Financial Aid Handbook

Transcription

1 Financial Aid Handbook Carlsbad and New York Campuses Effective January 2015

2 2 Dear Student, On behalf of the staff in the GIA Office of Student Financial Assistance, welcome to GIA. This handbook is designed to help you navigate the financial aid process and understand the various types of aid available at GIA. Paying for your education can seem overwhelming, especially in times like today. Moreover, the financial aid process can be difficult or confusing. Therefore, it is very important for you to review all financial aid materials carefully, submit all required documents on a timely basis, and fully understand your responsibilities about applying for and receiving aid. We are committed to supporting you in whatever way we can throughout the financial aid process, so you can focus on your learning. We make every effort to provide you with the latest information and application materials, however, the information contained in this handbook is subject to changes in Federal, State, or institutional policy or law. Keep this guide throughout your GIA education, and do not hesitate to ask for help. We are here to serve you and provide whatever assistance you may need regarding financial aid. You may call us at or ext 4005, or send us an at [email protected]. We wish you a successful educational experience at GIA and an equally successful career. Sincerely, Wendy Wang Manager Office of Student Financial Assistance All contents of this handbook are subject to change without notice.

3 Applying for Financial Aid 3 Financial aid information, instructions, and forms are available on the GIA website at Eligible Programs If you are thinking of attending a six-month, on-campus program at one of GIA s U.S. locations, you may be eligible for financial aid. Federal financial aid is not available for Distance Education or Lab students, or for those on-campus courses that are shorter than six months. Federal financial aid is available for the following six-month, on-campus programs: Graduate Gemologist (GG), Graduate Jeweler (GJ), or Jewelry Design & Technology (JDT). Citizenship Requirements Application Deadlines There is no defined deadline for applying for financial aid since GIA classes start throughout the year. In order to ensure timely processing of your materials, it is recommended that you have all required documents to us at least two months prior to your anticipated start date. International Students Because of the restrictions the U.S. Government places on financial aid and the extremely limited resources of the Institute, we cannot offer any financial assistance to international students who temporarily reside in the U.S. to attend GIA. However, GIA offers a number of scholarships for international students to study at select GIA international campuses. Check the scholarship information on the GIA website for more information. A student must be one of the following to be eligible federal student aid: a U.S. citizen or national; a U.S. permanent resident or other eligible noncitizen; or a citizen of the Freely Associated States: the Federated States of Micronesia and the Republic of Palau and the Marshall Islands. These student can only receive aid from some of the FSA programs. If you do not meet the citizenship requirements listed above, you are not eligible to apply for financial assistance. Socialize with fellow students on campus.

4 Financial Aid Checklist 4 Our on-campus students who qualify for financial aid and enroll in the Graduate Gemologist, Graduate Jeweler, or Jewelry Design & Technology Program receive on average $5,000 to $9,000 in a combination of grants and loans to help pay for their GIA education. Since the approximate total cost of tuition and living expenses for GIA on-campus programs ranges from $25,585 to $39,040, the amount of financial aid received is not sufficient to pay all the costs associated with attending GIA on campus. As such, we strongly advise you to plan in advance to establish your own sources of financial support to help pay for your education since the amount of financial aid we can provide is limited. Ultimately, it is your responsibility to learn where, when, and how to apply for financial aid and make important decisions about whether or not to borrow loans as part of your aid. Please complete the appropriate materials and return them to the GIA Office of Student Financial Assistance within the specified time frames. The following documents must be submitted to the GIA Office of Student Financial Assistance to be considered for GIA Financial Aid. Please submit the documents to the following address: GIA (Gemological Institute of America) The Robert Mouawad Campus Office of Student Financial Assistance, MS Armada Drive Carlsbad, CA It is recommended that all documents be submitted at least two months prior to your anticipated start date. Document Who Must Submit Where to Find It Free Application for Federal Student Aid (FAFSA) All financial aid applicants FAFSA website GIA Financial Aid Program Selection Form All financial aid applicants GIA Office of Student Financial Assistance Direct Loan Master Promissory Note (MPN) All students applying for Direct Loan(s) Must be completed online. GIA will send you instructions via . Direct Parent Loan for Undergraduate Students (PLUS) Loan Master Promissory Note (MPN) for Parents of Dependent Students All parents applying for Direct PLUS Loan Must be completed online. GIA will send you instructions via . Federal Verification Worksheet All students and/or parents who have been selected for the federal verification process GIA Office of Student Financial Assistance Please keep copies of all forms and documents submitted. For more information, contact the Office of Financial Assistance at: , ext 4005, or [email protected] Free Application for Federal Student Aid (FAFSA) information Prior to filling out the FAFSA, you will need to go to the FAFSA PIN website to apply for a PIN (personal identification number). If you were born after 1991 and are starting class between April 1, 2015 and March 31, 2016, one of your parents must apply for a PIN as well so they can complete the Parent section of your FAFSA then electronically sign your FAFSA, too.

