2016 - 2017
KIRKSVILLE AREA TECHNICAL CENTER
FINANCIAL AID HANDBOOK
1103 South Cottage Grove
Kirksville, MO 63501
(660) 665-2865
(660) 626-1477 (fax)
www.kirksville.k12.mo.us
Table of Contents
Accrediting Agencies 14
Accepted Forms of Payment 9
Alcohol and Drug Facts 16-18
Application Procedure for Financial Aid 3
Award Notification 4
Board Policy Referral 22
Completing the FAFSA… 2
Coordination of Aid/Over Awards… 3
Complaints, Grievances, & Appeals Procedures 6
Default Prevention 8
Dependent or Independent Status 8
Direct Loans 7
Disbursement of Funds .4
Dismissal Process 10
Drug Convictions 13
Family Rights and Privacy Act 21
Federal Plus Loan Program 7
Federal Student Aid Information Center 14
Financial Aid 1-2
Financial Aid Appeal 5
Financial Aid Eligibility Requirements 4
Financial Aid Sources 7-8
Financial Need 3
Financial Aid Warning 5-6
Fraud and Abuse Policy 12
Grant or Loan 8
Introduction to Financial Aid 1
Notice of Illegal-discrimination 20
Philosophy 1
Re-admission Process 10
Reinstatement of Financial Aid 5
Refund of Federal Title IV Funds Policy 11
Refund Policy (KATC) 10
Resolution of Conflicting Data 12
Rights and Responsibilities 9
Satisfactory Academic Progress Standards .5-6
Scholarship Information 8
Students Right to Know and Campus Security Act 19
Substance Abuse Policy 18
Tuition Payment Schedule 9
Verification 11
Withdrawal Process 10
INTRODUCTION TO FINANCIAL AID
With the current cost of education, it is not unusual that students and parents look for assistance to cover the cost of this important investment. It is the philosophy of Kirksville Area Technical Center (KATC) that since we are here only because of students, it is our duty to assist students in any way we can to seek funding to meet their educational goals. In order to receive funding, it is important that students are aware of the policies and procedures that determine their eligibility to receive federal and state dollars. The purpose of this handbook is to educate students on the types of financial assistance available, how to seek and maintain financial aid, and to outline the rights and responsibilities of KATC and of the students receiving financial assistance. If you have questions regarding financial aid or need information that is not in this publication, please visit the Financial Aid Coordinator in Room 16.
PLEASE NOTE THAT THIS FINANCIAL AID HANDBOOK DOES NOT APPLY TO EMT OR PARAMEDIC STUDENTS. THOSE STUDENTS SHOULD REFER TO THEIR INDIVIDUALIZED PROGRAM HANDBOOKS FOR APPLICABLE INFORMATION.
PHILOSOPHY
The purpose of the KATC financial aid program is to provide financial assistance to those who would otherwise not be able to complete technical programs. Financial aid is intended as a SUPPLEMENT to the students’ own resources. Therefore, the student and/or family are expected to contribute from their income and assets to the extent they are able.
KATC believes that the primary responsibility for financing the student’s education rests with the student and the family of the student. Financial aid programs are intended to help meet educational costs that remain after student and parental contributions have been taken into consideration. KATC will attempt to assist the student in meeting direct educational costs to the extent funds are available.
FINANCIAL AID
Financial aid is funding awarded to a student through federal, state, or local agencies. Generally speaking, it would be any funds received other than those supplied by the student or family. Such funding sources may include, but are not limited to: federal or state grants, federal loans, scholarships, veterans’ benefits, vocational rehabilitation, A+ funding, WIA, GAMM, or other agencies.
Most financial aid is based on student financial need and eligibility to receive aid. This need is the difference between the amount of money the student and his/her family can provide for an education and the cost of that education. In order to determine eligibility to receive Title IV funding (i.e. grants and Stafford Loans), students MUST complete the Free Application for Federal Student Aid (FAFSA). This can be done as early as January of the year that the student plans to enroll. A student may go to the website to complete the FAFSA; the website is www.fafsa.edu.gov. The application will be processed by the federal government, approximately seven to ten days after the student completes it. Students not having access to a computer may schedule a time to use a KATC computer or go to the public library. Before you complete the FAFSA, you should get a FAFSA id by visiting https://fsaid.ed.gov/npas/index.htm. The parents of dependent students should also get a pin number by going to this website. Please put your information in a secure place. You (and your parent, if you are dependent) will sign the FAFSA after you complete it, using your FAFSA id.
