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Federal & State Financial Aid Programs


Federal Financial Aid Programs
 
Federal Pell Grant
This program provides assistance to matriculated undergraduate students who have not yet earned a Bachelor’s degree. Awards for 2013-2014 range from $555 minimum to $5,635 maximum award and are pro-rated for less than full-time attendance.

Federal Supplementary Educational Opportunity Grant (SEOG)
Federally sponsored, campus-based grants which are awarded based on exceptional need and the availability of funds to Pell-eligible students.

Federal Perkins Loan
A low-interest loan program made possible through an annual allocation to the College by the Department of Education, a contribution by the College, and repayments from previous borrowers. The College determines eligibility for a Perkins loan based on demonstrated financial need and the availability of funds. A promissory note must be signed before funds can be advanced. The annual interest is currently 5%, but interest does not accrue while the borrower is enrolled at least half-time. Repayment begins nine months after a student ceases to enroll at least half time. Contact the Financial Aid Office for details concerning possible loan cancellation and deferment provisions for students.

Federal College Work Study Program
This program, supported by a combination of Federal and College funds, provides employment opportunities on campus and in the community for students who demonstrate need. Students may not work more than twelve hours per week during periods of enrollment and are paid biweekly for the hours that they have worked.

Federal Subsidized Direct Loan Program
This is a need-based loan program which is available to matriculated students enrolled for at least 6 credits per semester from the Federal government. The maximum loan is $3,500 per year for freshmen, $4,500 per year for sophomores, $5,500 per year for juniors and seniors. Interest does not accrue while the student is enrolled at least half time. However, there is a 1.051% origination fee for this loan.  Repayment  does not begin until six months after the borrower ceases to enroll at least half time.

Federal Unsubsidized Direct Loan Program
Students who do not qualify for a subsidized loan or only qualify for a partial one may borrow funds through this program up to the applicable loan limit which is $5,500 for freshmen, $6,500 for sophomores and $7,500 for juniors and seniors. Interest is not subsidized by the Federal Government and therefore must either be paid by the student while still in school or may be capitalized (added to the principal).

This program provides additional loan eligibility beyond subsidized Direct Loan amounts for independent students. Independent students may receive both subsidized and unsubsidized loans as follows: Freshman year, $9,500 Sophomore year, $10,500, Junior and Senior years, $12,500, for a combined aggregate limit of $57,500 for undergraduate study. Dependent students whose parents have been denied a PLUS loan may also borrow additional funds, through this program. Freshmen and Sophomores may borrow up to $4,000 and Juniors and Seniors may borrow up to $5,000. In addition dependent students who have parents that have received PLUS loan denials also have a combined aggregate limit of $57,500.

Federal Parent Loans for Undergraduate Students (PLUS)
Through this program parents of dependent students may borrow up to the cost of attendance less any estimated financial aid. Interest rate is fixed at 7.9%. There is a 4.204% origination fee for this loan. The repayment of principal plus interest begins 60 days after the second disbursement unless the parent chooses the option to defer payments until after graduation.

Veteran’s Benefits
The College is accredited for the receipt of benefits by veterans or their eligible dependents. Application for these benefits and applicable documentation must be submitted to the Registrar.

Verification
Students whose applications for Federal aid are randomly selected for verification by the Federal Processor will have to provide the Financial Aid Office with documentation of prior year income (such as federal tax transcripts, agency benefit statements, etc.), verification of the number in the family, and number in college. The verification process will have to be completed before estimates of aid as shown on the initial award letter can actually be disbursed and before student loan applications can be processed.

Discrepancies in the information provided on the FAFSA and the verification documents will have to be resolved and the necessary corrections resubmitted to the federal processor for a recalculation of the needs-analysis which is used for determining eligibility for federal aid. A revised award letter listing actual awards will be sent to the student. A Pell Grant may not be disbursed if the Office of Financial Aid does not have a valid Student Aid Report (either paper or electronic) by the last day of class. Failure to provide the requested documentation in a timely fashion will result in the revocation of financial aid awards.

Return of Title IV Funds
Any student receiving federal aid who withdraws from school in the early weeks of the semester is only eligible for a portion of the federal aid which was originally awarded. That portion is a percentage earned based on actual days in attendance for the semester in question. Unearned portions will have to be refunded to the various federal programs. Refunds to these programs will be allocated in the following order:

1. Federal Unsubsidized Direct Loan
2. Federal Subsidized Direct Loan
3. Federal Perkins Loan
4. Federal PLUS
5. Federal Pell Grant
6. Federal SEOG

Satisfactory Academic Progress Standards for Federal Aid Recipients 
Federal regulations require that the College of Mount Saint Vincent Office of Financial Aid establish Standards for Satisfactory Academic Progress that measure a student’s progress toward degree completion using both qualitative and quantitative methods.

