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Financial Aid Award Guide 2010-2011

Office of Student Financial Services www.emmanuel.edu


2010-2011 Financial Aid Award Guide

Contents Introduction ................................................................................ 3 Communication from the Office of Student Financial Services ......................................................... 5 Financial Aid Eligibility Requirements and Award Descriptions .................................................................... 7 Grants and Scholarships ................................................. 7 Student Employment..................................................... 10 Student Loans ............................................................... 10 Financial Aid Award Letters ..................................................... 13 Conditions Affecting Awards .................................................... 15 Financial Aid Renewal Procedures ........................................... 17 Need-Based Financial Aid ............................................ 17 Merit-Based Scholarships ............................................ 17 Tuition and Fees ....................................................................... 19 Determining the Balance & Billing Timeline ............................. 21 Payment Options ...................................................................... 23 Important Dates ........................................................................ 25


2010-2011 Financial Aid Award Guide

Introduction Dear Student, Congratulations on your acceptance to Emmanuel College. We recognize that you are about to embark on an exciting journey that begins the next chapter of your life. Selecting the right college is an important decision for a student. We are committed to making Emmanuel the best fit for you. At Emmanuel College, we pride ourselves in providing a distinctive liberal arts and sciences education, and we remain ever focused on preparing current and future students for life and work in the 21st century. Our history of quality, values-based academic programs and interactive classes enable students to engage in a supportive learning environment that fosters academic excellence and intellectual integrity. You will receive the tools to cultivate your interests and talents here. As a student, the investment you make in Emmanuel will offer you great returns. Emmanuel College is committed to making a high-quality education affordable. In this guide you will find descriptions of financial aid awards, tools to assist you in determining the balance after financial aid, financial aid renewal criteria and other information to help you pay for an Emmanuel College education. We hope you find this information useful and we look forward to welcoming you for our 2010-2011 academic year. Sincerely,

Jennifer Porter Assistant Vice President for Student Financial Services

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Office of Student Financial Services


2010-2011 Financial Aid Award Guide

Communication from the Office of Student Financial Services All communication from the Office of Student Financial Services (OSFS) is addressed to you, the student. Most communication is sent to your Emmanuel e-mail address or through the Emmanuel Portal, the College’s internal online communication system. Students also have the ability to check their financial aid and billing information through Online Academic Resources via the Emmanuel Portal by visiting portal.emmanuel.edu using their student login. We encourage students to check this information regularly. It is your responsibility to complete the financial aid process and ensure that your account balance is paid in full. If your parents are assisting you with the financial aid or billing process, please share with them the information you receive from the OSFS.

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2010-2011 Financial Aid Award Guide

Financial Aid Eligibility Requirements and Award Descriptions Grants and Scholarships Emmanuel College Merit Scholarships: Awarded to freshman and transfer students who meet the defined criteria. If you are eligible for a merit scholarship, you will be notified by the Office of Admissions. The merit scholarship will be included as part of your total financial aid award and considered before federal, state or Emmanuel College need-based aid is awarded. For information concerning a specific scholarship, please refer to the Emmanuel web site. Go to “Tuition & Aid,” then select “Scholarships & Financial Aid” and then “Merit Scholarships.”

Emmanuel College Grants: The Emmanuel Grant and the Emmanuel Advancement Grant are offered to students on the basis of demonstrated financial need. The Emmanuel Grant may be awarded in conjunction with Emmanuel College Merit Scholarships and/or federal and state sources of need-based financial aid. The amount of the grant will depend on the student’s financial need and his or her eligibility for other sources of funding. Changes in enrollment and housing, including moving off campus, may affect the amount of your Emmanuel grant(s).

Emmanuel College Endowed Scholarships: Scholarships funded by alumni and friends of the College. These named scholarships are awarded based on criteria established by the donor. Many endowed scholarships are made available during the end of the fall semester for the following academic year. Most endowed scholarships are reserved for continuing students; however, all incoming students are reviewed for their endowed scholarship eligibility upon receipt of their financial aid application.

Sibling Discount: A 5% tuition discount offered to siblings enrolled concurrently in the traditional undergraduate program at Emmanuel College. To qualify, all siblings must be matriculated and enrolled full time for each period of eligibility.

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Federal Pell Grant: A need-based grant from the federal government for undergraduate students with significant financial need. The amount of the Federal Pell Grant will range from $659 to $5,550 and is based on the student’s financial need.

