Eligibility & Award Conditions Award Package Terms & Conditions The Free Application for Federal Student Aid (FAFSA) must be submitted each year. All students are encouraged to apply by the December 15 th preferred filing deadline in order to receive an earlier aid package. March 1 is the priority filing date for all students. Students must apply by this date for priority consideration of need based grant programs in which funding allocations are limited. Award Package Terms & Conditions Your financial aid award package is based on full-time enrollment. If your final enrollment status is not full time, your financial aid award may be revised. Your award package is based on the information reported in your FAFSA. If you make corrections to the data in your FAFSA then your financial aid package may also be revised. All private scholarships must be reported to the Office of Student Accounts and may affect your financial award package. The Office of Student Accounts will share your private scholarship information with the Office of Financial Aid. In some cases, the addition of private scholarships may change your level of financial need, and therefore, result in a change to your financial aid award package. Your financial aid will be void if incorrect information is discovered on any document used to determine eligibility. This includes, but is not limited to, your FAFSA, loan applications and verification forms or statements. In addition to voiding your financial aid awards, intentional misrepresentation or false statements on any of these documents may subject you to a fine or imprisonment, or both, under the provisions of the US Criminal Code. Your award is subject to the following: Availability of funds. State and federal funding is necessarily tentative at the time of the award and CNU cannot guarantee substitute awards if any anticipated funding does not materialize. Program regulations are relative to individual programs or awards granted to the student. Satisfactory Academic Progress. Students must maintain Satisfactory Academic Progress standards to continue receiving aid. Please see the policy online at http://cnu.edu/financialaid/conditions/sappolicy/ for details on these standards. We reserve the right to make corrections and/or adjustments to all financial aid award packages. Changes to the FAFSA, enrollment, residency, and private (external) aid will be reviewed by the Office of Financial Aid and may result in adjustments to your offer of aid.
Accepting your Aid Offer Your financial aid award package must be reviewed and accepted electronically. Be sure to read the award fund details outlined in your award offer and the terms and conditions of your award package thoroughly before accepting your aid offer. Your accepted financial aid, excluding Federal Work Study, may be used as a credit towards your bill at CNU. If you have any questions concerning charges, contact Student Accounts at (757) 594-7195. Once your financial aid has been received and applied to outstanding charges, any remaining balance will be refunded to you. Please note that your refund, if any, will be sent to you after the start of the semester, so you will need to make alternate arrangements for books and/or living expenses. If you completely withdraw from classes before 60 percent of the semester has been completed, CNU is required to return some or all funds from all state and federal programs and you may be required to repay a portion of your aid. If you fail to complete all courses you enroll in (i.e., you receive all UI grades), you will be considered to have unofficially withdrawn from the University, and some or all of your aid will be returned. You may owe the University for charges left unpaid. Purchasing Books with Financial Aid In order to purchase your books using your financial aid, you must wait until after your aid disburses to use the funds. If after your financial aid is applied to your student account, you still have excess funds available, those funds will go to your Bank Mobile refund preference. You can then use this money to pay for books or any other school expenses. If you have excess funds available from financial aid, after your charges are paid, you may use up to $250 towards the purchase of books through the Universities electronic bookstore, Captain's Locker: http://www.bkstr.com/captainslockerstore/home. Once you checkout at "Payment Methods", please use your student ID# to find "Account Number" located under Alternate Forms of Payment. What if my aid package isn t enough to cover my balance? CNU is a public University; therefore, financial aid packages are non-negotiable. The financial aid packages offered through the Office of Financial Aid at CNU are based on financial need as determined by the Free Application for Federal Student Aid (FAFSA). Aid packages are based on eligibility and available funding. Financial need is determined using the federal needs analysis as defined by the Department of Education. If you need additional funding beyond your aid package, you may want to explore the following options: Private Scholarships: http://cnu.edu/financialaid/types/scholarships/private/ Federal Direct Parent PLUS Loans: see details below under Federal Direct Parent PLUS Loan Information
Private Education Loans: Private loans, also referred to as alternative loans, are non-federal loans made to students to help cover the cost of education. These loans are based on consumer credit and feature competitive interest rates. Most students require a co-signer. Students can borrow up to the cost of attendance less any financial aid received. A variety of lenders participate in these loan programs. Students will select a lending institution of their choice when applying. When applying for a private loan, it is important to do your homework. Each of these loan programs is different, and you want to be certain you are getting what is right for you. Spend a few moments comparing interest rates, fees, repayment terms, and requirements. CNU Payment Plan: The Office of Student Accounts offers a payment plan to break up the costs for each semester into monthly increments. For more information visit their webpage at: http://cnu.edu/businessoffice/payment/ Disbursement of Aid The Office of Financial Aid will begin disbursing aid to the student billing account after the close of the add/drop date of each semester as long as all disbursement requirements are met. Students must ensure that all required documentation is complete (i.e., Direct Loan Entrance Counseling, Master Promissory Note (MPN), etc.) and that all awards have been either accepted or declined. Students should monitor their CNU Live account for status updates and monitor CNU email accounts for notifications related to status updates. Students (and parents for PLUS loans) have 14 days from the date of disbursement to request a cancellation/adjustment to federal student loans. Requests for adjustments/cancellations must be made in writing and must include the date of the request and a student and /or parent signature (as applicable). Student refunds are processed through the Office of Student Accounts within 14 days of the student receiving a credit balance on the student billing account. All students must select a method of refund even if you do not anticipate having a credit balance or receiving a refund. Federal Direct Student Loan Information Subsidized and unsubsidized loans are federal student loans for eligible students to help cover the cost of higher education. The U.S. Department of Education offers eligible students at participating schools Direct Subsidized Loans and Direct Unsubsidized Loans.
