FINANCIAL AID AND STUDENT ACCOUNTS HANDBOOK

Transcription

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

28 Course In-Progress Satisfactory Academic Progress cannot be calculated until 2 weeks after the term ends. At this time final grades should be posted to students transcripts. If a student has a Course In-Progress (CIP) on his/her transcript this means that no grade was assigned to the course. If a student is missing a grade (s) for any term financial aid Satisfactory Academic Progress cannot be calculated. Due to the Department of Education regulation the Office of Financial Aid must put a hold on all future federal financial aid disbursements and student refund checks until a passing grade is posted. Repeated Courses Students who receive a grade of a W, D, or F may repeat the course one time only and still receive federal financial aid. Both grades will be calculated in their financial aid Satisfactory Academic Progress cumulative grade point average and overall hours attempted/completed. Audited Courses Audited courses do not affect students GPA or overall cumulative Completion Rate. Audited courses are not covered by federal financial aid funds. No Credit, No Pass A No Credit grade (NC) or a No Pass grade (NP), for financial aid Satisfactory Academic Progress, is considered a failing grade on a program requirement; these grades can result in both a dismissal and/or administrative withdraw. Both NC and NP grades will not be calculated into a student s cumulative GPA or overall Completion Rate. Receiving these types of grades could result in a full or partial return of financial aid funds. If a student receives NC or NP for a program requirement, the student may repeat the class one time only and still receive federal financial aid. Incompletes An Incomplete grade (I) for financial aid Satisfactory Academic Progress will calculate into a completion rate as credit hours attempted but not successfully earned. A student will have until the last day of the following term to successfully complete and earn a passing grade of A, B, C, P, IP or CR. If a student does not complete or earn a passing grade by the end of the following term an F grade will be posted. Readmitted Students Students who have been readmitted will need to be in compliance with financial aid Satisfactory Academic Progress Policy to be eligible for federal financial aid funds. Leave of Absence A Leave of Absence (LOA) is a temporary interruption in a student s program of study. LOA refers to the specific time period during a program when a student is not in attendance. In order for a financial aid recipient to be approved for an LOA, the student must follow Adler University s LOA policy as outlined below: 1. The student is required to use the official Request for Leave of Absence form, provided by the Office of the Registrar, and include on the form the reason for the LOA request. 2. In order for the Office of Financial Aid to approve an LOA status, the student must provide documentation of extenuating circumstances (i.e. medical, death, divorce). 3. There must be a reasonable expectation that the student will return from the LOA. 28

29 4. The school must approve the student s request for an LOA in accordance with the school s policy. Since federal regulations are very clear that LOA is only to be granted for a specific set of circumstances, any leave not approved as an official LOA by the Director of Financial Aid will be reported to the National Student Loan Data System as a Withdrawal. 5. The LOA together with any additional leaves of absence must not exceed a total of 180 days in any 12- month period. Please note that 180 is less than two (2) academic terms at Adler University. After 180 days have passed, the LOA automatically becomes a withdrawal and any unearned Title IV funds will be immediately returned, causing the student to owe balance. The student s failure to return from a LOA may have an effect on the student s loan repayment terms, including the expiration of the student s grace period. Students are required to speak with the Office of Financial Aid before requesting a Leave of Absence (LOA) in order to receive a comprehensive explanation of the procedure and the consequences of the LOA. Student Withdrawal If a student withdraws from all classes or drops below half-time enrollment, during the 100% or 50% drop period, all financial aid funds are returned. If a financial aid recipient finds it necessary to withdraw from all classes after the 50% drop period, the Office of Financial Aid, as well as the student, may be required to return part or all federal financial aid funds. Adler University is required to determine the earned and unearned portions of Title IV aid as of the date the Office of Financial aid is notified through a completed and signed Request for Student Withdrawal form available through the Office of the Registrar. If a financial aid recipient finds it necessary to withdraw from all classes after the 50% drop period, due to extenuating circumstances (medical, death, etc.) the student must contact [email protected] immediately for further advisement. Up through the 60% point in each payment period or period of enrollment, a prorated schedule is used to determine the amount of Title IV funds the student has earned at the time of withdrawal. After the 60% point in the period of enrollment, a student has earned 100% of the Title IV funds he or she was scheduled to receive during the period. Students are required to speak with the Office of Financial Aid before withdrawing from any or all courses in order to receive full explanation of the procedure and the results of withdrawal. Administrative Withdrawal/SCEC If a student is under review by SCEC (Student Comprehensive Evaluation Committee), the Office of Financial Aid places a hold on the student s federal financial aid funds until a final decision is made. If the student is administratively withdrawn, after review by SCEC, a Return of Title IV calculation may be performed in order to determine the percentage of federal financial aid the student is allowed to retain for the term; any remainder will be returned to the Department of Education and the student will owe a balance. After the final SCEC decision is made, the Office of Financial Aid reserves the right to return part or all of a student s federal financial aid. As a result, the student will be responsible for any remaining balance. 29

