Disbursement of Financial Aid 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. Non-Citizen Students In order for non-citizens to qualify for federal financial aid, they should be in the US for other than a temporary purpose with the intention of becoming a citizen or lawful permanent resident, as evidenced by the United States Citizenship and Immigration Services (USCIS) in the Department of Homeland Security (DHS). Students with T-Visas, who are battered immigrant-qualified aliens, or are citizens of Federated States of Micronesia, the Republic of the Marshall Islands, or the Republic of Palau are all considered eligible for Title IV aid. Applicants are considered eligible non-citizens if they are a US national or a US permanent resident with a Form I-551, I-151, or I-551C (Permanent Resident Card, Resident Alien Card, or Alien Registration Receipt Card), also known as a green card. Applicants are also considered to be eligible to receive Title IV financial aid if they possess an I-94 stamped Refugee, Granted Asylum, Cuban-Haitian Entrant, Parolee, or Conditional Entrant.
If students do not possess one of the documents described above, they are not eligible to receive United States government Title IV financial aid. For more clarification, see the guidelines for non-citizens at studentaid.gov.
Net Price Calculator The Net Price Calculator is available at www.davisny.edu/davis-html/net-price/npcalc.htm for prospective students to use to estimate the net price they may owe for tuition, room and board, and their own miscellaneous expenses while enrolled. Please note that this calculator uses estimated average aid for students in certain income ranges and actual financial aid awarded could be more or less. Refund Policy If students withdraw from Davis College before completing 60% of the semester, federal funds may need to be returned to the US Department of Education or to a student loan lender. Federal fund amounts to be returned are based on the percentage of time completed. The office of financial aid uses the formula established by the US Department of Education to determine the amount of funds to be returned. Students will be notified by email of any changes to their federal financial aid due to withdrawal. Veteran tuition assistance funds may also need to be returned if the student completes less than 60% of the semester. State aid awards are recalculated by NYS based on tuition charges incurred by the students. Institutional aid is forfeited if students withdraw from all courses during the refund period. Students who withdraw after the last day for a refund can keep all institutional aid already awarded. Returning funds often results in students owing a significant amount of money to Davis College. Change in Enrollment Status If students change the number of credits enrolled in (either an increase or decrease) during the semester resulting in changes to financial aid eligibility, financial aid will be recalculated up through the end of week 4 for 15 week courses or through the end of week 2 for 8 week courses. For any other length course, no recalculations will be made after the last day students are eligible to receive a partial tuition refund. After this point, no changes to the enrollment status for financial aid purposes will be made.
31
FINANCIAL AID
Made with FlippingBook - Online Brochure Maker