5 Financial Aid Checklist (cont.) 5 Free Application for Federal Student Aid (FAFSA) information (Cont.) Once you have your PIN (and one of your parents has their PIN, if required), gather the following documents to complete your FAFSA online: Your Social Security card Your Permanent Resident or Alien Registration card (if you are not a U.S. Citizen) Address, Name, or Social Security Number Changes If any of these items change, you must notify the GIA Office of Education Records and the Office of Student Financial Assistance as soon as possible. Your permanent address is used for mailings before you begin your classes at GIA, thus we need to ensure its accuracy. Your social security number is your official identification for financial aid. Your records need to reflect your correct name and number. Your driver s license (if you have one) Your 2014 W-2 forms and other records of money earned Your 2014 Federal Income Tax Return (1040, 1040A, 1040EZ) Your parents 2014 Federal Income Tax Return (if you were born after 1991) Your 2014 untaxed income records Your current bank statements Your business and investment records For classes starting between April 1, 2015 and March 31, 2016, visit and complete the FAFSA. The easiest and best way to complete your FAFSA with accurate income tax information is by using the IRS Data Retrieval Tool offered as part of the FAFSA application process. In a few simple steps you may be able to view your income tax return information and transfer it directly into your FAFSA. Please review the following bullet points that provide you with answers you need to complete specific FAFSA questions. FAFSA asks When you begin the...school year, what will your grade level be? Select Never attended college and 1st year undergraduate if you ve never attended college, or select Attended college before and 1st year undergraduate if you ve taken any college-level courses. All GIA classes/programs are classified by FAFSA as an occupational or technical program of less than two year duration. As such, these are not considered master s or doctoral programs. The FAFSA asks At the beginning of the...school year, will you be working on a master s or doctorate program? Your answer is No. The FAFSA asks What certificate or degree you will be working on. Your answer is Certificate or Diploma of less than two years. GIA s FAFSA School Code is

6 Types of Aid 6 Three basic types of financial aid are available to qualified, full-time, on-campus students enrolled in programs with a minimum six-month duration. These include grants, scholarships, and loans. Most students are eligible for more than one type of aid. Since federal guidelines affect eligibility for aid types, your aid package may not contain awards from all programs. The following is an explanation of each type of aid and its specific requirement. Scholarships On-campus Scholarships GIA currently offers and accepts applications for a limited number of on-campus scholarships. These scholarships are awarded on the basis of financial need, letters of recommendation, and a written essay. The application period is June 15 through October 31 of each year for scholarships for the following calendar year. A current listing of available scholarships and application information is available on the GIA website. Distance Education Scholarships GIA now offers scholarships during two application periods each year. Applications received between March 1 and April 30 will be considered for scholarships that can be applied toward the tuition and fees for GIA Distance Education elearning programs and courses or lab classes that start during the second half of the current calendar year. Applications received between June 15 and October 31 will be considered for scholarships that can be applied toward the tuition and fees for Distance Education elearning programs and courses, on-campus courses, or lab classes with start dates for the upcoming year. A current listing of available scholarships and application information is available on the GIA website. International Scholarships GIA offers a number of scholarships for international students to select international campuses. Check the scholarship information page on the GIA website for more information. These scholarships are awarded on the basis of financial need, letters of recommendation, and a written essay. The application periods are March 1 through April 30 for scholarships in the second half of the current year and June 15 through October 31 for scholarships in the following calendar year. A current listing of available scholarships and application information is available at Grants Federal Pell Grant Federal Pell Grants are based on exceptional need and awarded to qualified applicants who have not earned a Bachelor s degree. The Pell Grant is available only to students enrolled in a GIA on-campus program of six months or longer. Students apply for the Pell Grant by completing and submitting the Free Application for Federal Student Aid (FAFSA) at and the GIA Financial Aid Program Selection Form. Federal SEOG Grant Federal Supplemental Educational Opportunity Grants (SEOG) are based on need and awarded to qualified applicants who have not earned a Bachelor s degree. The SEOG Grant is available only to students enrolled in GIA on-campus educational programs of six months or longer. The award amounts for eligible students vary each year depending on the amount of funding GIA receives from the government, as well as individual student need. Students apply for the SEOG Grant by completing and submitting the FAFSA and the GIA Financial Aid Program Selection Form. Note: Eligible applicants must not have been awarded and accepted a GIA-awarded scholarship within the last three years. Instructors are always available to answer questions or provide assistance.