30 How Specific Grades Can Have a Negative Effect on Federal Financial Aid Eligibility The chart below illustrates how specific grades can determine a student s eligibility to receive federal financial aid and how it can affect a student s financial aid satisfactory academic progress. Please review the last column to be sure your financial aid eligibility is not in jeopardy. Affects Overall Credits Attempted Affects Overall Credits Completed Affects Overall GPA May Negatively Impact Financial Aid Eligibility Grade Earned A B C D F CR (for a 1+ credit hour class) CR (for a 0 credit hour class) NC (for a 1+ credit hour class) NC (for a 0 credit hour class) I IP *CIP (missing grade) P NP W TR **AU *The Office of Financial Aid will not disburse funds until a grade is posted for the student. **All audited classes are not eligible for federal financial aid. Adjustments and Cancellations The Office of Financial Aid reserves the right to modify a student s financial aid award at any time during the academic year. The following circumstances could lead to an adjustment or cancellation of financial aid awards: 30

31 The student receives additional funding not listed on their Institutional Application such as private scholarships, vocational rehabilitation assistance, veterans benefits, employee tuition assistance, fellowships, etc. The student participates in the Federal Work Study program, and their projected earnings for a term exceed their financial aid budget allowance. The student will be required to either work fewer hours or have a portion of their loan monies returned to the Department of Education. The student fails to maintain satisfactory academic progress. If the amount of Federal Direct Unsubsidized Loans the student has been awarded is projected to exceed their lifetime aggregate limit, their award will be modified to ensure the student does not exceed this limit. During any term that the student is not enrolled at least half-time, they will be ineligible to receive financial aid and their award for the term will be canceled. If a student withdraws from all classes or drops below half-time enrollment, during the 100% or 50% drop period, all financial aid funds are returned. If a financial aid recipient finds it necessary to withdraw from all classes after the 50% drop period, the Office of Financial Aid, as well as the student, may be required to return part or all federal financial aid funds. Adler University is required to determine the earned and unearned portions of Title IV aid as of the date the Office of Financial aid is notified through a completed and signed Request for Student Withdrawal form available through the Office of the Registrar. Up through the 60% point in each payment period or period of enrollment, a prorated schedule is used to determine the amount of Title IV funds the student has earned at the time of withdrawal. After the 60% point in the period of enrollment, a student has earned 100% of the Title IV funds he or she was scheduled to receive during the period. When a student is administratively withdrawn, as a result of a final SCEC decision. Budget Increase Policy The Office of Financial Aid allows budget increases when students incur eligible expenses. If you have any expenses meeting the criteria listed below, and you would like to take out additional loans to cover these costs, please contact the Office of Financial Aid to begin the application process. Eligible Expenses Computer Purchase Relocation (limited to one* time per student) o Moving Truck Rental o Security Deposit for Apartment at Destination o Air Fare o Mileage (56.5 per mile) Internship (limited to one** time per student and only for time adjacent to interview) o Hotel o Air Fare o Ground Transportation (Train, Bus, Taxi, Rental Car) Dependent Care Ineligible Expenses Relocation o Paint o Furniture Internship o Clothing o Meals o Telephone Calls o Entertainment 31

