Watch for Penmen Financial Tips for important information.

Transcription

1 Watch for Penmen Financial Tips for important information. Financial Aid Handbook

2 Table of Contents 1. One Stop 2. SNHU Financial Aid Programs 2.1. Scholarships 2.2. Grants 2.3. Federal Student Loans 2.4. Alternative Student Loans 2.5. SNHU Student Employment 2.6. Third Party Billing and Payments 2.7. NHCUC/CIC Consortium 2.8. Veterans Benefits 3. Applying for Financial Aid 3.1. Determine your Eligibility 3.2. Apply for a Federal Student Aid PIN 3.3. File the FAFSA (Free Application for Federal Student Aid) 4. Determining a Student s Financial Need 4.1. Cost of Attendance (COA) 4.2. Expected Family Contribution (EFC) 5. Financial Aid Process 5.1. After your FAFSA is submitted 5.2. Receive and review your Student Aid Report (SAR) 5.3. SNHU and the awarding of Financial Aid 5.4. Notification of your Financial Aid Award 5.5. Appeal of your Financial Aid Award 5.6. Completing Promissory Notes and Entrance Loan Counseling for your Federal Student Loans 5.7. Disbursement of Financial Aid 5.8. Credit Balance Refunds and Financial Aid 6. Satisfactory Academic Progress (SAP) for Financial Aid 6.1. Qualitative Standards 6.2. Quantitative Standards 6.3. Review of Satisfactory Academic Progress 6.4. Enforcement 7. Enrollment Requirements to Receive Financial Aid 7.1. Withdrawals and the Impact on Financial Aid 7.2. Return of Federal Loans and Grants (Title IV Funds) 8. Title IV (Student Aid) Code of Conduct 9. Glossary 10. Important Financial Aid and One Stop Dates and Deadlines 11. Financial Aid Checklist 12. Contact Infomation

3 1. One Stop One Stop is the place for all of your financial aid, billing and administrative student needs. The One Stop partners with students and families to identify, educate, and award the best resources available so you can focus on experiencing a dynamic and exciting SNHU education. 2. SNHU Financial Aid Programs 2.1 Scholarships SNHU Merit Scholarships New students applying to the undergraduate day program are automatically considered for merit-based, renewable grants and scholarships. No separate application process is required for the scholarships below: SNHU Presidential Scholarship SNHU Academic Scholarship Phi Theta Kappa Transfer Scholarship Honors Program Scholarship Future Business Leaders of America (FBLA) Scholarship DECA Scholarship Skills USA Scholarship At time of admittance to SNHU, you will receive a letter from the Office of Admissions. Within this letter, you will be informed of what scholarship you have been awarded and the requirements to maintain eligibility for your award. Other Scholarship Programs Other Scholarship programs for SNHU students include: Alumni Family Scholarship Athletic Scholarship Program Resident Assistant Scholarship Program Women s Faculty Scholarship More information about these scholarship programs can be found by visiting the SNHU website at Never pay to submit a Scholarship Application. Applying for scholarships is free. Your chances will not increase if you pay for a scholarship application service. SNHU Named & Endowed Scholarships Southern New Hampshire University s named and endowed scholarships are available through the generosity of alumni and friends of the SNHU community. These scholarships are based on academic performance or financial need or both. To be considered for a named and endowed scholarship, you must apply with SNHU. In January, applications for these scholarships will begin to be accepted by the One Stop. Completed applications are due by the middle of March. Official application deadlines and application instructions will be ed to your SNHU account in January. A scholarship committee will meet to select the recipients for these scholarships. The scholarship committee selects candidates that best meet the requirements of the specific scholarship. Outside Scholarships Many high schools, community organizations, private agencies and donors offer scholarship opportunities to students who demonstrate scholastic merit or meet other specific eligibility criteria. You must find and apply separately for these outside scholarships If you are awarded an outside scholarship, send us a copy of the specific scholarship award (letter from organization, high school, or agency). Financial Aid will then review to determine if this award will have any impact on the current award. 2.2 Grants Federal Grant Programs Federal Pell Grant The Federal Pell Grant ranges from $555 to $5550 per year. Applicants must be enrolled in an undergraduate

