Indian River State College

Transcription

1 Indian River State College Financial Aid Brochure IRSC Financial Aid Eligibility Brochure and Supplemental Financial Aid Application Office of Financial Aid and Veterans Affairs 3209 Virginia Avenue, Fort Pierce, FL Award Year IRSC Federal Code: Financial Aid Office Hours: Main Campus Monday Thursday 8:00 a.m. 6:30 p.m. Friday 8:00 a.m. 5:00 p.m. Dixon Hendry Campus 1 st and 3 rd Tuesday 9:00 a.m. 12:00 noon Mueller Campus Monday Friday Chastain Campus Monday Friday 8:00 a.m. 5:00 p.m. 8:00 a.m. 5:00 p.m. St. Lucie West Campus 2 nd and 4 th Thursday 9:00 a.m. 12:00 noon *Summer hours may differ Eligible Programs of Study Priority Dates Fall 2009: July 17, 2009 Spring 2010: October 16, 2009 Summer I & II 2010: March 12, 2010 The IRSC Financial Aid Office has established Priority Dates. In order to give you timely service, your file must be made COMPLETE by the published priority date (see above) prior to the semester for which you are applying for financial aid. Students who have completed and submitted all required documents by the priority date will be on-time applicants. On-time applicants will be considered for funding in addition to the Federal Pell Grant, until that funding is exhausted. On-time applicants will have their file reviewed before the start of the semester for which they have applied. All Associate and Bachelor Degrees and the following Career Training Certificate, Technical Certificate, and Applied Technology Diploma programs are Financial Aid eligible programs of study. Career Training Certificates (Clock Hour) Administrative Assistant Air Conditioning, Refrigeration, & Heating Technology I & II Applied Welding Technology Automotive Service Technology I & II Barbering Carpentry Commercial Heating & Air Conditioning Commercial Refrigeration Technology Cosmetology Early Childhood Education Heavy Equipment Operations Law Enforcement-Basic Recruit Training Legal Administrative Specialist Medical Assisting Medical Administrative Specialist Patient Care Technician Pharmacy Technician Practical Nursing Precision Metal Fabrication Small Engine Repair Surgical Technology Please drop a copy of your schedule off to the Financial Aid Office for processing. Technical Certificates & Applied Technology Diploma (Credit Hour) Accounting Applications Certificate Aquaculture Technology Certificate Business Management Certificate Child Development & Early Intervention Certificate Kitchen & Bath Design Certificate Landscape & Horticulture Technician Certificate Medical Information Coder/Biller Certificate Nuclear Medicine Technology Specialist Certificate Paramedic Certificate Turf Equipment Applied Technology Diploma Students who do not complete the application process until after the priority dates are still encouraged to apply for financial aid. Keep in mind that students who start the financial aid process after the priority date may have to assume responsibility for the payment of IRSC tuition, fees, and all other costs. During the semester, once the student s file is ready for awarding (if eligible for financial aid) students who have paid their own tuition and fees will be reimbursed (partially or entirely). The entire financial aid process can take up to 10 weeks. Some aid is on a first come first serve basis, so apply early.

