Students working on-campus may work a maximum of 20 hours per week during the academic year. Your paycheck can be directly deposited into your bank account. Payroll is processed twice per month. Federal College Work-Study Work-study positions provide hourly employment for undergraduate students with financial need, as determined by filing the FAFSA. Funding for this program is limited. Your award represents the maximum amount of college work-study dollars you may earn. The amount you actually earn will depend on the number of hours per week that you work and the hourly wage you are paid. The current wage is $8.25 per hour. DMACC employers offer students flexible work schedules on-campus. You may have the opportunity to work in an area related to your major, as well as other positions that can benefit you after graduation. If you have been offered College Federal Work-Study, please accept or decline the offer online on your E-Award notification. 8

10 Loan Programs William D. Ford Federal Direct Loan Program These student loans are obtained through the U.S. Department of Education by filing the FAFSA. If you have been awarded the Federal Direct Subsidized or Unsubsidized Stafford Loan, you must complete an Electronic Master Promissory Note if instructed to do so. The Master Promissory Note is valid throughout your enrollment at DMACC. Federal Direct Subsidized Stafford Loan The interest on this need-based loan is paid by the federal government as long as you remain in school at least half-time. The current interest rate is 4.66%. Loan repayment begins six months after you graduate or drop below half-time enrollment. Federal Direct Unsubsidized Stafford Loan The interest on this non-need-based loan accrues from the time the loan is disbursed until paid-in-full. The current interest rate is 4.66%. You may pay the interest while you are in school, or it will be added to the principal balance of the loan when you enter repayment. Loan repayment begins six months after you graduate or drop below half-time enrollment. Federal Direct PLUS (Parent Loan for Undergraduate Students) The Federal Direct PLUS Loan is for parents of dependent students and is subject to credit analysis. A parent may borrow up to the amount of the student s cost of attendance less any other financial aid. The interest rate is fixed at 7.21% Interest accrues from the time the loan is disbursed until the loan is paid-in-full Borrower repayment begins 60 days after the loan has been disbursed-in-full 9

11 Parents whose Direct PLUS Loan is fully disbursed on or after July 1, 2008, have the option of beginning repayment on the PLUS loan either 60 days after the loan is fully disbursed or not until six months after the dependent student on whose behalf the parent borrowed ceases to be enrolled on at least a half-time basis (deferment option) Filing the FAFSA is required for this loan. Private Loan Options Private loans are offered by outside lenders to supplement the federal loan programs. These loans require a separate application, which is submitted directly to the lender. You must meet the lender s credit criteria to qualify. Interest rates and repayment terms are set by the lender. We require you to complete the FAFSA first before applying for private loans. Financial Aid Award Offer Short Checklist Complete an electronic Master Promissory Note (MPN) if you wish to borrow through the Federal Direct Subsidized or Federal Direct Unsubsidized Stafford Loan Program. (Note: Only complete the MPN if requested to do so.) If you wish to borrow through the Federal Direct PLUS Program, see page 9. If directed to do so, submit the DMACC Verification Form and an IRS Federal Tax Return Transcript to our office. The Verification Form may be submitted online to the Financial Aid Department at our online forms site. The IRS Federal Tax Return Transcript may be submitted via fax at or you may scan the signed IRS Federal Tax Return Transcript and send it as an attachment to finaid@dmacc.edu. You may also mail the IRS Federal Tax Return Transcript to DMACC Student Financial Aid, 2006 South Ankeny Blvd., Ankeny, IA Make sure DMACC always has a correct mailing address for you. You may update your address at the Student Web Information site. 10

12 Paying Your College Bill You will receive your financial aid in installments, normally half for fall semester and half for spring semester. Disbursement dates are located on our website. When your bill to DMACC is paid-in-full, any excess financial aid is refunded to your ATM/HigherOne Card account for other education-related costs, including off-campus living expenses. Excess funds may be deposited into your account only after you sign up for the HigherOne Card at Any excess funds for the Federal Direct PLUS Loan will be mailed to your parent unless your parent authorizes us to release the money to you. Payment Options Your DMACC bill is available to view on the Student Web Info System. The following payment options are available: Option 1 Pay Bill-in-Full Pay the entire amount by the due date listed on your DMACC bill. If your financial aid pays the entire bill, any excess cash will be refunded to you. If financial aid pays a portion of the bill, you should pay the balance by the due date. Option 2 Deferred Billing Plan The Automatic Payment Plan is available online at The plan is a monthly payment plan with flexible payment options and no interest charges. Payment methods are by automatic bank payment (ACH) or credit/ debit card. Payments are processed on the 5th of each month and will continue until the balance is paid-in-full. 11

