• Unmet need • Class Standing (course levels must reflect class standing)
Student Status
Direct Subsidized Dependent Unsubsidized
Independent Unsubsidized
Total for the Academic Year Dependent/Independent
Freshman Sophomore Junior/Senior Lifetime Limit
$3,500 $4,500 $5,500 $23,000
$2,000 $2,000 $2,000
$6,000 $6,000 $7,000
$5,500/$9,500 $6,500/$10,500 $7,500/$12,500 $31,000/$57,500
Disbursement Based on state and federal recommendations, best practices in higher education, and the furtherance of student success, Davis College will disburse loans and credit balances mid-semester. First-time freshmen will have their loans disbursed 30 days into the semester per federal requirement. Loan money must first be used to pay for any balance owed to Davis College, such as tuition, fees and textbooks. If loan funds remain, students will receive the credit balance by refund check. Refunds will be mailed to the most recent permanent address on file. Any financial aid may be delayed in disbursement if the necessary paperwork is not completed by the student on time. Repayment Direct Subsidized and Unsubsidized Loans have a six month grace period that starts the day after the student graduates, leaves school, or drops below half-time enrollment. Students do not have to begin making payments until the grace period ends. To learn more about repayment, visit studentaid.ed.gov/sa/repay-loans. Exit Counseling Student loan borrowers who graduate or cease to be enrolled at least half-time must complete an Exit Counseling Session. Graduating students should use their FSA IDs to log in to studentloans.gov to complete the Exit Counseling and choose their repayment plan. Students should continue to stay in contact with their lenders if their contact information changes at any time. VERIFICATION Any student who files a FAFSA may be chosen for a verification review. This process is required by federal regulation and Davis College is mandated by this regulation to adhere to the procedures explained below. The verification process entails the review of IRS tax documents and household information to ensure the accuracy of the FAFSA application. FAFSA applications may by selected for verification at random or based upon a set of common edits developed by the US Department of Education, which checks data for consistency and logic. Others are checked against prior year applications that students have submitted. Financial aid will continue to be processed during the verification process, though the financial aid remains estimated until the verification process is complete. No federal or institutional financial aid will credit to students' accounts until this process is complete. Failure to complete paperwork in a timely manner will lead to possible late fees, inability to request transcripts, and loss of permission to register for upcoming semesters for students whose accounts are not paid by the deadlines specified by the business office. Notification of Selection Incoming new and transfer students selected for verification review will be notified via the email address they provided on their FAFSA. Returning students will be notified via their Davisny.edu email. Student should complete this process as quickly as possible. Please note that this process can take upwards of 2–3 weeks if IRS transcripts need to be requested.
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FINANCIAL AID
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