Financial Aid

Federal Financial Aid – Free Application for Federal Student Aid (FAFSA)

The U.S. Department of Education Federal Student Aid provides billions in grants, loans and work-study funds to help pay for college.  In order to apply for federal student aid (including loans), state and GLBBS aid, the Free Application for Federal Student Aid (FAFSA) is used to determine student eligibility.   The application is based on income records from the prior tax year and requires parent information for dependent students.

The FAFSA must be completed each year the student wishes to apply for financial aid. Make sure to include GLBBS’s Federal School Code on your FAFSA, it is 042800.

The 2019-20 FAFSA can be completed October 1, 2018 through June 30, 2020 and is used to apply for financial aid for the 2019-20 academic year, which includes these start dates:

  • January 6, 2020*  EXTENDED
  • Summer Semester – June 1 – Sept. 4

The income information needed to complete the FAFSA form can be found on a previously filed tax return. (The 2019–20 FAFSA form requires your 2017 tax data; the 2020–21 FAFSA form requires your 2018 tax data.) If you are not able to do the IRS Data Retrieval on the FAFSA and do not have a copy of your tax return, you may be able to access the tax software used to prepare the return or contact your tax preparer to obtain a copy. You also may visit irs.gov/transcript to view and download a summary (called a “transcript”) of your tax return or to request that a tax transcript be sent to you by mail. The IRS Data Retrieval is the easiest way to input your tax information onto the FAFSA.

The 2020-21 FAFSA can be completed October 1, 2019 through June 30, 2021 and will be used to apply for financial aid for the 2020-21 academic year which includes these start dates:

  • Fall Semester – Sept. 14, 2020 to Jan. 8, 2021
  • Spring Semester – Jan. 11, 2021 to April 30, 2021
  • Summer Semester – May 10, 2021 to August 20, 2021

Terms & Conditions 2019-2020

I. Payment of Financial Aid

Great Lakes Boat Building School (GLBBS) will credit financial aid funds to your student account to pay tuition, fees and other campus expenses. Your signature on the Award Letter authorizes GLBBS to retain funds on account to cover other charges such as books, late fees, and fines. This authorization may be canceled or modified in writing by you (or your parent in the case of a parent PLUS loan) and submitted to the GLBBS Operations Office. A cancellation or modification is not retroactive. Disbursements may occur up to 10 days prior to the enrollment period or within 14 days of the disbursement of funds to the student account.

II. Eligibility for Financial Aid

Financial aid awards are based on the annual completion of the Free Application for Federal Student Aid (FAFSA).

How Need Based Aid Eligibility is Determined:

A student’s financial need is determined by the following formula: Student’s estimated Cost of Attendance (COA) minus Expected Family Contribution (EFC) equals Need.

Need based financial aid is available to students who demonstrate a need for additional resources to help pay their college costs. The primary responsibility for paying for college costs rests with the student and his or her family.

The student’s estimated cost of attendance (COA) is determined by Great Lakes Boat Building School and can be viewed on our website.  Students cannot exceed their COA when receiving any awards (scholarships, grants, loans, work-study) from any source. All awards must be reported to the Operations Office and Financial Aid. If a student is receiving a Direct to Consumer Loan (alternative or private loans that are disbursed directly to the student), federal law requires that loan must be reported to our office. Since federal loans have a lower interest rate, students should always consider those first.

The student’s Expected Family Contribution (EFC) is determined by the U. S. Department of Education after submitting the Free Application for Federal Student Aid (FAFSA).  An EFC is used to determine a student’s eligibility for need-based federal student aid.

Federal financial aid is available at only one institution during an enrollment period. If you plan to attend another institution concurrently, you must notify GLBBS prior to enrollment. Students cannot receive federal funds such as a Pell Grant from more than one institution during the same enrollment period. Students who are awarded funds at two institutions during the same enrollment period, semester or term, may be required to return funds awarded to them.