To be eligible for financial aid, students must meet or exceed these standards each year. Failure to maintain these standards will result in suspension of your financial aid eligibility. Satisfactory Academic Progress (SAP) applies to all coursework attempted including coursework for which the student did not receive financial aid.

As you review the standards shown here, be advised that you must complete a minimum of 67% of your attempted coursework to maintain SAP. However, to ensure full financial aid disbursement, students must be enrolled in a minimum of 12 credits per semester.

Please note:  Financial Aid Satisfactory Academic Progress standards noted here are separate and distinct from Academic Policies and New York State Tuition Assistance Program Policies

Qualitative Standard  Undergraduate Students:  Must maintain the following standards:
0 -29 Credit Hours – 1.7 GPA
30 – 59 Credit Hours – 1.85 GPA
60 or more Credit Hours – 2.0 GPA 
Quantitative Standard Complete a minimum of 67% of your cumulative coursework/credits attempted for the academic year (see below for examples)
Maximum Time Frame Terms attempted may not exceed 150% of the published length of your program.

  Quantitative Standard: Credits Completed Per Academic Year

Credits Attempted  Credits Completed  Financial Aid SAP Quantitative Measure  67% Minimum Completion-SAP standards met? 
45 Credits  36  36 / 45 = 80%  Yes 
45 Credits  30  30/45 = 67%  Yes 
45 Credits  28  28/45 = 62%  No 
39 Credits  35  35/39= 90%  Yes 
39 Credits  25  25/39 = 64%  No 

Financial Aid Suspensions
Students will not be eligible to receive financial aid for any of the following reasons:
1. Fails to maintain required GPA for their respective complete credits.
2. Fails to maintain a credit completion rate of 67%.
3. Fails to complete the requirements (GPA and credit completion) for courses taken during the probationary semester.
4. Attempted (including applicable transfer credits) are more than the maximum 150% of the degree/certificate that they are currently seeking.

Students will be notified in writing via their College of Mount Saint Vincent e-mail about their financial aid suspension.

Appeals
If extenuating circumstances exist which caused a student to fail to meet one of the above standards, a written appeal may be submitted.  Examples of extenuating circumstances include but are not limited to: unexpected death or major hospitalization of an immediate family member, extended hospitalization or medical condition of student, house fire, and victim of a violent crime. Unexpected unemployment or work issues beyond a student’s control may be considered on a case by case basis. 

The appeal needs to address and document these extenuating circumstances AND describe how the circumstances have changed so that the student will be successful academically. Appeals should include documentation.  Appeals submitted without supporting documentation will generally be denied. A committee will review the appeal and the committee’s decision is final.  Forms and instructions are available on the web.

Approved Appeals, Financial Aid Probation, and Academic Plan
Students with approved appeals will be placed on Financial Aid Probation for one term if it would be possible for the student to meet minimum Satisfactory Academic Progress at the end of that term.
If it is not possible for the student with an approved appeal to achieve minimum Satisfactory Academic Progress standards within one term, the student will be maintained on an academic plan. 

While of Financial Aid Probation or Academic Plan, certain conditions for academic performance are set and monitored.  Student with approved appeals wll be notified via their College of Mount Saint Vincent email.
Please note that these Standards are different than New York State Tuition Assistance Program requirements as well as those of the College.

Standard of Satisfactory Academic Process for Determining Eligibility for Financial Aid TAP
Students receiving Tuition Assistance Program (TAP) Aid to Part Time Students (APTS), or any other New York State grant(s) or scholarship(s) (including but not limited to WTC, Merit and Lottery), must meet the State Education Department’s requirement for both Program Pursuit and Satisfactory Academic Progress (SAP).  All standards of Academic Progress, including Program Pursuit, are checked at the end of each semester.

Program Pursuit
A student must complete a minimum percentage of standard full-time semester course load in order to maintain New York State Eligibility. Standard full-time eligibility is defined as 12 credits or more per semester. A student must meet the minimum Program Pursuit goals:
  • 1st year student: must complete 50% of their course load (6 credits) by the end of each semester
  • 2nd year student: must complete 75% of their course load (9 credits) by the end of each semester
  • 3rd year student: must complete 100% of their course load (12 credits) by the end of each semester
  • 4th year student: must complete 100% of their course load (12 credits) by the end of each semester.