For assistance with any questions you may have, or for completing the FAFSA, please contact the office below:
Kirksville Area Technical Center
Financial Aid Coordinator, Room 16
1103 South Cottage Grove, Kirksville, MO 63501
Phone 660.665.2865
The office is open from 8:30 A.M. to 3:00 P.M., Monday through Friday. Evening hours are available by appointment, Monday through Thursday.
NOTE: If KATC has not received a valid Institutional Student Information Record (ISIR) - derived from the FAFSA, by the first day of classes, or if a student is not eligible for financial aid, payment of tuition is expected in full on the first day of classes.
Completing the FAFSA
Students should complete the FAFSA electronically. We recommend that you file your FAFSA electronically and use the IRS data retrieval tool. If you do not have a computer, you may schedule a time to use a KATC computer or go to the public library. It is very easy to make any corrections that you might need to make when you submit your FAFSA electronically. If a student applies electronically, in most cases, the application will be processed in about seven to ten days. Please follow the directions below:
· If you have never completed a FAFSA, or if you have, and do not remember your FAFSA id, go to https://fsaid.ed.gov/npas/index.htm. Dependent students must also have their parent(s) get a FAFSA id. Once you receive your FAFSA id, you are ready to complete the FAFSA.
· To complete the FAFSA online, go to www.FAFSA.ed.gov. You will need your most recent tax information. If dependent, you will also need your parent(s) information. Also needed are:
1. Your social security number
2. Your driver’s license or state ID
3. Your W-2 Forms and other records of money earned
4. Your Federal Income Tax Return (IRS form 1040, 1040A, or 1040EZ)
5. Your untaxed income records – Social Security, Temporary Assistance to Needy Families, welfare or veterans benefits records
6. Your current bank statements
7. Your current business and investment mortgage information, business and farm records, stock, bond and other investment records
8. Your alien registration or permanent residence card (if you are not a U.S. citizen)
· After you have completed the FAFSA, you and your parents (dependent students) must sign it using your pin numbers BEFORE you submit it. If you do not sign your FAFSA, it cannot be processed. The state deadline for completing the FAFSA is April 1. Meeting that deadline might mean additional funds in your financial aid package, depending on your eligibility.
FINANCIAL AID APPLICATION PROCESS
The student is responsible for completing the forms required by the financial aid programs and KATC.
1. Students applying for a Pell Grant must complete the FAFSA.
2. Students applying for a Federal Direct Student Loan must have completed the FAFSA and have a completed student loan request form. Every student receiving a student loan must attend a mandatory Default Prevention face-to-face interview with the KATC’s Financial Aid Coordinator and complete the entrance counseling at www.studentloans.gov . The Financial Aid Coordinator will determine the student’s need eligibility; meet with the student regarding financial aid; assist with completing the Student Loan Application and Master Promissory Note (MPN); and provide information for other financial aid resources including WIA, Vocational-Rehabilitation, GAMM, etc.
3. Students applying for State aid (i.e. Voc-Rehab, WIA, etc.) must first complete the FAFSA. The State Agency office will interview and test students to determine that all specific eligibility criteria are met. Each agency will have different requirements, and their rules and regulations may vary. The student is responsible for determining and fulfilling these requirements.
COORDINATION OF AID TO PREVENT AN OVER AWARD
All aid, regardless of source, must be coordinated in the financial aid office to prevent an OVER AWARD. Should an OVER AWARD occur, the student is responsible to reimburse the amount of that OVER AWARD to the school and/or Department of Education. In no instance, may a student receive more in financial aid than their cost of attendance budget.
FINANCIAL NEED
With the exception of two loan programs (Unsubsidized Federal Stafford and Federal PLUS), a student must demonstrate financial need to receive aid from the Federal and State Student Financial Aid (SFA) programs.
The formula used to determine financial need is:
Cost of Education minus Expected Family Contribution (EFC) = Financial Need
Cost of Education
The cost of education is the educational expenses such as tuition, fees, room, board, books, supplies and other related expenses. The cost of education is always based on the cost of standard tuition and fees for a full-time student for a full academic year. Less than full-time enrollment is adjusted by the federal payment schedule.
Expected Family Contribution (EFC)
EFC is determined from all the student/parent information submitted on the financial aid application. There is a single formula, as specified by law, called the Federal Needs Analysis Methodology, which produces the Expected Family Contribution (EFC). The EFC is used to award Federal Pell Grants and to determine eligibility for Federal Direct Loans.
