MT_WSCC 2013-2014 Final Edit 08-09-2013_Copy of 1-296.qxd 8/12/2013 5:04 PM Page 31
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Financial Information NOTE: PELL GRANT FUNDS CAN BE USED TO PAY FOR REPEAT COURSES (ONCE). h. Eligibility for Federal Financial Aid It is the policy of Wallace State Community College to provide federal financial aid awards to those students who are maintaining satisfactory progress toward their degrees while receiving financial aid. To remain eligible for federal financial aid, students will be evaluated according to the procedures listed below:
j. Notification of Unsatisfactory Academic Progress Any student who fails to maintain SAP will be placed on academic probation at the end of their first semester. The student will be notified of academic probationary status at MyWallaceState. If the student fails to attain satisfactory academic progress during the probationary semester, financial aid will be suspended after the term. Advisors are available to assist students in achieving a satisfactory progress level. Students returning to school after a period of suspension will not be eligible for student financial aid (includ-
ing the Federal Pell Grant or Direct Loans) at the beginning of the returning semester. This means that the student would pay his or her own tuition at the time of registration. To re-establish eligibility for the returning semester and the remaining fiscal year, the student must earn enough credits or increase his/her cumulative GPA to meet SAP. Students cannot be paid for previous semesters after regaining eligibility. k. Appeals Process Students have the right to appeal to the Appeals Committee if they have not been able to meet the minimum requirements outlined above but feel that circumstances beyond their control have contributed to their unsatisfactory progress. Appeals must be received in writing to the Financial Aid Director no later than the published deadline each semester. 2. FEDERAL DIRECT LOANS-SUBSIDIZED AND UN-SUBSIDIZED Federal Direct Loans allow students to meet some of their education cost by borrowing money. Students must apply for these loans each school year by completing the Free Application for Financial Aid (FAFSA-www.fafsa.gov). Loans are awarded based on the level of courses completed in a student's program of study and cannot exceed WSCC established student budget, including other aid. Loans are awarded for the standard loan amounts for subsidized and unsubsidized loans. Additional unsubsidized loan amounts may be available upon request. A master promissory note with the lender must be e-signed by the borrower to officially document the obligation to repay the loan funds. Funds are applied to the student's educational costs and/or disbursed on a federally regulated disbursement schedule. Disbursement amounts will be slightly lower than award amounts as fees are deducted prior to receipt of funds. Each WSCC loan recipient must complete Loan Entrance counseling before any funds can be disbursed. An Exit Counseling is also required for students not returning for WSCC course enrollment. Go to www.wallacestate.edu and click on Financial Aid for information. a. Federal Subsidized Direct Loan: Federal Subsidized Direct Loans are awarded on the basis of financial need as established by the FAFSA application. The federal government pays the interest while the borrower is enrolled at least half-time (six credit hours) at an eligible institution and during deferment. Loan eligibility is based on the cost of education, less expected family contribution as determined by their Pell Grant (SAR), other aid the borrower may receive and federal restrictions (completed Admission file before guarantee is processed, progress as established by federal guidelines, and be in good standing with WSCC). A number of repayment options are available as this loan must be repaid. Interest rates are variable and origination fees are charged at the time of each disbursement.
Wallace State Community College 2013-2014
Financial Information
i. Standards of Progress Student must be maintaining Satisfactory Academic Progress (SAP) to remain eligible to receive federal Pell Grant, Direct Loans and SEOG funds. The academic year will be defined as fall and spring semesters. To calculate standards of progress, fall, spring, and summer semesters will be used, as well as previous course work on the quarter system. This is in compliance with Federal Guidelines. To calculate the Standards of Progress, fall, spring, and summer semesters will be used as well as previous coursework at WSCC and coursework transferred from other institutions that count toward graduation. The academic records of all students receiving aid will be reviewed at the end term/ prior to the beginning of each academic term. To be eligible for continued receipt of aid, the student must: i. Be following a designated major leading to a certificate or degree. ii. Be a high school graduate with the equivalent of a standard diploma/ GED. iii. Have passed a quantitative number of credit hours of attempted credit hours in their program of study. This is cumulative for the student’s records at WSCC and transfer work as it pertains to the student’s program of study. iv. Have a qualitative standard cumulative GPA for each semester according to the Wallace State SAP Policy. If at the time of the term review a student is determined to be making unsatisfactory academic progress, he/she will be placed on probation for the following term. If after the probationary term a student has still not met SAP standards, financial aid will be suspended. Please see SAP requirements for specific programs on the Financial Aid website at http://www.wallacestate.edu/Financial-Aid/Satisfactory-Academic-Process/index.
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