You are required to notify the GLBBS Operations Office in writing of any financial aid award you will receive during the academic year.

In the event of federal or state reductions in funding, awards may be reduced and you may be billed for the amount of the reduction.

Awards may be canceled or reduced if you become eligible for additional Scholarships and financial aid or if you default on a student loan.

You will be required to reimburse GLBBS if you receive federal, state, or institutional financial aid under the following situations: 1) providing fraudulent information, 2) failing to maintain Satisfactory Academic Progress in prior periods, 3) dropping classes with a complete refund, and/or 4) not completing the minimum number of hours for eligibility.

III. Verification Students

Students are chosen for a process called verification by the federal processor and/or the school. Students who are selected for verification must complete the verification process to become eligible for federal funds. Awards such as the Federal Pell Grant, Federal Direct Stafford Loan and/or other selected awards will be unavailable until the verification process is complete. After completion of the verification process, estimated awards may be reduced because of a change in the Expected Family Contribution (EFC), which is determined by the FAFSA information submitted to the U. S. Department of Education.

IV. Enrollment Status

Your financial aid award is initially packaged based on full time enrollment for each payment period.

Financial aid awards such as the Federal Pell Grant, Loans, Scholarships and other awards will be adjusted based on the number of clock hours for which you are enrolled on the Census Date.  The Census Date is the last day to drop with a 100% refund.  Your attempted and completed clock hours will be reviewed throughout the period and prior to all aid disbursement dates.

You may be required to repay all or part of the aid received if you drop classes during the refund period. The refund period dates can be found in the Important Dates for each semester.  Before you drop any classes, please check with the Operations Office to see how your aid will be affected. Students must notify the Operations Office if they are withdrawing from any course. Students must follow the withdrawal procedures posted on the GLBBS website. Students who are receiving any type of financial aid and who are considering withdrawing from one or more classes should review the Satisfactory Academic Progress policy. Receiving financial aid for hours you will not complete can impact your future eligibility of institutional, state, federal, and some third-party awards.

V. Types of Financial Aid

Scholarship and grant awards do not need to be paid back. They are based on either merit or financial need.

Federal Aid

Federal Pell Grant

The Federal Pell Grant is a grant for undergraduate students with financial need that does not have to be repaid unless a student withdraws from courses or owes a refund. To be eligible for the Pell Grant, the student must be an undergraduate student with demonstrated financial need (determined by filing the FAFSA) who has not yet earned a bachelor degree.

In addition to all Federal regulations, to receive a Federal Pell Grant at GLBBS you must:

  1. Be enrolled as a degree-seeking student, pursuing an approved program;
  2. Be in good standing under Satisfactory Academic Progress; and
  3. Have a completed Financial Aid file for the academic year (which is initiated by completing the 2019-2020 FAFSA).

Awards range from $657 – $6,195 for the 2019-2020 award year, based upon financial need. – Awards limited to three (3) full-time awards each academic year, additional criteria does apply for the third payment period of eligibility*.  Award amount may be increased or reduced to reflect enrollment status. A student may only receive a Pell Grant at one school at a time.  The lifetime maximum Federal Pell Grant Awards is limited to no more than 6 years.

*The Consolidated Appropriations Act of 2017 allows students to potentially utilize more than 100% of a Federal Pell Grant award in an academic year. That means, even if you attended full time for two periods, you may be eligible for Federal Pell Grant funds during the next period. This program is commonly referred to as “Year-Round Pell”.  Per the published eligibility requirements for Year-Round Pell, YOU MUST BE AT LEAST HALF-TIME to be eligible for this award for a third period if you were awarded two full time Federal Pell Grant awards during the first two periods.

It is important to note that if a student is utilizing the Year-Round Pell Award (beyond 100%) the student MUST have begun attendance in all courses and be half-time at the latest FA Census Date that applies to the student. Keep in mind, you can receive the Federal Pell Grant for no more than six years, a 600% maximum. You’ll receive a notice if you’re getting close to your limit. Any additional Pell Grant funds awarded for the third period will be reflected in your 600% maximum Pell Lifetime Eligibility Used (LEU). You may review your current Pell LEU, and the complete history of all Direct Federal Loans, at https://nslds.ed.gov, logging in with your FSA ID.

