FINANCIAL AID GUIDE FOR ADULT DEGREE COMPLETION PROGRAM

Transcription

1 FINANCIAL AID GUIDE FOR ADULT DEGREE COMPLETION PROGRAM

2 CONTENTS Award Letter Instructions 1 Communication from the Office of Financial Aid 1 Financial Aid Portal 1 Your Enrollment Information 2 Your Housing Plans 2 Other Aid Resources 2 Timeline for Disbursing Aid and Credit Balances 2 Satisfactory Academic Progress Standards for Federal and State Aid 3 Federal and State Aid Resources 3 Dominican Scholarships and Grants 4 Federal Grants 4 Student Loan Information 6 Federal Direct Stafford Loan Maximum Time Limits 7 Repeating Coursework 7 Withdrawal Policy 7 Refund Schedule 9 Family Educational Rights and Privacy Act (FERPA) 9 WELCOME THIS AWARD GUIDE IS A TOOL TO ASSIST YOU IN UNDERSTANDING: Your scholarships, grants, and other financial aid at Dominican University of California Your rights and responsibilities What you need to do to maintain eligibility for your aid now and in future years YOUR FIRST RESPONSIBILITY AS A FINANCIAL AID RECIPIENT IS TO READ THIS GUIDE AND YOUR AWARD LETTER We urge you to review this information carefully and to keep this guide for future reference.

3 AWARD LETTER INSTRUCTIONS Read and review carefully Return your award letter only if you are making changes to your award Save one copy for your records Loans require further steps as outlined in this guide COMMUNICATION FROM THE OFFICE OF FINANCIAL AID Our primary method of communication will be with you, the student, via . Please be sure to activate your Dominican domain address once you have registered for classes, refer to link below to see instructions on how to activate: mail.students.dominican.edu The first award letter will be sent by regular mail to your permanent address on file. You will receive a revised award notification any time we are notified of an additional tuition benefit or scholarship, your enrollment level at the end of add/drop period does not match what you reported on your application, or your eligibility changes. FINANCIAL AID PORTAL With the first award letter, you will receive instructions on how to access the Financial Aid Portal. All future communication about your award will be sent to your with instructions to view your updated award online through the Portal. The Portal gives you the opportunity to manage other aspects of your financial aid, including: Check the status of your financial aid application Download and print any requested documents Review the status of submitted documents View your current financial aid award Read messages regarding your financial aid and eligibility Verify loan disbursement dates and amounts See your loan history so you can be aware of the amount you have borrowed Should you choose to opt out of the Portal, please notify the Office of Financial Aid in writing. Disbursement of your aid will be delayed if your actual enrollment level is different than what is on your award letter. Be prepared to pay for living expenses, books, transportation, and other costs during the first month of classes. DOMINICAN UNIVERSITY OF CALIFORNIA GUIDE TO ADULT DEGREE FINANCIAL AID

4 YOUR ENROLLMENT INFORMATION Your award has been based on expected enrollment that you reported on your Dominican Financial Aid Application. Your cost of attendance and financial aid eligibility is affected by your enrollment plans. Therefore, your award may be affected by any change in enrollment, and funds may be adjusted and/or returned if you do not enroll as expected. If your enrollment plans do not match the number of units listed on your award letter, your financial aid will not disburse onto your student account. Notify the Office of Financial Aid immediately if your enrollment does not match what you have been packaged with. This information can be found on the award letter. YOUR HOUSING PLANS Your cost of attendance is based on your housing status as indicated by your Dominican Financial Aid or Admissions Application. If your housing plans change, it may impact your aid eligibility. OTHER AID RESOURCES If you will be receiving additional financial aid resources not listed on your award letter, such as private scholarships or grants, veteran s benefits, or tuition reimbursement, you must report those sources to the Office of Financial Aid. TIMELINE FOR DISBURSING AID AND CREDIT BALANCES Most federal financial aid and institutional scholarships may not be applied to a student account earlier than 10 days before the semester. Some types of aid require verification of eligibility and/or additional processing before the funds can be applied to a student account. These include, but are not limited to: Cal Grants, Federal Pell Grants, Stafford and Perkins Loans. The Office of Financial Aid works to disburse financial aid as seamlessly and as quickly as possible. YOU CAN HELP US BY ENSURING THAT YOU: Return your award letter if you are making changes to it Enroll in the correct number of units or notify the Office of Financial Aid of enrollment changes Complete the federally required entrance loan counseling for federal Direct Stafford Loans Complete the Master Promissory Note for federal Direct Stafford Loans Maintain Satisfactory Academic Progress (SAP) 2 DOMINICAN UNIVERSITY OF CALIFORNIA GUIDE TO ADULT DEGREE FINANCIAL AID

