Student Financial Aid Handbook

Student Financial Aid Handbook

2014-15

Office of Student Financial Services

147 Sycamore Street

Pikeville, KY 41501

606.218-5254

Table of Contents

Introduction………………………………………………………………………..3

UPIKE Financial Aid Policy/Code of Conduct …………………………………..5

The Application Procedure………………………………………………………...6

Types of Financial Assistance…………………………….…...... 8

Strategies for Repayment………………………………………………………….11

Institutional Scholarships…………………………………………………………12

Summer Aid……………………………………………………………………….13

Information for Financial Aid Recipients…………………………………………13

Refunds Repayments…………………………………………………………...14

Procedures for Verification of Financial Aid Data……………………………….15

Satisfactory Academic Progress and Financial Aid Eligibility…………………..16

Office of Financial Aid Document Listing………………………………………19

Glossary of Financial Terms……………………………………………………..20

Tuition and Fees for 2013-2014………………………………………………….23

Introduction

The primary purpose of the University of Pikeville Student Financial Services Handbook is to provide students and their parents with information about the different types of financial aid available at the University of Pikeville and the procedures for obtaining financial assistance.

The goals of the Office of Student Financial Services are to:

-Provide students access to the funds necessary for a post-secondary education

-Provide students with a choice among educational institutions

-Provide students with the financial ability to complete their program of study

-Provide a balance between the amount of gift aid (grants and scholarships) and self-help aid (work study and loans) a student receives

It is the objective of the Office of Student Financial Services at the University of Pikeville to assist those students who find themselves unable to meet education costs solely through their own resources. This assistance may be provided to the student by way of monetary aid through State, Federal, and Institutional financial assistance programs. Funds are administered through the Office of Student Financial Services or by way of counseling to enable both the student and/or the parents to better understand the aid possibilities, given their personal financial situation. If a student appears to be ineligible for financial assistance, the Office of Student Financial Services will attempt to assist the family in finding alternate methods of funding these educational costs.

The Office of Student Financial Services is responsible for administering the Federal PELL Grant program, the Direct Student loan program, as well as the campus-based programs of Federal Work Study and the Federal Supplemental Educational Opportunity Grant (FSEOG) which are all regulated by the United States Department of Education. TheKentucky Higher Education Assistance Authority (KHEAA)grants: Kentucky Tuition Grant, College Access Program and Kentucky Educational Excellence Scholarship (KTG, CAP and KEES) are state programs that are also administered by the FA Office.

This handbook is designed to guide students and parents through the application process, thus allowing students to be evaluated regarding financial need on a case by case basis. The only application students need to file to determine eligibility for aid at UPIKE is the FAFSA (Free Application for Federal Student Aid). Funds are awarded to students determined to have exhibited “financial need” until all available monies are exhausted.

Should you have any questions regarding the financial aid application process or questions regarding a specific aid program, please feel welcome to contact us directly at 606.218.5254. We are here to assist you!

The Mission Statement of the Office of Student Financial Services

We are committed to educate the students and parents of available resources to meet the financial demands of higher education and to insure informed decisions are made. Our commitment is to package the students of The University of Pikeville in an efficient manner while meeting each individual student’s needs and doing so in the most professional manner possible.

UPIKE Financial Services Code of Conduct:

The University of Pikeville’s Office of Financial Aid and its employees are committed to the highest level of work standards and ethical practices. It will continue to be our goal to provide the best service to both our students and parents. Each employee agrees to take total responsibility to avoid any inconsistencies that may not be a mission of the Office of Financial Aid or the University.

Each staff member of the Student Financial Services Dept. of the University of Pikeville will:

1. Refrain from taking action for his or her personal benefit.
2. Refrain from taking any action he or she believes is contrary to law, regulation, or the best interests of the students and parents he or she serves.
3. Ensure that the information he or she provides is accurate, unbiased, and does not reflect any preference arising from actual or potential personal gain.
4. Be objective in making decisions and advising his or her institution regarding relationships with any entity involved in any aspect of student financial aid.
5. Refrain from soliciting or accepting anything of other than nominal value from any entity (other than an institution of higher education or a governmental entity such as the U. S. Department of Education) involved in making, holding, consolidating or processing of any student loans, including anything of value (including reimbursement of expenses) for serving on an advisory body or as part of or sponsored by any such entity.
6. Disclose to his or her institution in such a manner as his or her institution may prescribe any involvement with or interest in any entity involved in any aspect of student financial aid.

