At Asbury University we want to partner with you in funding your education. It is most advantageous to think of funding your education as a partnership between You (the student and family), the Government (federal and state), the Institution (Asbury University) and Outside Sources (civic organizations, businesses, etc).
Institutional and governmental financial aid is available to students who are pursuing a degree on a full time basis (12 or more credits per semester). Part time governmental aid is available for students taking less than twelve hours each semester.
To receive need based aid at Asbury University, students must complete the Free Application for Federal Student Aid (FAFSA) each year. It is available after January 1, and should be submitted before February 1 for optimum consideration.
Offers of financial aid will only be sent to students who have received official acceptance from the Admissions Office and have completed all necessary paperwork. It is the responsibility of the student to ensure that all the appropriate paperwork is turned in to the Financial Aid Office for processing. Students entering and applying for financial aid for the Fall term (including those selected for verification) must have all paperwork completed and in the Financial Aid Office by October 1. For students entering in the Spring, the deadline is February 1.
The Financial Aid Partnership described in paragraph 1 is best defined by the following:
YOU (THE STUDENT AND FAMILY)
Expected Family Contribution (EFC) is determined by a need analysis as part of the Free Application for Federal Student Aid. You must submit financial and personal information from the previous tax year when completing the FAFSA after January 1 of the year the student intends to enroll. The EFC is deducted from Asbury’s cost of attendance to determine student need. The Financial Aid Partnership functions most efficiently when families commit to paying their share of university costs as suggested by the expected family contribution. For those who are unable to pay, For those who are unable to pay, Direct PLUS and Alternative Loans are available.
THE GOVERNMENT (FEDERAL AND STATE)
Federal Pell Grant: The Pell Grant provides money to help high need undergraduate students pay for their education after high school. For many students, this grant provides a foundation of financial aid to which aid from other federal and non-federal sources may be added. Unlike loans, grants do not have to be paid back. The maximum award for the Pell Grant in 2013-2014 is $5645 per year. The student must apply for this grant each year by completing the FAFSA and may not receive the grant until enrolled in an eligible program. The grant will be split with one-half being placed on the student’s account at the beginning of each semester. The above regulations and provisions of the Pell Grant are subject to change by federal legislative action.
Federal Supplemental Educational Opportunity Grant (FSEOG): This grant is available to enrolled undergraduate students. The selection of applicants for this program is based upon financial need. Applicants with exceptional need and who receive Pell Grants will be given preference. Although federal guidelines state that grants of up to $4000 per year may be awarded, most grants range from $500 to $1000 per year because of limited funds at Asbury University. The above regulations and provisions of the Supplemental Educational Opportunity Grant are subject to change by federal legislative action.
Federal TEACH Grant: The U.S. Department of Education’s TEACH Grant Program provides grant funds to postsecondary students who are completing or plan to complete coursework that is needed to begin a career in teaching, and who agree to serve for at least four years as a full-time, highly qualified teacher in a high-need field, in a school serving low-income students. Eligible full-time students may receive up to $4,000 per year in TEACH Grant funds, up to a maximum of $16,000 for undergraduate and post-baccalaureate study, and $8,000 for graduate study.
If you receive a TEACH Grant but do not complete the required four years of teaching service within eight years after completing the coursework for which you received the grant, or if you otherwise do not meet the requirements of the TEACH Grant Program, all TEACH Grant funds that you received will be converted to a Federal Direct Unsubsidized loan that you must repay in full, with interest, to the U.S. Department of Education. Once a TEACH Grant is converted to a loan, it cannot be converted back to a grant. For detailed information on this grant, please visit the federal government website: https://teach-ats.ed.gov/ats/index.action
FEDERAL LOANS AND WORK STUDY
Federal Perkins Loan: The Perkins Loan is a long-term loan for students who enroll at least half-time. The selection of applicants for this program is based upon financial need as determined by the FAFSA. Applicants with the greatest financial need will be given preference. Loan repayment and interest payments are deferred until after graduation or as long as the individual remains in at least half-time enrollment at an accredited institution of higher education in the United States. The Federal Perkins Loan has a 9-month grace period beginning when the student graduates or drops below half-time enrollment. During the repayment period the charge is five percent (5%) interest on the unpaid balance. The above regulations and provisions of the Perkins Loan program are subject to change by federal legislative action. The Financial Aid Officer at Asbury University can provide information about loan cancellation provisions for borrowers who enter fields of teaching or who teach in designated schools. If a student defaults on a Perkins Loan and if Asbury is unable to collect, the federal government may take action to recover the loan.
Federal Direct Loan: The Direct Loan program enables a student to borrow directly from the U.S. Department of Education. The maximum a student may borrow per year is: Freshmen $5,500, Sophomores $6,500, Juniors and Seniors $7,500. There are two types of Direct Loans: Subsidized and Unsubsidized. Graduate students may be able to borrow up to $20,500 per year based on need; only Direct Unsubsidized loans are available to Graduate students. The above regulations and provisions of the Direct Loan are subject to change by federal legislative action. The interest rates on Subsidized and Unsubsidized loans may vary from year to year, but cap at 8.25%.