5 If your aid and any other payments cause a credit balance on your student account, this credit balance will be refunded to you. A check is mailed by Business Services. Please note that if you have not registered for all of your classes at the time you receive a refund or if you are waitlisted for a class, you will be billed for any additional charges. Because your eligibility for a refund must be verified before it is issued, you should plan to cover indirect costs for the first month of school. SATISFACTORY ACADEMIC PROGRESS (SAP) STANDARDS FOR FEDERAL AND STATE AID Satisfactory progress for federal and state funds is separate from your academic standing, which is determined by the University Registrar. Students must maintain a minimum cumulative grade point average (GPA) of 2.00 to meet the SAP requirement. Full-time students must also successfully complete at least 12 units per semester. Part-time students must successfully complete 75% of attempted units each semester. If a student fails to meet these requirements, he or she will be placed on Financial Aid Warning and be given aid for one academic period. If, after the warning period, satisfactory standards are not met for any subsequent semester, all aid is discontinued. Appeals due to special or unusual circumstances are available. FEDERAL AND STATE AID RESOURCES Some basic rules apply for federal and state need-based aid resources, including grants, and loans. You must be admitted into a degree-granting program at Dominican Your aid eligibility is determined by the information you report on the Free Application for Federal Student Aid (FAFSA) Your enrollment status impacts your eligibility; most federal and state aid programs are pro-rated for less than full-time (per semester) study, and most require at least half-time enrollment per semester You must reapply for aid each year You must maintain satisfactory progress towards your degree Generally, you may receive federal and state aid for approved study abroad programs Your aid may be prorated or returned if you withdraw DOMINICAN UNIVERSITY OF CALIFORNIA GUIDE TO ADULT DEGREE FINANCIAL AID

6 DOMINICAN SCHOLARSHIPS AND GRANTS GENERAL CRITERIA FOR ALL DOMINICAN SCHOLARSHIPS AND GRANTS Students must enroll in at least 6 units per semester. (fall/spring/summer) Students must re-apply for need-based grants each year Students must meet the renewal criteria for scholarships and grants in order for the aid to be renewed Please contact the Office of Financial Aid if you have not received an award letter prior to August 1 of each year, or if your scholarship does not appear on your billing statement. Grants from Dominican include the Adult Degree Completion (ADC) scholarship and certain other endowed and restricted (named) scholarships and grants from private and foundation donors. Grants are need-based and require that students complete the financial aid application process by completing the Free Application for Federal Student Aid (FAFSA) and the Dominican Financial Aid Application. ADC scholarships requires at least half-time enrollment (6 units) per semester and demonstrated need from FAFSA. Dominican grants require at least a 2.00 GPA for renewal eligibility, as well as demonstrated financial need. Each year, private donors and foundations sponsor the enrollment of individual Dominican students through endowed or restricted (named) scholarships. These named scholarships fund unrestricted Dominican gift aid, therefore replace Dominican gift aid resources dollar for dollar. Students are automatically considered for these awards in the fall or spring semesters. ADC scholarships are limited to the equivalent of eight full-time semesters for students entering as freshmen. Transfer student eligibility is prorated based on the number of units a student transfers into Dominican. FEDERAL GRANTS Undergraduate students with significant financial need may qualify for federal grants. Eligibility is determined by federal regulation, program guidelines, and need determined by the FAFSA. Your award letter may include one or more of these grants: PELL GRANT Determined by federal eligibility and enrollment status, this grant is designated for students with high financial need. 4 DOMINICAN UNIVERSITY OF CALIFORNIA GUIDE TO ADULT DEGREE FINANCIAL AID

7 SEOG GRANT Reserved for students with the most significant financial need at Dominican. TEACH GRANTS Available for eligible students who intend to pursue a career in teaching in high need fields. This program has a service obligation to teach for at least four years, full-time, in a designated high need area in a designated low-income school within eight years of graduation. STATE GRANTS Qualifying Dominican students may be eligible for Cal Grant A or Cal Grant B. Dominican includes estimated awards based on the California Student Aid Commission s award cycles and tentative eligibility information. If included on your award letter, the amount is estimated based on the projected state budget and the income, household, and asset information reported on the FAFSA. Cal Grant eligibility is subject to confirmation before the amount can be applied to a student s bill, and is subject to change. You will be notified via a revised award letter if your estimated Cal Grant eligibility changes. If you receive a Cal B Access, you may request the funds to be issued to you, otherwise it will be applied to your direct costs. Awards granted by the state under the competitive cycle for transfer and continuing students are not finalized by the state until October. New and continuing students who receive a competitive award for the first time will receive a revised award letter in October. DOMINICAN UNIVERSITY OF CALIFORNIA GUIDE TO ADULT DEGREE FINANCIAL AID