4 degree program and not already have obtained a baccalaureate degree. Student eligibility and grant amounts are determined by the U.S. Department of Education based on the results of the FAFSA but may vary based on enrollment status (i.e., full time or half time). FSEOG (Federal Supplemental Educational Opportunity Grant) The FSEOG is a campus-based federal grant program with awards ranging from $200 to $1,200 per year, depending on demonstrated need and availability of funds. Grants are awarded to students with exceptional financial need, and typically to students receiving Federal Pell Grants. State Grant Programs Amounts may vary based on enrollment and are subject to change based on availability of funds at the state level. Also, New Hampshire has an agreement with Maine, Vermont, Massachusetts, Rhode Island, Connecticut and Pennsylvania through which residents of those states may be eligible for state aid for attendance at a post-secondary institution in New Hampshire, including SNHU. Please take note of your state s application deadline for State Grants on the FAFSA website. SNHU Grant Programs SNHU Need Based Grants Southern New Hampshire University Need Based Grants are based on demonstrated financial need as determined by the FAFSA (Free Application for Federal Student Aid) and are available for full-time undergraduate day students. Awards range from $500 to $12,000 annually. SNHU Sibling Grant The Southern New Hampshire University Sibling Grant consists of $2,500 per academic year when two sibling students are attending Southern New Hampshire University concurrently on a full-time basis from one family. Each student will receive $1,250 per year. This applies only to siblings enrolled full-time in the Undergraduate Day program. New Hampshire has an agreement with Maine, Vermont, Massachusetts, Rhode Island, Connecticut and Pennsylvania through which residents of those states may be eligible for state aid. 2.3 Federal Student Loans Direct Stafford Loans Direct Stafford Loans are awarded to students based on their grade level and academic standing. There are two types of Stafford Loans. A subsidized Stafford loan is based on financial need where an unsubsidized Stafford loan is not based on financial need. These are guaranteed student loans in the student s name and do not require credit approval. You will not be required to begin repayment on either of these federal student loans until you have been out of school or are not enrolled at least halftime for a period of six months. Annual Dependent Loan Limits Total Subsidized Unsubsidized First Year (0-29 credits) $5,500 $3,500 $2,000 Second Year (30-59 credits) $6,500 $4,500 $2,000 Third Year on* (60+ credits $7,500 $5,500 $2,000 *Must be enrolled in a bachelor degree program Annual Independent Loan Limits Total Subsidized Unsubsidized First Year (0-29 credits) $9,500 $3,500 $6,000 Second Year (30-59 credits) $10,500 $4,500 $6,000 Third Year on* (60+ credits) $11,500 $5,500 $6,000 Graduate $20,500 $8,500 $12,000 *Must be enrolled in a bachelor degree program Federal Perkins Loan The Perkins Loan is a federally-subsidized (no interest while in school), fixed low interest (5%) loan that is offered to full-time undergraduate day students depending on demonstrated need and availability of funding.. Repayment begins nine months after the student ceases to be enrolled at least half-time. Full disclosure of the terms of the loan is provided on the Perkins Loans Master Promissory Note. Federal PLUS Loans for Parents The Federal PLUS Loan for parents is for parents to help pay for the cost of their son or daughters education after high school. To receive approved Parent PLUS Loan funds, an electronic Master Promissory Note must be submitted and approved by the Direct Loan Servicer, the Department of Education. The PLUS Loan Master Promissory Note is a multi-year note designed to cover the maximum loan amount your parent chooses to borrow for all years of your undergraduate enrollment at SNHU. Your parent will receive a disclosure statement each year identifying the exact amount disbursed.

5 If a parent is denied, first and second year students (up to 59 credits) will be eligible for $4, in an unsubsidized Stafford Loan. Third and fourth year students (59 credits and above) would be eligible for $5, Federal PLUS Loans for Graduate Students Graduate and professional degree students are eligible to borrow under the PLUS Loan Program up to their cost of attendance minus other estimated financial assistance in the Direct Loan program. The terms and conditions applicable to Parent PLUS Loans also apply to Graduate/Professional PLUS loans. Applicants for these loans are required to complete the Free Application for Federal Student Aid (FAFSA). You must have also applied for your annual loan maximum eligibility under the Federal Subsidized and Unsubsidized Stafford Loan Program before submitting an application for a PLUS Loan for Graduate Students. 2.4 Alternative Student Loans Need based grants are reviewed and renewable annually and require a submitted FAFSA. Alternative student loans are private education loans through a private lender to help finance the unmet cost of attendance at Southern New Hampshire University. It is recommended that you apply for financial aid by completing the FAFSA before applying for an alternative student loan. Approval and interest rates are based on the credit worthiness of the student borrower and cosigner and vary from lender to lender. You should exhaust all federal, state and university options including the PLUS loan Program for Parents and Graduate Students before borrowing an alternative student loan. Alternative student loans are not federally guaranteed and have less favorable terms and conditions. Alternative loans also carry a variable interest rate with no cap. Alternative student loan processing, from applying with the lender to the time when funds credit to your account, can take 4-6 weeks. It is highly recommended that you apply for an entire year's worth of funding at one time; otherwise it will take 4-6 weeks every time you apply. 2.5 SNHU Student Employment Students should exhuast all federal, state and university options, including the Federal Parent PLUS Loan and Federal Graduate PLUS Loan before borrowing an alternative student loan. Federal Work Study & Community Work Study Federal work study & community work study positions are subsidized by the Federal Government and awarded by SNHU based on financial need. Work study award amounts vary and only those that have been awarded work study (as indicated on your financial aid award) are eligible to apply for work study positions. Community work study opportunities are also available with local non-profit organizations. If you have been awarded work study, you will not be placed in a position. Like any other job, you must research the position, apply for a job that interests you, be granted an interview with the hiring manager, and get hired. University paid positions come directly from the university s budget and are open to any student that meets SNHU s employment eligibility requirements. These positions are extremely limited. SNHU holds an annual campus employment job fair before classes begin in September for both work study and university paid positions. Working Papers: After you are hired, you will need to complete working papers before you can start working. The following original and unexpired documents are needed to process working papers: Social Security Card or Birth Certificate AND a valid photo ID or a United States Passport More information about Student Employment Students average 8-10 hours per week, the maximum is 20 hrs per week. Employers will schedule students around their course schedule The pay range: Minimum wage to $1 above minimum wage Students will receive a bi-weekly pay check and can sign up for direct deposit