7 Types of Aid (cont.) 7 Loans Due to limited grant funding, most students who need financial assistance also apply for student loans to help finance their education at GIA. Several loan programs are available to help students pay the costs of attending GIA on-campus programs. These loans come from the U.S. Department of Education. Loan funds are based on financial need with the exception of the Direct Unsubsidized Loan or the Direct Parent Loan for Undergraduate Students (PLUS). Federal Direct loans are available to most students regardless of income. Federal student loans provide a range of flexible repayment options including, but not limited to, income-based and income-contingent repayment plans, as well as loan forgiveness benefits. It is essential that you realize your commitment and responsibility to repay your loans according to the stipulated repayment schedules. Prior to applying for or accepting a loan, you need to assess your current financial commitments and your future ability to repay loans following completion of your education. A loan can be a great help in paying for your education, but serious problems and consequences can result if you become past due or delinquent in your payments. GIA services, including future enrollment, can be withheld due to delinquent loan payments. Additionally, your loan accounts can be referred to collection agencies and information will be reported to credit bureaus, which can affect your ability to receive credit in the future. General Loan Provisions All student loans carry interest charges. The interest rate varies with the loan type. Refer to the loan s Promissory Note for the exact interest rate. All loans have a minimum monthly repayment amount. Repayment amounts vary depending upon the repayment plan you select and the amount borrowed. The maximum length of repayment is ten years on federal loans. Most loans have an established repayment schedule that requires repayment in full to be made over a shorter time period. Most loans have deferment, forbearance, cancellation, assignment, and penalty provisions. You must notify the GIA Office of Education Records and Office of Student Financial Assistance of any change to your local or permanent address or legal name. If it becomes necessary to withdraw from your on-campus program, you must go through an official withdrawal process with the Office of the Dean of Students and the Office of Student Financial Assistance. If you fail to meet the terms and conditions of any student loan, the entire amount of your loan, including interest, collection, and legal costs, may become due and payable. GIA and the Department of Education will make every attempt to collect the loans in keeping with federal regulations. You may also be subject to collection actions by the United States Department of Education, which can include withholding of tax refunds, wage garnishment, or attachment of any substantial assets you may own. All student loan recipients are required to attend entrance counseling with the Office of Student Financial Assistance staff before beginning class, as well as exit counseling prior to graduating or leaving GIA. The purpose of this counseling is to ensure you understand your rights and responsibilities regarding financial aid and your student loans. Failure to attend exit counseling will result in your GIA diploma being withheld. Students in default or delinquency on prior federal student loans are not eligible to receive any federal student aid until GIA has received written proof that prior debt is satisfied. Erica Courtney

8 Types of Aid (cont.) 8 Loan Types William D. Ford Direct Loan Programs The Direct Loan Program consists of low-interest subsidized and unsubsidized loans funded by the federal government. Loans are available to U.S. citizens or permanent residents who are enrolling in an on-campus program of six months or longer. Federal Direct loans are available to students regardless of income. Students apply for Direct loans by completing and submitting the FAFSA and the GIA Financial Aid Program Selection Form. Direct Subsidized Loan This loan is a need-based loan. Students apply for this loan by completing and submitting the FAFSA and the GIA Financial Aid Application. A maximum of $3,033 may be borrowed depending on your financial need, program, and previous loan indebtedness under this loan program. The interest rate is set by Congress. Interest is deferred during your program. Repayment begins six months after graduation. Direct Unsubsidized Loan This loan, although not need-based, requires you to apply for need-based aid first. Students apply for this loan by completing and submitting the FAFSA and the GIA Financial Aid Application. A maximum of $8,233 may be borrowed depending on your dependency status, program, and previous loan indebtedness under this program. The interest rate is set by Congress. The interest accrues on this loan during your program and can either be paid while you are in school or added to the loan principle. Repayment begins six months after graduation. Direct Parent Loan for Undergraduate Students (PLUS) Direct PLUS Loans are designed to help parents of students meet their educational costs. Although not need-based, this loan requires you and your parents to apply for need-based aid before eligibility for a PLUS Loan can be determined. The loan is available for on-campus programs of six months or longer. The maximum amount that can be borrowed by parents is up to the cost of education less any financial aid the student may receive. The interest rate is set by Congress. Parents must be able to demonstrate the ability to repay the loan in order to qualify. To apply, your parents should follow the instructions in the PLUS application letter. The repayment period for a Direct PLUS Loan begins immediately after the last disbursement on the loan has been received by the school. Parents may be able to defer making payments on the PLUS loan while the student is enrolled. Parents apply for deferment with their loan servicer. Private Loan Programs FOR STUDENTS Students may find it necessary to borrow additional funds to help pay the balance of their tuition or to help pay for living expenses. If this becomes necessary, you may select a lender that offers private career training school loans for students. These loans are funded by banks and lending institutions and carry a higher interest rate than Direct Loans and may require repayment to begin while you are in school. Private loan lenders require students have a good credit history and income for approval. Most students will need a co-signer to qualify. A co-signer with excellent credit may even lower the student s private loan interest rate. Students who qualify for a private loan may borrow up to the cost of your education minus any financial aid you are receiving, depending on the lender s maximum loan amount. Outside Sources Qualified students may be eligible to receive additional types of financial assistance. If you receive approval from an outside resource that will pay for all or part of your tuition, you must have that organization contact the Office of Student Financial Assistance prior to your start date at ext A letter of authorization indicating the amount of financial assistance from that organization must be received by GIA prior to enrolling in a program. Veterans and Veterans Dependents GI Bill Education Benefits The GI Bill is available for training at Non-College Degree (NCD) institutions, including GIA. The Department of Veterans Affairs evaluates each school s programs individually and determines which of our programs qualify. The following GIA On-Campus programs have been certified for Post-9/11 or Montgomery Bill (GI Bill) benefits: Graduate Gemologist, full time on campus (26 weeks): Carlsbad or New York Graduate Colored Stones, full time on campus (19 weeks): Carlsbad or New York Graduate Diamonds, full time on campus (7 weeks): Carlsbad or New York Graduate Jeweler, full time on campus (26 weeks): Carlsbad Jewelry Design & Technology, full time on campus (26 weeks): Carlsbad Jewelry Design, full time on campus (9 weeks): Carlsbad or New York Comprehensive CAD/CAM for Jewelry, full time on campus (7 weeks): Carlsbad GIA s Distance Education, elearning, and Lab Classes are NOT eligible for VA benefits at this time, as evaluated by the Department of Veterans Affairs.