32 Important Policy Details: All budget increases are subject to approval by the Director of Financial Aid. Copies of receipts for all eligible expenses must be submitted for approval. Acceptable receipts must show the date, vendor, amount, and payment method for each expense. Students are expected to pay all of these expenses as they are incurred, and receipts may be submitted afterward for a budget increase. We will not advance funds to students who are anticipating expenses. An Internship Interview Invitation Letter for each trip must be attached to a request for a budget increase for internship expenses. Students may request reimbursement for up to $5,000 per year in eligible dependent care expenses. In order to be eligible, expenses must be incurred during the current academic year, and the date and time of the dependent care services must coincide with the student s class or practicum schedule. Students must submit a statement signed by the caregiver with applicable dates, times, and rates for these services. Documentation should be separated into one statement per term (Fall, Spring, and Summer). A budget increase for relocation expenses may only be granted one time per student. If a student moves multiple times during their education at Adler University, they will only be eligible to seek reimbursement for the costs of one move. There will be no exceptions made. For all requests related to relocation costs, students must complete and submit a Budget Increase Template available in the Adler Connect Portal. A budget increase for internship expenses may only be granted one time per student. If a student will travel to multiple internship interviews, it is recommended that all receipts be collected and saved until the entire internship interview process has been completed and an internship offer has been accepted. If a budget increase is granted, and a student later travels for another interview, the later travel expenses will be considered ineligible for a budget increase. No exceptions will be made. For all requests related to internship interview costs, students must complete and submit a Budget Increase Template available in the Adler Connect Portal. FERPA Confidentiality of Your Records Adler University complies with the Family Educational Rights and Privacy Act of 1974 (FERPA) by maintaining and protecting the confidentiality of student records. This applies to the release of personal identifiable information and records for currently enrolled and former students. In accordance with FERPA, a student s financial aid information will only be disclosed to the student him/herself. Federal Work Study The Federal Work Study Program (FWS) is an employment program for U.S. citizens and permanent residents funded through a combination of federal and institutional aid. Students who have filed a complete FAFSA, demonstrate financial need, and have room in their financial aid budget are eligible to participate. The Office of Financial Aid posts available work study positions all year round based on the demand for assistance among faculty/staff at the Chicago campus. Application information is specific to each position. All work study positions pay $11 per hour, and students may work up to a maximum of 20 hours per week. Eligible students can access the Federal Work Study open positions in the Adler Connect Portal. 32

33 Adler Home Page Click on Login Adler Connect Portal Student Services Financial Aid Federal Work Study Program (scroll down for open positions) Please note that Federal Work Study earnings are factored into a student s per term budget. Students should contact the Office of Financial Aid to verify eligibility and see how their refund check may be affected before accepting a work study position. If you accept a Federal Work Study position at Adler University, please contact the Office of Financial Aid to schedule a Federal Work Study Orientation. At orientation, FWS students will learn about work expectations and how to electronically report their hours worked for supervisorial approval. FWS students are expected to complete payroll forms before their first day on the job. All Federal Work Study students are expected to complete the Federal Work Study Student Employee Work Authorization Form for every term employed. This form serves as a contract for the student to participate in the Federal Work Study Program. Federal Work Study Terms & Conditions The student must be enrolled at least half-time each semester to be eligible for work study. o M.A. Candidates Must be enrolled in 4 or more credit hours per semester. o Doctoral Candidates Must be enrolled in 5 or more credit hours per semester. o Enrollment in any of the following also satisfy the enrollment status requirement: Dissertation, Dissertation Proposal, Internship, Clinical Practicum, or continuation of any of these. In order to receive the FWS award, the student must be hired, attend FWS orientation and return all completed FWS documents to the Office of Financial Aid. Hiring will be frozen once limits are reached. The student must accurately record all hours worked and all breaks taken in SAASHR. Hours must be reported at the end of each work day. Hours may not be reported in a subsequent pay-period. Supervisors must review and approve hours in SAASHR every pay period. Paychecks are issued twice per month. The student will be paid only for the hours s/he has worked and will not be paid for lunch, study time or other breaks. The student must take a half-hour lunch break if s/he works more than 7.5 hours in a day. On any given week in an academic term, the student may work no more than 20 hours. S/he may work up to 40 hours per week during school vacations if approved in writing by the department head. Students may NEVER work during scheduled class times. Student s FWS earnings and refund cannot exceed a combined total of $9,750 (minus UPASS if applicable) per term. If the total exceeds this amount, the Office of Financial Aid will immediately return the over-awarded funds to the Department of Education. The student will owe the balance to Adler University. If the student s FWS award is canceled, s/he will stop earning these funds. If the award is reduced, the total gross earnings may not exceed the revised award amount. The student may be privy to confidential information in the course of employment. The student will not disclose such information, in whole or in part, unless given permission by his/her supervisor. Further, the student may not make use of such information for his/her own or another party s personal or professional gain. To apply to earn FWS funds for the next academic year, the student must complete the Free Application for Federal Student Aid (FAFSA) after filing his/her taxes. Our school code is G