Financial Need
To determine the amount of a student’s Federal Pell Grant, the Financial Aid Coordinator applies the cost of attendance and the EFC to a payment schedule to determine the award. The lower the EFC, the higher the award amount will be. A student with an EFC of 0 has the most need and will receive the largest amount of Federal Pell Grant funds. A student with an EFC greater than the cut-off (EFC greater than 5157) is not eligible for a Federal Pell Grant. All applicants requesting federal assistance must have eligibility determined by completing the approved financial aid application. All applicants requesting federal assistance must have eligibility determined by completing the approved financial aid application.
FINANCIAL AID ELIGIBILITY REQUIREMENTS
In general, a student is eligible for financial aid at KATC if he/she meets the following conditions:
1. Must be a U.S. citizen or eligible non-citizen.
2. Must have a financial need.
3. Must have a high school diploma or equivalency.
4. Must be enrolled in a KATC full- or half-time program.
5. Must not be in default on a student loan or owe Title IV funds to the Department of Education.
6. Must use any federal aid solely for educational purposes.
7. Must meet the federal government’s standards for drug-related convictions involving sale or use of illegal drugs.
8. Must maintain satisfactory academic progress as determined by specific program and 87% attendance rate at time of financial aid disbursement.
9. Must have completed the required minimum clock hours/weeks at time of financial aid disbursement.
NOTE: Eligibility is determined by completing the FAFSA.
AWARD NOTIFICATION
Students will be informed of the decision on their application for financial aid as early as possible. However, no awards will be made until all required documents have been received, the student is enrolled, and the actual cost is determined. Students must be admitted before they receive a financial award notice from KATC.
DISBURSEMENT OF FUNDS
No monies will be awarded until all of the student’s paperwork has been completed. The student is responsible for returning all requested paperwork (i.e. verification documentation, signed award letter). Payment of Pell grants and loans are transmitted to the Kirksville R-III School District Business Office. All funds will be placed in the respective student’s accounts. The student will be notified when payments arrive. Pell and loan funding is processed through KATC’s servicer: Campus Ivy.
Students who qualify for Pell Grants or Direct Loans will not receive those funds until they have attended school for 30 days in payment period one. Students must meet ½ of their total program clock/week hours, and satisfactory academic progress before they receive their second disbursement in payment period two. If a student is selected for verification, he/she must complete the requirements for that before being awarded any funds. Financial aid amounts might change when corrections are made to the FAFSA. Students will be notified of any changes that causes an increase or decrease in funding.
It is the policy of KATC that all student financial aid will first be credited toward a student’s school account. When the school balance is zero, financial aid will be awarded to the student for school-related expenses. After the payment for tuition/fees have been applied to the student’s account, any remaining funds will be awarded to the student as a refund check. For dependent students whose parents are eligible for a PLUS loan, any refund check will be written out to the parent and student. On the average, the refund check will be received via the Kirksville R-III’s Business Office between 3-5 working days. Effective 2010-2011, all student loans will go through the Direct Loan Program via the United States Department of Education.
Title IV funds are meant to be used for educational purposes. Each student should make a budget and avoid taking out more loan money than needed. Students completing the loan application MUST attend a mandatory Default Prevention face-to-face Entrance Interview (arrangements will be made by the Default Prevention Coordinator). Students will also be required to attend a loan Exit Interview before graduating or withdrawing from KATC due to any other circumstances.
STANDARDS OF SATISFACTORY ACADEMIC PROGRESS &
ELIGIBILITY FOR FINANCIAL AID
Federal regulations require that all students receiving federal aid funds maintain satisfactory academic progress; failure to do so could result in termination of their financial aid. KATC has established measures for evaluating the satisfactory academic progress (SAP) of financial aid recipients. For SAP purposes, an assessment of grades and attendance/clock hours will occur at the end of each payment period (for more information on payment periods, please refer to the section on disbursements in this handbook). KATC defines academic year as the program hours/weeks for that year. Practical Nursing students should refer to their individualized Program Handbook for their applicable SAP guidelines.
· Satisfactory Academic Progress requirements must be met and maintained for all students to be eligible to receive any financial aid funds, to certify any additional applications and/or to retain eligibilities for subsequent disbursements. A 70% grade average for students (other than PN) is required to maintain SAP.