Federal Direct PLUS Loan: The PLUS is available to parents of dependent children attending college. The maximum amount is equal to the Cost of Attendance less any other financial aid for which the student has qualified. The PLUS has a fixed interest rate of 7.9%. Students must complete a FAFSA, and parents must qualify with the U.S. Department of Education. If parents are denied the PLUS loan, the student is eligible for additional Direct Unsubsidized loans. For the 2013-2014 academic year, the Direct Unsubsidized Loan interest rate is fixed at 6.8%. The regulations and provisions of the PLUS loan are subject to change by federal legislative action.
The Direct PLUS Loan is also available to graduate students, if they are credit-worthy applicants. A graduate student may apply to borrow up to the total Estimated Cost of Attendance less any other financial aid for which the student has qualified. The student may borrow to help pay for educational expenses as long as he/she is enrolled at least half time in a degree program while meeting all basic eligibility requirements.
Federal College Work Study Program: Students are eligible for part-time employment under the Federal College Work Study program if they meet the requirements to receive federal aid. The selection of students will be made as follows: All students with financial need will be considered, but if funds are not sufficient to cover all requests, students demonstrating the greatest financial need will be given preference.
KENTUCKY GRANT AND SCHOLARSHIP PROGRAMS
Kentucky Tuition Grant (KTG): The Kentucky Tuition Grant is available to Kentucky residents who demonstrate need upon filing the FAFSA and enroll full time at an eligible private Kentucky college or university.*
College Access Program Grant (CAP): The CAP Grant is available to Kentucky residents enrolled at least half-time at a Kentucky college or university who have Pell Grant eligibility demonstrated by the FAFSA.*
*Students are encouraged to file the FAFSA as soon as possible after January 1 of the year they are planning to attend, as funds are available on a first-come, first-served basis.
Kentucky Educational Excellence Scholarship (KEES): Students who attend and graduate from certified Kentucky high schools can earn a scholarship based on their grade point average (GPA) for each year of high school and a bonus award based on their highest ACT/equivalent SAT score achieved before graduating from high school. Students must have an annual 2.5 or higher high school GPA for the base amount of the scholarship and a 15 or above ACT or equivalent SAT score for the bonus award. The scholarship is renewable for each year of college. Students who do not meet the minimum GPA requirements and/or are not on track to graduate at the end of an academic year will forfeit all or a portion of the scholarship for the next year. Students may regain eligibility by reestablishing the minimum GPA.
OTHER STATE GRANT PROGRAMS
Grants are also available from the states of Delaware, Pennsylvania, Rhode Island, and Vermont. Contact the education agency in your state for further information, including filing deadlines.
OUTSIDE SOURCES (CIVIC ORGANIZATIONS, BUSINESSES, ETC.)
Fast Web: Financial Aid Search through the Web. www.fastweb.com - A searchable database of more than 180,000 private sector scholarships, fellowships, grants, and loans. It provides useful information to students and parents.
CollegeNet: www.collegeboard.org - A free search sponsored by the CollegeNet. It contains links to colleges throughout the country.
Veteran’s Benefits: An honorably discharged veteran of the Armed Forces who served more than six months may receive payments under the "G. I. Bill." A dependent child or widow of a deceased veteran may also qualify. Check with a county Veteran's Service Officer or with Asbury University's Veterans' Representative. Applications for educational benefits are available at www.gibill.va.gov.
R.O.T.C. Scholarships: In order to support provision for the common defense of the United States of America, Asbury University has established room and board waivers for Reserve Officer Training Corps (ROTC) scholarship recipients. If a full-time student is an ROTC full scholarship recipient from any branch of the United States armed forces, he/she will receive a 100% waiver of standard room and board charges at Asbury University. If a full-time student receives a partial or percentage-of-tuition ROTC scholarship from any branch of the United States armed forces, he/she will receive an equal and corresponding percentage waiver of standard room and board charges at Asbury University. For example, a full-time student receiving a 50% of tuition Army ROTC scholarship will receive a 50% waiver of standard room and board charges at Asbury University. This policy is subject to review and change at any time by the Asbury University administration.
United Methodist Student Loan: Any United Methodist student who is registered as a full-time degree candidate at Asbury University may apply for a loan. The applicant must be a citizen of the United States and a member of the United Methodist Church for one year or more. He/she must be Christian in character, sound in health, financially reliable, wholly or partially self-supporting, and giving promise of future usefulness. Applicants must have a grade average of "C" or better. A first semester freshman must have an average of "B" or better for the senior year of high school. A legally binding promissory note is required. Payments are made monthly, beginning not later than six months after discontinuing school attendance. Interest will be computed at 6% per annum from the date the loan is granted until the note is paid in full. For service credit, a student must contact the National Office of United Methodist Student Loans. Applications are available online at www.gbhem.org. Funds are available on a first-come, first-served basis.
Alternative Loans: Alternative loans are available for students to reduce any balance between the cost of education and financial aid. These loans are received through a lending institution, with several types being available. Financial Aid personnel will work with a student to determine the best type of loan option and will provide application information. Alternative loans will be counted as pending aid against the student’s account for a period not to exceed 60 days after the loan has been originated. After that time such loans will automatically be removed from the student’s pending aid. The alternative loan, however, may still be processed and applied to the student’s account following the resolution of any issues.
2013-14 BULLETIN 08/16/2013