6 The Career Development Center provides online and in-person resources for students seeking all types of employment, including off-campus part-time employment opportunities. These services include: Resume, cover letter, and portfolio development Interviewing skill development CareerShift (your online job search resource and organizer) SNHU Recruit (your online database of job and internship postings) Career and major exploration, networking, and informational interview guidance Check out the Career Development Office on the web at to learn about all the Career Development resources. 2.6 Third Party Billing Check with your full-time employer to see what educational benefits may be available to you. Third party billing is when a third party (employer, etc) after authorization, will be billed directly from SNHU for your Tuition Expenses. Students eligible to participate in the third party direct billing, must submit a voucher/ letter or military tuition assistance form to One Stop or appropriate center. Payment is due within 30 days of the billing, finance charges are waived upon confirmation of the approved authorization. Student reimbursement based upon satisfactory completion of the course and grades are not subject to third party billing. Tuition Reimbursement Tuition payments are your responsibility. You initiate the reimbursement process by submitting your grades to your employer. Company reimbursement students are not exempt from finance charges. You will need to notify the financial aid office if you are receiving tuition reimbursement as it might change your Financial Aid Award. Course and grades are not subject to third party billing. 2.7 NHCUC/CIC Consortium Tuition benefits may be available to dependents of students who work in a NHCUC or CIC member institution. 2.8 Veteran's Benefits SNHU is approved for the education of veterans and other eligible persons. A full-time academic load at SNHU, two courses per each eight-week undergraduate term or two courses per eleven-week graduate term, qualifies you for full-time VA benefits. To maintain a full-time status, you must take courses per your degree plan. The only exception is the last term before graduation. If you are a new veteran student, you should select your degree program, complete an application online and submit the following documents to SNHU, and matriculate as soon as possible. Per the VA s certification regulations, a nonmatriculated student will not be certified for educational benefits after two terms of attendance. SNHU Online Undergraduate Application or SNHU Online Graduate Application Official SMART or college and high school transcripts Copy of DD-214 and any service school data including SMART transcripts VA application for benefits is available online at: If you are enrolling under the Montgomery GI Bill for the first time, it could take up to three months before you receive your first check. If you transfer from another institution where you had been using VA benefits, make sure the institution notifies the VA of your effective date of termination. If you were approved for the GI Bill and have not used your benefits, you need to complete a VA form (Application for Benefits) and send it to the VA with a copy of your DD-214 and NOBE. If you have used the GI Bill at another institution, you will also need to complete VA The VA requires strict compliance with several regulations, including maintaining satisfactory academic progress and notification of any changes in status such as withdrawal from a course. It is your responsibility to be aware of all VA regulations that affect your educational program.

7 3. Applying for Financial Aid at SNHU 3.1 Financial Aid Eligibility Requirements To be eligible for Financial Aid, you must: Be a U.S. citizen or eligible non-citizen Have a valid Social Security Number Be registered with Selective Service if required Not be in default of any federal student aid funds Be enrolled at least half time in a degree program Maintain satisfactory academic progress 3.2 Apply for a Federal Student Aid PIN The Federal Student Aid PIN is used to e-sign the Free Application for Federal Student Aid (FAFSA) and in subsequent years, a Renewal FAFSA. You can also to use the Federal Student Aid PIN to e-sign your Direct Loan Master Promissory Note, and accessing various federal educational sites (such as the National Student Loan Database your Direct Student Loan Account). Parents of dependent students must also obtain a Student Aid PIN in order to e-sign the FAFSA. 3.3 File the FAFSA You should complete the FAFSA application each year after January 1 and prior to March 15. This will ensure that you receive the optimum consideration for limited financial aid resources. If you submit your application after March 15, you will still receive all federal and state funding that you are eligible for and you will be awarded institutional aid as funding permits. Financial Aid Application Tips: Apply before the priority date of March 15 of every year Use your previous year Federal tax information (IRS) If you haven t filed your current year taxes by the priority date, estimate your current tax year tax information. After you file, you must correct the information on the processed FAFSA Apply online at If you believe your information is incorrect, you can fix any mistakes by correcting them electronically on your FAFSA. SNHU s School Code: Priority Filing Date: March Determining a Student s Financial Need 4.1 Cost of Attendance (COA) The COA is referred to as the student budget, and includes both the direct and indirect costs for your education. Direct costs consist of tuition, room, board, and applicable fees. Whereas indirect costs include other important educational expenses such as books, personal expenditures, and transportation. Indirect costs are determined by the One Stop and are based on regional and national averages. 4.2 Expected Family Contribution (EFC) The Expected Family contribution (EFC) is the minimum amount of money that your family is expected to be able to contribute to the student's education, as determined by the Federal Methodology need analysis formula approved by Congress. The EFC is calculated by results that are reported on the FAFSA. Financial Need The difference between the COA and the EFC is the student's financial need, and is used in determining the student's eligibility for need-based financial aid. The COA is subtracted by the EFC. This equals a student s Financial Need. SNHU creates Financial Aid Awards based on a student s financial need. Need based financial aid consists of Federal Need Based Grants, Subsidized Stafford Loans, the Federal Perkins Loan, Federal Work Study, and the SNHU Need Based Grant.