9 Types of Aid (cont.) 9 Post-9/11 GIA Bill (Chapter 33) for Non-College Degree Programs (NCD) VA pays the actual net costs for tuition and fees or up to $20,235.02, whichever is less, depending on the amount of funds available in the veteran s account. (Note: this amount can change by date. This amount is based on August 2014 information.) This is an annual amount for which you may be eligible to be awarded once per military fiscal year (begins on August 1 and ends on July 31 of the following year). Chapter 33 benefits will expire fifteen years after your discharge date. Veterans may also qualify for a monthly housing allowance. More information is available on the website. Montgomery GI Bill (Chapter 30) The VA will pay a monthly stipend directly to a student with VA Chapter 30 education benefits for the duration of their class when enrolled in an eligible program. VA benefits are separate from any other type of financial assistance you may be eligible to receive. VA Chapter 30 education benefit money is sent directly to the student after they start class and is not available to use for paying tuition before class starts. Consequently, the student is responsible for paying their tuition themselves in accordance with GIA policies. Students enrolling in on-campus classes of six-months or longer may wish to apply for federal financial aid (student loans and grants) or for a GIA scholarship to help pay their tuition. Montgomery Bill benefits expire ten years after the veteran s discharge date. It is recommended that the veteran confirm their eligibility with the VA office that maintains their records. For more information, go to: Other VA Programs A student may qualify for other VA programs to help with their GIA tuition, such as Reserve Educational Assistance (REAP), Survivors & Dependents Assistance (DEA), Veterans Educational Assistance Program (VEAP), Transfer of Post-9/11 Benefits to Dependents (TEB) and others. Check with the VA for eligibility. How to Apply for VA Benefits A student applies for Montgomery Bill or Post 9/11 education benefits at Click on Education & Training and choose Apply for Benefits for information about how to complete and submit an application (online, in person or by mail). When approved, the student will receive a Certificate of Eligibility. 1. Student sends a copy of their Certificate of Eligibility to GIA, either by mail or GIA - Office of Student Financial Assistance 5345 Armada Drive - MS # 7 Carlsbad, CA [email protected] 2. Student sends GIA a copy of their DD-214 discharge documents and the Prior Education Form for Veterans (request a copy from us) with copies of their transcript(s). GIA evaluates the previous education and training of all veterans and eligible persons applying for veterans benefits. If credit is warranted, the course will be shortened and the Veterans Administration will be notified. 3. The student may enroll in their GIA program when their Certificate of Eligibility is issued and a copy has been received by GIA. Providing documents to GIA does not automatically enroll a student in courses. The student must contact GIA Admissions to enroll: admissions@gia. edu or , Ext After the student enrolls, and in advance of the start date of their program, GIA confirms with the VA that the student is enrolled in an eligible program and certifies the student s enrollment with the VA. The VA will then authorize payment to GIA towards the student s tuition account. 5. We suggest that the student check their current enrollment status on the ebenefits link at 30 Days prior to the start of their program. Important Note: Students are required to pay a 10% deposit when they enroll in class. This must be paid by the student; it cannot be paid with anticipated VA benefits or financial aid. The deposit will be applied to the student s tuition account. Any questions regarding about your VA benefits, please contact the VA office directly. Vocational Rehabilitation Funding Contact the Vocational Rehabilitation agency you are working with or your state Department of Vocational Rehabilitation to see if you qualify. Vocational Rehabilitation Enrollment Procedure: The information required from an authorizing agency to enroll a client in GIA programs is below. Vocational Rehabilitation Agency Authorization Contract This contract must be on official agency forms or letterhead with the following information: 1. Student s name and address. 2. Student s social security number. 3. GIA program and course name(s) with start date(s). For more information on program descriptions and class schedules, check our website 4. Method(s) of study approved for chosen program: Distance Education, On-Campus, Lab Classes. 5. Total amount authorized for chosen study program. Agency may request an Education Plan. For more information on current tuition and fee schedules, check our website