34 Failure to comply with any of these conditions may result in termination of employment for the work study student and/or discontinuation in the work study program for the supervisor. Tax Benefits for Students Certain tax benefits are available and designed to make your education more affordable. Please visit the IRS website at: and search for Publication 970-Tax Benefits for Higher Education. Items of interest would be the Tuition and Fees Deduction, the Lifetime Learning Credit, the Hope Credit, and/or the Education Loan Interest Deduction. Financial Aid Vancouver Campus American citizens studying abroad at Adler s Vancouver campus must complete their financial aid paperwork with the Office of Financial Aid on the Chicago campus to receive federal student aid. All amounts shown below are listed in Canadian Dollars Tuition and Fees Vancouver Tuition Tuition Standard M.A. Credit Hour $ Tuition Standard Psy.D. Credit Hour $1, Tuition Audit M.A. Credit Hour $ Tuition Audit Psy.D. Credit Hour $ Registration based Fees Fee - Student Activity/Library Fee (per term) $ Fee - Late Registration Fee (per occurrence) $50.00 Fee - Course Add Fee (per occurrence) $50.00 Fee -Pre-Practicum Skills Lab $ Fee - M.A. Research Preparation Fee $ Fee - M.A. Thesis Continuation $ Fee - M.A. Qualifying Exam $ Fee - Psy.D. Clinical Qualifying Exam $ Fee - Psy.D. Research Proposal and Project Fee $ Fee - Psy.D. Internship Fee $ Admissions Fees & Deposits Admissions Application Fee $50.00 Deposit (non-refundable) M.A. programs (will be applied to first semester tuition) $ Deposit (non-refundable) Psy.D. program (will be applied to first semester tuition) $ Start Date Deferral Fee $ Other Fees Fee - Course Drop Fee (see Tuition Refund Policy)

35 Fee - Returned Check (per occurrence) $25.00 *As of 03/19/2015, the above Vancouver tuition & fees have not been updated. If you have any questions, please contact the Office of Student Accounts ([email protected]). Vancouver Payment Information Tuition and fees are due and payable during the week of registration. Vancouver students may pay tuition and fees by check or money order made payable to Adler University. Adler University also accepts Interact Direct payment. Students are responsible for all tuition and fees at the time due regardless of pending employer or thirdparty reimbursement, unless other financial arrangements have been made. Students approved for financial aid funds are exempt for the amount of aid anticipated, until those funds are disbursed. Students, whose financial accounts are delinquent, are not in good standing and are not eligible to register for subsequent terms, begin a practicum or internship, obtain transcripts, or graduate until all outstanding balances are paid in full. The School retains the right to administratively withdraw students whose accounts are past due, and to charge all associated fees. It is the policy of Adler University to submit delinquent accounts to external collection agencies. Vancouver students who opt for a deferred payment plan at the time of registration are responsible for paying their tuition and fees over a 3-time payment plan. The first installment is due at the time of registration. Subsequent payments are listed on the registration form published each term. The deferred payment plan is an additional $15/credit hour. Vancouver Tuition Refund Policy Students who have officially withdrawn from the School or specific courses may be entitled to a tuition refund to be paid within 14 business days of receipt of the official withdrawal or drop form. Refunds will be based upon the total charge incurred rather than the amount paid by the student. The percentage of tuition refunded, excluding the nonrefundable tuition deposit and all other fees, is determined in accordance with the following schedule: 1) Refunds before the program of study begins: 100% tuition refund excluding the nonrefundable tuition deposit and all other fees, including a $50 drop fee. 2) Refunds after the program of study starts: If written notice of withdrawal is received by the institution, or a student is dismissed, within 10% of the program of study s duration, the institution may retain 30% of the total fees due under the contract. If written notice of withdrawal is received by the institution, or a student is dismissed, within 30% of the program of study s duration, the institution may retain 50% of the total fees due under the contract. If a student withdraws or is dismissed after 30% of the program of study s duration, no refund is required. To initiate a refund, written notice must be provided: By a student to the institution when the student withdraws; or 35