2 Financial Aid Checklist Your financial aid file is considered complete and ready for awarding once the following information has been received and reviewed by the Financial Aid Office: A valid Student Aid Report is on file at IRSC. To obtain a valid Student Aid Report, you must complete and send the Free Application for Federal Student Aid (FAFSA) to the Federal Pell Processor. You may use the Internet by logging onto The Federal Pell Processor takes about 4 to 6 weeks to process the application (2 weeks faster if done online). Therefore, if you want your Student Aid Report to be processed before the priority date for any given semester, you should complete and submit the application to the Federal Pell Processor approximately 6 weeks before that priority date. Keep in mind that the FAFSA must be completed every year. Our federal school code is IRSC Supplemental Financial Aid Application. This form is included with this information brochure. Be sure to complete all sections and submit to the IRSC Financial Aid Office. You must be fully admitted to IRSC. You are fully admitted to IRSC when your admission is complete. Your admission status is made complete by submitting an application and residency document to the Admissions Office. You must also submit an official transcript from your high school or scores validating a high school equivalency diploma (GED). If you have attended any college, university or vocational school, you must also submit an official academic transcript from that institution. Questions regarding your admission status may be directed to the IRSC Office of Admissions & Records by calling (772) Students who have not earned a high school diploma or GED or who have received a Certificate of Completion may: Take the CPT test for entrance into our A.A., A.S., A.A.S. and Career Training (clock hour) programs. The following scores are acceptable: Reading (55), Sentence Skills (60), and Arithmetic (34). You must be degree seeking or certificate seeking. The Eligible Programs of Study listing (front cover) indicates all the programs that are currently determined eligible for financial aid by the U.S. Department of Education. You may establish your educational intentions by consulting with an academic advisor in the Student Services Center. Your verification documents. The Federal Government may select your application for a process called verification. If you are selected for verification, you and your parent or spouse must submit a signed copy of each 2008 Income Tax return along with copies of your W-2 form(s). You will also need to complete a Verification Worksheet that the IRSC Financial Aid Office will provide to you. Once the above information has been submitted, your application will then be reviewed to determine your eligibility for aid. Withdrawals and Returning Federal Funds Any student who stops attending or withdraws from all of his or her classes prior to completing 60% of any term and has received any Federal Funds will owe a repayment to the Financial Aid program. Federal regulations will prohibit a student who owes a refund from receiving any further Title IV Aid at any institution until satisfactory arrangements have been made relative to this refund obligation. Title IV Aid includes all Federal Financial Aid programs authorized under the Higher Education Act of 1965 (as amended). The following IRSC Financial Aid sources are part of the Title IV programs: Unsubsidized S t a ff o r d L o a n s, S u b s i d i z e d Stafford Loans, Parent Loans for Undergraduate Students (PLUS), Federal Supplemental Educational Opportunity Grants (FSEOG), Federal Pell Grants, and ACG. Additionally, as a result of the student s withdrawal, IRSC is required to return a portion of the funds on behalf of the student. The amount of those funds are billed to the student in addition to the amount owed to the Federal Title IV program(s). While these funds are owed to IRSC, the student will not be allowed to register for further classes, nor receive transcripts. If you are considering a total withdrawal from your courses, you are strongly encouraged to contact your instructor or a guidance counselor at Educational Services to explore ways you may be able to continue your classes. Unfortunately, there is no clause for extenuating circumstances. In addition to the above rule, if you withdraw from classes (at anytime) and have registered for a special registration class that begins later in the term, your financial aid award will be recalculated based on your new enrollment and you may have to repay funds to the Pell Grant Program.

3 Grants and Work-Study PELL GRANTS are for undergraduate students who have not already earned a baccalaureate (4 year) degree. For the award year, Pell Grants for full-time students enrolled at IRSC can range between $976 and $5,350 for the academic year. In the case of a student who is eligible for a $5,350 grant, the student would receive $2,675 for the Fall Semester and $2,675 for the Spring Semester, if enrolled in a minimum of 12 credits each semester and making Satisfactory Academic Progress (SAP). If you are awarded the Federal Pell Grant, your initial award will be based on your anticipated enrollment status indicated on the Free Application for Federal Student Aid. After the end of the drop/add period, if your actual enrollment is different from your anticipated enrollment, your Pell Grant will be adjusted. Federal Supplemental Educational Opportunity Grant (FSEOG) is awarded to students with the highest level of need. At IRSC, this usually means the money will go to the Pell Grant recipients. In some cases in the summer, FSEOG is awarded to the highest need students who used all of their Pell Grant for Fall and Spring. Unfortunately, the availability of FSEOG dollars at IRSC are very limited. Florida Student Assistance Grant (FSAG) is awarded to students who are Pell eligible. Students must also meet State mandated criteria such as maintain a 2.0 cumulative GPA and complete at least 12 credits each year, if awarded and attending half-time; 18 credits each year, if awarded and attending ¾ time; and 24 credits each year, if awarded and attending full-time. The student s FAFSA must be processed by August 28, 2009 to be considered for this grant. (Funds are limited.) FWS (Federal College Work-Study) dollars are awarded to students with financial need who express an interest in working oncampus under the program. Students may be able to work between 15 and 20 hours per week and earn $7.25/hr. To receive FWS, a student must complete an application for student employment that can be obtained from the Financial Aid Office. Federal Work-Study dollars and jobs are limited; therefore, students who are awarded Federal Work-Study on their award letter are not automatically guaranteed a job. Indian River State College enrollment status for all semesters (summer included) is as follows: Full-Time: 12 credits or more ¾ Time: 9 11 credits ½ Time: 6 8 credits Less than ½ Time: 1 5 credits Students who are awarded grant money will have a bookstore account established approximately three weeks before the start of each semester. Keep in mind that grant money pays for tuition and fees first. If there is sufficient grant money available to establish the bookstore account, then the account will be established. All Aid Awards are Tentative and Subject to Change. Your enrollment status is based only on classes that count toward your degree objective. Changes in enrollment status and cancellation of classes will cause your aid package to change, and in some cases, may cause you to owe a repayment to your funding program. Changes in your eligibility may occur because of corrections or changes to your Student Aid Report as a result of the verification process or other errors made during the application process. Your Financial Aid package is an estimate and is subject to Federal and State funding which may change at any time as a result of changes in legislation and regulations. Some aid awards may be processed prior to complete evaluation of all academic transcripts from previously attended institutions. If a subsequent evaluation reveals that you did not make Satisfactory Academic Progress, aid awarded will be revoked. You will then be responsible for paying your tuition and reimbursing the college for any bookstore purchases charged to your financial aid. The Financial Aid Office will base your Pell Grant award on the number of credits on your schedule after the end of the drop/ add period, regardless of when your classes start during the semester. However, according to Federal guidelines at the time of disbursing checks, we will only disburse funds based on the number of classes that have actually started. Therefore, if you have classes that do not start on the published date, you may receive more than one check over the course of the semester. You may receive an additional check approximately 3 to 4 weeks after the special registration class(es) has started. If you fail to attend a class during the first week, you will be withdrawn from that class and your award will be re-calculated. The tuition charges will still apply for the withdrawn class.

