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• MOD9RN TECHNOLOGY SCHOOL SCHOOL CATALOG • FINANCIAL r INFORMATION FINANCIAL AID CONSUMER INFORMATION Financial Aid is the money you receive from various sources to help cover the total cost of education. Regardless of income, most people are eligible for financial aid. This can include: • Grants or campus -based programs; sometimes called free money or gift aid, or • Loans, including Federal Stafford loans for students or Federal PLUS loans for parents and alternative loans. Specific written information provided under Title IV of the Higher Education Act and its amendments is available free of charge to interested parties from our Financial Aid Office. Anyone desiring further information regarding our financial aid programs, policies, and procedures may contact the Financial Aid Director during business hours and request our financial aid assistance information pamphlet and Free Application for Federal Student Aid - FAFSA forms. Financial aid recipients are subject to all terms and conditions of federal regulations for eligibility, enrollment, disbursement, and continued satisfactory progress. Therefore, financial aid programs under Title IV are awarded based on need as determined by the applicable program regulations to the extent that funds are available directly to the school or the student. In addition to the Federal Pell Grant application, the school requires verification of income and assets of the applicant, spouse, and parents, if applicable, for the base year and academic year and/or award year before the determination of the applicant's eligibility status and amount of aid for which the student is eligible. All applicants awarded Title IV funds will be given a formal letter regarding the amount, the program, and the conditions of the estimated aid awarded. The written estimated offer must also be accepted in writing by the student before any assistance is disbursed. The financial aid paid to eligible students will be paid on a voucher system. The disbursements will be made in a minimum of two equal installments: one at the beginning of the program and the second after the program's mid -point. Modern Technology School does disburse Title IV aid for living expenses to eligible students. Eligibility funding will be applied to the extent of the program cost. If any excess Title IV funds for those who did not apply for living expenses have been applied to a student's account that exceeds the school costs, the student will immediately notify. The student can then decide within 14 days if they wish to have the excess amount or can choose to return it to the lender to reduce student loan indebtedness. To those students that were dropped, terminated, or withdrawn, all excess funds applied to a student's account will be refunded or returned to the lender/holder of the funds accordingly. Satisfactory academic progress is required for all disbursements of Title IV program awards. For financial aid disbursements, satisfactory progress must be maintained. If the student does not maintain satisfactory academic progress, the subsequent scheduled disbursements will be withheld until the conditions causing the funds to be withheld have been rectified, and written verification is received by the Financial Aid Director based on the established policy of the Campus Director, the Program Director and Instructors involved in classes in which the student failed to maintain satisfactory academic progress. Please refer to the satisfactory progress description found in the academic policies of this catalog. 30