36 By the institution to the student where the institution dismisses a student. Refund entitlement is calculated on the total fees due under the contract, less the applicable nonrefundable application or registration fee. Where total fees have not yet been collected, the institution is not responsible for refunding more than has been collected to date and a student may be required to make up for monies due under the contract. 36

37 Tuition and Fees- Chicago Tuition Tuition - Standard MA Credit Hour $ 1,145 Tuition - Standard Doctoral Credit Hour $ 1,330 Tuition - Dissertation Credit Hour $ 1,330 Tuition - Internship (per term) $ 1,330 Tuition - Half-time Internship (per term) $ 665 Tuition - MAP Deferred Billing $ 855 Tuition - All Online Programs $ 855 Tuition - Audit MA Credit Hour $ 550 Tuition - Audit Psy.D Credit Hour $ 635 Course Fees Fee - MA Pre-requisite $ 1,650 Fee - Psy.D Pre-requisite $ 1,905 Fee - MA Professional Development Seminar $ 1,330 Fee - Psy.D Professional Development Seminar $ 1,270 Fee - Doctoral Dissertation Preparation Seminar $ 215 Fee - Doctoral Dissertation Proposal $ 1,270 Fee - Doctoral Dissertation Proposal Continued $ 1,270 Fee - Doctoral Dissertation Continuation $ 2,540 Fee - Community Service Capstone Paper $ 1,330 Fee - MA Qualifying Exam $ 1,145 Fee - PsyD Qualifying Exam $ 1,330 Fee - Dissertation Defense $ 490 Fee - Practicum Continuation $ 75 Fee CMHC Internship Continuation (CMHC-699) $ 75 Lab/Testing Material Fees Fee - PCO 569 $ 30 Fee - MAO 584 $ Fee - COUN 629 $ 30 Fee - PSY 661 $ 350 Fee - PSY 662 $ 350 Fee - PSY 663 $ 350 Fee - PSY 683 $ 300 Fee - PSY 720 $ 350 Registration-based Fees Fee - Student Services Fees $ 270 Fee - Liability Insurance (per term) $ 75 Fee - Liability Insurance for Community Service Practica (per term) $ 45 Degree Completion Fees Fee - Continuing Ed Certificate Processing $ 45 Fee - Graduation $ 180 Fee - Replacement Diploma $ 55 37

38 Admissions Fees & Deposits Fee - Application for Admission $ 50 Deposit (non-refundable) - MA program $ 300 Deposit (non-refundable) - PsyD program $ 500 Deferment Fee $ 500 Other Fees Fee - Writing Boot Camp $ TBA Fee - Course Drop $ 65 Fee - Late Payment 2% of balance Fee - Late Registration $ 380 Fee - Returned Check $ 65 Fee - Transcript (Official) $ 10 Fee - Transfer/Waiver Credit Evaluation (per course) $ 55 Fee - Stop Payment $ 35 Fee - UPASS $ TBA Fee - UPASS New Card (one time) $ TBA Fee - UPASS Replacement $ TBA Fee - Health Insurance $ TBA Billing Policy for Chicago and Vancouver Campus Students The Office of Student Accounts will students Adler University address when billing information is available on WebAdvisor at least 30 days prior to the next tuition due date. 100% of tuition and fees are due two weeks prior to the start of each term. All students are subject to the tuition due dates and must adhere to the following: o o o Non-Financial Aid recipients Payment is due two weeks prior to each term. Financial Aid recipients All paperwork must be complete and awards must be in accepted (A) status by the tuition due date. Sponsored students Third party documentation is due by the tuition due date. reminders of balances owed will be sent to students Adler accounts. Late Payment Policy Late payment fees in the amount of 2% of the outstanding balance will be charged to student accounts when a payment is late, a financial aid award is still pending, or a deferred billing promissory note has not been returned to the Office of Student Accounts. Missing payment on the tuition due date will result in a hold on your student account. In order to avoid late payment fees: Pay tuition in full and on time. Submit all the necessary documentation to the Office of Financial Aid and make sure that all awards are in an accepted (A) status. 38