4 STUDENT LOAN INFORMATION REQUESTING A LOAN: Students must request a loan on their Supplemental Financial Aid Application or online. The IRSC Financial Aid Office will initially only process subsidized loans for students. However, if you would like an unsubsidized loan to be processed for your enrollment at IRSC (and are eligible), you must complete the Loan Supplemental Form and submit it to the Financial Aid Office. This form is available on our web site or at the Financial Aid Office. GENERAL INFORMATION: Federal Stafford Loans (student loans) are low-interest loans made to students attending school at least halftime (six credits or 180 clock hours per term). The IRSC Financial Aid Office works with the following lenders to process student loans: AMS, CollEdge, Edamerica, Fifth Third Bank, Regions, SallieMae, SunTrust, and Wachovia,. If your previous lender is not on this list, contact the Financial Aid Office. The maximum amount a student may borrow on the Federal Stafford Loan Program is: $3,500 (freshman), $4,500 (sophomore), and $5,500 (junior or senior in a Bachelor s program). Independent students may borrow an additional $4,000 (freshman or sophomore) and $5,000 (junior or senior in a Bachelor s program) from the Unsubsidized Loan Program. Dependent students may have their parents borrow additional money for them through the Parent Loan for Undergraduate Students (PLUS) loan program. Electronic Master Promissory Note with E-Sign and Electronic Funds Transfer (EFT) are enhancements added to the IRSC loan process to better serve our students. Students can complete and sign their Master Promissory Note (student loan application) online using an electronic signature (e-sign) and they can select the Electronic Funds Transfer (EFT) option. With EFT, the IRSC Financial Aid Office can provide two huge benefits to our loan students: 1) Automatic Fee Payment, and 2) Bookstore accounts. Students who have been awarded a student loan will be directed to go onto to complete and sign their loan application and to complete the required Loan Entrance Counseling. Once IRSC receives confirmation that these two requirements have been met, IRSC will pay for tuition and fees and establish a bookstore account (if sufficient money is available). If you completed a Master Promissory Note (MPN) for the award year, you will not have to complete another MPN (in most cases). Students awarded close to the start of the semester that have not had the opportunity to complete their Master Promissory Note and their Loan Entrance Counseling should stop by the Financial Aid Office to complete a Tuition Extension Form to postpone payment of their classes (bookstore account not included). Balance of loan checks will be mailed approximately two weeks after the end of the drop/add period, if all disbursement requirements are met. First time loan borrowers must wait 30 days after the first day of classes to receive their checks. SATISFACTORY ACADEMIC PROGRESS How your grades (both past and future) can affect your eligibility for Financial Aid. All students applying for Financial Aid must be aware of and adhere to all Satisfactory Academic Progress requirements. All coursework attempted at IRSC and credits attempted from other colleges are included in determining Satisfactory Academic Progress (even if you did not receive Financial Aid for all coursework previously attempted and even if the coursework was taken many years ago). There are three components to Indian River State College s Satisfactory Academic Progress Standards for Financial Aid applicants and recipients. Ø Ø Ø Aid recipients must maintain a cumulative 2.0 GPA. Keep in mind this is a Financial Aid GPA and not your academic GPA. All grades earned are used in calculating the cumulative GPA. (This includes transfer classes and classes that you have taken while not receiving Financial Aid.) Aid recipients must successfully complete 70% of all credits attempted. Aid recipients must complete their degree or certificate within a specified time frame, which is established by enrollment status. A full-time Associate Degree-seeking student is expected to complete their degree within three years and a Baccalaureate Degree-seeking student within 4 to 5 years. You may not receive Financial Aid after you have attempted more than 150% of the hours in your program. For example: The A.A. program is 60 credits, 150% of 60 credits is 90 credits; some Baccalaureate programs are 120 credits, 150% is 180 credits. Note: Total attempted credits includes withdrawals, incompletes, failing grades and unsatisfactory grades (I, W, F and U) from both IRSC and any previously attended institution. In general, students who have attempted more than 90 credits for an Associate in Arts Degree and 180 for a Bachelor s Degree will not be eligible to receive financial aid at IRSC regardless of whether or not those credits were attempted at IRSC. Some Associate in Science Degree programs may have higher credit limits. Certain financial aid programs may have more restrictive guidelines. Information sheets with complete specific guidelines may be obtained at the Financial Aid Office. Students who graduate from IRSC or complete their program of study may no longer be eligible to receive financial aid. Revised 4/