10 Types of Aid (cont.) Invoicing procedure: Indicate preferred method for receiving invoices and invoicing address. For tuition invoice questions, contact Student Accounting, , ext Authorizing agency contact information: Name, title, address, phone and fax numbers. 8. Method to receive student s progress reports: Agency contact s or by fax (provide #). 9. Provide a copy of Release Information Consent for your agency. Vocational Rehabilitation Equipment Authorization Contract This contract must be separate from the authorization contract for course study. To request pro forma invoice for equipment: Contact GIA Instruments directly at They will price the equipment for you and issue you a pro forma invoice based on current pricing. (Refer to GIA s campus store for current equipment pricing: ) Equipment billing questions: For information on how to set up the payment procedure for equipment invoicing, contact Student Accounting , ext Vocational Rehabilitation Enrollment Procedure When the Authorization Contract process is complete, the student must call to register and enroll: ( , Ext 4401). Receipt of an Authorization Contract does not automatically enroll a student. To facilitate enrollment: Scan and all authorizations to Student Accounting. After ing, please mail originals to: GIA Office of Student Financial Assistance The Robert Mouawad Campus 5345 Armada Drive, MS #7 Carlsbad, CA

11 What is Financial Need? 11 Financial need is defined as educational costs minus calculated family contribution. It is not necessary that you come from a low-income family in order to qualify for financial aid. For most aid programs, you must, however, demonstrate financial need, which is the difference between the cost of attending GIA (your student budget) and the amount you and/or your family should be able to contribute towards your education. You must have financial need to qualify for need-based financial aid and you must make satisfactory academic progress as defined by GIA. Net Price Calculator The Net Price Calculator provides a quick and easy way for prospective students and families to estimate the net cost of a six-month course at GIA and to gain an understanding of our need-based financial aid program. The calculations are based on GIA s current financial aid policies and actual financial information of the current on-campus students enrolled at GIA. Thus, it typically provides a good estimate of the affordability of GIA for prospective students and their families but is not a guaranty of aid. GIA s New Price Calculator can be found at our website at Student Budgets The GIA Office of Student Financial Assistance establishes student budgets to be used in determining your financial need. These budgets include an amount for the cost of living (rent, food, utilities, transportation, and personal expenses) at a moderate level, depending on your living arrangements, as well as the tuition, fees, and books and materials charges for your program of enrollment. We derive the living allowance portion of your budget utilizing several sources: rental surveys of local housing situations, student expense surveys, and the Bureau of Labor Statistics Consumer Price Index. The student budget utilized for your individual circumstance will be reflected in your final Financial Aid Award Letter. One of the ground rules to financial aid is that parents of dependent students, to the extent that they can contribute, have primary responsibility for financing the cost of your education. If it is determined that you are an independent student, your financial circumstances (and if married, your spouse s) are analyzed rather than those of your parents. If you are a dependent student, we will calculate an expected family contribution based on the income and asset information furnished by you and your parents on the FAFSA. This amount of expected family contribution is deducted from the student budget in determining your financial need. If you are classified as an independent student, we will determine a family contribution based on the income and asset information you furnish on the FAFSA. The amount determined will be deducted from the student budget in determining your financial need. Outside Resources We Take Into Account If you are determined to be eligible for a Pell Grant, or any outside scholarship or grant, we will take these funds into account in determining your eligibility for other federal aid. Additionally, we may reduce your eligibility for federal aid if you receive BIA grants or social security benefits, welfare, rehabilitation, or unemployment benefits. Independent vs. Dependent The Office of Student Financial Assistance is required to use the federal definition of an independent student in determining whether students are financially dependent on their parents. As defined by the Department of Education, the term independent means any individual who meets one or more of the following: Turns age 24 before January 1 st of the current calendar year Is a Veteran of the Armed Forces of the United States Is an orphan or ward of the court Is married Has legal dependents other than a spouse for whom you have provided and will continue to provide more than 50% of their support Is a graduate or professional student (GIA educational programs are not graduate level.) If you are determined to be dependent according to federal guidelines, financial need is calculated on the basis of you and your parent s financial information. If it is determined that you are considered independent, financial need is calculated solely on your and/or your spouse s financial information. Family Contribution The process of determining your eligibility for financial aid, commonly referred to as need analysis, has been legislated by the U.S. Congress using the information you and/or your parents supplied on your FAFSA. In order to qualify for financial aid, the Federal Government requires that each student s financial need be measured by the need analysis process called Federal Methodology. This process utilizes the income and asset information provided by you and/or your parents to determine the amount of family contribution you and/or your parents should be able to provide towards your education.