39 Disbursement of Refund Checks Student refunds are issued by the fifth week of each term. Direct Graduate PLUS Loan applications submitted after the initial financial aid submission period will be processed within 4 to 6 weeks by the Office of Student Accounts. Incorrect or incomplete forms as well as missing MPNs or Entrance Loan Counseling sessions will delay this process. The Office of Student Accounts issues refunds electronically via ACH direct deposit into U.S. domestic checking or savings accounts. In order to deposit refunds electronically, students must submit a Direct Refund Authorization form. The deadline for enrolling in the Direct Refund program is 2 weeks prior to the start of each term. Students who do not enroll in Direct Refund by the deadline or whose bank account information cannot be verified will receive refunds via paper check. Paper check refunds are mailed to the student s address on file. Refund Check Holds Refund checks will not disburse to students with: Missing Grades: The Office of Financial Aid must confirm your eligibility for aid by assessing your cumulative grade point average and completion percentage for coursework each term. Any student account with missing or incomplete grades will have a refund check hold until the issue is resolved. Students can work with faculty and the Office of the Registrar to correct any missing information from their transcripts. For more details, see the Satisfactory Academic Progress Policy. Outstanding Balances: Refund checks will be held for any student with an outstanding balance from a previous or current term. Students with outstanding balances must see the Office of Student Accounts for assistance. Payment Plans Eligibility requirements apply for payment plan options. Students making partial payments without entering into a payment plan agreement are subject to late payment fees, account holds, and possible referral to the Student Comprehensive Evaluation Committee (SCEC). Payment plans will not be offered to students with delinquent accounts. Eligibility Requirements: Only students who have exhausted all available financial aid options may request a payment plan through the Office of Student Accounts. All requests are considered on a case-by-case basis. Approval is not guaranteed. Requests must be made 3-4 weeks prior to the tuition due date of each term. There are two payment plan options: term and annual. Term Payment Plan This option allows students to pay tuition and fees for the current term in monthly installments. The first payment is comprised of 30% of the outstanding balance plus a $150 payment plan enrollment fee. The remaining payments will be divided among the number of months in the current term. The final payment is due by the end of the current term. Annual Payment Plan This option allows students to pay tuition and fees for a full academic year in 12 monthly installments. Annual payment plans are only available in the fall term. The Office of Student Accounts will work with each student to determine how many credits the student should anticipate as 39

40 well as determine the amount of fees for the academic year. The first payment is equal to 30% of the outstanding balance plus a $150 enrollment fee which is due on or before the posted tuition due date. The remaining balance will be divided into 11 monthly installments due on or before the 25 th of every month. Final Payment Failure to remit the final payment for either the term or annual payment plan will result in late fees equal to 2% of the balance owed, a hold on the student account, and possible referral to a collection agency for recovery. In the event that a student fails to pay their obligation in a timely manner, Adler University reserves the right to refuse payment plan options. Deferred Billing Members of an Illinois Police Department who are enrolled in the Masters of Police Psychology program are eligible for deferred billing. Eligible students will receive a promissory note. The Office of Student Accounts will indicate the date by which the signed promissory note is due. Failure to return a signed promissory note may cause late payment fees to be assessed to the student s account. It is the student s responsibility to submit the required documentation to their employer in a timely fashion. It is also the responsibility of the student to understand their employer s tuition reimbursement policy. For members of the Chicago Police Department, full payment is due within 15 days of the issuance of the tuition reimbursement check. For members of any other Illinois Police Department, the Office of Student Accounts will indicate the date by which full payment is due. Students are responsible for any charges not covered by their tuition reimbursement benefit. Failure to pay outstanding balances on time will result in late payment fees, a student account hold, and possible referral to a collection agency for recovery. Payment Options By Web WebAdvisor is the fastest and easiest way to pay tuition and fees at Adler University. MasterCard, Discover, American Express, Visa and e-check payment methods are available through WebAdvisor. Payments made through WebAdvisor will be assessed a convenience fee: 2.5% of the payment amount for credit card payments, and $3.00 for e-check payments. By Mail Payment must be received by the Office of Student Accounts by the scheduled due date. Please allow adequate time for mailing. Payments made by check or money order should be mailed to: Adler University ATTN: STUDENT ACCOUNTS 17 North Dearborn Chicago, IL PLEASE NOTE: Credit card authorization forms are not accepted for tuition payments A $60 fee is charged to student accounts for checks returned due to non-sufficient funds (NSF) Tuition Withdrawal Policy Students who have officially withdrawn from the school, have withdrawn from specific courses, or have been administratively withdrawn may be entitled to a tuition refund to be paid within 14 business days of 40