University of Pikeville Financial Aid Policy

The University of Pikeville complies with all Federal and State regulations and policies in the administration of title IV Financial Assistance Programs and all programs directly associated with State agencies for higher education.

Non-Discrimination Statement

The University of Pikeville complies with all Local, State, and Federal laws and regulations concerning civil and human rights. Educational programs and admissions, housing, and employment practices of the College are free of any discrimination based on race, sex, color, religion, national origin, or handicap. The policy of the University is to not discriminate on the basis of sex or handicap is in compliance with Title IX of the 1972 Education Amendments, and Section 504 of the Rehabilitation Act of 1973 respectively.

Family Educational Rights and Privacy Act of 1974—Student Rights

Under the provisions of the Family Educational Rights and Privacy Act of 1974, you, as a student of The University of Pikeville, or any other post-secondary institution, have the right of access to your educational records which include:

-The right to be provided a list of records maintained by the institution

which directly relate to you

-The right to inspect and to review your records

-The right to obtain copies of your records

-The right to challenge the content of your records

These statements do not apply to parental financial information, unless written permission to release financial information of parents has been received.

This handbook has been written with full recognition of the fact that government regulations change frequently. Due to these ever changing regulations, the information in this handbook may not be exactly what the federal regulations state. You should be aware of the possibility of change in any of the programs listed. The Office of Student Financial Services staff will remain current on all information and should continue to function as your final source of information.

The Application Procedure

All students who wish to be considered for any financial assistance at The University of Pikeville including Institutional scholarships and loans must follow these outlined procedures:

1. Complete a Free Application for Federal Student Aid (FAFSA).

The information provided on the FAFSA determines eligibility for all Title IV Federal and State aid. The deadline for completing the form to ensure Kentucky residents eligibility for State grants is January 15th by using the “will file” option to estimate earnings.Federal processors compare the reported information against a federally mandated formula to determine the Estimated Family Contribution (EFC). The EFC is the amount the student and his or her family is expected to contribute to the student’s education for the academic year calculated. The EFC will be reported directly to the student in the form of a Student Aid Report (SAR) and to the institutions listed on the FAFSA in the form of an Institutional Student Information Report (ISIR). It is advisable for the student to retain a copy of the FAFSA so that the accuracy of the processed information may be checked.

Finally, one out of every three applicants is selected for verification by the Department of Education. Verification is a process by which the Department of Education double-checks a student’s FAFSA using various documents for both the parents, and student if applicable to ensure the application was completed wholly and accurately. It is a very time sensitive process, meaning the quicker we get documents requested, the better. If you are selected for verification, you will receive an email and a letter advising you of this and what to do next. Refer to “Policies and Procedures for Verification” for more information. This information must be provided within 30 days of the school’s request. Again:

All University of Pikeville students regardless of state of residency are required to complete a renewal FAFSA or FAFSA waiver by January 5th of each year.

2. Accept or reject the financial aid package. Once the Office of Financial Services receives the student’s SAR, the Financial Aid Administrator will perform a needs analysis on the data to determine the types of aid the student is eligible to receive. The new UPIKE student is notified in writing of his or her financial aid package in the form of an award letter.Returning students are notified via email. The award letter will include Institutional, State, and Federal aid the student has been awarded. However, it is the responsibility of the student to notify the Office of Student Financial Services of any other outside scholarships, grants, or loans he or she has received. Please keep in mind that any outside awards may change your UPIKE financial aid package. If a Direct student loan is included in the aid offer, the newstudent must complete entrance counseling and a master promissory note (MPN) electronically via before the loan funds can be disbursed to the students UPIKE account. In addition, new students’ loans will have a thirty (30) days delay of disbursement if it is their first year borrowing Direct Student loans.

Students (and their families) who have special circumstances, such as tuition expenses at an elementary or secondary school, unusual medical or dental expenses not covered by insurance, a family member who recently became unemployed, the loss of a family member who provided income, natural disaster, or changes in income or assets that affect eligibility for financial assistance, need to contact the University of Pikeville Office of Student Financial Services after completing the FAFSA. If a special condition is warranted, the student will be instructed as to the necessary procedures to follow. Alldecisions rendered in a special conditions process are final and cannot be appealed.

General Eligibility Requirements for Receiving Financial Assistance

The following general eligibility requirements must be met by all students who want to apply for federal student assistance.

