McDANIEL COLLEGE FINANCIAL 2017-2018 PLANNING GUIDE YOU ARE RESPONSIBLE FOR READING THIS GUIDE. This information is essential to understanding the terms and conditions of your financial aid award. All McDaniel College policies are listed on www.mcdaniel.edu/finaid 4How to Keep It 4Policies. Please note, if Federal and State Guidelines change this information may be updated. SELF-SERVICE IS A INTERACTIVE ONLINE FINANCIAL AID TOOL THAT GUIDES YOU STEP BY STEP THROUGH THE FINANCIAL AID PROCESS. Beginning with the Financial Aid Self-Service home page, you can view the status of your financial aid file. You have options to review required documents and view the amounts of financial aid awarded. You also have the ability to accept, reduce or cancel loans through Financial Aid Self-Service. For detailed information about Financial Aid Self-Service visit www.mcdaniel.edu/finaid 4Quick Links 4Financial Aid Process.
REVIEW AND ACCEPT YOUR FINANCIAL AID AWARD PACKAGE ON SELF-SERVICE AVAILABLE ONLY TO STUDENTS AND APPLICANTS WITH FINAL AWARD LETTERS YOUR RESPONSIBILITIES Review Financial Aid Self-Service regularly. Check your email account for communication from the Financial Aid Office. Read all materials sent to you from the Financial Aid Office. Grants and Scholarships do not require formal acceptance unless it is a Maryland State Scholarship. If it is a Maryland State Grant or Scholarship, visit https://mdcaps.mhec.state.md.us to accept your award. You must accept or decline Federal Student Direct and/or Perkins loans and work-study awards on Self-Service or the award offer may be withdrawn. These awards will require additional steps to be completed as explained below and on our website. Submit all documents and complete all requirements promptly to avoid delays. Keep copies of all forms you sign. FEDERAL STUDENT LOAN REQUIREMENTS DIRECT LOANS After you accept a loan award, you may have new requirements to complete: Entrance loan counseling is required for all first-time borrowers. Master promissory note is required for all first-time borrowers. 2
Federal Loan Entrance Counseling Entrance loan counseling is required for first-time federal loan borrowers and must be completed before you can receive loan funds. Federal Direct Subsidized, Unsubsidized and Graduate PLUS Loan entrance counseling may be completed online at www.studentloans.gov. After your loan counseling session has been completed, we will receive notification within a few days. Check Financial Aid Self-Service for more information about these possible financial aid requirements. Federal Loan Promissory Notes Promissory notes must be signed before a loan can be disbursed. Federal Direct Subsidized and Unsubsidized Loan: www.studentloans.gov This promissory note only needs to be completed once every 10 years. Federal Parent or Graduate PLUS Loan: www.studentloans.gov This promissory note only needs to be completed once every 10 years, unless an endorser is required. FEDERAL PERKINS LOANS Federal Perkins Loans Counseling Entrance loan counseling is required for first-time federal loan borrowers and must be completed before you can receive loan funds. DO YOU KNOW... Financial Aid Self-Service can be used to confirm the receipt of Entrance Counseling and Master Promissory Note. Financial Aid Self-Service is available 24 hours a day, 7 days a week. Links for frequently used websites can be found on Financial Aid Self-Service. Federal Perkins Loan entrance counseling may be completd online at https://www.ecsi.net/promw98 Federal Perkins Promissory Notes Promissory notes must be signed before a loan can be disbursed. Federal Perkins Loan: Complete and electronically sign online at https://www.ecsi.net/promw98 FEDERAL WORK-STUDY REQUIREMENTS The Federal Work-Study program provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses. The program encourages community service work and work related to the recipient s course of study. If you accepted your Federal Work-Study award, you will be contacted during the summer with more information about securing a job and completing necessary documents. 3
REVIEW AND SIGN AWARD LETTER The last step on the Financial Aid checklist is to Review and Sign the Financial Aid Award letter. You are required to sign the award letter before Financial Aid funds post to your student account. SMART BORROWING D0 YOU KNOW... Federal student loans are not based on your credit. ELECTRONIC CONSENT By selecting yes under Correspondence on Financial Aid Self Service, you will be able to receive electronic communications (including email messages) from the Financial Aid Office. Without this consent, the Financial Aid Office cannot send you any information via email or reply back to email messages sent to our office. Unless you consent to electronic communication, all communications with the Financial Aid Office will be limited to postal mail. Loan payments are deferred while attending McDaniel College at least half time (6 credits). There are a variety of loan repayment options. Visit https:// studentaid.ed.gov under How to Repay Your Loans for more information about Federal Direct loans. REVIEWING YOUR OUTSTANDING REQUIREMENTS Once you ve logged in, click on Checklist. If you see Action Needed please click on Complete required documents. Return fully completed documents to the Financial Aid Office by mail, by fax or in person. 4