8 5. The Financial Aid Process at SNHU 5.1 After the FAFSA is submitted When the FAFSA is submitted, you will receive an with a submission confirmation number from the federal processor. You will also receive an verifying that your application was processed and that it has been submitted to the schools you listed on your FAFSA. When your FAFSA application is submitted, it will be verified by a series of federally mandated data matches (Social Security Number, date of birth and name information, Selective Service Status, INS status, citizenship status and default information). If any information is flagged, known as Federal c-flags, SNHU will be required to contact you to clear the c-flag. This process of clearing a c-flag must be completed before a financial aid award is created. 5.2 Receive and review your Student Aid Report Your SAR summarizes the data from your FAFSA and indicates your official Expected Family Contribution. You ll receive one of the following within a few days (if you filed your FAFSA electronically) to four weeks (if you mailed a paper FAFSA): Student Aid Report (SAR), if you applied using the paper FAFSA and did not provide a valid address; or SAR Information Acknowledgment, if you applied using FAFSA on the Web but did not provide a valid address; or An with a secure link to access your SAR online, if you provided a valid address when you applied. Review your SAR Carefully After receiving your SAR, carefully check it for mistakes. Compare the information listed on the SAR to a copy of your FAFSA, since the Estimated Family Contribution (EFC) listed on your SAR will determine the amount of financial aid you may be eligible for. Selected for Verification If your report has been selected for verification, page one of the SAR will have a message that states you will be asked by your school(s) to provide copies of certain financial documents. This means that SNHU is required by the U.S. Department of Education to request supporting financial documentation to verify that the information you reported on your FAFSA is accurate. Selection for Federal Verification is a random process. Thirty percent of all FAFSA applicants are selected for federal verification. SNHU will not finalize financial aid awards until the federal verification process is completed. The federal verification process can take 2-4 weeks to complete. Instructions on what documents to submit will be ed to your SNHU address (or if you are newly admitted, the address that you provided at the time of admission). If you are under 24, not married, don t have dependents of your own, and are working towards an undergraduate degree, you are considered a dependent student for Financial Aid purposes (even if you don t live with your folks). 5.3 SNHU and the Awarding of Financial Aid Financial Aid awards are created for students upon time of being officially accepted and matriculated into a degree seeking program. 5.4 Notification of your Financial Aid Award New Student All new students will receive a paper copy of their award letter. You can use the Award Guide found at for details about the about your award. Returning Student Returning students will receive an when your award is available to view on mysnhu. 5.5 How to Accept or Reject your Financial Aid If you are a new student, an award letter will be mailed to you. You only need to return if you choose to decline any portion of your award. Make sure you follow the steps on the award letter. These steps will ensure that your financial aid is processed.

9 If you wish to decline any part of your student loans you will need to notify our office in writing. Crossing a line through the undesired amount on your paper award letter or submitting a signed statement indicating the amount of student loans you wish to decline or reduce is all that is required. Your student account reflects the charges and payments of your Southern New Hampshire University expenses. 5.6 Completing Master Promissory Notes and Entrance Loan Counseling for your Federal Student Loans Direct Stafford Loan Master Promissory Note All SNHU students who wish to receive federal Stafford student loan must sign a Direct Stafford Loan Master Promissory Note and complete Stafford Entrance Loan Counseling. The Direct Loan Master Promissory Note (MPN) is a multi-year note. Typically students will only be required to sign the MPN once during their academic career at SNHU. This Master Promissory Note can be completed by visiting the Direct Stafford MPN page at Direct Stafford Loan Entrance Loan Counseling First time borrowers of Stafford Loans are required to complete Entrance Loan Counseling before the disbursement of any Stafford Loan Funds. Loan Counseling is designed to educate you, the student loan borrower, of your rights and responsibilities to Federal Student Loans. To complete entrance loan counseling, visit If the Direct Loan MPN and ELC is not complete while you are enrolled, SNHU will be unable to credit your eligible Stafford Loans to your account. You will also not be able to register for an upcoming term or semester. Perkins Loan Master Promissory Note and Entrance Loan Counseling IF you have been award a Perkins Loan, Information about how to sign your Perkins MPN and complete Perkins Loan Entrance Loan Counseling will be sent to your SNHU account. Like the Stafford Loan MPN, the Perkins MPN is a multi-year note. Before SNHU can credit Perkins funds to your Student Account, you will need to complete Entrance Loan Counseling and complete the Perkins Loan MPN. 5.7 Appeal of your Financial Aid Award One Stop awards its best offer based on the information received from the Free Application for Federal Student Aid (FAFSA). Students and parents may request an appeal of the student s financial aid award if there has been extenuating circumstances resulting in a significant change (10% or more) to the total family income since the previous year s income. Students/families must meet one of the criteria for extenuating circumstances in order to be considered for a review. Unusual medical or dental expenses, not covered by insurance. (Prescription and doctor s office co-pays, routine eye and dental exams will not be considered as unusual expenses for appeals). A parent, student or student s spouse has had a significant loss of income in 2010 or 2011 due to a period of unemployment, change of jobs, death in the family, non-reoccurring income (i.e., loss of IRA or other pension distributions), divorce or separation, or going from full-time to part-time employment). Home repairs, car repairs, credit card debt, weddings, and/or other life expenses will not be considered as unusual expenses for an appeal. To move forward with an appeal of your financial aid award, please submit a letter of circumstances explaining how your financial situation has changed from the previous year. SNHU will decide to move forward with your appeal based on this statement. If SNHU decides that your described financial situation warrants further investigation, the university will send you the financial aid appeal form and letter explaining the next steps that are required. Financial aid appeals will not be looked at until a completed FAFSA is on file and an initial financial aid award has been created.

