The Institution participates in the following Federal Programs of Student Financial Assistance:

1. Pell Grant (formerly Basic Educational Opportunity Grant)
2. Supplemental Educational Opportunity Grant
3. Stafford Student Loan (subsidized and unsubsidized)
4. William D. Ford Federal Direct Loan (subsidized and unsubsidized)

TO BE ELIGIBLE, A STUDENT MUST:

Be enrolled at least half time as a regular student in an eligible program.
Be a U.S. Citizen or Eligible Non-citizen.
Show that he/she is in need.
Be making Satisfactory Progress toward completing his/her program of study.
Not be in Default on a Perkins Loan, Stafford Loan, PLUS Loan or Direct Loan.
Not owe a refund on a Pell Grant or Supplemental Educational Opportunity Grant.
Federal Financial Aid is awarded based on Student's Needs. Need is the difference between the student's cost of education (including tuition, fees, room and board, books, supplies and other related educational expenses) and the amount the student and his/her family can afford to pay. Income, assets, and family size are all factors considered in determining the student's need for aid.

TO APPLY, A STUDENT MUST:

Fill out the proper U.S. Department of Education forms (the Institution can assist the student in obtaining the proper forms).
Submit the completed form on time.
Follow the progress of his/her application to make sure it is processed.
Apply every year for aid, since aid does not renew automatically each year.

FINANCIAL AID PAYMENTS WILL BE MADE USING THE FOLLOWING METHOD:
The Institution will credit the Aid to the student's account and furnish him/her with a receipt.

PELL GRANT INFORMATION

A Pell Grant is funds to help pay for education after high school. Unlike loans, these funds do not have to be paid back. The Pell Grant is the Government's biggest Student Aid Program and is the starting point for most students seeking Federal Financial Aid.

HOW GRANT AMOUNT IS DETERMINATED:
Pell Grant is awarded based on need using a formula developed by the U.S. Department of Education and approved annually by Congress. Once the formula is approved, it is in effect for the entire award year, and applied uniformly to all applicants. The formula uses the information on the application to produce an eligibility index number. The number is not a dollar figure, but is used along with the cost of education to determine the actual amount of the award.
Using a formula guarantees equal treatment for all applicants. It also means that there are no exceptions made for unique financial circumstances of students or their families. Other Federal, State and private programs, however, do allow a School's Financial Aid Administrator to take into account unusual circumstances affecting individual students.

PAYMENT DISBURSEMENT:
The Institution uses the Regular Disbursement System (RDS) . Under the system the Department of Education places enough money in a bank for the School to pay awards to its students, (the Department of Education does not send the school a separate check for each student). A check is issued to the school. The school then credits the student's account and furnishes him/her with a receipt. Payments from Pell Grant are made in a minimum of two disbursements.
The actual amount awarded depends on the financial information reported on the application; full-time or part-time status; length of enrollment time between July 1 of the year of enrollment and June 30 of the following year; and the Cost of Education at the School. The amount also depends on the Pell Grant Program being fully funded for the year of the student's enrollment.
The Institution will assist the student in completing and mailing the Pell Grant application form. This application form will be provided by the school.

FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT
A Federal Supplemental Educational Opportunity Grant (FSEOG) is awarded to undergraduate students only with Exceptional Financial Need who will also receive Pell Grant during the award year. FSEOG funds are limited and students apply for these funds at the time of admission to the Institution.
In order to serve the best interest of our students, a percentage of the Institution's FSEOG funds will be allocated twice in academy year. First priority for receiving an FSEOG award will be an applicant with the lowest Expected Family Contribution (EFC) who is also Pell eligible. After all Pell eligible students receive an FSEOG award, the next priority would be to students with the lowest Expected Family Contribution (RFC) who are not Pell eligible.
The school operates on a 900 hours academic year. For Federal Financial Aid purposes the academic year is divided in two payments period (from 1 to 450 hours and from 451 to 900 hours). Pell Grant and S.E.O.G. payments are disbursed in two payments according to the Academic Year.

FEDERAL STAFFORD STUDENT LOAN

1. Loan must be paid.
2. Borrowers must be enrolled at least half time.
3. Borrowers may have to apply for a Pell Grant.

WHAT IS A FEDERAL STAFFORD STUDENT LOAN?
A Federal Stafford Student Loan is a low interest loan made to the student by a lender such as a Bank, Credit union or Savings and Loan Association, to help the students pay for his/her Education after High School. These loans are insured by a Guarantee Agency and reinsured by the Federal Government.
Depending on your need you may borrow up to $3,500.00 a year, but you cannot borrow more than the Cost of Education at the school, less any other Financial Aid received.
All Stafford/Direct Loan applicants must show Financial Need and, in some cases, the amount of your need may limit the amount of your Loan.

Loan payments begin 6 months after you graduate, leave school, or drop below half-time status. The lender generally must allow you at least 5 years to repay the loan and may allow up to 10 years.
When you graduate, leave school, or drop below half-time status, you must notify your lender.

MONTHLY PAYMENTS:

The amount of each payment depends upon the size of your debt and the length of your repayment period, but you will usually have to pay at least $50.00 per month or $600.00 per year.

SAMPLE REPAYMENT PLANS BASED ON INTEREST RATE AT 6.8%.

TO APPLY FOR A STAFFORD LOAN:

A Student can obtain an application form from a lending agency, the Guarantee Agency, or the school office. The school financial aid officer will help you fill and complete the application form.

PARENT LOAN FOR UNDERGRADUATE STUDENTS

Parent Loan for Undergraduate Students (PLUS) is a loan for parents who want to borrow and to help pay for their children's education. Interest rates are set each June. For the period of July 1 through June 30 of each year.

SAMPLE PLUS REPAYMENT PLAN 12% AMORTIZATION TABLE

A borrower must begin repaying a Plus Loan within 60 days. There are no deferments for parent borrowers. However, the deferments available to Stafford Loan borrowers are also available to PLUS borrowers who are graduate students or independent undergraduates. All borrowers must begin repaying interest within 60 days, unless the Lender has agreed to allow the interest to accumulate until the deferment ends.

TO APPLY FOR A PLUS:

The same way that you apply for a Stafford Student Loan, however, PLUS borrowers do not have need, and may have to undergo a credit analysis.

FEDERAL DIRECT LOAN PROGRAM

The process of applying for a Direct Student Loan is similar to the Stafford Loan.
First, the Free Application for federal Student Aid (FASFA) or renewal FASFA must be completed by the student. After the FASFA is processed the School will review the results and will inform the student of his/her loan eligibility.
Second the Promissory Note, provided by the School, must be completed and signed by the student. This document must be read carefully before signing.
The U.S. Department of Education will disburse the Loan amount through the School. In most cases, the loan amount is disbursed in two installments.