12 Award Notification 12 Students who apply for financial aid and submit the required forms and documents will be sent an Estimated Award Letter. This notification will indicate the approximate amount of financial aid eligibility for the on-campus educational program you indicated. This notification will provide information needed to help you decide if the aid being offered is sufficient to allow you to attend GIA. Within a few days prior to your start date, you will meet with the Office of Financial Assistance staff for your financial aid entrance counseling where your official award will be reviewed. The official award notification will list the types of aid available to you, the student budget and family contributions used to determine your eligibility, and other pertinent information. At your financial aid entrance counseling you must accept or decline any aid offered, and sign the award notification before we can disburse any financial aid. Financial Aid Entrance and Exit Counseling All students receiving grants and/or loans are required to attend entrance counseling with a staff member of the Office of Student Financial Assistance. Entrance counseling is designed to acquaint you with your responsibilities, rights, and obligations. Failure to attend entrance counseling may result in your attendance in class being prohibited. All students receiving loans are required to attend exit counseling with a staff member of the Office of Student Financial Assistance. Exit counseling is designed to remind you of your loan obligations, repayment schedule, and deferment rights under the various loan programs. Failure to attend exit counseling will result in your diploma being withheld. How Financial Aid is Disbursed All financial aid funds are disbursed electronically directly to your GIA tuition account. Federal regulations require financial aid awards be disbursed at least twice during the term of a student s enrollment. Consequently, all aid will be divided in half and disbursed twice during your program. The first half of grant funds and Direct Loan and Parent PLUS Loan funds will be issued no sooner than 30 days into your program. The second half of the awards will be disbursed after the mid-point of your program, usually during the fourth month. If you are enrolled in more than one six-month program, you will receive more than one financial aid award. Financial aid for each award period will be disbursed in multiple increments as outlined above. Private loan funds are also disbursed electronically to your tuition account at least twice during your program. All financial aid funds, including Private Students Loans, are first used to pay tuition. Payable is responsible for the issue and release of excess funds to you or your parent(s). Please check with the Office of Student Accounts Payable when inquiring about these funds. Note: Proceeds from Direct Loans, Parent Plus Loans, and Private Loans may be reduced by guarantee and/or processing fees. At today s rates, the net proceeds from the amount you actually borrow can be reduced by 1.073% on a Direct Loan or 4.292% on a PLUS Loan. Example: Direct Loan is approved for $3,033 the lender will withhold approximately $32, leaving the net amount of the loan at $3,001. The net amount can be applied toward tuition, or if tuition has been paid, used for other educational expenses. If you or your parents borrow more funds than tuition, you will receive the excess proceeds of these funds in the form of a paper check three weeks after the funds have been received by GIA. The Office of Student Accounts Gem courtesy of Ramiro Rivero & Metals del Oriente S.R.L. Crystal courtesy of Michael Evans.