10 5.8 Credit Balance Refunds and Financial Aid What is a Credit Balance? A Credit Balance will accrue on your student account when a payment to cover charges exceeds the total amount owed to the university. Many times, this is due to receiving an additional federal or alternative loan that is not needed to cover direct educational expenses. Although you are eligible to receive this additional loan money, SNHU advises you to borrow only if absolutely necessary as a supplement indirect educational expenses (books, supplemental living expenses, etc). Remember, all student loan money borrowed requires repayment. Borrowing in excess to your direct educational costs will increase the total amount you will owe over the life of your loan. You may reduce the amount of loan money credited to your account by submitting to One Stop a signed statement requesting the amount you wish to reduce per each semester or term. Credit Balance Authorization Form A Credit Balance Authorization Form will only need to be completed once and allows SNHU to release credit balances created by financial aid to you. You can download a Credit Balance Authorization form on mysnhu. Higher One and your SNHU OneCard Shortly after your initial enrollment, you will receive a SNHU OneCard in the mail from Higher One. All Refunds are processed through Higher One a company experienced with processing Financial Aid refunds for students. Availability of Refunds Please allow 2-3 weeks from this date the credit appears on your student account before it is refunded to your SNHU OneCard. Due to enrollment verification, your financial aid will not credit your account until two weeks after each terms start date. Also note that if you chose Option 1, you will need to submit a Refund Request Form each time a credit balance occurs on your account. Exceptions of SNHU OneCard Refunds There are a few exceptions to the rule that all of refunds go to the SNHU OneCard. These exceptions include: Parent PLUS Loans - If a credit balance refund is due to excess funds due to the receipt of a Parent PLUS loan, your parent will need to sign a Parent PLUS loan authorization form before the credit is processed through Higher One. One Stop will mail this form to you. If this form is not signed or your parents deny you access to the PLUS Loan funds, the credit balance will be processed to the parent with a check being sent to the home address. Credit Card Payments - If you made a payment with a credit card within the last 6 months, your refund will be refunded to the credit card that you used Students with an International Address - If you do not reside in the United States or you don t have a US address on file, you will not receive a SNHU OneCard. You will receive your refunds by providing One Stop with instructions on how to directly wire these funds to your personal checking or savings account. Do not throw away or destroy the SNHU OneCard, a replacement card costs $25.00! 6. Standards for Satisfactory Academic Progress (SAP) for Financial Aid Academic progress is determined by One Stop based upon the information contained on the student s academic transcript as of the date of the review. A student must meet both the qualitative and the quantitative standards in order to continue to receive Federal Financial Aid (Title IV).

11 6.1 Qualitative Standard Students enrolled in undergraduate degree programs must maintain a minimum cumulative grade point average (GPA) of 2.0 on a 4.0 scale. Students enrolled in graduate degree programs must maintain a minimum cumulative grade point average GPA of 3.0 on a 4.0 scale. 6.2 Quantitative Standard A student must have successfully completed at least 67 percent of all the credits he or she has attempted at Southern New Hampshire University during the entire period of enrollment. Total credits earned divided by total credits attempted equals the percentage. All grades earned are considered toward cumulative GPA except for developmental and non-degree courses. For the purposes of financial aid, a student may attempt a maximum number of credit hours based on his or her program of study, less the total number of credits accepted for transfer from other institutions. All credits attempted will count toward maximum time frame except for remedial and non-degree courses. Undergraduate programs of study must be no longer than 150% of published length of educational program. The school must do a continual review of the student s progress toward completion. For example, if a SAP review shows that a student is at 110% of maximum time frame and cannot complete his/her program within 150 percent of allowable credits, all Federal Financial Aid (Title IV) must stop. - Associate degree candidates may attempt a maximum of 90 credits (150%). - Bachelor degree candidates may attempt a maximum of 180 credits (150%). - Graduate degree candidates may attempt a maximum of eight years of study in a specific graduate program. Credits attempted are those for which the student has enrolled as of the end of the add/drop or standard registration period. Successful completion is defined as the assignment of a passing grade to the courses attempted and equates to the number of credits earned. Failure, withdrawal, incomplete or other designations to the courses attempted are not considered successful completion. Repeated coursework: - Previously passed courses can be repeated once and be eligible for financial aid. Failed courses that are repeated will be counted in the calculation of credits attempted. - Calculation of SAP GPA will follow the method used by SNHU to calculate academic GPA, specifically with reference to repeating of the same course to improve a grade. The first course grade will not be computed into the GPA; instead, the most recent grade will be used. Multiple course attempts do, however, count towards the number of credits attempted used to calculate a student s completion rate. Withdrawals: - In the SAP calculation withdrawals are considered to be credits attempted but not earned. Incompletes: - In the SAP calculation incompletes are considered to be credits attempted but not earned until the course is completed and the student receives a passing grade. Transfer credits from other schools: - In the SAP calculation transfer credits are considered to be credits attempted and completed toward the completion of the student s program and counted toward the maximum time frame. 6.3 Review of Satisfactory Academic Progress: Individual student records will be reviewed annually. The review is for programs of study that are longer than one academic year, and must include all terms of the student s attendance (including summer terms). 6.4 Enforcement: A. Financial Aid Suspension: Failure to meet either the qualitative or quantitative standard will result in the student being placed on financial aid suspension until the next evaluation period. The student will