Federal Direct Loans

You must be enrolled at least half time and meet all eligibility requirements to receive a Direct Subsidized and/or a Direct Unsubsidized loan. During the time of disbursement of the Federal Direct Loan, students must be enrolled at least half-time to receive funds on their account. If a student drops a course during the payment period and falls below half-time at the point of disbursement, the student will become ineligible for the loan for that period. This may cause a balance owing to the school. If you enrolled full-time or three quarter-time and drop a course before the disbursement of a loan, your loan may be adjusted based on the enrollment status change. This may also cause a balance owing to the school.

Repayment on these loans does not begin until 6 months after a student leaves school or falls below half-time enrollment. The subsidized loan is based on financial aid need and interest is not charged until repayment begins. The unsubsidized loan is not based on need and interest is charged from the time the loan is disbursed. In accordance with federal regulations, fees of up to 1.062% are deducted from the loans, with the proceeds going to the federal government to help reduce the cost of the loans.

If you are eligible for a Direct Subsidized and/or Direct Unsubsidized Stafford Loan, please follow the instructions on your Award Letter carefully. If your grade level changed during the academic year, you may be eligible for additional Direct Loan. If you received a Direct Loan during the past three years, you may not need to sign a new promissory note (loan application). We will notify you as to whether or not a promissory note needs to be completed.

Loans for the academic year are issued in two payments (disbursements). In most cases the first payment will be at the beginning of the first period and the second payment at the beginning of the second period. If you have a loan for only one period, it will be disbursed in two payments, with the second payment at the midpoint of the payment period.

First year, first time undergraduate students, however, will receive the first payment 30 days after the period begins. Loan funds must first be used to pay for tuition, fees and other charges as well as books and other charges. If loan funds remain, the student is refunded in accordance with the GLBBS refund policy.

Loan disbursements may be reduced or canceled if the enrollment status changes. Federal loan disbursements to a student’s account can only be made if the student is enrolled at least half-time at the time of disbursement.

Under federal regulations, if this is your first loan at GLBBS, you must complete entrance loan counseling before funds can be disbursed. The loan counseling requirement may be fulfilled by reading information and passing an online quiz at https://studentloans.gov. Prior to taking the quiz, you will need to enter your name, social security number, and date of birth. After doing this, it is essential that you go through the procedure of selecting Great Lakes Boat Building School as the school name so that GLBBS can be notified that you have completed the entrance loan counseling. If you prefer, you may also contact the GLBBS Operations Office to set up an appointment to do loan counseling in person. An in-person session may last up to approximately 45 minutes. If loan funds arrive and your loan counseling requirement has not been completed, your loan must be returned to the Direct Loan Program. We encourage you to fulfill the loan counseling requirement prior to the first day of classes.

If you are a dependent student, your parent may apply for a federal parent (PLUS) loan. If your parent is interested in a parent loan, please apply on the Federal Student aid website at https://studentloans.gov.

Students must be aware of their annual and aggregate Direct Loan limits. If for any reason you are over awarded a Direct Loan for the academic year, you will be responsible for paying the over award immediately. If you get an award letter that gives you more than your annual and aggregate limits, you have the responsibility of notifying the Operations Office so that we can adjust your Direct Loan. The annual and aggregate Direct Loan limits for a certificate program are explained below.

The Comprehensive Career Boat Building Program is a year in length and is divided into three payment periods.  In the first two payment periods of the program, the annual loan limit is $5,500 for dependent students and $9,500 for independent students.  In the third payment period, the maximum is $2,750 for dependent students and $4,750 for independent students. Students who first borrow Federal Direct Subsidized Loan funds in 2013-14 or later are subject to a time limit, based on the length of their program measured in terms, for which they can receive subsidized loans. Once a student’s time in school has exceeded 150% of their academic program length they will be no longer be eligible for Federal Direct Subsidized Loan funds and they lose the subsidy on existing Federal Direct Subsidized Loans.