Students should understand the rights and responsibilities associated with accepting Direct Loans. In order to educate students on the details of these loans, the following additional steps are required to secure these funds: New Direct loan borrowers must complete Entrance Counseling before funds can be disbursed to the school. Entrance counseling is completed online at www.studentloans.gov. Entrance Counseling is a tool used to teach students about the Federal Direct Loan rights and responsibilities and loan terms. New Direct loan borrowers must also complete the Master Promissory Note (MPN) before funds can be disbursed. The MPN is available online at www.studentloans.gov. The MPN must be signed with your federal PIN (same as FAFSA) and serves as your legally binding contract, acknowledging that you agree to the terms of your loan. Annual Loan Limits Your loan amount was based on your class standing and may include both Subsidized and Unsubsidized loans. Academic Class Dependent Student Independent Student Freshmen (0 29 Earned Credits) $5,500 $9,500 Sophomore (30 59 Earned Credits) $6,500 $10,500 Junior (60 89 Earned Credits) $7,500 $12,500 Senior (90 or more Earned Credits) $7,500 $12,500 Graduate Student N/A $20,500 Note that for freshmen, only $3,500 may be subsidized; for sophomores $4,500; for juniors and seniors $5,500. IMPORTANT NOTE: For Direct Loans first disbursed on or after July 1, 2016, and before June 30, 2017, the interest rate is 3.76% for undergraduate subsidized and unsubsidized loans. Interest rates are fixed rates for the life of the loan. There is also a loan fee for all Direct Loans. The loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement. The fee for loans disbursed on or after October 1, 2016 and before October 1, 2017 is 1.069%. This affects the amount CNU applies to your bill. For help with determining requested loan amounts, please contact Student Accounts for billing information. Federal Direct Parent PLUS Loan Information
PLUS Loans are available to the parents of dependent undergraduate students to help pay education expenses. The parent is the borrower, and it is the parent s responsibility to repay the loan. These loans are based on consumer credit. Parents can borrow up to the cost of attendance less any financial aid received. If a parent borrower is unable to secure a PLUS loan, the undergraduate dependent student may be eligible for additional unsubsidized loans. If a PLUS application is denied, CNU will receive notice from Federal Student loans and will make an offer to the student directly for the additional unsubsidized loan. Freshman students whose parents are denied may accept an additional $4,000 in unsubsidized loans for the academic year. Parents should understand the rights and responsibilities associated with requesting a PLUS Loan. In order to educate parents on the details of these loans, the following additional steps are required to secure these funds: Direct PLUS loan borrowers must complete the Direct PLUS Loan Request online at www.studentloans.gov. The Direct PLUS Loan Request runs a credit check and provides the school with the results needed to create your Direct PLUS Loan. Direct PLUS loan borrowers must complete the Master Promissory Note (MPN) before funds can be disbursed. The MPN is completed online at www.studentloans.gov. You will need the borrower s name, date of birth, and FAFSA PIN to complete the MPN. IMPORTANT NOTE: For Direct PLUS Loans first disbursed on or after July 1, 2016, and before June 30, 2017, the interest rate is 6.31%. Interest rates are fixed rates for the life of the loan. There is also a loan fee for all Direct PLUS Loans. The loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement. The fee for loans disbursed on or after October 1, 2016 and before October 1, 2017 is 4.276%. This affects the amount CNU applies to your bill. For help with determining requested loan amounts, please contact Student Accounts for billing information. Satisfactory Academic Progress (SAP) Policy The SAP Policy at Christopher Newport University (CNU) applies to financial aid recipients only. The policy is based on federal guidelines that require each college and university to ensure that student aid recipients are progressing through their academic programs at an acceptable pace while maintaining an acceptable cumulative grade point average. This policy is separate and apart from other academic policies at the university. The SAP Policy includes three standards that must be met in order for a student to receive aid from the financial aid programs listed below. SAP is calculated at the end of every academic year. Students who fail to meet one or more of the standards below will be placed on Financial Aid Suspension. SAP Standards