12 not be allowed to receive financial aid while they are on Financial Aid suspension. B. Financial Aid SAP Appeal: Students who have been placed on Financial Aid suspension will be allowed to appeal their suspension. The appeal must include the following to be considered: 1. Reason why they failed to make SAP. 2. What has/will change that will allow the student to make SAP at the next evaluation period. 3. As appropriate, an academic plan developed and in place with their academic advisor and signed by the student. C. Financial Aid SAP Probation: Students who have been initially placed on Financial Aid suspension, who have an approved appeal are placed on SAP probation. Student s eligibility for Federal Financial Aid (Title IV) has been reinstated. D. Financial Aid Appeal Approval: 1. Student has an academic plan in place that will ensure they are able to meet SAP standards by a specific point in time. 2. Students with an approved appeal who are placed on SAP probation (with or without an academic plan) will have their status reviewed after the first payment period (term) following their successful appeal. Students who are not meeting the requirements will be suspended and all current and future aid must be canceled immediately, regardless of current enrollment. Students meeting SAP and/or the requirements of their academic plan will not be reviewed again until the next annual SAP review. Students who are suspended as part of this process may appeal this decision. Students who have been placed on Financial Aid Suspension, will be allowed to appeal. 7. Enrollment Requirements to Receive Financial Aid 7.1 Withdrawals and the Impact on Financial Aid Financial aid recipients at SNHU who withdraw from a course or from the institution are subject to proration of institutional charges and federal aid. Students who withdraw prior to the completion of 60% of the current term are subject to a Return of Financial Aid (Title IV) Funds recalculation. This might impact the amount of financial aid a student is able to retain. Financial Aid recipients are subject to the university s withdrawal policy as well as the Federal Return of Title IV Funds policy and procedures. Students who with draw prior to the completion of 60% of the current term are subject to a Return of Financial Aid (Title IV) Funds recalculation. 7.2 Return of Federal Loans and Grants (Title IV Funds) If you receive financial aid, and subsequently do not enroll in the University, or enroll and then withdraw from the University, you may be required to return financial aid funds received. One Stop must calculate the amount of financial aid you have earned prior to withdrawing or canceling your registration. The calculation of earned federal funds is dictated by federal guidelines. Any aid received in excess of the earned amount is considered Unearned. This unearned financial aid must be returned to the programs from which they were disbursed. If you decide not to attend a semester or term, you must notify the University of your change in enrollment. Failure to notify the appropriate offices may disqualify you from receiving a refund of tuition/fees, which will result in a greater liability as the earned amount of financial aid disbursed and/or applied to your student account may not cover the charges.

13 8. Title IV (Student Aid) Code of Conduct In compliance with the Higher Education Opportunity Act [HEOA 487(a)(25)], a code of conduct for the financial aid personnel of Southern New Hampshire University (hereafter referred to as the University) has been developed and posted. The following guiding principles shall be effective immediately. These guidelines are designed to avoid any potential for a conflict of interest between the University, its students or their parents in the student financial aid process. The University shall take all reasonable steps to adhere to the following principles in the University s financial aid operations: 1) The University nor its employees should receive any personal benefit. a) Neither the University as an institution nor any individual officer, employee or agent shall enter into any revenue-sharing arrangements with any lender. The HEOA defines revenue-sharing arrangement as any arrangement between the University and a lender under which the lender makes Title IV loans to students attending the University (or to the families of those students), the University recommends the lender or the loan products of the lender and, in exchange, the lender pays a fee or provides other material benefits, including revenue or profitsharing, to the University or to its officers, employees, or agents. b) No officer or employee of the University who is employed in the financial aid office or who otherwise has responsibilities with respect to education loans, or agent who has responsibilities with respect to education loans, or any of their family members, shall solicit or accept any gift from a lender, guarantor, or servicer of education loans. For purposes of this prohibition, the term "gift" means any gratuity, favor, discount, entertainment, hospitality, loan, or other item having a monetary value of more than a de minimus amount. A gift does not include: i) a brochure, workshop, or training using standard materials relating to a loan, default aversion, or financial literacy, such as a brochure, workshop or training, ii) food, training, or informational material provided as part of a training session designed to improve the service of a lender, guarantor, or servicer if the training contributes to the professional development of the University s officers, employee or agent, iii) favorable terms and benefits on an education loan provided to a student employed by the University if those terms and benefits are comparable to those provided to all students at the University, Southern New Hampshire University 2500 North River Rd Manchester, NH (603) (603) Fax iv) entrance and exit counseling as long as the University s staff are in control of the counseling and the counseling does not promote the services of a specific lender, v) philanthropic contributions from a lender, guarantor, or servicer that are unrelated to education loans or ny contribution that is not made in exchange for advantage related to education loans, and vi) State education grants, scholarships, or financial aid funds administered by or on behalf of a State. c) An officer or employee of the University who is employed in the financial aid office or who otherwise has responsibilities with respect to education loans, or an agent who has responsibilities with respect to education loans, shall not accept from any lender or affiliate of any lender any fee, payment, or other financial benefit (including the opportunity to purchase stock) as compensation for any type of consulting arrangement or other contract to provide services to a lender or on behalf of a lender relating to education loans. 2) University employees should not serve on lender advisory boards for remuneration. a) Any employee who is employed in the financial aid office, or who otherwise has responsibilities with respect to education loans or other student financial aid, and who serves on an advisory board, commission, or group established by a lender, guarantor, or group

