ADVANCE COLLEGE - Laserfiche WebLink

Home Browse Search

=19MAN&Se AWARDING PROCESS FOR NEW STUDENTS All new students who have completed the FAFSA and applied to the College will be reviewed by the Financial Aid Department to determine financial aid eligibility. An Estimated Award Offer, detailing the available aid, along with all application and eligibility requirements will be provided to the student or mailed to the address on file. All new students and returning new students are subject to a 30-day disbursement delay. Advance College disburses funds in one installment per quarter or semester depending on the program of enrollment. AWARDING PROCESS FOR CURRENT STUDENTS All financial aid is awarded on an annual basis. To receive financial aid the student must complete the FAFSA every year to confirm continued eligibility. Cal Grant recipients must also complete a FAFSA annually. Need -based awards maybe continued, increased, or decreased from one year to another depending on changes in the Expected Family Contribution (EFC), as determined by the FAFSA. The most common factors impacting changes in the EFC are number of family members enrolled in college and/or a change in family income. Renewal for all awards requires maintaining satisfactory academic progress. If the student is selected for verification by the Department of Education or additional information is required, the Financial Aid Department will notify the student of additional required documents. These documents should be submitted as soon as requested. Once the FAFSA application is confirmed accurate an Award Notification will be generated. The Award Notification provides current students with information about their educational costs and the financial aid available to help the student pay for these costs. It includes a detailed breakdown of their financial aid package according to the type, amount, and source of financial aid. Although the student may initially decide to accept all awards, changes can be requested, if needed. For example, if a student decides to borrow a student loan: even after signing the Award Notification, the student can reduce the loan amount or cancel the loan by contacting the Financial Aid Department. Students must submit their signed Award Notification as official notification of either their acceptance or denial of awards. Students must also follow all instructions regarding the acceptance of their awards. IMPORTANT: Federal Financial Aid is subject to adjustment, recalculation, proration, cancellation, and immediate repayment even if it has already been disbursed for the following reasons: Errors found or made during the application, verification, awarding, or processing of the student's application, Changes made to the FAFSA at any time that result in the verification of the application data, 3 Conflicting information related to the determination of a student's financial aid eligibility, ❖ Failure to submit any requested documentation after federal aid has been offered or disbursed, ❖ Changes in enrollment from full-time to half-time, or to less than half-time, or complete withdrawal, ❖ Notification from the United States Department of Education about Federal Pell and/or student loan limits, default, overpayment, changes, or loss of eligibility, etc., •3 Students are notified in writing or by mail if immediate repayment of any financial aid is required to be adjusted for any reason listed above. Students who have not previously received a Federal Direct Loan must completed Entrance Counseling and a Federal Direct Loan Master Promissory Note. The U.S. Department of Education requires students receiving a direct loan to complete loan entrance and exit counseling. Entrance counseling helps students understand the rights and responsibilities of their loans before they incur the loan debt. This counseling covers: ❖ Importance of repayment The consequences of default The use of the Master Promissory Note d• Provides sample monthly repayment amounts Advanced College cannot make the first disbursement of a Federal Direct Student Loan until entrance counseling is completed. To complete Entrance Counseling for Federal Direct Loans, students must log on to http://www.studentloans.gov and click the link to Complete Entrance Counseling. Students will need to use their FSA User ID and Password to complete the on-line requirements. AWARENESS COUNSELING Current students accepting federal direct loan funds will be asked to complete Financial Awareness Counseling. Financial Awareness provides tools and information to help students understand their financial aid and assist in managing finances associated with the cost of attending their program. It helps to manage expenses, begin planning for repayment, information to avoid default, and malting finances a priority. To complete Awareness Counseling for Federal Direct Loans, 36