13 Financial Aid Calendar (for Fall Term Enrollments) January/February/March Early Completion of the Free Application for Federal Student Aid (FAFSA). April/May/June Early award offers are mailed for the upcoming school year. Accept Terms & Conditions. Accept Award Offer. Enroll for Admission and Register for classes. Make sure your award appears on your Student Web Information System. July Arrange for payment of fall semester fees. If you choose the deferred payment plan, the minimum payment is due. Check your DMACC bill for the Payment Option you chose. Returning students on financial aid academic suspension for the first time may submit a Satisfactory Academic Progress Appeal for fall term. August Your financial aid will be authorized to your DMACC Student Account. Check for job postings at www. dmacc.edu/student_services/ jobplacement/workstudy.asp. September Your financial aid will be credited to your DMACC Student Account. Financial aid in excess of tuition and other DMACC charges will be sent to your ATM via HigherOne Card at (mid-september). Non-Attending Reports due from instructors for students who have never attended classes. October/November Midterm Quit-Attending Report for students who have quit attending classes. Register for spring term classes. Spring term aid credited to your account for spring semester; prepare to complete and submit (in January) the FAFSA prior to the early April 1 priority date for the next school year. 1112

14 13 Notes

15 General Financial Aid Checklist Complete the Free Application for Federal Student Aid (FAFSA) form anytime after January 1. The FAFSA can be filed on the Internet at the following website: To request a paper copy of the FAFSA, call the Federal Processing Center at The FAFSA application is also used to determine eligibility for student loans. Within 3 5 days after submitting your FAFSA electronically, you will receive a Student Aid Report (SAR) from the U.S. Department of Education confirming the information you reported on your financial aid application. NOTE: Career/Vocational students filing deadline for the Iowa Vocational Technical Tuition Grant and Kibbie is July 1. Examples of some forms you might be required to submit include, but are not limited to: IRS Tax Return Transcript, Verification Form, Missing Signature Form, and Asset Information Form. If you are selected for verification, you will be required to turn in a signed copy of a Federal IRS Tax Return Transcript or link to the IRS via the FAFSA online. Your financial aid information will be processed after all of your documents are received. Failure to submit the required documents will result in you not receiving federal financial aid. You will receive a financial aid award offer with a packet of information either by or regular mail. A William D. Ford Direct Student Loan may be processed through the DMACC Financial Aid Office. You will be able to accept or decline your loan offer online. Please review the SAR for accuracy and, if changes need to be made, go online to Sign in, choose make a correction or change and submit your corrections. DMACC will receive your FAFSA within 7 10 days after it is processed. You will be sent an initial information letter from DMACC s Financial Aid Office. Please fill out all forms completely and submit the requested information immediately. If you are a new student to DMACC, go to and click Sign In, then fill out the Loan Entrance Counseling form. You may also need to complete the Direct Loan Master Promissory Note. 14

16 Campus contacts Ankeny Campus ext or Boone Campus ext or 5023 or Carroll Campus ext or Newton Campus ext or Urban/Des Moines Campus ext or West Campus ext or 2411 or Check us out on ANKENY Boone Carroll Newton Urban/Des Moines West Des Moines DMACC Center for Career & Professional Development at Southridge DMACC Transportation Institute DMACC Career Academy, Hunziker Center, Ames Evelyn K. Davis Center for Working Families DMACC at Perry VanKirk Career Academy Capitol Medical Office Building Nondiscrimination Policy: Des Moines Area Community College shall not engage in or allow discrimination covered by law. This includes harassment based on race, color, national origin, creed, religion, gender, sexual orientation, gender identity, age, disability and genetic information. Veteran status in educational programs, activities, employment practices, or admission procedures is also included to the extent covered by law. Individuals who believe they have been discriminated against may file a complaint through the College Discrimination Complaint Procedure. Complaint forms may be obtained from the Human Resources Department, the campus Provost s office, or the EEO/AA Officer. Persons who wish additional information or assistance may contact the EEO/AA Officer, Human Resources, Bldg. 1, For requests for accommodations, the Accommodation/Section 504/ADA Coordinator can be contacted at XXXX