For example, a student admitted to a one year (three payment periods) program can only receive Federal Direct Subsidized Loan funds for 4.5 payment periods. The time limit is a lifetime limit but only counts periods that subsidized funding is received. So if a student completed a certificate program in three payment periods, for which they received Federal Direct Subsidized Loans, and decided to pursue a second certificate program, they would only have one and a half payment periods of subsidized eligibility left. This same student could continue on for an associate or bachelor’s degree instead, but would be limited to 150% of the highest degree sought for subsidized loans.

Lifetime borrowing limits (i.e. aggregate limits) are based on a student’s dependency status and degree level.

Lifetime Borrowing Limits Aggregate Limit Subsidized Portion
Dependent Undergrad $31,000 $23,000
Independent Undergrad $57,000 $23,000

 

 

 

 

Academic Scholarships

Scholarship Renewal Requirements

Students who are receiving the above scholarships/grants must pass at least 90% of the hours attempted each payment period to receive their scholarship for the next period. A student’s progress will be reviewed after the first period. Students must also meet the Grade Point Average (GPA) requirement of their scholarship that they are receiving after each period in order to obtain their scholarship for the next period.

There is no probationary period for the above scholarships. If a student has lost their scholarship due to not meeting the above requirements, a student can appeal to the Executive Director if they have special circumstances. Students must submit a letter stating their circumstance(s) and/or supporting documentation to appeal the loss of their scholarship.

Students who drop any classes during the refund period will be responsible for any forfeiture fees, which may cause a balance owing to the university. Please see the Operations Office before dropping a class.

At any time during the academic year, the GLBBS scholarship award may be reduced/canceled if a student receives other awards (free money/gift aid). GLBBS reserves the right to correct any errors.

Other Forms of Aid

Private Scholarships

Students selected to receive a private scholarship will be notified by email from the Executive Director.

Private/Alternative Loans

If your GLBBS Cost of Attendance is not met with scholarships, grants, federal loans or other aid, you may want to consider a private loan.  Each loan may have different eligibility requirements (i.e. academic progress, minimum enrollment, interest rates (fixed vs. variable) and repayment plans).  You should explore the options to find the loan that works best for you. These private loans do have certain credit, debt to income ratio, and/or employment requirements. A co-signer may be necessary.

You can research private/alternative loan options on ELMSelect.

Third-Party Billing

Third-party billing happens when a company, organization, etc. pays for all or part of a student’s tuition and/or other fees. The company is billed for the amount they have agreed to pay on behalf of the student. A contractual agreement is typically necessary for this interaction and is done through the Operations Office at GLBBS.

When a student provides the required documentation to GLBBS to authorize the school to bill the designated third-party, they are agreeing that:

  • GLBBS will bill the designated third-party once the registration add/drop period of the period concludes,
  • If the designated third-party refuses to pay the amount billed, the balance owed will become the student’s responsibility to pay no matter what the circumstance, and
  • The student understands that a delinquent balance will prevent the student from registering for a future period and will prevent the student from obtaining a transcript.

Notice of Veteran Benefits

Veterans Educational Benefits

Tuition assistance is available for U.S. Military Veterans with education benefits. For information about what types of benefits are available, how to apply for these benefits, how to fill out a Veterans online application, and to view payment rates, go to:

  • www.vets.gov/education/apply
  • www.gibill.va.gov
  • www.ebenefits.va.gov/ebeneftis
  • www.benefits.va.gov/gibill
  • https://www.ebenefits.va.gov
  • Or Call 1-888-GIBILL1 (442-4551) with any questions.