AWARD REVISIONS Your award may be revised or cancelled: If aid was based on false or inaccurate information. For example, changes in enrollment or housing status. If an error was made in determining your eligibility or in disbursement of aid. If the amount of aid you receive will exceed your financial need or cost of attendance. (This may occur if you receive additional aid or as a result of verification.) If you withdraw from one or more classes or do not begin attending all classes. If you do not submit all the required documents. If you fail to maintain Satisfactory Academic Progress. If additional funds become available. If extenuating circumstances warrant an adjustment in your eligibility for financial aid. If you fail to achieve the required standards for merit-based aid you receive from McDaniel College. If you do not achieve the proper grade level needed for student loans that were initially awarded. REMINDERS Renew FAFSA annually. Meet with Financial Aid Counselor when you have questions about Financial Aid. Apply for External Scholarships. If a revision is made, you will be contacted to review your updated award on Financial Aid Self-Service. DO YOU HAVE A FINANCIAL AID PLAN? A good financial aid plan includes understanding how much financial aid will be available to you to cover your educational expenses. Students are notified by the Bursar s Office of their financial obligation to McDaniel College. If your accepted aid is not sufficient to cover your entire balance, you may need to pursue additional options to satisfy your balance. Additional financial options could include: External Scholarships Federal Direct PLUS loan Private Alternative Loans KEEPING YOUR AWARD Maintaining financial aid eligibility is an ongoing process. Not only must you reapply for financial aid every year, but the Financial Aid Office is required to continually monitor your eligibility. You must make Satisfactory Academic Progress toward your degree or program. See page 6. You must maintain at least half-time enrollment (at least 6 credits) to remain eligible for the majority of financial aid funds. You must complete courses. Withdrawing from one class or all classes can negatively affect your ability to retain the funds awarded and/or disbursed to you. See page 7 for Consequences of Enrollment Changes. 5
SATISFACTORY ACADEMIC PROGRESS Satisfactory Academic Progress (SAP) Standards Academic progress is measured both qualitatively and quantitatively at the end of spring semester against the following standards: REQUIREMENTS FOR UNDERGRADUATE STUDENTS Cumulative Grade Point Average (GPA) Attempted Credits (includes both transferred and McDaniel-earned credits) Cumulative GPA * For Undergraduate Students 0 31.5 1.25 or higher * 32 47.5 1.50 or higher * 48 63.5 1.70 or higher * 64 79.5 1.80 or higher * 80 95.5 1.90 or higher 96 and higher 2.0 or higher Completion Percentage (Pace): You are required to complete a minimum of 67% of all attempted courses. Maximum Time Frame: Undergraduate students must complete their program of study in no more than 150% of the average published length of the program measured in academic years, semesters or credit hours attempted. REQUIREMENTS FOR GRADUATE STUDENTS SPECIAL CIRCUMSTANCES We recognize that students may have extenuating circumstances that the FAFSA does not consider. If a significant change occurs in your financial situation (e.g., reduction in income, loss of employment, divorce/ separation, death of a parent/spouse), you may submit a Special Circumstances Appeal and request that your financial aid eligibility be reviewed. The forms are available at www.mcdaniel.edu/ finaid under Forms and Publications. Cumulative Grade Point Average (GPA): Graduate students must maintain a 3.0 cumulative GPA Completion Percentage (Pace): Graduate students are required to complete 67% of all attempted courses. Maximum Timeframe: The maximum time frame for completion of a graduate program may be no longer than the number of credits established by the Registrar s Office for the program of study. Undergraduate and Graduate Students: If it is determined that you are not making Satisfactory Academic Progress, you will be given the status of Financial Aid Suspension. You will have the opportunity to appeal a suspension; however the circumstances to appeal a suspension decision are limited. You may appeal a suspension if you did not make SAP standards due to the death of a relative, illness, or other extenuating circumstances. All circumstances must be documented (and may or may not be approved by the committee). The outcome of the appeal will determine whether a student is granted financial aid probation or if the suspension remains uchanged. You are strongly encouraged and advised to see an academic advisor each semester to ensure you are selecting appropriate courses and progressing through your program of study. See our website for more information on Satisfactory Academic Progress. 6