Federal Supplemental Educational Opportunity Grant (FSEOG): A need-based grant from the federal government for undergraduate students with significant financial need. FSEOG is awarded on a funds-available basis to students who are recipients of the Federal Pell Grant. The amount of a typical FSEOG is $1,000.

Academic Competitiveness Grant (ACG): A need-based grant from the federal government for first- and secondyear undergraduate students who qualify for the Federal Pell Grant and who have completed a rigorous high school program. The grant is $750 for first-year students and $1,300 for second-year students.

National SMART Grant: A $4,000 need-based grant from the federal government for third- and fourth-year undergraduate students who qualify for the Federal Pell Grant and are majoring in certain areas of science or mathematics.

Teacher Education Assistance for College and Higher Education (TEACH) Grant: Gift aid of $4,000 each year from the federal government to undergraduate students who intend to teach a high-need field in a public or private elementary or secondary school that serves students from low-income families. Students who meet the conditions of this grant may also qualify for federal loan cancellation benefits. Please visit www.TEACHgrant.ed.gov for more information.


2010-2011 Financial Aid Award Guide

State Grants and Scholarships: A need-based grant or merit-based scholarship from the state of residence of full-time undergraduate students. Awards are estimated until the College receives notification from the state’s scholarship office. States release funds to the College only after enrollment status has been verified. In addition to Massachusetts, states that permit the use of their state funding at Emmanuel are CT, RI, VT, ME, NH and PA.

Consult the FAFSA or your state’s education department to determine the deadline for your state’s grant or scholarship programs. For Massachusetts residents, there is a May 1st FAFSA filing deadline to be considered for a Massachusetts State Grant. Eligibility letters are sent to MA residents beginning in May. Questions regarding the MA State Grant can be directed to the Massachusetts Office of Student Financial Assistance at 617 727-9420.

Gilbert Grant: A need-based grant from the Commonwealth of Massachusetts to Massachusetts residents who are full-time undergraduate students. Funds are limited and are offered to students with significant financial aid. The amount of a typical Gilbert Grant is $1,000.

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Student Employment Federal Work Study (FWS): A federally subsidized program that provides opportunities for employment in order to help with educational expenses. The amount shown on your award letter reflects your maximum potential academic year earnings. Students who choose to work are paid every two weeks for hours worked. Due to this, FWS cannot be deducted from your bill. Student employment positions are posted at the beginning of each semester. Most on-campus positions are open to all students who apply. If you did not receive a FWS award you may still apply for most posted positions. Note: Job positions are not guaranteed. In addition to the on-campus positions posted by the OSFS, students are encouraged to visit the Internship and Career Development Office for information concerning nearby off-campus employment opportunities.

Student Loans Federal Stafford Loan: A low-interest student loan from the federal government. The amount you are eligible to borrow appears on your financial aid award letter (See Annual Stafford Loan Limits). Repayment begins six months after the borrower graduates, leaves school or drops below half-time enrollment. Note: A 0.5% origination fee will be deducted from each disbursement of Stafford Loan funds. The difference will be reflected on your Statement of Account. Annual Federal Stafford Loan Limits Grade Level

Dependent Student

Independent Student

Freshman (0-31) credits

$5,500

$9,500

Sophomore (32-63 credits)

$6,500

$10,500

Junior/Senior (64+ credits)

$7,500

$12,500

Loan limits include both subsidized and unsubsidized amounts and cannot exceed your cost of attendance minus other financial aid.


2010-2011 Financial Aid Award Guide

Subsidized Stafford Loans: Students who demonstrate financial need are eligible for the Subsidized Federal Stafford Loan. The federal government pays the interest on this loan while the student is enrolled at least half time and during grace and deferment periods. Please see the below chart to determine the interest rate of your Subsidized Stafford Loan. Subsidized Stafford Loan Interest Rates First disbursment of a loan: Made on or after

And made before

Interest rate on the unpaid balance

July 1, 2009

July 1, 2010

5.6 percent

July 1, 2010

July 1, 2011

4.5 percent

July 1, 2011

July 1, 2012

3.4 percent

Unsubsidized Stafford Loans: Students who do not demonstrate financial need are eligible to borrow the Unsubsidized Federal Stafford Loan. The interest rate is fixed at 6.8%. The student is responsible for the interest on the unsubsidized loans even during periods of enrollment. Interest payments will be deferred while the student is in school and during the six-month grace period, however the interest will be capitalized. Borrowers may choose to pay this interest during these periods with no additional fees. Interest on this loan will begin accruing at the time of disbursement.