5 Return To: Indian River State College Office of Financial Aid/Veterans Affair 3209 Virginia Avenue Fort Pierce, FL INDIAN RIVER STATE COLLEGE Supplemental Financial Aid Application Academic Year 1. Name: Last Name First Name Middle/Former 2. IRSC Student ID Number: 3. Date of Birth: 4. Permanent Address: Street City State Zip 5. Home Phone: ( ) 6. Cell or Work: ( ) Area Code Area Code Please check here if this is a new address or telephone number. 7. address: Please let us know if you are interested or not interested in being considered for a Federal Student Loan or a Federal Work-Study Job. Information concerning these two programs is provided in the River Aid Brochure. 8. Do you want to apply for a Federal Student Loan? Yes No 9. If you have an outstanding student loan, what is the name of your lender: 10. If this is your first loan, please choose a lender from the list on the back of this form: 11. If you would prefer a different lender, please indicate here: Authorization and Certification: Please read the following carefully. Initial each statement (if appropriate) and then sign below. Authorization: Federal Title IV and state aid proceeds are solely for the purpose of educational costs. Tuition can automatically be paid but other charges such as book charges, library, other fines, or other charges on a student account cannot be paid without the student s authorization. I understand that this authorization can be rescinded at any time by submitting written notice to the Financial Aid Office. I understand that this authorization on the use of funds is not mandatory. Initial Here I hereby authorize Indian River State College to allow me to charge my books at the IRSC Bookstore and deduct the amount purchased from my Federal Pell Grant or any other grant I have been awarded for each term in which I am in attendance at IRSC. I authorize the College to pay my rent to River Hammock out of any further grant balance. I authorize the use of Federal Title IV and state aid proceeds credited to my account for all educational costs as represented on the student account to include tuition, fees, fines, book charges, collection costs, and IRSC Foundation charges or other charges I owe to the College but limited to only those charges shown as accounts receivable in the Business Office. I understand that if I owe the College money and do not pay on time, I will be referred to a collection agency and reported to a credit bureau. If that occurs, I will be responsible for all costs incurred. Student Signature: Date: Certification: I acknowledge that I have read and understand the information contained in the Student Financial Aid Application Information and Eligibility Criteria Brochure and in the IRSC Catalog. I acknowledge that it is my responsibility to notify the Financial Aid Office of all funding I receive from other sources. I certify that as of the date I sign this statement, all information is true and accurate to the best of my knowledge. I understand that I must adhere to the IRSC Satisfactory Academic Progress Standards to gain or retain my eligibility for financial aid. I understand that if I receive any Federal Title IV assistance (Pell, Federal Supplemental Educational Opportunity Grant FSEOG, any Stafford Loan, or PLUS loan), and withdraw or stop attending classes prior to completing at least 60% of the period in which I enrolled, I will owe a refund to the Federal program from which I received funds and/or to IRSC. I certify that I will use any money I receive under State of Florida programs only for expenses related to my attendance/study at IRSC. Student Signature: Revised 4/09 Date:

6 Preferred Stafford Loan Lenders Lender AMS CollEDGE Edamerica Fifth Third Bank Regions SallieMae SunTrust Wachovia Code Stafford Orig. Fee* Key Features** % 1.5% loan credit after 1 st on time payment* (with proof of graduation**) 1.5% loan credit after first 12 on time payments* (with proof of graduation**) 1 st year of 1 st unsubsidized Stafford loan is interest free (applied after 1st on time payment with proof of graduation)** 0.25 percentage point interest rate reduction for automatic debit** % Sky two additional payments with automatic debit % 0.25% interest rate reduction with automatic debit 3% interest rate reduction for students who qualify for the Florida Teacher and Nursing Edloan programs % 0.25% interest rate reduction with auto debit %.50 percentage point reduction for Direct Debit 3% account credit if the borrower makes the first 18 payments on time % 0.25% interest rate reduction with automatic debit % Skip your last 5 payments after making all previous payments on time % Receive cash rebates or apply rebates toward principal balance equaling 3.5% of original loan amount after 24 scheduled payments are made on time using auto debit If you would prefer a different lender, please indicate on the front of this form (question #11). *Percentage of origination fee deducted directly from loan proceeds at disbursement. The origination fee is charged by lenders for processing the loan. **Benefits listed are subject to change. Contact lender directly for current details.