-You must have a high school diploma or GED

-You must be enrolled as a regular student in an eligible degree certificate program

-You must be a US citizen or an eligible non-citizen

-You must have a valid Social Security Number

-You must make satisfactory academic progress (SAP)

-You must sign statements regarding Selective Service Registration,

and Certification on Over Payment and Default

-You must never have been convicted of a drug crime while receiving

Federal Student Aid

Types of Financial Assistance

The University of Pikeville seeks to offer financial assistance in the form of a scholarship, grant, loan, or work-study. These components of the award package come from not only the Department of Education (DOE) , but also the Commonwealth of Kentucky(KHEAA) and The University of Pikeville. The Office of Student Financial Services offers several institutional scholarships to augment those grants and loans to help students meet their educational expenses. TheFederal and State programs are outlined below.

Federal Programs:

PELL Grant

The federal PELL grant, unlike a loan, does not have to be repaid. PELL Grants are awarded only to undergraduate students who do not have a bachelor’s degree and who meet criteria set by the US Department of Education. Students who receive PELL Grants will be paid by the College, and the College will be reimbursed by the Department of Education. A student’s estimated family contribution (EFC), cost of attendance, and academic load determines the amount of PELL Grant for which the student is eligible. For the 2013-2014 awardyear, the maximum amount of PELL Grant is $5645. The minimum award amount is $605.

Campus-Based Funds

Campus-based programs consist of the Federal Supplemental Educational Opportunity Grant (FSEOG), and the Federal Work-Study Program (FWS).UPIKE participates in these programs and receives a limited amount of funds for each program per academic year. Students should complete the FAFSA early in the year in order to be packaged with the funds they are eligible to receive before funded budget is used. Federal Supplemental Educational Opportunity Grant(FSEOG)is a federal grant that awarded to students with exceptional financial need. Students must also receive at least 50% of PELL Grant to be considered for an FSEOG.

Federal Work-Study(FWS): The federal work-study program provides jobs for students with financial need, allowing them to earn money to help pay educational expenses. Students are paid at least the current federal minimum wage and will be placed to work at the University or a non – profit entity off campus. Students may earn between $100 and $2000 per year through the work-study program. They will not be allowed to exceed 20 hours of work a week and will not be able to work during a class time they have been registered to attend for that given term.

Direct Student Loans

The Federal Direct Student Loan program is the Department of Education’s major form of self-help aid. Direct Loans are either subsidized or unsubsidized and interest on both loans is variable. A subsidized loan is awarded on the basis of financial need. The federal government pays the interest on the loan (“subsidizes” the loan) until the student begins repaying the loan. An unsubsidized loan is not awarded on the basis of need. Students are charged interest from the time the loan is disbursed until it is paid in full. If the interest is allowed to accumulate on an unsubsidized loan, it is “capitalized,” or added to the principal amount of the loan, thus increasing the repayment amount. If a student chooses to pay the interest as it accrues, he or she will have less to repay later. A student must be a regular student, enrolled in an eligible program of study, and enrolled at least half-time to be eligible for a Stafford Loan. Loan eligibility is established by the Department of Education.Certain conditions may be applicable and may decrease the total annual amounts or type of loans required. In general, a direct student loan may be deferred until the student graduates, leaves school, or drops below half-time enrollment. At that time, the student will have a six month grace period before beginning repayment. Under certain circumstances students may receive deferments or forbearances on student loans. However, these are not automatic.

It is the student’s responsibility to contact the loan servicer that holds the loan and to provide documentation for the request. Students must also continue making scheduled payments until notification is received that deferment or forbearance has been granted. Students are required to complete entrance counseling prior to receiving loan funds. Exit counseling prior to leaving The University of Pikeville or graduating.You can access NSLDS at to complete your Exit counseling and get detailed information on your loan servicer, payments, loan balances.

Direct PLUS Loan

Federal Direct PLUS Loans enable parents with good credit histories to borrow funds for the educational expenses of each child who is a dependent undergraduate student enrolled at least half-time. The interest rate is variable and accumulates on the loan from the date of the first disbursement until the loan is paid in full unless a request is made for a deferment and a six month grace period during the parent plus loan credit check. The yearly limit on the PLUS Loan is equal to the student’s cost of attendance minus any other financial aid that is received. Students are allowed an additional $4000-$5000 year toward their unsubsidized loan if the parents are denied credit when applying for a Direct PLUS loan. This amount is based upon student’s current grade level.

Lifetime Eligibility for Grants and Loans

In general, students may receive PELL Grants for 12 semesters, or 600% of their