Federal Perkins Loan: A federally subsidized low-interest student loan, fixed at 5%, from both the federal government and Emmanuel College. The federal government pays the interest on this loan while the student is enrolled at least half time and during grace and deferment periods. Repayment begins nine months after the borrower graduates, leaves school, or drops below halftime enrollment. Federal regulations require that that the Perkins Loan be awarded to students with exceptional financial need. If you are eligible for this loan the amount will appear on your award letter.

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Massachusetts No-Interest Loan: A student loan from the Commonwealth of Massachusetts to residents of Massachusetts who are full-time undergraduate students with significant financial need. No interest is charged on this loan. Repayment begins six months after the borrower graduates, leaves school or drops below half-time enrollment. If you qualify for this loan, the amount of the loan will appear on your award letter.

Student Loan Requirements If you are borrowing with a Federal Stafford, Federal Perkins or Massachusetts No-Interest Loan, you will be required to complete promissory note(s) and entrance counseling. Instructions to complete this paperwork are sent to enrolling students in May. If you do not wish to borrow any of the loans listed on your award letter, please contact the OSFS at financialservices@emmanuel.edu or at 617 735-9938 to cancel the loan. Please note the Federal Perkins Loan and the Massachusetts No-Interest Loan are considered secondary loans and are only offered to Stafford Loan borrowers.


2010-2011 Financial Aid Award Guide

Financial Aid Award Letters Estimated Financial Aid Award Letters are mailed to students who have been accepted for admission and who have completed a 2010-2011 Free Application for Federal Student Aid (FAFSA). Most initial financial aid awards are estimated, as they are based solely on selfreported information. If you are eligible for any need-based financial aid (including need-based student loans), in order to complete the financial aid application process you may be required to submit the Emmanuel College Application for Financial Aid and signed and completed copies of both your and your parent(s) 2009 federal income tax returns and W-2s (state income tax returns are not required). Additional information may also be required and will be requested in writing from our office. All requested documents will be used to verify the information you provided on the FAFSA and Emmanuel College Application for Financial Aid. You will receive a verified financial aid award letter once the review of this documentation has been completed. The verified award will differ from the estimated award only if the information on the FAFSA and/or Emmanuel College Application for Financial Aid is different from the information provided on the verification documents.

Tax Extensions If you are requesting a tax extension for your 2009 federal income tax return, you must provide the Office of Student Financial Services with a copy of the IRS Form 4868 to confirm your request for a filing extension. In addition, to be considered for need-based Emmanuel financial aid, a 2009 federal income tax return must be submitted to the Office of Student Financial Services no later than August 16, 2010, even if your extension allows you to file after this date.

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2010-2011 Financial Aid Award Guide

Conditions Affecting Awards Estimated Awards: Estimated awards are subject to change pending receipt of all requested documentation verifying your and your parent(s) income and assets. If the information listed on your 2010-2011 FAFSA and Emmanuel College Financial Aid Application is incorrect or has changed, adjustments may be made to your award.

Housing & Enrollment Status: Financial aid awards are calculated based on the housing status indicated on the Emmanuel College Application for Financial Aid and with the assumption that the student will be full time. Your enrollment status and housing status is verified after the add/drop period of each semester. If your enrollment or housing status is different than the statuses listed on your award letter, your financial aid may change. Students must notify the OSFS if their enrollment or housing status is incorrect on their award letter.

Withdrawal(s) and Leaves of Absence: If a student officially withdraws before the first day of classes, he or she is eligible to receive full credit of his or her tuition, fees, housing charges, etc., excluding non-refundable deposits. Students receiving federal and state financial assistance who withdraw on or after the first day of classes will have their aid adjusted based on a percentage calculation determined by Federal Return to Title IV regulations, as defined in the Tuition and Payment Guide. If a student attends 60% or more of the semester and then withdraws, he or she will be eligible to retain all of their federal financial assistance. Students who withdraw on or after the first day of classes will have their Emmanuel College aid adjusted based on the Emmanuel College Refund Policy, as stated in the Emmanuel College Academic Catalog.