In addition to having to meet the Program Pursuit goals, students must also maintain a certain Grade Point Average (GPA) associated with the amount of credits they have attempted. This is also known SAP. The charts listed below include all requirements for TAP based on the student’s enrollment starting date at the College of Mount Saint Vincent.

Standard of Satisfactory Academic Progress

Effective 2010-2011 for non-remedial students receiving their first New York State award payment in 2010-2011, and thereafter. Remedial students and students enrolled in an approved certificate program will use the 2006 Satisfactory Academic Progress charts.

Program: Baccalaureate Program
Calendar: Semester 2010-2011 and thereafter (non-remedial students)
Before Being Certified
for This Payment
1st 2nd 3rd 4th 5th 6th 7th 8th
A Student Must Have Accrued
at Least This Many Credits
0 6 15 27 39 51 66 81
With At Least This Grade
Point Average
0.00 1.50 1.80 1.80 2.00 2.00 2.00 2.00
Associated TAP Point 6 12 18 24 30 36 42 48
Note: The 2011-2012 enacted New York State budget mandates the following standards of progress, enacted in 2006-2007, shall be used for non-remedial students who first receive State aid in 2007-2008 through 2009-2010 and for students who meet the definition of "remedial student" in 2010-2011, and thereafter. The enacted budget defines remedial for purposes of Satisfactory Academic Progress.

Standard of Satisfactory Academic Progress for the Purpose of
Determining Eligibility for State Student Aid

Effective 2006-2007

Program: Baccalaureate Program
Calendar:
Semester 2006-2007, 2007-2008 through 2009-2010 and 2010-2011 and thereafter remedial students (if a student's first award was in 2010-2011, and thereafter, and he/she does not meet the definition of a remedial student, see charts for non-remedial students)
Before Being Certified
for This Payment
1st 2nd 3rd 4th 5th 6th 7th 8th 9th 10th
A Student Must Have Accrued
at Least This Many Credits
0 3 9 21 33 45 60 75 90 105
With At Least This Grade
Point Average
0 1.1 1.2 1.3 2.0 2.0 2.0 2.0 2.0 2.0

Loss of TAP Eligibility and Appeal Process

A student may become TAP ineligible due to one or more of the following reason(s):
  • The student did not declare a major and has accumulated 60 credits or more.
  • The student is repeating a course for which they have already received a passing grade.  The repeated course cannot be used towards full time status.
  • The student failed to complete the required amount of credits on the last TAP supported semester.
  • The student failed to complete the total amount of earned credits for the specific TAP semester payment.
  • The student failed to maintain the required cumulative GPA required for the specific TAP term payment.

TAP definition for Repeated Courses - courses for which a student has already received a passing grade.  Such courses cannot be included in meeting the TAP full-time study requirement.

Repeated courses may be counted toward the full-time study requirement if:
  •  the student previously received a failing grade
  •  the student received a passing grade that is unacceptable in a particular curriculum.
TAP Waivers - a student may be granted a one-time waiver of the TAP academic requirements, with the expectation that you will meet all requirements in the future.

Loss of TAP Eligibility - any student who fails to meet the renewal criteria for a TAP award will lose eligibility for a TAP award for the following semester. Options available to a student in this situation are as follows:
  • Request a TAP Waiver in writing. A TAP Waiver is NOT automatic and is granted only for reasons of extraordinary and/or unusual circumstances.  The waiver will be reviewed by the TAP Appeal Committee.
  • Remain out of school for a least one full year after losing eligibility. Students who have used four semesters of TAP, but have a cumulative GPA of below 2.0, must obtain a cumulative GPA of 2.0 at College of Mount Saint Vincent to regain eligibility.
  • Continue at CMSV using funds other than TAP to finance educational costs. Eligibility will be regained when the student again meets the academic criteria.
  • Transfer to another college.
Appeal Process
1.  Student must complete the TAP Waiver forms and submit the documentation to the Office of the Registrar. Those documents are included in this packet or can be downloaded from Commonly Used Forms.
2. The TAP Waiver is reviewed by the TAP Appeal Committee
3. Waiver determination will be sent to the student via Mount email.
If you have any questions regarding this process please contact the Office of the Registrar.

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