8 STUDENT LOAN INFORMATION Stafford Stafford Private Subsidized Unsubsidized Educational Loan Loan Loan Source Federally regulated, funded by the Not regulated, terms vary Department of Education by lender Application Free Application for Federal Student Aid (FAFSA) Apply for loan directly Process and Dominican Financial Aid Application with lender Interest *3.76% fixed Interest 3.76% fixed Variable rate, tied to Rate is paid by the Prime or LIBOR rate government during in school period Repayment Six months after student graduates, withdrawals Varies by lender Terms or ceases to be enrolled half time (check with lender) Other Fees ** 1.069% Varies by lender (check with lender) Other Enrolled at least half time Credit based Requirements (6 units a semester) Most lenders require Complete Stafford Loan Entrance at least half time Counseling and Master Promissory Note enrollment (MPN) online at: studentloans.gov Annual $3,500 grade level 1 * $4,000 grade level 1 & 2 Cost of attendance minus Limit $4,500 grade level 2 ** $5,000 grade level 3 & 4 financial aid $5,500 grade level 3 & 4 $2,000 all grade levels (some lenders have minimum limits) Aggregate $31,000 for dependent students $100,000-$120,000 (Lifetime) $57,500 for independent (varies by lender) Limit (no more than $23,000 may be in subsidized) * As of the print date for this brochure, 3.76% will be the fixed interest rate for loans borrowed after July 1, Interest rates are calculated using the 10 Year Treasury note from the period leading up to July 1, 2017 plus 2.05% with an interest rate cap of 8.25%. The exact rate charged for will not be determined until June 1, but will then be locked in based on the Treasury note yield. ** For undergraduate federally-independent students, or dependent students whose parent applies for a federal Direct PLUS Loan and is denied. 6 DOMINICAN UNIVERSITY OF CALIFORNIA GUIDE TO ADULT DEGREE FINANCIAL AID

9 FEDERAL DIRECT STAFFORD LOAN MAXIMUM TIME LIMITS If a student is a first-time borrower on or after July 1, 2013, there is a limit on the maximum period of time (measured in academic years) that a student can receive Direct Subsidized (Stafford) Loans. This time limit does not apply to Direct Unsubsidized Loans or Direct PLUS Loans. If this limit applies to you, you may not receive Direct Subsidized Loans for more than 150% of the published length of the student s program. A typical undergraduate Dominican student can receive a Direct Subsidized Loan for six years (150% of 4 years = 6 years). The six years may include attendance from any prior institution. REPEATING COURSEWORK If a course was taken and passed (receiving a grade of D or higher), federal financial aid will only pay for that course to be repeated one more time. Should you decide to enroll in a successfully passed course for a third time, federal financial aid will not cover the cost of that course. A student can continue to receive aid for a particular course until a passing grade has been achieved (something other than an F, UF, I or W) for that course. Once the passing grade is received, federal financial aid will only pay for one more repeat of that course. With that said, a student only has a limited amount of time to complete the degree requirements for a program. Additionally, a student needs to maintain satisfactory academic progress toward their degree to qualify for financial aid. Transfer classes do not count in determining repeated coursework. Only coursework taken at Dominican will be considered under this policy. WITHDRAWAL POLICY For financial aid purposes, withdrawals and leave of absences are treated the same. Students planning to withdraw from the University are encouraged to make an appointment with their academic advisor prior to initiating withdrawal procedures. Dominican s official withdrawal office is the Registrar s Office. The Registrar can be informed verbally or in writing of a student s request to withdraw. If a student notifies the Registrar of their intent to withdraw, the date of the notification becomes the financial aid withdrawal date. The Registrar will ask students to complete and submit a withdrawal form, and it may take a few days to process. Nevertheless, the date the student tells the Registrar of their desire to withdraw becomes the financial aid withdrawal date, even if the student never returns the withdrawal form. Therefore, it is important that students are certain of their decision to withdraw from school before the Registrar s Office is informed. DOMINICAN UNIVERSITY OF CALIFORNIA GUIDE TO ADULT DEGREE FINANCIAL AID