13 Keeping Your Eligibility for Federal Student Aid 13 Satisfactory Academic Progress Students at GIA must maintain Satisfactory Academic Progress (SAP) to receive student financial aid. Satisfactory Academic Progress is reviewed, in general, at the end of each payment period. A student s continued eligibility for financial aid in a subsequent payment period shall be dependent upon his/her academic record as of the end of the previous payment period. Federal regulations require that all institutions participating in Title IV federal student aid programs establish academic standards to ensure students make satisfactory progress. Information on GIA s Satisfactory Academic Progress (SAP) Policy can be found in the GIA Education Catalog. Financial Aid Warning Status: Financial aid recipients who fail to meet the standards defined above will be placed on Financial Aid Warning Status for the following payment period. Students in Financial Aid Warning Status remain eligible for federal student aid. If a student has not returned to good academic standing by the end of the Financial Aid Warning Status payment period, the student will lose eligibility for federal student aid from that point forward. Such dismissal/loss of eligibility may be subject to appeal. For details on how to appeal, please contact the Financial Aid office at [email protected] Federal Student Financial Aid Penalties for Drug Law Violations Losing Eligibility A student s eligibility can change during the award year if the student is convicted of a federal or state offense of selling or possessing illegal drugs that occur while they are receiving federal student aid. Over-Awards An over-award can occur when your financial need is exceeded by your own resources or other outside awards, such as scholarships, or VA benefits. You must inform the Office of Student Financial Assistance if you receive any additional resources that you did not originally report on your financial aid application forms. If your financial aid need is reduced, it may result in an over-payment of financial aid. If this occurs, we will bill you for the financial aid received that you are no longer entitled to. In some cases, it may be taken from your tuition account. In either case, you will have a financial obligation that must be resolved before you can receive your diploma. To avoid this situation, please report any changes in your financial situation immediately to the Office of Student Financial Assistance. Withdrawal, Cancellation, or Termination Students may cancel their enrollment at any time. Students must inform GIA of their cancellation by phone, , fax, written letter, or in person. For on-campus students, the effective date of cancellation is the date GIA receives your official notice of withdrawal or your last day of attendance. GIA s refund policy is explained in detail in the GIA Education Catalog and in your enrollment agreement. For more information, please contact GIA Admissions at , ext 4001 or [email protected] Once your tuition charges have been determined, the amount of tuition paid will be compared to the tuition charges based on your last date of attendance. If you have not paid enough tuition, you will have an obligation to pay GIA the balance owed. If you have paid more tuition than what is owed, you have a tuition refund. The law specifies how GIA must determine the amount of Title IV program assistance that a student earns if he/she withdraws from school. The Title IV programs that are covered by this law are: Federal Pell Grants, Federal Supplemental Educational Opportunity Grants (FSEOGs), Federal Perkins Loans, Direct Loans, and Direct PLUS Loans. Although a student s aid is posted to his/her tuition account at the start of each payment period, a student earns the funds as he/she completes the period. If a student withdraws during a payment period or period of enrollment, the amount of Title IV program assistance that the student has earned up to that point is determined by a specific formula. If a student received (or GIA or a parent received on the student s behalf) less assistance than the amount that the student earned, the student may be able to receive those additional funds. If the student received more assistance than he/she earned, the excess funds must be returned by (GIA) and/or the student. The amount of assistance that a student has earned is determined on a pro rata basis. For example, if a student completed 30% of his/her payment period or period of enrollment, the student earned 30% of the assistance they were originally scheduled to receive. Once the student has completed more than 60% of the payment period or period of enrollment, the student has earned all the assistance that they were scheduled to receive for that period. Title IV refunds are allocated in the following order: 1. Unsubsidized Federal Direct Stafford Loan Program 2. Subsidized Federal Direct Stafford Loan Program 3. Federal PLUS Loan Program 4. Federal Perkins Loan Program 5. Federal Pell Grant Program 6. Federal Supplemental Educational Opportunity Grant (FSEOG) Program 7. Any other Title IV program 8. Other federal, state, private, or institutional student financial aid programs If a student did not receive all of the funds that he/she earned, the student may be due a post-withdrawal disbursement. If a student s postwithdrawal disbursement includes loan funds, GIA must get the student s permission before it can disburse them. The student may choose to decline some or all of the loan funds so that they don t incur additional debt. GIA may automatically use all or a portion of the student s postwithdrawal disbursement of grant funds for tuition and fees. GIA needs the student s permission to use the post-withdrawal grant disbursement for all other school charges. If a student does not give their permission, the student will be offered the funds. It may be in the student s best interest to allow GIA to keep the funds to reduce the student s debt at GIA.

14 Keeping Your Eligibility for Federal Student Aid (cont.) 14 If a student is a first-time, first-year undergraduate student and they have not completed the first 30 days of their program before they withdraw, they will not receive any Direct Loan funds that they would have received had they remained enrolled past the 30th day. If the student receives (or GIA or the student s parent receives on the student s behalf) excess Title IV program funds that must be returned, GIA must return a portion of the excess equal to the lesser of: 1. The student s institutional charges multiplied by the unearned percentage of your funds, or 2. The entire amount of excess funds. GIA must return this amount even if it didn t keep this amount of the student s Title IV program funds. If GIA is not required to return all of the excess funds, the student must return the remaining amount. Any loan funds that the student must return, he/she (or parent for a Direct PLUS Loan) repays in accordance with the terms of the promissory note. Any amount of unearned grant funds that the student must return is called an overpayment. The maximum amount of a grant overpayment that the student must repay is half of the grant funds the student received or was scheduled to receive. A student does not have to repay a grant overpayment if the original amount of the overpayment is $50 or less. A student must make arrangements with GIA or the Department of Education to return the unearned grant funds. The requirements for Title IV program funds when a student withdraws are separate from any refund policy that GIA may have; a student may ask GIA for a copy. A student may still owe funds to the school to cover unpaid institutional charges. GIA may also charge a student for any Title IV program funds that the school was required to return. GIA can also provide students with the requirements and procedures for officially withdrawing from school. If a student has general questions about their Title IV program funds, they can call the Federal Student Aid Information Center at FEDAID ( ). TTY users may call Information is also available on Student Aid on the Web at If your aid has been utilized for living expenses rather than tuition, we will pro-rate the amount of aid you are entitled to keep based on the percentage of your program that you have completed. If the aid you received exceeds your cost of living for prorated amount of class time completed, you will be billed for the excess. GIA academic services will be refused until your account is brought current.