41 the processing of the withdrawal or drop. Please note that a drop fee will be assessed to all student accounts regardless of the term week in which they drop. For Financial Aid Recipients: Students on financial aid are subject to the Return of Title IV funds as mandated by the Federal Government. If a student withdraws within the 100% drop period, no balance will be owed on their student account. Students who drop any classes after the first week of the term must contact the Office of Financial Aid to confirm how this will affect their financial aid eligibility and their student account balance. Tuition refunds are determined according to the following schedule: Fall, Spring, and Summer Terms On Campus and Online Classes 100% first week of term 50% second week of term 0% third week of the term through the end of the term Note: The start date of each term is put forth in Adler University Academic Calendar and is the same for all students regardless of program or course start date. Please be aware the start date for classes at the Chicago campus varies slightly from the start date for classes held at the Vancouver campus. Schedule Changes and Late Registration A drop fee of $60 will be charged for each section dropped during the Add/Drop period as posted by the Office of the Registrar. Also, a late registration fee will be assessed to those students who do not register during the time specified by the Office of the Registrar. Estimated Refund Check Schedule for Refund checks (the remainder amount of financial aid after tuition/fees are deducted) are issued to students during the fifth week of every term** from the Office of Student Accounts. Students with direct deposit receive their funds right away via electronic transfer; students not enrolled in direct deposit must wait for a paper check to be mailed to the address we have on file. 41

42 Fall 2015 Spring 2016 Summer 2016 Refund check disbursed by end of September 2015 BUDGETING TIP: In addition to your budget for 4 months of living expenses (rent, food, utilities, and bills from October through January), consider budgeting for any holiday travel and books/supplies for Spring Refund check disbursed by first week of February 2016 BUDGETING TIP: In addition to your budget for 4 months of living expenses (rent, food, utilities, and bills from February through May), consider budgeting for any travel during Spring Break and books/supplies for Summer Refund check disbursed by first week of June 2016 BUDGETING TIP: In addition to your budget for 4 months of living expenses (rent, food, utilities, and bills from June through September), consider budgeting for any summer travel and books/supplies for Fall What is the Maximum Amount I Can Borrow Each Term? Eligibility is based on a number of factors any deposits/credits to a student s account, registration, and federal work study wages. Students are encouraged to use the Budget Calculator (located in the Adler Connect Portal) to calculate refund amounts and term eligibility. Students are also welcome to stop by the Office of Financial Aid. For immediate assistance, contact the Office of Financial Aid via at [email protected] or by phone (312) (press 5). How Will I Know How Much My Refund Check Will Be? As a courtesy, the Office of Financial Aid provides Refund Estimate s after registration for each term to give students the opportunity to adjust their financial aid to cover any previously unaccounted for costs. This estimate is based on your scheduled financial aid and your most current registration statement. Remember that any change to your registration directly affects your financial aid, especially if you are expecting a refund check. You may also review your WebAdvisor account to confirm your financial aid information. **Remember that any increases to your federal aid outside the regularly scheduled disbursements will take 4-6 weeks processing time. Please plan in advance! 42

43 Student Services Contact Information The Student Services Hub is located on the 15 th floor of Adler University s Chicago Campus. 17 North Dearborn Chicago, IL Main Phone: (312) Office of Financial Aid [email protected] Phone: (312) (press 5) Fax:(312) An automated greeting gives you convenient answers to frequently asked questions. Press 5 at any time during the greeting to reach a financial aid counselor. Staff Beth Lerman Associate Director of Financial Aid [email protected] Patrick Wells Senior Financial Aid Counselor and Financial Literacy Coordinator [email protected] Rolanda Green Financial Aid Counselor [email protected] [email protected] Staff Christine Charles - Cashier Phone: (312) [email protected] [email protected] Phone: (312) Fax: (312) Staff Sheba Jones - Registrar [email protected] Marilu Angulo Assistant Registrar [email protected] Elaine Francis - Registration Assistant [email protected] Contact the Office of Financial Aid about: The Financial Aid application process and eligibility Student loans and loan repayment Scholarship opportunities Financial Aid budgeting and refund check amounts Federal Work Study Financial Health Events Debt Management Webinars and resources Exit Counseling Office of Student Accounts Contact the Office of Student Accounts about: Refund checks disbursement Student accounts Payments and payment plans Tuition charges and fees 1098-T tax forms Office of the Registrar Contact the Office of the Registrar about: Enrollment Verification In-School Deferment Paperwork Registration Leave of Absence Withdrawal Transfer Credit 43

