F INANCIAL A ID
I.02; III.01
Policy Reference(s):
Enrollment Management; Finance
Responsible Department(s):
2/19/1996
Approval Date: Revision Date(s):
8/15/2016; 7/1/2021
The College administers financial aid from multiple federal, state, institutional and private sources in the form of grants, loans, work study employment or a combination thereof. S TUDENT E LIGIBILITY Financial aid is granted based upon demonstrated need as determined by an examination of family and/or individual financial status. A limited number of scholarships are awarded based upon qualifications other than financial need and are typically funded through private sources or the Educational Foundation. Every full-time and each part-time student taking six (6) or more credits each semester may apply for financial aid by completing the Free Application for Federal Student Aid (FAFSA) each year. Financial assistance is granted for a period of one (1) academic year. The renewal of an award is contingent upon the applicants making satisfactory academic progress as defined for federal financial aid and demonstrating continued need for financial aid through the analysis of the data on the FAFSA. For a student to be awarded financial aid, he or she must be admitted to the College and must apply for such assistance and be evaluated against the eligibility criteria. A DMINISTRATIVE R ESPONSIBILITY It is the responsibility of the Financial Aid Officers to maintain written eligibility criteria and an up- to-date file of regulations involving financial aid or scholarship/grant programs. It is the responsibility of the Financial Aid Officers to adhere to regulations and/or College Policies in administering financial aid or scholarship monies. Financial aid administered by the College may not exceed the student’s need as demonstrated by the analysis of the information on the Free Application for Federal Student Aid (FAFSA). Refunds shall be made only after the Financial Aid Officer certifies the student’s need. It is the responsibility of the Financial Aid Officers and the Executive Director of Central Financial Aid to monitor the Direct Stafford Loan Programs and assure that the default rates are within the minimum rates acceptable to the programs.
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