15 Scholarships 15 Scholarships GIA-administered scholarships are available for on-campus and distance education (elearning and lab class) students. Applicants will be considered for all available scholarships. Applications are ONLY submitted on-line during the application periods. Apply between March 1 and April 30 for a scholarship to be used for classes that start the second half of the current year (distance education or lab classes) Apply between June 15 and October 31 for a scholarship to be used for classes that start the following year (on-campus, distance education or lab classes) For additional details on eligibility, how to apply, and required documents, go to Scholarship Application Instructions When to Apply March 1 - April 30: Apply between March 1 and April 30 for a scholarship to be used for classes that start the second half of the current year (distance education or lab classes). June 15 - Oct. 31: Apply between June 15 and October 31 for a scholarship to be used for classes that start the following year (on-campus, distance education or lab classes). Eligibility ALL APPLICANTS are eligible to apply for a distance education (elearning) scholarship. U.S. CITIZENS and U.S. PERMANENT RESIDENTS ONLY are eligible to apply for a lab class or on-campus scholarship for the Carlsbad or New York campus. INTERNATIONAL APPLICANTS ONLY (non-u.s. citizens with country of residence outside the U.S.) are eligible to apply for: - On-Campus Scholarships at the following international campuses: India, Middle East (Dubai), Hong Kong, London, Taiwan or Thailand - Distance Education (elearning) Scholarships for any of the five core gemology courses required for the Graduate Gemologist (GG) diploma: Diamond Essentials, Diamonds & Diamond Grading, Colored Stone Essentials, Colored Stones, Gem Identification. This does not include lab classes. Required Application Documents Please note that the topics below are only suggestions we encourage the applicant to make their own topic choice. 1. PERSONAL STATEMENT/ESSAY NOT a resume or CV Explain how you came to be interested in the gemology or jewelry field Mention your aspirations and goals, and how a scholarship will help you achieve them Tell us what you plan to use the scholarship for and what you will contribute You may choose to discuss your work experience & educational background Business/family background is another possible topic 2. LETTER(s) of RECOMMENDATION recommending you for a GIA scholarship, NOT for employment (1 required, up to 6 allowed) We require that the recommendation letter come from a professional company or person, and NOT a relative or family member (if unavailable, acceptable sources are non-profit organizations: your church, a teacher, a community organization to which you belong, a place where you volunteer, or similar organizations) The letter must be current, within the past 6 months We require that the recommendation letter include the following: The writer s contact information: address, phone and possibly address (on company letterhead if possible) Background information, from the person recommending you, on who they are and how long they have worked with, or known you An explanation on why they want to recommend you for a scholarship, not for employment Why they believe you will be successful because of a scholarship Non-GIA Scholarships GIA accepts scholarships awarded from outside sources private companies, service organizations, state programs, employers, tribal grants, etc. Scholarship Questions Call , Ext 4131 or (international callers), or [email protected] How to Apply Please complete the online scholarship application form and attach two types of required documents in Word or pdf format: a personal statement/ essay and a minimum of one letter of recommendation. Both documents are very important to the scholarship committee and applications without the required documents will not be considered. Each applicant is allowed to submit one application per scholarship period and the applicant does not apply for a specific scholarship. The application form requires the applicant to choose one study program and one method of study (on-campus, lab class or distance education). Each application is considered a general application, and the scholarship review committee will match applicants with each scholarship s criteria as outlined by the scholarship donor. If an applicant is awarded a scholarship and accepts it, the applicant is not eligible to apply again for three years. If the applicant is not chosen for a scholarship, we encourage the applicant to apply again.

16 Student Consumer Information 16 Gainful Employment (GE) Information Gainful employment information can be found on page 45 of the 2015 Education Catalog ( Privacy As mandated by the Family Educational Rights and Privacy Act (FERPA), GIA will not release any student specific financial aid information to a third party, including parents, without the student s permission. However, students may authorize our office to provide their financial aid information to a third party by signing a FERPA form at our offices. Additional Student Consumer Information may be found at our website Contact Information Federal Financial Aid: , ext [email protected] VA Education Benefits: , ext [email protected] Scholarships: , ext [email protected]

17 CARLSBAD World Headquarters The Robert Mouawad Campus 5345 Armada Drive Carlsbad, California T T , F [email protected] NEW YORK 50 W 47th Street, 8 th Floor New York, New York T T , F [email protected] Learn from the World s Foremost Authority in Gemology Gemological Institute of America and GIA are registered trademarks of Gemological Institute of America, Inc. Any other product or company names mentioned herein are the trademarks of their respective owners. GIA World Headquarters and The Robert Mouawad Campus, 5345 Armada Drive, Carlsbad, CA Financial Aid Handbook policies effective January 2015 January 2015; Gemological Institute of America, Inc. FAH0315