44 Department of Education Contact Information Applicant Services for Direct Graduate PLUS Loans Web: Phone: (800) am to 8 pm (ET), Monday through Friday (877) Telecommunication Device for the Deaf (TDD) FAFSA Helpline Phone: FED-AID ( ) Contact Applicant Services about: Endorser Application Questions Credit appeal overrides and credit decision questions Contact the FAFSA Helpline about: FAFSA Questions Troubleshooting the StudentLoans.gov Website Supported web browsers: Microsoft Internet Explorer (versions 6 and higher), Mozilla Firefox (versions 19 and higher), Apple Safari (version 5.1.7). If you are using a browser that is not supported, your view and interaction with the StudentLoans.Gov site may be significantly impaired. To view or print a completed Master Promissory Note (MPN) you will need Adobe Acrobat Reader. Frequently Asked Questions Financial Aid How Do I Waive the UPASS? All students enrolled full-time are automatically assessed UPASS charges. To request a UPASS waiver, please visit If you have already obtained a fee waiver, you can disregard these fees in your Cost of Attendance estimation. How Do I Calculate My Refund Amount for Each Term? Please use the Budget Calculators available in the Financial Aid Section of the Adler Connect Portal to calculate a refund estimate. The Office of Financial Aid also s every financial aid student a refund or balance 30 days before the upcoming term. Review these s carefully to ensure the correct amount of aid is scheduled to cover both tuition and living expenses. Note that if you increase your registration, your costs increase and your refund amount becomes smaller. Please set up an appointment with a Financial Aid Counselor if you need further assistance with this calculation or to make changes to your financial aid amounts. When Will I Receive My Refund Check? Funds are disbursed by the end of the 5 th week of each term. If you are an incoming student expecting a refund check for living expenses, please make sure you have other funds for September as the first disbursement of the Academic Year is not available until the end of September

45 Typical processing time for all applications for additional financial aid is 4-6 weeks. The Office of Student Accounts requires 14 days after the date of transmittal to process refunds. Incomplete forms or documentation will delay this process. How Do I Expedite the Refund Check Process? Make sure you are signed up for direct deposit. Students with direct deposit are the first to receive their refund checks as electronic transfer is the fastest way to send money. Students not enrolled in direct deposit must wait for a paper check to be mailed to their address we have on file. Current students already on direct deposit do NOT have to fill out a new Direct Deposit Authorization form unless banking information has changed. You can confirm your direct deposit status by contacting the Office of Student Accounts at [email protected]. Whom Do I Contact if My Refund Check Has Not Arrived On Time? If you have not seen your refund check by the end of the 5 th week of the term (or within 4-6 weeks of your application for additional aid) please contact the Office of Student Accounts by at [email protected] or by phone at or What Do I Do If My Refund Check Isn t Enough To Cover All of My Expenses? It is not uncommon for students to find that the financial aid amount initially accepted does not meet the needs of their current financial situation. Students sometimes request more aid to account for changes in registration or living expenses. Please contact the Office of Financial Aid by phone at (312) (press 5) or [email protected] for assistance. We are available to meet with students individually to determine eligibility for more financial aid and to assist with the budgeting process and successful completion of the financial aid packet. 45

46 Online Resources Category Website Description Adler University Resources Adler University Resources Adler University Resources National Student Loan Resource Credit Info. Credit Info. Debt Management our-federal-student-loans.pdf Adler University Online Bookstore Adler University Store Adler Connect Portal (a single point of reference for news, events and other Adler University resources). Make adjustments to current student loans, information about making payments on your loans. Free credit report annually from each of the three national credit reporting agencies. General information about credit and credit scores. Your Federal Student Loans: Learn the Basics and Manage Your Debt. Debt Management Consolidate your Federal Loans. Financial Aid Info. Comprehensive free resource for objective and unbiased information; advice and tools about federal financial aid. Financial Aid Info. Budget calculators and tools created for recipients of federal student loans. View your entire federal student loan National Student history by logging on to the National Loan Resource Student Loan Data System website (FSA PIN required). The APA has a number of scholarships Scholarships/Grants and grants available for graduate psychology students. Scholarships/Grants Scholarships/Grants Scholarships/Grants Search for grants to fund graduate school. Search for graduate school scholarships. Search for graduate school scholarships. 46