Application for Financial Aid
PROCEDURE: In order to be considered for financial aid, you must file the FAFSA each year (www.fafsa.ed.gov). For optimum consideration:
- Complete and submit a Free Application for Federal Student Aid (FAFSA) (www.fafsa.ed.gov) by February 1.
- Kentucky residents should file before February as state funds are limited and are available on a first-come, first-served basis. In order to file by this date, it may be necessary to estimate using W2(s) and/or previous year’s tax return.
- Students from other states with grant programs should check with their state education agencies for filing deadlines.
Students who do not have all the necessary paperwork in will not be given credit for any pending aid. This will directly affect the balance due and any payment plans.
GENERAL POLICIES & NOTES
1. Requests for financial aid award eligibility must be made during the academic year for which the aid is intended. Students pursuing a second bachelor’s degree will receive federal or alternative loans based on remaining eligibility, and institutional aid. Unless otherwise noted the following rules apply to all institutional financial aid:
2. Students who enroll for fewer than 12 hours are not eligible to receive a scholarship, except in the case of a last semester senior who may receive the scholarship, but only in the appropriate percentage of the tuition charged.
3. Students are expected to complete their programs in four years (eight semesters). This means that students should carry a minimum of 16 hours per semester.
4. Home-schooled students are eligible for Presidential Scholarships and other University scholarships. Eligibility is based upon the student achieving a qualifying score on the ACT or SAT. Class rank and high school GPA will not be considered. Students must complete the home school requirements of their home state.
5. Students who enroll in an officially approved special program (see Special Programs section of this Bulletin) may receive University financial aid for the program. However, University financial aid will not be given to repeat the same special program.
6. Students in the 3/2 Engineering program at the University of Kentucky will have aid processed by UK when attending that institution following Asbury enrollment.
7. Student load for Financial Aid purposes: Undergraduate and Graduate students will be considered full-time or half-time for fall, spring, and summer semesters according to the following schedule of minimum semester hours:
Undergraduate load 12.0 6.0
Graduate load 9.0 5.0
8. In order to receive Asbury University institutional aid for the 2012-2013 school year, students enrolling in the Fall must have their files completed by October 1, 2012, and students enrolling in the Spring must have their files completed by February 1, 2013. A completed file includes: final FAFSA information, completed verification if selected, and completion of all information deemed necessary by the Financial Aid Office. Students who complete their files after the deadline will be ineligible for aid until such time as their file is complete. Aid awarded after the deadline will be based on availability of funds.
REPAYMENT POLICY: A portion or the entire amount of the cash disbursement may have to be repaid to the awarding program(s) when a student has received a cash disbursement in the form of a check (or cash) from Title IV, Kentucky Higher Education Assistance Authority, Pennsylvania Higher Education Assistance Agency, the State of Vermont Student Assistance Corporation grants, or non-Title IV programs. Full repayments of the cash disbursement amounts will be required if:
The student was not eligible to receive the funds when they were disbursed.
The student officially or unofficially withdraws from or is expelled by the University before the first day of classes for a payment period.
The student unofficially withdraws from the University and the institution is unable to document the student's last day of attendance.
FINANCIAL AID REFUNDS:
A financial aid refund is different from a refund of tuition charges. For a discussion of a refund of tuition charges please refer to the “Expenses: Refunds” section that precedes the financial aid section. A financial aid refund is defined as unearned financial aid paid back to its source upon a student’s withdrawal from the University. Official withdrawal means that the student has notified the proper offices before leaving school. Unofficial withdrawal occurs when a student simply leaves school without notifying the proper offices. In this scenario the financial aid refund will be calculated based on the midpoint of the enrollment period.
RETURN OF TITLE IV (FEDERAL) FINANCIAL AID: When a student withdraws during a term, the amount of federal financial aid earned by the student is determined on a pro-rata basis up to the end of 60 percent of the term (as determined by federal calculations). For example, if the student has completed 30 percent of the term, he/she has earned 30 percent of the federal aid originally scheduled to be received. Once a student has completed more than 60 percent of the term, he/she has earned all of his/her federal financial aid. (Federal Work-Study funds are excluded from the return of Title IV funds requirements.)
If a student has received excess funds, the University must return a portion of the excess equal to the lesser of: The student’s institutional charges multiplied by the unearned percentage of funds or the entire amount of excess funds.
If the aid to be returned is in the form of a loan that has been released to the student (or parent) borrower, the student (or parent) can repay the loan in accordance with the terms of the promissory note over a period of time. If the aid to be returned is in the form of grant funds, the law provides that the student must repay 50 percent of the grant rather than 100 percent.
ORDER OF FEDERAL FUNDS TO BE RETURNED: The funds must be credited to outstanding loan balances or to any amount awarded for the term in which a return of funds is required in the following order:
Unsubsidized Federal Stafford Loans
Subsidized Federal Stafford Loans
Federal Perkins Loans
Federal PLUS Loans received on behalf of the student
Federal Pell Grants
Federal SEOG Grants
Other Title IV Assistance
Institutional financial aid will be refunded according to the schedule below.
REFUND OF INSTITUTIONAL FINANCIAL AID:
1. Calculation of financial aid refunds are made after notification of the student's official withdrawal from the University is made to the Financial Aid Office by the Office of the Registrar.
2. The date used in determining amount of aid earned will be the date of withdrawal notification from the student or the midpoint of the period of enrollment if no notification was given.
3. The following calculations are used for refunds.
A. For calculating refunds the ‘ACADEMIC WEEKS’ for a semester are figured from an individual student’s week their first class in the semester started to the week their last class in the semester ended.
B. Percentage of reduction in financial aid to student is based on percentage of semester attended before withdrawal from the institution notification or the midpoint of the period of enrollment if no notification was given.
Reduction in amount of aid available to student based on
Percentage of semester attended = 100% - (withdrawal date/(total academic weeks -1))
NOTE: percentage of reduction in tuition charges to student is based on percentage of semester enrolled through the date of withdrawal notification. Please refer to “Refunds” in the previous Student Accounts section for the policy for tuition refunds
REFUND OF PRIVATE SCHOLARSHIPS AND GRANTS: Unless otherwise requested by the donor, the refund of private assistance follows the pro-rata policy for the cancellation of institutional charges and financial aid.
REFUND OF KENTUCKY STATE AID: Kentucky Tuition Grant (KTG), ) grant, Kentucky Educational Excellence Scholarship (KEES), and the KHEAA Teach Scholarship will be refunded on a pro-rata basis to the state under the same schedule that institutional aid is refunded.
OUT OF STATE PROGRAM REFUNDS: Refunds for out of state programs will be calculated in accordance with the requirements of those states.
2012-2013 BULLETIN 09/14/2012