VI. Repeated Coursework

Students who are repeating coursework previously taken in a program cannot get federal aid for a class they have passed more than twice with a grade of a “C” or better.  Students are responsible to contact the Operations Office before enrolling in a repeated course they have passed twice with a grade of a “C” or better to have their federal aid adjusted.  After the add/drop period of each period, the Operations Office and Financial Aid will adjust federal aid for a student who has repeated a course more than twice with a grade of a “C” or better.  The adjusted federal aid may cause a student to owe a balance.

VII. Satisfactory Academic Progress

Click here to view the Satisfactory Academic Progress policy.

VIII. Payment of Costs Not Covered by Financial Aid

It is your responsibility to pay any balance due by the published deadline dates. Payments can be made at the GLBBS Operations Office.

IX. Return of Title IV Funds: Official or Unofficial Total Withdrawal from Classes

If you receive federal Title IV financial aid and totally withdraw (cease attending all courses) before 60% of the payment period is complete, federal regulations require GLBBS to calculate the amount of federal financial aid you did not “earn” and return these funds to the federal government. This is called the Return of Title IV Funds (R2T4) calculation. You are deemed to have “earned” the aid for the period you have attended. Federal Title IV aid includes Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (FSEOG), Iraq & Afghanistan Service Grants, Federal Direct Loans (subsidized or unsubsidized), and Federal Direct PLUS Loans. In most cases of complete withdrawal from classes, the student will owe a balance of financial aid funds to GLBBS, the federal government, or both.

The amount of funds that is “unearned” and to be returned to the federal government is determined by a federal calculation. The calculation must be done within 30 days of the determination of the withdrawal, and GLBBS must return the “unearned” funds to the federal government within 45 days. The calculation uses the total number of clock hours a student has attended divided by the total number of clock hours in the payment period (not including scheduled breaks of five or more days) to determine the percent of the period the student has attended. If it is determined that the student has attended 30% of the period, the student has then earned 30% of his/her federal aid that was disbursed. Any unearned aid will be returned to the federal government. When the school returns the aid, this creates a deficit on the student’s account at GLBBS.  If the student does not have any credit balance on his/her account, this will become a balance owing to GLBBS. Any balance owing will prohibit a student from registering for future periods and from requesting copies of transcripts.

Funds must be returned by Great Lakes Boat Building School in this order (if applicable):  Unsubsidized Direct Loan, Subsidized Direct Loan, Parent PLUS Loan, Pell Grant, FSEOG, and Iraq and Afghanistan Service Grants.

See full details of the Withdrawal Policy

Official Withdrawal

You are strongly encouraged to contact the Operations Office prior to dropping or withdrawing from any classes. The Operations Office staff can help clarify any questions about withdrawing from courses.

The requirements for Title IV program funds when you withdraw are separate from any refund policy that GLBBS may have. Therefore, you may still owe funds to GLBBS to cover unpaid institutional charges. GLBBS may also charge you for any Title IV program funds that the school was required to return. Please contact GLBBS Operations Office with questions.

Students must notify the Operations if they are withdrawing from any course.  The date used in the R2T4 calculation is the date in which you have ceased attendance from all courses. This would be the date you attended your last remaining course if you dropped courses on multiple occasions.

Students who are receiving any type of financial aid and who are considering withdrawing from one or more classes should review the Satisfactory Academic Progress policy. Receiving financial aid for hours you will not complete can impact your future eligibility of institutional, state, federal, and some third-party awards.

If you have questions about your Title IV program funds, you can call the Federal Student Aid Information Center at 1-800-4-FEDAID (1-800-433-3243). TTY users may call 1-800-730-8913. Information is also available on Student Aid on the Web at www.studentaid.ed.gov.