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Satisfactory Academic Progress: To continue receiving financial aid, students must maintain satisfactory academic progress. Students must successfully complete 21 credits each year and maintain a cumulative GPA of 2.0 after their sophomore year in order to be eligible for financial assistance. Please refer to the Emmanuel College Academic Catalog for more information concerning satisfactory academic progress.

Outside Awards: If you receive an additional award from any source outside of Emmanuel College, including private scholarships, tuition remission, pre-paid tuition plans, ROTC or other aid after you have submitted your financial aid applications, your financial aid award is subject to change. It is the College’s policy to reduce unmet financial need before reducing institutional grant aid or federal campus-based funds. The student is responsible for making sure any outside award funds have been sent to the school, otherwise the student will be responsible for any resulting balance.


2010-2011 Financial Aid Award Guide

Financial Aid Renewal Procedures Emmanuel College makes every effort to offer the same financial aid award in future years. The renewal of aid is contingent upon the following:

Need-Based Financial Aid The FAFSA is submitted by the priority filing date of March 1st • Continued demonstration of financial need as determined in prior years • Satisfactory academic progress as outlined in the Academic Catalog • The same enrollment and housing status as the prior year • The government/College’s availability of funding • Cumulative grade point average requirements are met as indicated in the chart on page 18 • Emmanuel funding can only be offered for a maximum of eight semesters •

Merit-Based Scholarships • • •

Continued full-time enrollment Cumulative grade point average requirements are met as indicated in the chart on page 18 Merit-based scholarships can only be offered for a maximum of eight semesters

Please see the Cumulative Grade Point Average (GPA) Requirements chart on page 18 for both Need-Based Financial Aid and MeritBased Scholarships.

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Cumulative GPA Requirements for Need-Based Financial Aid and Merit-Based Scholarships Fund

Cumulative GPA

Emmanuel College Merit Scholarships

Presidential Scholarship

3.3

Dean’s Scholarship

3.3

Academic Achievement Scholarship

3.0

Leadership & Community Service

2.5

City of Boston

2.5

Federal Grants

TEACH Grant

3.25

Academic Competitiveness Grant (ACG)

3.0

National SMART Grant

3.0

Other Scholarships and Need-Based Emmanuel College Financial Aid

2.0


2010-2011 Financial Aid Award Guide

Tuition & Fees Listed below are the annual costs for the 2010-2011 academic year:

Tuition Student Activity Fee Orientation Fee Room & Board (double occupancy) Estimated Student Health Insurance

*One-time cost billed during the first semester of enrollment

$30,600 $165 $125* $12,300 $1,030

Student Health Insurance: The Commonwealth of Massachusetts requires that all students have health insurance coverage. The College’s health insurance premium for 2009-2010 is $1,030; the health insurance premium for 2010-2011 will be available in July. Students who have their own health insurance coverage must submit a waiver by the fall due date to waive the premium. Students who do not have coverage and require the College’s health insurance plan must complete an enrollment form. Students who do not complete the waiver form by the fall due date will automatically be charged the premium, even if they have other coverage. To waive or enroll in the College’s health coverage, students must complete the waiver or enrollment form by the fall bill due date of August 4, 2010. Waivers and enrollment forms can be completed online at www.universityhealthplans.com. Please note that these forms must be completed annually and are separate from the health immunization forms.

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2010-2011 Financial Aid Award Guide

Determining the Balance & Billing Timeline To assist you in determining your balance after financial aid, please visit the “Tuition and Aid� section of the Emmanuel web site. Tuition, fees and room and board charges are billed each semester in July for the fall semester and in December for the spring semester. The fall semester balance after financial aid is due by August 4, 2010 and the spring semester balance is due by December 17, 2010.

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2010-2011 Financial Aid Award Guide

Payment Options There are many ways that students and their families pay for the balance after financial aid. In addition to personal check and credit card, families can pay the balance using a payment plan, parent loan, private student loan or a combination of these. Below please find more information on the options available to pay the balance after financial aid. More detailed information is available by selecting “Tuition & Aid” and then “Payment Options” from the Emmanuel College web site at www.emmanuel.edu. Here you will find information about: • • •

I nterest-Free 10-Month Payment Plan with Tuition Management Systems Parent Loans including the Federal Direct PLUS and the MEFA Loan Private Student Loans including the Discover Private Student Loan, Citibank CitiAssist Student Loan, Chase Select Student Loan, and Citizens TrueFit Student Loan.

