Saint Paul College Policies & Procedures

02.09.00.0 - Financial Aid

Financial aid is money that is available to help students finance the cost of an education. Financial aid comes in the form of grants, loans, and college work-study. Eligibility is determined from the results of the Free Application for Federal Student Aid (FAFSA). The Financial Aid Office will calculate financial aid eligibility after receiving FAFSA results and all required documents.

Financial aid is intended to supplement the difference between the cost of education and the expected family contribution. The student and student’s family have the primary responsibility to pay for the student’s education. Several programs are available to help students meet their educational expenses.

Spring Transfer Students

Students who received financial aid during the Fall Semester and are transferring to Saint Paul College for the Spring Semester, must cancel all Spring disbursements of financial aid at their previous school. It will delay access to student loans and grants if they fail to cancel financial aid at their former school.

Verification Process

Saint Paul College verifies the Free Application for Federal Student Aid (FAFSA) information of students selected by the Federal Student Aid or selected by Saint Paul College. Students selected for verification will be notified by email that the Aid Application Status Letter, explaining the required documentation to complete the verification process, is available on their eServices account. The Aid Application Status Letter will request specific information and/or documents required for verification. Self-reported information including household size or number attending college may be requested or documents including proof of citizenship or child support paid may be needed. The documentation requested will depend on the verification group the student is placed in, as chosen by Federal Student Aid or Saint Paul College.

Students should submit all required documentation within 30 days of the request. The financial aid process will not continue until the required documentation is received. Not submitting the requested documentation in a timely manner may result in loss of eligibility for the current academic year.

After all required documentation has been received, students should allow a minimum of 14 business days for the verification process to be completed. If the FAFSA data matches the verification information, the Financial Aid process will continue toward a complete and accurate file at which time the student Award Notification can be viewed in student’s eServices account. Any FAFSA discrepancies found as a result of the verification process will be corrected by the Financial Aid Office and electronically submitted to Federal Student Aid. Upon receiving a corrected FAFSA report from Federal Student Aid, an Award Notification will be available to the student.

Any cases of suspected fraud of misreported information or altered documentation to fraudulently obtain federal funds will be discussed with Saint Paul College administration and referred to the Office of Inspector General of the Department of Education via Minnesota State Colleges and Universities.

Applying Financial Aid to Student Accounts

Financial Aid and other awards start applying to student accounts during the third week of each semester. If students are using financial aid to pay tuition and fees, they will have balances on their accounts until the third week of classes. Students interested in charging books and supplies to their students accounts, can

apply for book charging through the Tuition Office. Any charges made through book charging, will be added to their account and then paid when aid is applied.

Any remaining excess funds will be sent to the student through the BankMobile Vibe Account and/or BankMobile. Students will receive the BankMobile "Refund Selection Kit" in the mail shortly after registering for their first class. After receiving the kit, students must choose how to receive the excess funds.

After the first disbursement of the semester, aid applies weekly to student accounts on Wednesdays. Any credit balance refunds will be available to students within 14 days. First-time loan borrowers must wait 30 days until the first disbursement of their loans. All loans must have at least two disbursements. Semester-only loans will be disbursed at the beginning of the semester and at the half-way point of the semester.

Withdrawals

If a student drops all courses from Saint Paul College before the established drop/add date for a term, they will not receive financial aid funds because there will be no class registration.

Students who receive financial aid and withdraw from all classes are subject to a federal Return of Title IV Funds policy. The policy states that if you withdraw up through 60% of the semester, a proportional amount of financial aid either received or that was applied to your student account must be refunded to the federal government.

When a student withdraws during the payment period, the amount of Title IV program assistance that he/she has earned up to that point is determined by a specific formula. If the student received (or the school or parent received on the student’s behalf) less assistance than the amount that the student earned, the student may be able to receive those additional funds. If the student received more assistance than he/she earned, the excess funds must be returned by the school and/or the student.

Any institution refund calculated within the first four weeks of school term will be applied to the student's account to reduce the student's share of the Return of Title IV Funds.

The Tuition Office weekly reviews student withdrawals (W) and faculty reported Failure due to Unofficial Withdraw (FW) grades. Student withdrawal (W) dates are recorded when the student self-reports in eServices. Faculty are required to provide a last date of attendance when reporting Failure due to Unofficial Withdraw grades. If a student has a total withdraw before eligible Title IV aid is disbursed, Saint Paul College will determine if the student is eligible for a post-withdrawal disbursement and will apply the aid to the student’s account within 30 days.

Any unearned Title IV funds must be returned to Federal Student Aid within 45 days of the withdrawal determination date. Funds returned to the federal government are used to reduce the federal program amount for which funds were disbursed. Funds are returned in the following order:

Unsubsidized Federal Direct Loan

Subsidized Federal Direct Loan

Federal PLUS Loan

Federal Pell Grant

Academic Competitiveness Grant

Federal SEOG Grant

Other assistance under Title IV for which a Return of Funds is required

After the institution's share of any required refund to Title IV programs has been refunded, a proportional share of any remaining institutional refund (not to exceed the amount of the State Grant payment the student initially received for the term), must be returned to the State Grant Program.

Consortium Agreements for Financial Aid

If a student is taking classes required for their program at Saint Paul College at another college, they must complete a consortium agreement for those courses to be considered for financial aid eligibility. The Consortium Agreement form is available online on the “Financial Aid Forms” page and also in the Financial Aid Office. If a consortium agreement is not submitted, financial aid calculations cannot consider courses taken at the host school, as you cannot receive financial aid at two different schools during the same semester of enrollment.


Reference

Review Date

-

Policy Status

Approved

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