Grade Point Average Standard: Undergraduate students are expected to maintain a cumulative grade point average (CGPA) of: 1.61 or higher with up to 48 credits attempted; 2.0 or higher with 49 or more credits attempted. Graduate students are expected to maintain a minimum grade point average of 3.0. Effective 2016-17, hours attempted include both CNU attempted credit hours and transfer credit hours combined for purposes of reviewing the GPA guidelines outlined above. Pace of Progression Standard: Undergraduate and graduate students are expected to successfully complete at least 67% of all credits attempted. Grades of A, B, C, or any derivative of these letters are satisfactory for financial aid purposes. This percentage can be negatively affected by incompletes, withdrawals, and repetition of credits. * Transfer credits accepted toward a CNU degree will count as both attempted and earned credits in calculating this completion rate. The completion rate is calculated by dividing the cumulative number of credit hours the student has successfully completed by the cumulative number of credit hours the student has attempted. This calculation is performed after final grades are posted by the Registrar at the end of the spring semester. Maximum Time Frame Standard: While a four-year timeframe for degree completion should be the goal, undergraduate students are required to have completed a bachelor s degree from CNU within six years or once they have attempted 180 credits (includes transfer credits and represents 150% of bachelor s degree 120 credit hour requirement). Graduate students are required to have completed a master s degree from CNU within three (3) years or once they have attempted 150% of the credits (includes transfer credits) required for their academic program. ** *Repeated Courses: All repeated course work affects the SAP Pace of Progression and Maximum Time Frame Standards. A repeated course and the original attempt must be counted as attempted credit hours and will count toward the student s maximum time frame. However, only the higher grade of a repeated course will be used in calculating the CGPA. **Maximum Time Frame:
A student may receive financial aid for attempted credits that do not exceed 150 percent of the published credit hours of the student s academic program at the University (i.e. if a bachelor s degree requires 120 credits for completion, the student must complete the program with no more than 180 attempted credit hours). This 150 percent rule applies consistently to students who have transferred, changed majors, repeated courses or seek a dual major. While it also applies to students who come to CNU to seek a second degree, in such cases, the student s transfer credits applied to the degree and required course credits at CNU will guide the determination of Maximum Time Frame. Financial Aid Programs Affected by SAP Standards Federal Pell Grant* Federal SEOG Federal Direct Loan (subsidized and unsubsidized) Federal Direct PLUS Loan Federal TEACH Grant Federal Work Study Alternative/Private Loan Programs Virginia Guaranteed Access Program (VGAP) Virginia Commonwealth Grant Merit and Need Based Scholarships * Pell Grant recipients are limited to 12 semesters of scheduled awards. Awards received will be tracked by the US Department of Education and students are required to meet the financial aid SAP standards to receive other awards regardless of whether they have received the maximum number of scheduled Pell Grant awards. SAP Review Process After each academic year, after spring grades are posted, the Financial Aid Office reviews the academic records of financial aid recipients before awarding aid to returning students for the upcoming academic year. SAP Appeal If extenuating circumstances exist which contributed to the student s failure to meet one of the above SAP Standards, a written appeal may be submitted. Examples of extenuating circumstances which might be grounds for an appeal include, but are not limited to, a divorce in the family, unexpected death or
major hospitalization of an immediate family member, or extended hospitalization or medical condition of the student. Issues with instructors/courses, job conflicts, misuse of time management, transportation problems, or child care conflicts DO NOT constitute as unusual mitigating circumstances and will not be considered. The appeal must address, and document where appropriate, these extenuating circumstances, describing: why the student failed to achieve SAP and; what has changed that will allow the student to achieve SAP during the next academic term. Download the SAP appeal form and submit to the Office of Financial Aid (along with required supporting documentation) within two weeks of receiving a notification of failure to achieve SAP standards. Appeals that don t address the stipulations above will be denied. Questions regarding the SAP Policy requirements and/or process should be directed the Financial Aid Office via email at finaid@cnu.edu and/or by calling (757) 594-7170. Members of the financial aid staff are available to assist Monday - Friday from 8:00 am - 5:00 pm. Return of Funds When the Higher Education Act was preauthorized in 1998, Congress provided for a new provision commonly referred to as the Return of Title IV Funds. Under this provision, students who completely withdraw from the University for any reason, including medical withdrawals, may be required to return all or some of their Title IV funding to the Department of Education. Funds which fall into this category are: Federal Pell Grant Federal Direct Loan (Subsidized or Unsubsidized) Federal Supplemental Education Opportunity Grant (SEOG) Federal Direct Parent Loans (PLUS) The return of funds mandate is based upon the concept that students earn their financial aid in proportion to the amount of time in which they are enrolled. Under this reasoning, a student who withdraws in the second week of classes has earned less of his or her financial aid than a student who withdraws in the seventh week. Once 60% of the semester is completed, a student is considered to have earned all of his or her financial aid and will not be required to return any of the funds.