There are many other loan options available to students and parents. We encourage you to assess your situation and research all options so that you can select the best choice for you and your budget. You may also qualify for tax credits or deductions. For more information, visit the IRS web site at www.irs.gov.

Private Scholarships: You are encouraged to seek scholarships for which you may be eligible. Possible sources include high schools, churches, local organizations, your parents’ place of employment or other clubs to which you or your family belong. Scholarship books in local libraries and high school guidance offices list scholarship opportunities with an index of eligibility requirements.

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Several free scholarship search engines can be found on the Internet, including these web sites: • •

 FastWeb.com is a major search engine for scholarships, grants and student aid resources – www.fastweb.com Scholarships.com is the Internet’s premiere free college scholarship search and financial aid information resource, connecting students and parents with college funding opportunities – www.scholarships.com FinAid.org is a resource for all aspects of college planning and payment options – www.finaid.org Application Tips for Scholarships 1. Apply for both large and small scholarship amounts. Many small scholarships can add up to large amounts in the end. 2. Check thoroughly to ensure that you are actually eligible for the scholarship. 3. Read instructions carefully. Pay close attention to deadlines, essay length requirements and required information. Missing deadlines, essays that are either too long or too short, and/or required fields left blank could disqualify you for the scholarship. 4. Make sure your application and presentation are neat and organized. Double check your application for spelling errors. 5. If references are required, make sure that your references provide information about you that the selection committee will need to know. 6. Make a checklist for each scholarship application and double check it before submitting a completed application.

Scholarships or grants received from private agencies or groups must be reported in writing to the Office of Student Financial Services by providing us with a copy of the scholarship agency notification.


2010-2011 Financial Aid Award Guide

Important Dates Most of the dates below indicate which actions are needed to finalize all or part of your Emmanuel College Financial Aid Award. Please carefully note these dates and take the necessary action no later then the specified date so as to not jeopardize your aid. If you have any questions about these requirements, please contact the Office of Student Financial Services. No later than Enrollment Deposit Deadline

May 1, 2010

Send in signed 2009 federal tax returns for both you and your parents

June 15, 2010

Complete Student Loan promissory notes and entrance counseling

June 15, 2010

Enroll in the Payment Plan (optional)

July 15, 2010

Apply for parent/private student loan (optional)

July 15, 2010

Fall 2010 Semester bill payment due

August 4, 2010

Complete health insurance waiver or enrollment online form

August 4, 2010

Spring 2010 Semester bill payment due

December 17, 2010

File Renewal Financial Aid application for 2011-2012

March 1, 2011

Done/NA

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2010-2011 Financial Aid Award Guide

Notes

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Notes


Contact Information The staff of the Office of Student Financial Services (OSFS) at Emmanuel College welcomes the opportunity to talk with students and parents about all aspects of financial aid, financing options and billing procedures. Our office is open from 8:30 a.m. to 6:00 p.m. Monday through Thursday and 8:30 a.m. to 4:30 p.m. on Friday. Telephone Number Fax Number E-mail Address

617-735-9938 617-735-9939 financialservices@emmanuel.edu Emmanuel College Office of Student Financial Services 400 The Fenway Boston, MA 02115


Emmanuel College, founded by the Sisters of Notre Dame de Namur in 1919, is a coed, residential, Catholic liberal arts and sciences college located in the heart of the city of Boston. Its beautiful 17-acre campus is neighbored by a world-class medical center, two major art museums and Fenway Park. Its unique location allows students and faculty opportunities to explore real-world experiences through internships, research and strategic partnerships within the Longwood Medical and Academic Area and the city of Boston.

Emmanuel at-a-glance Undergraduate and graduate students: 2,500 Traditional undergraduates: Enrollment: 1,700 75% of students live in campus housing 80% have an internship 85% participate in community service Faculty-student ratio: 15:1 Students from 31 countries and 30 states 92 full-time faculty The College is a founding member of the Colleges of the Fenway consortium, comprised of six neighboring colleges that jointly offer 2,500 courses. Accredited by the New England Association of Schools and Colleges, Inc.

Office of Student Financial Services 400 The Fenway Boston, MA 02115 617-735-9938 617-735-9939 (fax) www.emmanuel.edu


2010-2011 Financial Award Guide