14 of lenders or guarantors, shall be prohibited from receiving anything of value from the lender, guarantor, or group of lenders or guarantors, b) An employee who is employed in the financial aid office, or who otherwise has responsibilities with respect to education loans or other student financial aid, and who serves on an advisory board, commission, or group established by a lender, guarantor, or group of lenders or guarantors may be reimbursed for reasonable expenses incurred in serving on such advisory board, commission, or group. 3) The University should not provide any advantage to a Lending Institution. a) The University shall not: i) for any first-time borrower, assign, through award packaging or other methods, the borrower's loan to a particular lender; or ii) refuse to certify, or delay certification of, any loan based on the borrower's selection of a particular lender or guaranty agency. b) The University shall not request or accept from any lender any offer of funds to be used for private education loans, including funds for an opportunity pool loan, to students in exchange for the University providing concessions or promises regarding providing the lender with: i) a specified number of loans made, insured, or guaranteed under Title IV; ii) a specified loan volume of such loans; or iii) a preferred lender arrangement for such loans 4) The University shall not accept staffing assistance. a) The University shall not request or accept from any lender any assistance with call center staffing or financial aid office staffing, b) An exception is a lender may provide professional development training, educational counseling materials (as long as the materials identify the lender that assisted in preparing the materials), or staffing services on a short-term, nonrecurring basis during emergencies or disasters. 5) The University should make appropriate use of any Preferred Lender Lists. a) If the University decides to promulgate a list or lists of preferred or recommended lenders for student loans or similar ranking or designation ( Preferred Lender List ), the selection of Lending Institutions for inclusion on the Preferred Lender List shall be made with care and without prejudice for the sole benefit of students and the families and without regard to the financial interests of the University. b) In compiling, maintaining, and making available the preferred lender list, the University shall: i) Disclose detailed information about the terms and conditions of the loans offered by preferred lenders, ii) Disclose why it entered into an arrangement with each lender, particularly with respect to terms and conditions or provisions favorable to the borrower. iii) Disclose that students do not have to borrow from a lender on the preferred lender list, iv) Ensure that the list contains at least three unaffiliated lenders for the Title IV loans and at least two unaffiliated lenders for private education loans. The list must specifically indicate whether a lender is or is not an affiliate of each other lender on the list. If a lender is an affiliate of another lender, the University must describe that affiliation, v) Prominently disclose the method and criteria used in selecting the lenders, vi) Not deny or impede the borrower s choice of a lender or unnecessarily delay certifying a Title IV loan for a borrower who chooses a lender not on the list Students enrolled in undergraduate degree programs must maintain a minimum cumulative grade point average of 2.0 on a 4.0 scale.