CONSEQUENCES OF ENROLLMENT CHANGES The Financial Aid Office is required by federal statute to recalculate federal financial aid eligibility for students who withdraw, drop out, are dismissed, or take a leave of absence prior to completing 60 percent of a payment period or term. The federal Title IV financial aid programs must be recalculated in these situations. For detailed information about the Dropping Courses and Withdrawals policy, refer to www.mcdaniel.edu/finaid 4How to Keep It 4Policies 4Dropping Courses and Withdrawals. REPORTING ADDITIONAL FINANCIAL AID RESOURCES You are required to notify the Financial Aid Office of any additional financial resources you receive that are not listed on your award notification. This includes scholarships, grants, fellowships, employee educational benefits and loans not sourced from the Department of Education. These resources may result in adjustments and/or reduction of the financial aid originally offered. Please report all outside resources on Self-Service by selecting Report/View Outside Awards. MARYLAND SELLINGER GRANT PROGRAM The Maryland Sellinger Grant Program helps provide scholarship and grant funding for McDaniel College. Through the Sellinger Program, the State of Maryland provides modest grants to eligible independent colleges and universities. These grants are used to support Maryland s goals for higher education as established in the State Plan for Secondary Education. As a result, Marylanders have greater access, choice, and opportunities to enroll in college and pursue their dreams. PAYMENT OF AID Financial aid for an academic year is applied in two payments: half for the fall semester and the other half for the spring semester. Federal, state and institutional aid for undergraduate students will be released to your student account no sooner than 10 days prior to the official start of the semester. Federal and state aid for graduate students will be released when the required enrollment is achieved. If you have a credit balance on your student account, a refund will be generated by the Bursar s Office for use for other educational expenses. Late financial aid applicants will receive funds after an award is offered and accepted, provided other award conditions are completed and funds are available. You have the right to cancel all or a portion of your student loans. Visit www. mcdaniel.edu/finaid 4How to Keep It 4Policies 4Loan Cancellation Policy. 7
BURSAR OFFICE The Bursar s Office is responsible for coordinating and maintaining all aspects of a student s financial account. This includes billing, processing payments, posting of accepted financial aid, issuing refunds, and maintaining payment plans. Information about charges, payments, and other account related information can be found online using the Self-Service tool available on the McDaniel Student Portal. BILLING How to access your bill online Log onto the McDaniel Portal Under the Self-Service Menu, click Student Menu to get a drop down menu Select Student Bursar s Office Select View my Tuition Account YOUR FINANCIAL AID BUDGET AND AWARD LETTER ARE NOT THE SAME AS YOUR BILL. Your financial aid Award Letter outlines your financial aid budget. This budget is our estimate of your total educational and living expenses for the entire academic year. There is a drop down menu where you can look at a specific term, but to get a current total amount due, click View Statement on the right hand side of the screen. 8
BURSAR OFFICE IMPORTANT DATES TO REMEMBER Fall 2017 bills are mailed out late June 2017 to all registered students. Payment is due August 11, 2017. Tuition Management Services is offered to families allowing them to contract for the fall and or spring semesters. This allows families to pay their portion over five months. Fall contract is July 1 through November 1. Spring contract is December 1 through April 1. Enroll today at mcdaniel.afford.com or call 800-722-4867. Fall meal plan changes forms need to be reported to the Bursar s Office by September 8, 2017 for the fall semester. If you are waiving the optional student health insurance, the online waiver must be entered by September 15, 2017. (You may deduct the amount from your fall bill IF you plan to submit the waiver.) Spring and Jan Term 2018 bills are mailed mid-december to all registered students. Payment is due January 5, 2018. Spring meal plan changes forms need to be reported to the Bursar s Office by February 2, 2018 for the spring semester. In order to participate in the 2018 Fall Housing Lottery tuition accounts must be in good standings with the Bursar office. The Housing Deposit of $200 is due by the March 9, 2018 deadline. This is due for all students who plan on participating in the housing selection process. Graduate students tuition and fees are due prior to the start of class. PAYMENT METHODS Acceptable forms of payment include: Personal checks Bank checks, money orders Cash YOUR BILL Your bill lists all charges payable to McDaniel College for tuition, fees, room, and board (for students that live on-campus). This differs from the financial aid budget which includes expenses that are not reflected on your McDaniel College bill. For example, billed charges for expenses such as room and board reflect the student s housing and meal plan choices. All institutional aid, state aid, federal aid, and outside scholarship awards included on your award letter will be credited to your bill (subtracted from the amount due). In addition, if the student or the parent has activated a loan, the loan amount will also be subtracted from the student s outstanding balance. Credit cards (new for fall 2017) Credit card payments can be made online through Self-Service. A 2.75% processing fee applies. Visa, Mastercard, American Express and Discover are accepted. LATE FEES Undergraduate students: Unpaid accounts are subject to a late fee, $25 or 1% per month of the unpaid balance whichever is greater. Graduate students: Tuition is due prior to the first day of class in order to avoid the monthly $50 late fee. 9