Unofficial Withdrawals

Students who fail all courses in which they are registered for will be reviewed at the end of each period. Students will have to be reviewed to determine if they earned a failing grade or received failing grade for attendance issues. The student’s last date of attendance or the last date of any academically related activity (exam, paper, quiz, etc.) the student has completed will be reported by the instructor. If it is determined, by these dates, that a student has stopped attending all of the courses that he/she is registered for before the payment period is complete; the student will be required to return their “unearned” federal Title IV assistance back to the university so it may be refunded to the federal government (see examples above). Again, it is when a student has attended hours that a student has “earned” all or a portion of his/her federal aid. If a student has continued to attend at least one course past 60% of the payment period and given a failing grade, then the student has “earned” all of their federal funds. If a student completes the entire payment period and earns a failing grade, no action is necessary.

The date used in the R2T4 calculation for “unofficial withdrawals” is the last date used by an instructor for your academically related activity.

X. Consumer Information

Great Lake Boat Building School is required by federal law to provide consumer information which includes information on the institution, financial assistance, completion or graduation rates, and information about student’s rights under the Family Education Rights and Privacy Act (FERPA). To obtain a paper copy of all or parts of the consumer information, please contact the Operations Office. Click here to view Consumer Information.

XI. Financial Aid Awarding/Financial Aid Award Letters

By accepting/signing your award letter, you certify that you will use federal, state, institutional, and all other funds to pay for educational costs only while attending GLBBS.

Financial aid awards may be based on the annual completion of the FAFSA. Some awards may not be renewable.

Students must be accepted to an eligible degree program to be eligible to receive federal aid.

Changes a student makes to their Free Application for Federal Student Aid (FAFSA) may result in a different Expected Family Contribution (EFC), which may cause a reduction in awards such as the Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (SEOG), Federal Subsidized Loans and/or other awards. If a student’s EFC changes, the university has the right at any time during the academic year to make an adjustment on any necessary awards. This adjustment may cause a student to owe money to the school. Federal financial aid (Pell Grant, Direct Loans, PLUS loans, and other grants) is available at only one institution during an enrollment period. Students attending another institution concurrently must notify the Operations Office immediately.

In the event of federal or state reductions in funding, awards may be reduced and the student may be billed for the amount of the reduction.

If federal, state and institutional funds are disbursed and refunded to the student before the start of the payment period and the student does not attend class, funds will be reduced or canceled which will cause a balance owing.

Students may not exceed their GLBBS Cost of Attendance (COA) or financial need (COA minus EFC). Receipt of external and internal scholarships and financial aid may affect a student’s award package in the following order:

  • Federal Parent Loans
  • Federal Stafford Direct Student Loans
  • Institutional Private Scholarships

GLBBS reserves the right to correct any clerical errors.

If the award includes employment and students are placed in a position, they will be paid biweekly for work performed. Employment awards are not included when offsetting university charges. Outside sources of financial aid (for example: employer, scholarships obtained through a community or high school) must be reported to the Operations Office. To report these sources, contact the Operations Office. Funds must be received by GLBBS in order for funds to be applied to the student’s account. If a student receives an award from an GLBBS private donor, a copy of the student’s transcript and general student information may be provided to the donor. The student will be instructed to write a thank-you note that will be forwarded to the donor. Failure to do this may result in the award being removed and the student being billed for the awarded amount. If a student receives any grant, scholarship, or loan under the following situations, the student must reimburse GLBBS:

  • *If the student obtained financial aid after providing fraudulent information.
  • *If the student did not maintain Satisfactory Academic Progress in prior periods.
  • *If the student dropped classes with a complete refund or did not carry the minimum number of hours required for eligibility.

The awards listed on the Financial Aid Award Letter are based upon the assumption that a student is maintaining Satisfactory Academic Progress, and these awards will be canceled if the student does not maintain Satisfactory Academic Progress. Awards may be canceled or reduced if the student becomes eligible for different forms of aid. Awards may be made under the assumption that a past award may be renewed. If an award is not renewed, the student’s package may be revised.

You can apply for a loan after the semester begins, but you still must adhere to all payment deadlines. You must be enrolled at least half time to be eligible for a Federal loan. You must be enrolled for the specific amount of hours listed for the program each period before your funds to be disbursed. If you need to change your intended enrollment status, please contact the Operations Office.  A change in enrollment status often results in a change to your financial aid awards.