15 9. Glossary Appeal A formal request to have a financial aid administrator review your aid eligibility and possibly use Professional Judgment to adjust the figures. Cost of Attendance (COA) The total amount it should cost the student to go to school, including tuition and fees, room and board, allowances for books and supplies, transportation, and personal and incidental expenses. Default A loan is in default when the borrower fails to pay several regular installments on time or otherwise fails to meet the terms and conditions of the loan. Deferment Occurs when a borrower is allowed to postpone repaying the loan. If you have a subsidized loan, the federal government pays the interest charges during the deferment period. If you have an unsubsidized loan, you are responsible for the interest that accrues during the deferment period. Dependency Status Determines to what degree a student has access to parent financial resources. Entrance Loan Counseling (ELC) Students with educational loans are required to complete entrance loan counseling before they receive their first loan disbursement. Through entrance loan counseling, students will gain a better understanding of Federal Student loans and their rights and responsibilities for and to these loans. Exit Loan Counseling If a student graduates or is no longer enrolled at SNHU, they are required to complete exit loan counseling. Students will be exposed again to the terms and conditions as well as repayment options. Expected Family Contribution (EFC) The Expected Family contribution (EFC) is the minimum amount of money that the family is expected to be able to contribute to the student's education, as determined by the Federal Methodology need analysis formula approved by Congress. The EFC is calculated by results that are reported on the FAFSA. Free Application for Federal Student Aid (FAFSA) Form used to apply for Pell Grants and all other need-based aid. As the name suggests, no fee is charged to file a FAFSA. Federal Methodology The need analysis formula used to determine the EFC. The Federal Methodology takes family size, the number of family members in college, taxable and nontaxable income and assets into account. Federal Processor The organization that processes the information submitted on the Free Application for Federal Student Aid (FAFSA) and uses it to compute eligibility for federal student aid. Federal Verification Verification is a review process in which the FAO determines the accuracy of the information provided on the student's financial aid application. Financial Aid Package The complete collection of grants, scholarships, loans and work study employment from all sources (federal, state, institutional and private) offered to a student to enable them to attend the college or university. Financial Need The difference between the COA and the EFC is the student's financial need, and is used in determining the student's eligibility for need-based financial aid Grant A type of financial aid based on financial need that the student does not have to repay. Perkins Loan The Perkins Loan is a federally-subsidized (no interest while in school), fixed low interest (5%) loan that is offered to full-time undergraduate day students. PLUS Loan Program The Parent and Graduate PLUS loan is a low, fixed interest rate student loan guaranteed by the U.S. Government. The Grad PLUS loan is a non-need credit based loan similar to a private student loan with the benefit of having a fixed interest rate and federal guarantee. Promissory Note A promissory note (or 'note') is a binding legal document that must be signed by the student borrower before loan funds are disbursed by the lender. The promissory note states the terms and conditions of the loan, including repayment schedule (e.g., level monthly payments for a term of 10 years), interest rate, fees (e.g., origination fees, guarantee fees, late fees, and collection charges), deferments, forbearances and cancellations. It represents an agreement by the borrower to repay the debt according to the specified terms and conditions. The student should keep this document until the loan has been repaid.

16 Scholarships Scholarships are a form of financial aid given to students to help pay for their education. Awarded scholarships are considered gift aid and do not require to be paid back. Selective Service Registration for the military draft. Male students who are US citizens and have reached the age of 18 and were born after December 31, 1959 must be registered with Selective Service to be eligible for federal financial aid. If the student did not register and is past the age of doing so (18-25), and the school determines that the failure to register was knowing and willful, the student is ineligible for all federal student financial aid programs. The school's decision as to whether the failure to register was willful is not subject to appeal. Students needing help resolving problems concerning their Selective Service registration should call Student Aid Report (SAR) Your SAR summarizes the data from your FAFSA and indicates your official Expected Family Contribution. Student Aid PIN The Federal Student Aid PIN is used to e-sign the Free Application for Federal Student Aid (FAFSA) and in subsequent years, a Renewal FAFSA. You can also to use the Federal Student Aid PIN to e-sign your Direct Loan Master Promissory Note, and accessing various federal educational sites (such as the National Student Loan Database your Direct Student Loan Account). Parents of dependent students must also obtain a Student Aid PIN in order to e-sign the FAFSA. Student Academic Process (SAP) A student must make this in order to continue receiving federal aid. A student must complete 67 percent of his or her attempted coursework and a minimum GPA (2.0 for Undergraduate students; 3.0 for Graduate students) Subsidized Loan With a subsidized loan, such as the Perkins Loan or the Subsidized Stafford Loan, the government pays the interest on the loan while the student is in school, during the six-month (or nine month for the Perkins Loan) grace period and during any deferment periods. Subsidized loans are awarded based on financial need Unsubsidized Loan A loan for which the government does not pay the interest. The borrower is responsible for the interest on an unsubsidized loan from the date the loan is disbursed, even while the student is still in school. Students may avoid paying the interest while they are in school by capitalizing the interest, which increases the loan amount. Veteran For Federal financial aid purposes such as determining dependency status, a veteran is a former member of the US Armed Forces (Army, Navy, Air Force, Marines or Coast Guard) who served on active duty and was discharged other than dishonorably (i.e., received an honorable or medical discharge). You are a veteran even if you serve just one day on active duty - not active duty for training - before receiving your DD-214 and formal discharge papers. (Note that in order for a veteran to be eligible for VA educational benefits, they must have served for more than 180 consecutive days on active duty before receiving an honorable discharge. 10. Important One Stop Dates Fall Semester Undergraduate Fall semester balance due Aug. 1 Spring Semester Undergraduate Spring semester balance due Jan. 1 Applications available for the SNHU Named & Endowed Scholarship Campaign Jan. 15 SNHU Named & Endowed Scholarship Applications due March 1 Priority Financial Aid FAFSA filing Date March 15

17 11. Financial Aid Checklist Applying for Financial Aid: p Complete the Free Application for Federal Student Aid (FAFSA) p If requested, submit additional documentation to confirm information that you provided on your FAFSA Receive your Financial Aid award: p If you wish to reduce any loans, submit a signed statement to One Stop indicating the amount you wish to reduce or decline. First time borrowers of Direct Stafford Loans: p E-sign a Direct Stafford Loan Master Promissory Note at p Complete Direct Loan Entrance Loan Counseling (ELC) at First Time Perkins Loan borrowers: p The Perkins Master Promissory Note (MPN) is separate from the Direct Stafford Loan MPN. It is available online. Instructions will be provided by One Stop in late July via your issued SNHU account 12. Contact Information Address: One Stop Southern New Hampshire University 2500 North River Road Manchester, NH onestop@snhu.edu Phone: mysnhu: