2014 Financial Aid Booklet

FINANCIAL AID AWARD GUIDE

2014-2015

Dear Ripon College Student, You and your family are now facing the important issue of financing your Ripon College education. Paying for your education is a collaboration among you, your family, various government agencies, and the College.

This guide contains information concerning the financial aid awards that are available to Ripon students as well as information about the College’s policies regarding aid. We hope that it will answer many of your questions as you and your family work out the details of your personal financial plan.

The Office of Financial Aid

After reading through the guide feel free to write, email, or call us if you need additional information or have any questions.

Monday through Friday 8 a.m. to 5 p.m. (academic year)

Sincerely, The Office of Financial Aid

Monday through Friday 8 a.m. to 4 p.m. (summer)

Smith Hall

Hours:

TABLE OF CONTENTS General Information......................................................................1 How Your Financial Need is Determined.....................................1 Financial Aid Process at Ripon.....................................................2 Student Financial Assistance Programs.......................................3 Loan Programs...............................................................................4 Student Employment.....................................................................5 Tuition Payment Plans....................................................................5 Financial Aid Renewal Process.....................................................5 Additional Information .................................................................6 Rights and Responsibilities.............................................................8 Estimated Educational Expense Worksheet................................9

GENERAL INFORMATION

HOW YOUR FINANCIAL NEED IS DETERMINED

Financial aid consists of grants, scholarships, loans and work opportunities. The funding for these financial aid programs comes from Ripon College, the federal government, the State of Wisconsin and a variety of private sources. A Ripon College financial aid award is generally a combination of the various types and sources of aid. In order to establish eligibility for financial aid at Ripon College, you must:

The student and their parent(s) or spouse, if applicable, are considered to be the primary source of financial support for post-secondary education.

Financial aid is intended to supplement, not replace, family resources.

The formula for determining financial need: Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need

• Be enrolled in a regular academic program for a minimum of 12 credit hours per semester (full-time) to receive Ripon College-funded financial aid. You must be enrolled for at least six credit hours per semester (half-time) to receive certain federal and state aid.

RIPON COLLEGE COSTS, 2014-15 Tuition $33,207 Room (Double Occupancy) $4,665 Board $4,420 Activity Fee $275 Total Annual Cost $42,567*

• Be a U.S. citizen or eligible non-citizen with a valid Social Security Number.

*Annual indirect costs to be considered: Books and Supplies: $750 Transportation: $1,100 Personal Expenses: $500

• Be registered with the Selective Service Administration, if required.

• Not be in default or owe a refund of any federal student aid.

EXPECTED FAMILY CONTRIBUTION (EFC): Derived from the information you

• Make satisfactory academic progress.

listed on the FAFSA, it measures your family’s financial strength to pay for school and to determine your eligibility for financial aid.

FINANCIAL NEED: This is the difference between Ripon’s COA and your EFC. If there is a remaining figure, you are considered to have financial need. If there is no remaining need after your EFC has been subtracted from the COA, you may still be eligible for merit-based scholarships and/or a Federal Direct Unsubsidized Loan.

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THE FINANCIAL AID PROCESS AT RIPON

6. If your record was selected for verification, you must complete the process with the Ripon College Office of Financial Aid before your financial aid can be credited to your student account. If you have not already used the IRS data retrieval tool, please go back into your FAFSA and retrieve your data; or, if you cannot or choose not to use the tool, please submit an IRS tax transcript for student and, if applicable, parent(s). Verification documents must be submitted no later than June 15 each year. If they are not received by the deadline your aid could be changed or canceled.

1. The Office of Financial Aid reviews the results of your application and puts together an official “Financial Aid Award Letter.”

2. The award letter will reflect all federal, state and college aid being offered to you (including scholarships, grants, loans, and Federal or College WorkStudy).

3. Read your award letter carefully and complete the appropriate sections.

Sign and return one copy of the “Financial Aid Award Letter” to the Office of Financial Aid within two weeks of receipt.

7. Prior to the start of each semester, financial aid will be credited to your student account and you will be sent a bill. Bills for first semester are mailed after July 1, and bills for second semester are mailed after Dec. 1.

Your student account is the record of your charges (tuition, room and board, etc.) and payments made to cover these charges. Questions regarding your student account may be directed to the Business Office at 920-748-8106.

4. If you accept the federal direct loan(s) offered to you on your award letter and you are a first-time borrower, you will be required to complete and sign a promissory note (a legal obligation to repay) before the loan is disbursed. In addition, you are required to participate in loan counseling prior to receiving your loan funds. The Master Promissory Note (MPN) and entrance counseling may be completed at www.studentloans. gov.

5. If you are offered and accept a Federal Perkins Loan on your award letter, you must also complete an application and sign a promissory note before the loan is disbursed.

Accurately complete the Perkins Loan application when you receive it and promptly return it to the Office of Financial Aid. You may complete the promissory note at Registration or in the Office of Financial Aid prior to the start of classes.

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STUDENT FINANCIAL ASSISTANCE PROGRAMS

Performance/Recognition Scholarships ROTC Award Diversity Award Forensics Scholarships Fine Art Scholarships (Art/Music/Theatre) Boys/Girls State Award National Latin Exam Award UCC Award William J. Woolley History Scholarship Legacy Award Alumni Award

GRANTS — are free money and do not have to be repaid. These awards are limited to students who demonstrate financial need as determined through the financial aid application process.

Federally Funded Federal Pell Grant Federal Supplemental Educational Opportunity Grant (SEOG)

Ripon College Endowed Scholarships and Awards — are made available through the generosity and support of alumni, trustees and friends of the College. Recipients are designated based upon academic achievements and other accomplishments.

State Funded (limited to WI residents) Wisconsin Tuition Grant Talent Incentive Program Grant (TIP) Institutionally Funded Ripon College Grant Evans Grant Trustee Grant Go Grant

Please note that Ripon College gift/ grant aid is available for up to 8 semesters. Wisconsin Tuition Grants are available for up to 10 semesters.

Students receiving Tuition Remission and ROTC awards must file a FAFSA each year they are enrolled.

SCHOLARSHIPS — Ripon College scholarships are awarded on a competitive basis to students in recognition of high academic performance or demonstrated areas of talent. They are renewable according to the criteria stated in your scholarship notification letter from the Office of Admission. The total of your scholarships may not exceed the cost of tuition.

Private or Outside Scholarships — are considered part of your financial aid award. Please notify the Office of Financial Aid in writing of any outside scholarships, including the dollar amount of each award.

Academic Scholarships Pickard Scholarship Founders’ Scholarship Gleason Presidential Scholarship Knop Science Scholars Program Faculty Scholarship Dean’s Scholarship Honor Scholarship Transfer Scholarship

SCHOLARSHIP POLICY — Ripon College scholarships may only be applied toward the cost of tuition.

Therefore, if you receive a full-tuition scholarship from another source (e.g., ROTC, any outside scholarship, tuition remission, etc.) you will no longer be eligible for the dollar amount of your Ripon College scholarship.

State Scholarships Academic Excellence Scholarship

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LOAN PROGRAMS — loans are

ATTENTION FIRST-TIME DIRECT LOAN BORROWERS — the U.S.

borrowed money that must be repaid with interest. You are not obligated to accept the loan amounts offered.

Declining or reducing your requested loan amount will not affect other forms of aid.

Department of Education requires all first-time borrowers to complete a Loan Entrance Counseling session before receiving their loan proceeds. A counseling session can be completed on-line at www.studentloans.gov.

Federal Perkins Loan — awarded to high need students and may range from $500 to $5,500 per academic year. No payment is due and no interest accrues as long as the student is enrolled at least half-time. Repayment begins nine months after the student ceases halftime enrollment. The interest rate during repayment is 5% for all borrowers.

Federal Direct Parent Loan (PLUS) — Parents may also borrow to pay educational expenses for dependent undergraduate students. The yearly limit of a PLUS is equal to the student’s cost of attendance (COA) minus any other financial aid received by the student.

The loan currently has a fixed interest rate of 6.41% and an origination fee of 4.2%. Repayment on principal and interest begins 60 days after the loan is fully disbursed.

Federal Direct Loan Subsidized Loans are available to students with demonstrated financial need. Payments on principal and interest are deferred as long as the student is enrolled at least half-time.

The federal government “subsidizes” the interest during these periods.

Private Educational Loans — various private lenders offer education loans.

These include loans to students (with and without co-signers), as well as to parents.

Interest rates, deferment options and annual/aggregate maximum loan amounts vary by lender. For more information on these resources, contact the Office of Financial Aid or visit www. ripon.edu/fastchoice.

Unsubsidized Loans are awarded to students not eligible for the subsidized loan. Interest accrues to the student while in school but may be deferred and capitalized prior to entering repayment.

Maximum annual loan amounts are determined by grade level and dependency status.

Dependent Undergraduate(1) First Year Second Year Third Year and Beyond

Independent Undergraduate*(1)

First Year Second Year Third Year and Beyond

Eligible Subsidized Amount

Total Limit(2) (Subsidized & Unsubsidized)

$3,500 $4,500 $5,500

$5,500 $6,500 $7,500

Eligible Subsidized Amount

Total Limit (Subsidized & Unsubsidized)

$3,500 $4,500 $5,500

$9,500 $10,500 $12,500

1. The Financial Aid Office will determine your dependent or independent status.

2. A borrower may receive up to the entire amount in unsubsidized direct loans if the borrower does not qualify for a subsidized direct loan.

The total amount received from direct subsidized and unsubsidized direct loans cannot exceed the indicated annual limits. Federal regulations, terms, and rates are subject to change. *Including dependents whose parents are unable to borrow under the PLUS program. Note: Loan fees of up to 3% may be deducted from your loan proceeds prior to disbursement to the college.

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STUDENT EMPLOYMENT PROGRAMS(FEDERAL WORK STUDY OR COLLEGE WORK) — is a

To access the online system, go to my.ripon.edu, login and click on the student tab then enter the financial aid portlet.

form of financial assistance consisting of earnings from a part-time job.

Employment earnings are received by monthly paycheck and are not credited directly to your student account, unless arrangements are made with the Ripon College business office.

Please contact the Office of Financial Aid at financialaid@ripon.edu, or call 920-748-8101 if you need assistance.

THE FINANCIAL AID RENEWAL PROCESS

Ripon College does not assign students to jobs. Detailed information on available jobs and employment procedures will be made available to students.

All financial assistance administered by the Office of Financial Aid at Ripon College is awarded on an annual basis.

Most types of assistance are renewable depending upon satisfactory academic progress, demonstrated financial need, and any other resources a student may receive. A review of your eligibility must be made annually. A fully completed renewal FAFSA must be received by the federal processor no later than April 1 each year. The importance of this deadline cannot be overstated. Students who file their FAFSA after April 1 may lose eligibility for Ripon College funds as well as federal and state aid.

TUITION PAYMENT PLANS — Tuition Management Systems (TMS) provides an interest-free monthly payment option to Ripon College families. For more information, visit their website at www. afford.com, or contact TMS directly at (800) 722-4867 or the Ripon College Business Office at (920) 748-8106.

MyRiponPortal — The MyRiponPortal is Ripon College’s online intranet. With your personal user ID and password you can access a variety of information, including:

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If your family does not complete your federal income tax return by April 1 of a given year or are filing an extension, use estimated income figures to complete the forms and submit a copy of the tax extension. You must meet the filing deadline even if your taxes are not done.

Check the status of your financial aid View your financial aid award View a list of documents the financial aid office has received from you and a list of the documents still outstanding Accept, decline or reduce your awards View and download forms needed to complete your financial aid file View your student account bill Make a payment on your account 5

ADDITIONAL INFORMATION

SATISFACTORY ACADEMIC POLICY Federal regulations require that all students receiving federal financial aid funds maintain standards of satisfactory academic progress in the pursuit of their degree. Regulations require that your entire academic history be considered, even if you have never received federal aid. The Satisfactory Academic Progress policy is outlined in the academic catalog and is also available via the MyRiponPortal.

VERIFICATION Each year, a segment of financial aid applications is selected for review in a process called verification. This process confirms the data supplied by the applicant and/or parents on the FAFSA. If your application is selected for verification, our office will request the documents that are needed to complete the verification process.

Aid will not be posted to your account until you have submitted all requested documents and the accuracy of your information has been checked. These documents must be received by June 15 each year. If they are not received by this date, your aid may be reduced and/or cancelled. Any changes to your aid, as a result of the verification process, will be itemized in a revised award notification.

Three standards are used to measure academic progress for financial aid purposes: 1. Cumulative Grade Point Average 2. Credit Completion Rate 3. Maximum Time Frame Your progress will be monitored every semester. If at any time you do not meet the minimum satisfactory progress standards, you will be notified by the Office of Financial Aid. Continued failure to meet progress standards will result in the loss of your financial aid eligibility.

You may appeal the loss of financial aid eligibility if extenuating circumstances interfered with your ability to meet satisfactory progress standards. The policy set forth by the Office of Financial Aid is separate and distinct from Ripon College’s academic progress standards, as issued by the Office of the Registrar.

WITHDRAWING FROM RIPON Withdrawing from Ripon College is a decision you should take very seriously.

It is important that you visit each office on the withdrawal form when you are considering or have chosen to leave.

When you withdraw from Ripon you can lose some of your financial aid. Financial aid is earned each day you attend classes and, depending on when the withdrawal occurs, you may or may not have earned enough of your aid that would result in a balance being owed to Ripon College. Please contact the Office of Financial Aid for specifics when you have decided to withdraw from classes.

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SPECIAL CIRCUMSTANCES

programs of study. If you plan to study abroad, please contact the Office of Financial Aid to enable timely review and processing of your financial aid.

If you have had a significant change in your family’s financial circumstances, you have the right to have your financial need recalculated. These special circumstances may include, but are not limited to, loss of job, death, divorce/ separation, major medical expenses and payment of tuition for elementary/ secondary schools. However, an increase in need will not always result in an increase in your financial aid. Please contact the Office of Financial Aid to discuss your options.

CHANGES IN FINANCIAL AID AWARD Financial aid awards may be revised during the academic year due to changes in your family’s financial situation, changes in your enrollment or housing status, notification of outside scholarship awards, etc. A financial aid award may also be changed as a result of verification if your eligibility has changed as a consequence. You will receive notice of all financial aid changes, and every new award will replace all previous awards.

OFF CAMPUS PROGRAMS One semester of Ripon College financial aid may be applied to affiliated offcampus programs. Only federal and state financial aid is available for approved non-affiliated off-campus

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RIGHTS & RESPONSIBILITIES Our staff will do everything possible to assist you in obtaining financial assistance and information. Ripon College strives through its publications and other communications to provide schools, parents, and students with factual information about its costs, aid opportunities, programs, practices, and policies. Our office does not discriminate on the basis of race, age, color, religion, sex, disability or national origin.

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You have the right to:

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• • • • •

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Seek financial aid counseling.

Information about how your aid award was calculated.

•

Have your financial need reviewed through an appeal process if you or your family’s financial circumstances change.

•

Know how much aid you will receive each semester and when it will be disbursed or applied to your account.

Know the terms of any work study award offered.

Know the interest rate, as well as the amount, method, and starting dates of repayment, for any loan offered.

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Access your financial aid file.

Know that the information you give to the Financial Aid Office will be treated confidentially. Information from a student’s file will not be released to anyone without a signed release from the student, except to Ripon College staff and financial aid donors.

Be aware of financial aid deadlines.

Notify the Financial Aid Office of any change in name, address, marital status, or credit load (including withdrawing from all registered courses.

Use financial aid for educational expenses only.

Meet Satisfactory Academic Progress requirements to maintain eligibility for financial aid.

Report any additional financial aid you receive such as scholarships, outside grants or other tuition assistance.

Repay all loans or prior over-award of financial aid according to your truthin-lending and promissory notes. If you are in default on a loan, you are not eligible for additional financial aid. For information on repaying your student loans, visit Student Aid on the Web (fsa.ed.gov).

Notify the Financial Aid Office if you are in default on an education loan or owe financial aid repayments.

If we obtain information which conflicts with data on your application materials, your awards could be changed or canceled. Funds obtained on the basis of false information will have to be repaid, and you will be subject to criminal prosecution.

You have the responsibility to:

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Provide any additional information requested during the application process, which may include IRS tax information, verification worksheets, or other required documentation.

Provide accurate and factual information on all financial aid forms.

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ESTIMATED EDUCATIONAL EXPENSE WORKSHEET Use this worksheet to help determine your billing costs for the upcoming school year.

The comprehensive fee for full-time students for the 2014-15 academic year is: Tuition $33,207 Activity Fee 275 Room 4,665 Board 4,420 TOTAL $42,567

CHARGES

Tuition

$___________________

+ Activity Fee

$___________________

+ Room (enter “0” if commuting)

$___________________

+ Board (enter “0” if commuting)

$___________________

= TOTAL CHARGES $___________________

CREDITS

Enrollment Deposits made to Ripon

(First-time students $100, continuing $0)

$___________________

+ Total scholarships and grants $___________________ from all sources (include tuition remission, outside gift aid, etc.)

+ Federal Perkins Loan

$___________________

+ Federal Direct Loan

$___________________

(accepted amount from Award Letter)

(a processing fee of up to 3.0% may be deducted from your loan proceeds prior to disbursement, example: $3,500 x 97.0%=$3,395)

= TOTAL CREDITS $___________________

BALANCE

TOTAL CHARGES

– TOTAL CREDITS

= ESTIMATED BILL (full year)

/2 ESTIMATED BILL (per semester)

$___________________ $___________________ $___________________ $___________________

*Please keep in mind there are additional costs associated with attending Ripon College.

Please refer to the indirect costs section in this booklet for information.

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Office of Financial Aid 300 West Seward Street Ripon, Wisconsin 54971-0248 877-742-9532 Phone 920-748-8101 | Fax 920-748-8370 financialaid@ripon.edu

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