REFUND POLICY Undergraduate Refunds The College must make financial commitments to its faculty, staff, and service contractors on an annual basis. It is assumed a student will not withdraw from the College during a semester. Should withdrawal become necessary because of prolonged illness or similar unusual circumstance, the following refund policy will prevail: Fall & Spring Semesters Summer Session First week = 80% Less than 3 days = 80% Second week = 60% Between 3 and 4 days = 60% Third week = 40% Between 5 and 6 Days = 40% Fourth week = 20% Between 7 and 8 Days = 20% After fourth week = No Refund Over 8 Days = No Refund REVIEW YOUR BILL The Bursar Office is responsible for billing each student for the appropriate charges as well as crediting grants, loans, and payments to the student s bill. When you receive your bill, please review both the charges and the credited payments to insure the amount due is correct. ROOM There will be no refund, unless the room can be occupied by a nonresident student. If the room is filled, the refund will be prorated from the date of withdrawal. BOARD A pro rata refund will be made from the date of withdrawal. For students enrolled in the 1Card Meal Plan, there is no refund of monies deposited in the plan except upon official withdrawal from the College. A $20 administrative fee will be charged. EFFECTIVE DATE OF WITHDRAW The effective date of withdrawal is the last date of attendance verified by the Office of Academic Affairs. Students receiving financial aid may have a portion of their original award returned to the program as required by federal regulation and the McDaniel College refund policy, thus creating a balance due to the College. If the result is a credit balance, the credit balance will be mailed to the billing address within 3 weeks of the withdrawal date. 10
CREDIT BALANCES It may happen that financial aid postings may exceed the cost of tuition, room and board. If this occurs, a credit balance will appear on the billing statement. Refunds are automatically processed starting the second Friday of each semester. Refunds for undergraduate students will be placed in CAMPUS MAIL. PLUS loan refunds will be mailed as designated per the PLUS loan application. If you would like to use a portion of the credit towards books we can transfer up to $600 to your McDaniel 1Card. Please stop by the Bursar s Office to authorize that transfer. Graduate student refunds are mailed directly to the address on file. PAYMENT DUE DATES Fall bills due by: August 11, 2017 Spring bills due by: January 5, 2018 11
CONNECT WITH US FINANCIAL AID OFFICE Elderdice Hall 2 College Hill, Westminster, MD 21157 Phone: 410-857-2233 Fax: 410-386-4608 finaid@mcdaniel.edu www.mcdaniel.edu/finaid Monday Friday 8:30 a.m. 4:30 p.m. BURSAR S OFFICE Elderdice Hall 2 College Hill, Westminster, MD 21157 Phone: 410-857-2209 Fax: 410-386-4615 bursaroffice@mcdaniel.edu Monday Friday 8:30 a.m. 4:30 p.m. OTHER SERVICES ON CAMPUS Academic Affairs Elderdice Hall 410-857-2279 Admissions Carroll Hall 410-857-2230 Graduate and Professional Studies Merritt Hall 410-857-2516 Information Technology Hoover Library 410-386-3390 Registrar s Office Elderdice Hall 410-857-2755 Residence Life Decker College Center 410-857-2240 www.mcdaniel.edu The McDaniel community has a reputation for academic excellence, collaborative learning, and social responsibility. A commitment to the principles of truth and honesty as outlined in the Honor Code is essential to the mission and academic integrity of the College. McDaniel is committed to the principle of equal opportunity for all qualified persons without discrimination against any person and admits students of any race, color, gender, religion, age, national or ethnic origin, disability, marital status or veteran status to all of the rights, privileges, programs, benefits, and activities generally accorded or made available to students at the College. Questions regarding Title VI, Title IX, and Section 504 should be referred to the Director of Affirmative Action, 410-848-7000. McDaniel College is a member of the National Association of College Admissions Counselors, and as such adheres to the principles contained in its Statement of Principles of Good Practice. We value the safety of all members of the McDaniel community. A copy of the McDaniel College annual security report is available from the Department of Campus Safety at www.mcdaniel.edu/annualsecurityreport. The College reserves the freedom to change any programs, policies, requirements or regulations published in this brochure. 12