XII. Book Funds

You must have excess aid, above and beyond your costs for tuition, fees, and other billed expenses, to have funds available for book purchase.

Your loan must be disbursed before the funds can be available (See “Enrollment Status” and “Types of Financial Aid” above for more details).  If your grant, scholarship, or other award pays specifically for all or a portion of your books, funds will be available for you at the beginning the week before classes.

XIII. Excess Aid Refunds and Late Disbursing Aid

Refund Checks

Loan refund checks will begin to be disbursed during the first week of classes or within 10 days of disbursement. If you have a credit that results from your loan disbursement, you should expect a refund. Credits on a student’s account will be refunded according to the school’s refund policy. Excess federal funds are refunded within two weeks of being transmitted to the student account. Excess scholarships, grants and all other aid are disbursed after the refund period (the point in which you can no longer drop a class and receive a refund (see the Registration page for details).

Late Disbursements

There are times when federal financial aid is not disbursed until after the academic year/loan period (AY/LP) for which the funds were intended has ended. In these cases, federal financial aid earned prior to completing an AY/LP may be disbursed through a late disbursement. In general, a student or parent, who is otherwise eligible, becomes ineligible to receive federal financial aid funds on the date that:

  • For Direct Loans, the student is no longer enrolled at the school as at least a half-time student for the period of enrollment (i.e. loan period) for which the loan was intended
  • For federal student aid grants, the student is no longer enrolled at the school for the award year

However, if certain conditions are met, students must be considered for a late disbursement of those funds.  You must be considered for a late disbursement – or your parent, in the case of a PLUS loan – if:

  • The Department processed a SAR/ISIR with an official EFC before you completed the prior AY/LP; and
  • For Direct Loan awards, a Direct Loan was originated for you before you completed the prior LP; and
  • For Federal Supplemental Educational Opportunity Grant (FSEOG) awards, the grant was awarded to you before you completed the prior AY/LP.

A late disbursement will be offered to you — or your parent, in the case of a PLUS loan — under these circumstances:

  • You are currently enrolled at the school
  • You completed a previous academic year/loan period
  • You have begun a subsequent AY/LP
  • You were eligible to receive federal financial aid loan funds but did not receive them prior to completing the prior AY/LP.

Late disbursements are prohibited if:

  • It is a second or subsequent disbursement of loan funds, unless you have graduated or successfully completed the loan period.
  • You are a first-year, first-time borrower and withdraw prior to completing 30 days of your degree program.
  • It is a disbursement of any type federal financial aid funds and you did not have a valid FAFSA on file prior to the processing deadline.

In addition to the above, the school may not make a late disbursement later than 180 days after the date you became ineligible (i.e. the last day of the loan period – for loans, or last day of the award year – for grants).  If you are found to be eligible for a late disbursement of loan funds, the school will contact you prior to making any disbursements. This gives you the opportunity to accept or decline loans and to choose how funds will be applied. If you are eligible, you will be sent a late disbursement letter. This letter must be completed and returned within 30 days for funds to be disbursed. If student loans are declined or the late disbursement letter is not returned, funds will not be disbursed.

If you accept the loan, you can choose to borrow an amount to cover open charges or an additional amount, if eligible. Borrowing only for open charges will result in the disbursement of just enough loan funds to pay any balances due on your account.  Borrowing an additional amount of student loan will result in all funds being disbursed and any amount in excess of the account balance being sent to you as a refund.  Funds are disbursed in accordance with your wishes.

XIV. Taxable Financial Aid

Portions of scholarship and fellowship grants may be considered taxable by the Internal Revenue Service (IRS). Contact your tax preparer or the IRS for further information.

XV. Code of Conduct and Ethical Standards

Click here to view our Code of Conduct and Ethical Standards Policy.

Questions? Contact Us