Responsible Office: Financial Aid Approved By: VP/Provost Approved Date: 7/1/2017 Effective Date: 7/1/2017 Category: Student Description/Purpose: Financial Aid Details: Saint Francis University, aware that it is increasingly difficult for students and their families to meet the rising costs of higher education, has a comprehensive program of awards to offset costs. Some academic awards and scholarships are given for academic achievement and potential; other academic awards are based on academic achievement, potential, and financial need. Most federal, state, and institutional aid awards are based on financial need. Financial need is the difference between the expected family contribution, as determined by the federal aid application, and college cost of attendance, which include tuition, fees, room and board, transportation, and personal expenses. A student will usually be eligible for more aid at a private college such as Saint Francis than at a public institution. For the 2015-2016 Academic Year:
The application process requires that all applicants submit a Free Application for Federal Student Aid (FAFSA). Non-Pennsylvania resident students should apply for their respective state grants. All students accepted for admission to Saint Francis University who have the required academic criteria will be considered for academic awards. Most Saint Francis University academic scholarships do not require a separate application. If a scholarship application is required, the materials will automatically be sent to the student. Financial aid is individualized at Saint Francis University. Aid awards are based on student needs and abilities, unique family situations, specific government regulations, and institutional awarding policies. Students who apply for financial aid before the filing deadline of May 1 will receive an award notice of the programs and amounts for which they qualify. A financial aid package consists of gift aid (which does not have to be repaid) and self-help (loans and work). Saint Francis University financial aid awards to full-time students from 2014-2015 ranged from $1,000 to full tuition. Financial aid may be used for other costs of education such as books, transportation, and personal expenses. These costs vary according to the student's program of study, the distance from home, and personal spending habits. These costs are estimated to be an average of $2,000 for books and supplies and $4,100 for miscellaneous expenses. Financial aid is renewable each year provided the student applies within the deadline, still shows financial need, has completed income verification requirements, and is making satisfactory academic progress. Saint Francis University has a strong commitment to assist all students in their efforts to finance their education. Students are encouraged to visit or telephone the Office of Financial Aid for assistance. Federal Verification Verification is a process that all universities receiving federal aid are required to complete. The purpose of verification is not to find fraudulent FAFSA applicants, but to find and correct common mistakes made during the filing of the Free Application for Federal Student Aid. All need-based aid packaging must be put on hold until a student provides the necessary information requested through the verification process. If the verification process is not completed, a student will not be considered for need-based financial aid. Thus, it is important to return the information and requested documentation as soon as possible. The federal government randomly selects FAFSA applicants for verification. Though a random process, students may also be flagged for verification if conflicting information is reported on the FAFSA. If randomly selected for verification, a student must complete the process within the semester selected.The Office of Financial Aid must receive all required documents one month prior to the end of the selected semester. Satisfactory Academic Progress Federal regulations require that students receiving federal aid make satisfactory academic progress. Title IV federal programs which this affects include: Pell Grant, SEOG, Perkins Loan, Subsidized and Unsubsidized Stafford Loans, PLUS Loans, Work Study. In order to comply with federal guidelines, students must meet the following requirements: Time Frame: Undergraduate students attending SFU full-time have 10 semesters to do so. Part-time students have 10 full-time, 13 three-quarter time (9-11 credits), 20 halftime (6-8 credits), or 40 less than half-time (1-5 credits) semesters to complete graduation requirements. Federal Pell Grant is limited to 600% or 12 semesters of full-time eligibility. "Academic Year" is defined as two consecutive semesters, receiving Title IV aid. Qualitative Standards: Students must be in good academic standing according to the Undergraduate and Graduate Catalog (Please refer to the Academic Policy section). Those students placed on academic probation may continue to receive federal financial aid. Students who have been dismissed may not receive federal aid unless they have submitted a successful appeal to remain enrolled. Dismissed students must demonstrate they have completed necessary credits to regain good academic standing to receive federal aid if readmitted at a later time. Quantitative Standards: To meet the quantitative standards for renewal of financial assistance, full-time students must successfully complete, with a passing grade, a minimum of 24 credits for each academic year. Part-time students are required to successfully complete 66% of all work attempted to be considered as progressing satisfactorily. Students that have earned 60+ credits must maintain a cumulative 2.0 GPA to remain federal aid eligible. Probationary Status: Students enrolled in baccalaureate and associate degree programs (as well as PA Teacher Certification programs) who are unable to successfully complete the required annual credit limit (by 12 credits or less) will be given a one-time probationary period to establish progress while still receiving their student aid. At the end of the probationary period of one academic year, students must have successfully completed a minimum of 24 credits for full-time students or all attempted credits for part-time students. Those not making progress will be dropped to unsatisfactory status and denied student aid for any upcoming enrollment periods until a minimum of 12 credits at a 2.00 grade point average (GPA) or higher have been successfully completed without failing, dropping, canceling or withdrawing credits or withdrawing from semester(s). *In order for a course to be considered in the credit load toward academic progress, the course must be a NON-repeated course, unless the initial grade in that course were an "F" (failed) or "W" (withdrawn), as reported to the Registrar's Office. Procedures: The Office of Financial Aid will review all students' progress annually and notify the students in writing those who did not make satisfactory academic progress. Students are encouraged to contact the office to discuss the loss of aid and make arrangements to regain good standing. Options include a successful appeal and/or paying for make-up classes. The probationary period for graduate students who are unable to successfully complete the required credits is determined on a case-by-case basis. Appeal: If students fail to make satisfactory academic progress and feel that such failure is due to unusual circumstances (such as illness), students may send a written appeal to the FinancialAid Director describing such circumstances and supporting documentation. If the appeal is approved, the student must make satisfactory academic progress during subsequent semesters in addition to any other requirements prescribed by the financial aid office. Deadlines for submitting the Free Application for Federal Student Aid (FAFSA) At Saint Francis, the Office of Financial Aid processes applications for Federal Student Aid on a "rolling basis." There is no set deadline for processing the FAFSA; applications will be processed when received. However, the preferred filing date is April 1 prior to the fall semester. The deadline for students to be considered for the Pennsylvania State Grant is May 1. |