10 WITHDRAWAL POLICY CONTINUED Only the Registrar can establish the withdrawal date. If a student states a desire to withdraw to a faculty member, academic advisor, or Office of Financial Aid, withdrawal does not occur. Students must notify the Registrar. Students who withdraw from the University may apply for readmission through the Registrar s Office. Federal law requires that students who withdraw after the semester has already started and have attended at least one class session, fall under Return of Title IV Funds. This means that financial aid eligibility will be calculated based on an earned versus unearned calculation. The calculation determines how much aid a student is eligible to keep based on the amount of time enrolled. Students who attend more than 60% of the semester will be eligible to keep their entire financial aid award. For example, a semester is 16 weeks or 112 days long. If a student were to withdraw at the end of the sixth week (42 days into the semester) the student would have missed 70 days of the semester. Dividing 70 days missed by 112 days in the semester equals 62.5%. The University would be required to return 62.5% of this student s financial aid to the government. The federal government has defined two types of withdrawal, an official withdrawal and an unofficial withdrawal. An official withdrawal is one in which the student notifies the Registrar of their desire to withdraw from Dominican. An unofficial withdrawal is one in which a student leaves without notifying the Registrar s Office. Students who do not officially withdraw and pass no units (receive grades of F or UF) in a semester or summer session, are presumed to have unofficially withdrawn, unless the student provides the Office of Financial Aid with documentation showing attendance through the end of the semester. Such documentation must be presented within 30 days of the end of the semester being evaluated. The return of aid for an unofficial withdrawal is calculated at the 50% point of the semester or summer session. Once the return is calculated and aid is sent back to the Department of Education, students may still owe money to the school. In the first instance mentioned above, the student withdrew after the deadline for receiving any type of tuition or fee refund. Therefore, the student would be charged for the entire amount of tuition, but 62.5% of the student s financial aid would be returned to the government, making the student personally accountable for paying at least 62.5% of the tuition charges to the University. It is the responsibility of the student to make payment arrangements with the Business Services Office to pay any balance. 8 DOMINICAN UNIVERSITY OF CALIFORNIA GUIDE TO ADULT DEGREE FINANCIAL AID

11 THE ORDER IN WHICH AID IS RETURNED IS AS FOLLOWS: 1) Unsubsidized Stafford Loan 2) Subsidized Stafford Loan 3) Perkins Loan 4) PLUS Loan 5) Pell Grant 6) Supplemental Educational Opportunity Grant (SEOG) 7) Other Title IV assistance Student loan borrowers are responsible for loan funds that did not get returned to the lender as a part of the Return of Title IV Funds. Your repayment begins according to the terms and conditions of the promissory note. We strongly encourage students and others borrowing on behalf of students to make responsible decisions about borrowing. REFUND SCHEDULE Dominican s tuition refund schedule can be found within the academic calendar on the registrar s web page at: dominican.edu/academics/resources/registrar/calendars FAMILY EDUCATIONAL RIGHTS AND PRIVACY ACT (FERPA) The Office of Financial Aid may not release a student s financial information to another individual unless authorized to do so by the student. Please complete a FERPA form for anyone to whom you authorize the release of information and their relationship to you. The FERPA form can be found at: dominican.edu/finaid/forms For more information, visit: dominican.edu/financialaid DOMINICAN UNIVERSITY OF CALIFORNIA GUIDE TO ADULT DEGREE FINANCIAL AID

12 REFERENCE LIST CALIFORNIA STUDENT AID COMMISSION (CSAC) Organization that administers the Cal Grant program or 888-CA-GRANT csac.ca.gov FAFSA ON THE WEB To submit your Free Application for Federal Student Aid (FAFSA) online FEDAID fafsa.ed.gov FEDERAL STUDENT AID Financial aid information from the Department of Education studentaid.ed.gov FINAID A website that provides reliable general financial aid information finaid.org INTERNAL REVENUE SERVICE (IRS) If you need a copy of your federal tax transcript or have a tax related question 800-TAX-1040 irs.gov/transcript irs.gov/individuals/get-transcript CONTACT INFORMATION OFFICE OF FINANCIAL AID 50 ACACIA AVENUE SAN RAFAEL, CA Office: Admissions: Fax: FINAID@DOMINICAN.EDU DOMINICAN.EDU/FINANCIALAID WALK-IN HOURS: MONDAY THURSDAY: 9:00 A.M. 6:00 P.M. FRIDAYS:10:00 A.M. 5:00 P.M. DOMINICAN.EDU/FINANCIALAID 10 DOMINICAN UNIVERSITY OF CALIFORNIA GUIDE TO ADULT DEGREE FINANCIAL AID