Please note that this policy does not apply to students who withdraw from the University prior to the first day of classes. In such a situation, the refund policy of the school is used. What will be returned? When a student has withdrawn from the University, we go through a series of calculations to determine what responsibilities the school and the student have for returning financial aid. 1. We determine the percentage of the enrollment period the student completed. This is calculated by dividing the number of days attended by the number of days in the semester. To find this, we are required to determine when you stopped attending-- not when your classes were dropped. 2. Multiply the amount of financial aid disbursed by the percentage of the semester completed. This is the amount of financial aid earned. 3. The amounts earned and disbursed are compared. If more aid was disbursed than was earned, the difference will be returned to the Title IV programs. The responsibility for returning unearned aid is allocated to the school and to the student. To determine the portion each may be required to return, CNU must determine what portion of disbursed aid could have been used to cover University charges and what portion would have been returned to the student. If the school is required to return funds to a Title IV program, the school will do so as specified by law. Once this happens, the student may owe CNU. Once a student withdraws, we determine, using the steps above, what responsibilities CNU and the student have. We will mail the student a letter indicating what CNU returned, what the student owes to CNU, and what the student owes to a Title IV program. Scholarship Policies Honors and Leadership Merit Scholarships Presidential Scholarships ($10,000) These residential scholarships require students to live on campus. Students must also remain in both the President s Leadership Program (PLP) and the Honors Program and maintain good standing in both for continued eligibility; that is, their term grade point averages (gpa) must be 3.00 or higher, and their cumulative gpa must reach 3.30 or above by the end of the third semester. Consecutive full-time enrollment is required. The Study Abroad Travel Scholarship (SATS) applies to The Oxford Experience.
If a student withdraws from PLP, the award will decrease to $7,500 (with Dr. Paul s approval). If a student withdraws from Honors, the award will decrease to $5,000 (with Mr. Larson s approval). In either case, the student may be eligible for the $2,000 SATS. Honors Only Scholarships ($7,500) These residential scholarships require students to live on campus. Students must also remain in the Honors Program and maintain good standing for continued eligibility; that is, their term grade point averages (gpa) must be 3.00 or higher, and their cumulative gpa must reach 3.30 or above by the end of the third semester. Consecutive full-time enrollment is required. Students in good standing are eligible for a $2,000 Study Abroad Travel Scholarship. Commonwealth Leadership Scholarships ($5,000) These residential scholarships require students to live on campus. Students must also remain in the President s Leadership Program (PLP) and maintain good standing for continued eligibility; that is, their term grade point averages (gpa) must be 2.75 or above, and their cumulative gpa must be 3.00 or higher. Consecutive full-time enrollment is required. Students in good standing are eligible for the $2,000 Study Abroad Travel Scholarship (SATS). Students must remain in PLP to receive the scholarships. Even if a student remains in Honors, if s/he drops PLP, s/he will forfeit the scholarship and the SATS. Presidents Leadership Program Scholarships ($1,000) These residential scholarships require students to live on campus. Students must also remain in the Presidents Leadership Program and maintain good standing for continued eligibility; that is, their term grade point averages (gpa) must be 2.50 or higher, and their cumulative gpa must reach 2.75 or above by the end of the third semester. Consecutive full-time enrollment is required. Students in good standing are eligible for a $1,000 Study Abroad Travel Scholarship. Should the student drop the Presidents Leadership Program they forfeit the scholarships and the $1,000 SATS. Foundation Scholarships Each year, CNU provides numerous scholarships for students through existing scholarship funds established but the generosity of our donors, as well as from funds raised directly by the Institution. When awarded, students are required to submit a thank you letter to the benefactor of their award as a part of the acceptance process. Criteria for maintaining eligibility is outlined for each award offer.
Students must agree the eligibility requirements outlined in the terms & conditions before accepting an award offer. Those criteria must be maintained for continued eligibility.