10 Financial Aids Financial Aids Location: Administration Building, Room 112 Telephone: 626-6581 The Financial Aids Program, consisting of grants, loans, scholarships, and opportunities to work, is established to assist students in receiving an education that otherwise might not be available to them. The belief that educational opportunities should be accessible to all students, regardless of race, religion, social or economic background, has been and will continue to be the motive behind the generosity and interest of those who make the Weber State College Financial Aid Programs possible. The general criteria for eligibility to participate in the grant, loan, or work program of Financial Aids is enumerated as follows: 1. Students must be: a U.S. Citizen, a U.S. National, a U.S. Permanent Resident, or a refugee with an 1-94 record. All permanent residents must have a valid ID card from the US Government. 2. Students must establish their financial need by means of the appropriate financial aids application which may be secured from the Office of Financial Aids, or High School Counselor. 3. Students are enrolled or have been accepted for enrollment at Weber State College. 4. Students must maintain both 'Good Standing' and 'Satisfactory Progress' while at Weber State College. Financial Aid will be terminated at the culmination of two successive quarters in which the student's cumulative Grade Point Average (GPA) has been less than 2.0 (Good Standing). Students are expected to complete at least 70% of their enrolled classes (Satisfactory Progress), receiving grades other than I and T (Incomplete), NC (No Credit), W (Withdrawal) and UW (Unofficial Withdrawal). Once a student re-establishes 'Good Standing' with a cumulative GPA of 2.0 or better, financial aid will be reinstated but not for the period of poor standing. The responsibility of documenting GPA rests with the student. Since Title IV aid is Federal, students must realize that there is no appeal prescribed in Federal Regulation. Federal funding is available for students in good standing until they earn a bachelor degree or have used 215 credit hours eligibility whichever comes first. The 215 includes all credits originally registered for, completed or not. The financial aid programs of grants, loans, and work opportunities available to eligible students are identified and described as follows: Pell Grant Students may be eligible for a Pell Grant as determined by their application form if they are an undergraduate student enrolled on at least a half-time basis. The maximum award is one-half the budgeted cost of attending Weber State College. Supplemental Education Opportunity Grant (SEOG) Students may be eligible for a Supplemental Grant if they demonstrate financial need as determined by the application for Federal Student Aid and are enrolled at least half-time as an undergraduate student. The maximum award is $2,000 per year. National Direct Student Loan (NDSL) Students may be eligible for a NDSL loan if they are enrolled at least half-time and have' a financial need to meet their educational expenses as determined by the application for Federal Student Aid. Students may borrow up to a maximum of $3,000 in a two year period not to exceed $6,000 as an undergraduate student or $12,000 as a graduate student. Repayment begins six (6) months after students graduate or leave school for other reasons. Payments are a minimum of $30.00 per month. Borrowers may be allowed up to ten (10) years to pay back the loan if necessary. During the repayment period they will be charged five (5) percent interest on the unpaid balance of the loan principle. Payments may be deferred for up to three years while borrowers serve in the Armed Forces, Peace Corps, or VISTA. Borrowers may also be eligible for loan Cancellation Provisions if they enter certain fields of teaching or specified military duty. Guaranteed Student Loan Students may apply for a loan if they are enrolled or have been accepted for enrollment at least half-time. The maximum students may borrow each academic year is $2,500 as an undergraduate, and $5,000 as a graduate student in a Masters program at Weber State College. The total amount borrowed shall not exceed $12,500 for undergraduates, and $25,000 for graduate students. The interest under current regulations does not exceed nine (9) percent. For these loans applications must first be processed through the Financial Aids Office and then presented to a commercial lender (bank, credit union, savings and loan association, or other participating lender) who is willing to make the educational loan to the student. This loan is guaranteed by the State and insured by the Federal Government. The loan must be repaid. Payments normally start six (6) months after the student graduates or leaves school, and the borrower may be allowed up to ten (10) years to repay the loan. The amount of the payment depends upon the size of the debt and the students ability to pay. 11 Financial Aids Students may be granted payment deferments for up to three (3) years while they serve in the Armed Forces, Peace Corps, or full-time volunteer programs conducted by ACTION. In addition, deferments are available any time the borrower returns to full-time student status at an eligible institution. Information and application forms are available from the Office of Financial Aids, commercial lenders, Utah State Board of Regents, and regional officers of the U.S. Office of Education. College Work-Study (CWS) Students may be eligible to work part-time to earn a part of their education expenses if they are enrolled at least half-time as an undergraduate or graduate student and have demonstrated financial need as determined by the application for Federal Student Aid. The Financial Aids Office arranges jobs on campus or off campus with public or private non-profit agencies. If students are found to be eligible, they may be employed for as many as twenty (20) hours a week as determined by their award. In arranging a job and determining how many hours a week students may work under this program, the financial aids officer will take into consideration: (1) their need for financial assistance; (2) their class schedule; and (3) their health and academic progress. In general, the salary received is at least equal to the current minimum wage. State Student Incentive Grant (SSIG) Students may be eligible for an SSIG Grant if they are a disadvantaged student with financial need and enrolled or accepted for enrollment as an undergraduate full-time student and who without the grant would be unable to pursue their education as determined by their application form. Short Term Emergency Loans Student loans are funded for tuition and fees through the generosity of the Aglaia Club, Altruist Club, David R. Evans Memorial Fund, Executive Association, Guy Hurst Memorial Fund, Harold M. Johnson Memorial Fund, LaDianaeda Alumni, Ogden Business and Professional Women's Club, Ogden Honors Cotillion, Rotary Club, Mary Elizabeth Dee Shaw Trust, Lydia Tanner Memorial, WSC Associated Students, WSC Faculty Women's Association, Wheelwright Memorial, WSC Restricted Loan Fund. Eligibility information and application forms are available from the Office of Financial Aid In addition to maintaining "Good Standing," all students should be aware that: No financial aids will be awarded to any student who is currently in default on any student loan, or who owes a refund for a grant previously received for educational purposes. Students are expected to promptly advise the Office of Financial Aids of 1. Address changes 2. Name changes 3. Significant changes of financial status 4. Credit hour changes that drop the credit hour registration to less than 12 Students who withdraw during a quarter in which aid is issued are expected to make proper repayment of the aid received. All tuition money refunds due to withdrawal from school or reduction in hours will be returned to the aid program from which the student received aid. Students are advised that, for purposes of the Office of Financial Aids, the following schedule shall apply: Full-time student 12 or more credit hours Three-Quarter time 9-11 credit hours Half-time student 6-8 credit hours Not eligible 5 credit hours or less (A student must average over 15 credit hours per quarter to complete a normal bachelor program in four years). Students are further advised that although the Financial Aids Office will assist, advise, and consult, the student is solely responsible for the completion of the appropriate financial aids application. It is solely the responsibility of the student to provide copies of a valid Student Aid Report (SAR) to the Financial Aids Office. Student Aid Reports (SAR) and supporting documents received by the Office of Financial Aids on or before August 15th will assure students of receiving their appropriate award checks in time for Autumn registration. SAR's received later than August 15th will be processed as quickly as possible but with no assurance that award checks will be ready for Autumn Registration. Repayment Policy Federal Regulations require the College to have a definitive policy regarding repayment of federal assistance when a student withdraws from or reduces the number of credit hours for which originally registered. Repayment of funds to the Financial Aid Office by the student shall be according to the following schedule: Percent of Funds Time of Withdrawal to be Repaid Before class work begins through the Seventh Calendar Day 100% Eighth through the Fourteenth Calendar Day 70% Fifteenth Calendar Day through Fifth Calendar Week 50% Sixth Calendar Week 40% Seventh Calendar Week 30% Eighth Calendar Week 20% Ninth Calendar Week 10% Tenth Calendar Week 0%* 'During the tenth calendar week no repayment shall be required. In the event that the student fails to make the necessary repayment of funds according to the above schedule, all future Financial Aids funding shall be withheld until restitution is made.