Saint Pauls College » Financial Aid

Financial Aid

ELIGIBILITY GUIDELINES

To receive financial aid, the following requirements must be met:

A student must have financial need (exceptions: merit scholarships, tuition assistance and remission of tuition). Eligibility for financial aid is determined on the basis of information submitted by the student and/or his/her parents on the Free Application for Federal Student Aid (FAFSA). The Financial Aid Officer reviews the results of the “Need Analysis” and determines the student’s financial need and what the student and his/her parents can reasonably be expected to contribute toward educational expenses.

A student must be enrolled in a degree program and making “satisfactory progress” toward the completion of the program according to the minimum standards of progress. A student not making “satisfactory progress” according to minimum standards of progress is ineligible for financial aid including all loans requiring college certification.

A student who has been readmitted to the College will be eligible for financial assistance unless otherwise stated.

Satisfactory Progress: To be eligible to receive federal student aid, you must maintain satisfactory academic progress. You must maintain a “C” average by the time you are halfway through your course of study, or have an academic standing consistent with your institution’s graduation requirements. You must continue to maintain satisfactory progress for the rest of your course of study.

Note: The minimum standards of progress allow the student to spread the period of study over a five-year period of 10 semesters. This means that the College will not certify a student studying full-time for financial assistance beyond five years or 10 semesters. The student studying part-time will be certified for financial aid based on federal and state guidelines. A student on academic probation may receive financial assistance under two conditions. The first condition results when a student is placed on academic probation for the first time and has not interrupted his/her studies at Saint Paul’s College. In order to be declared eligible for financial assistance under this condition, the student must have a mathematical possibility of attaining the minimum standards of progress established for the evaluation period as determined by the student’s time in residence within one grading period (first semester). The formula stated below will be used to ascertain the mathematical possibility.

The second condition results when a student on academic probation withdraws or is dismissed from the College. When this student applies for readmission, he/she will be readmitted on academic probation. The successful applicant will be declared eligible to be given consideration for financial assistance if the student has a mathematical possibility of attaining the minimum standards of progress as determined by the student’s evaluation period within a grading period.

The Formula – The semester hours attempted and the grade points earned during the previous enrollment are increased by thirteen (13) and thirty-three (33) respectively (actual grade points earned plus 33 divided by actual semester hours attempted plus 13=anticipated GPA). If the computed GPA is equal to or greater than the applicant’s required CGPA, the applicant is approved for consideration for financial assistance.

APPLICATION PROCESS

To be considered for financial aid a student must:

File each year the Free Application for Federal Student Aid (FAFSA) and submit a completed Saint Paul’s College Financial Aid application to the Financial Aid Office.

Saint Paul’s College School Code is 003739.

Submit any additional documents needed for the verification of income such as a Federal Income Tax Return 1040 or 1040A, Social Security benefits, Veterans benefits, Welfare benefits, Retirement benefits and etc.

Applicants should submit their Student Aid Report (SAR) and other required documents to the Financial Aid Office by March 30, in order to be considered for priority award packaging.

NOTIFICATION

· Each financial aid applicant is notified in writing of the action taken on his/her application.

· A student awarded financial aid must sign an acceptance of his/her award before any grant or scholarship money can be credited to his/her account. A loan promissory note must be signed for all loans and checks endorsed before any money can be credited to a student’s account.

FAFSA FACTS…

Many families are confused by the process of applying for aid and particularly the sometimes confusing process of filling out your FAFSA Application. It is important to know there is help! You do not need to pay for help to fill out your FAFSA. If you apply using FAFSA on the Web at www.FAFSA.ed.gov, you get online instructions for each question, and you can chat live online with a customer service representative. Another source of free help is the online guide, Completing the FAFSA. Whether you apply online or use the paper FAFSA, you can get free help by calling the Federal Student Aid Information Center (FSAIC) at the telephone number(s) listed below or by contacting Saint Paul’s College Financial Aid Office.

Federal Student Aid Information Center (FSAIC):

1-800-4-FED-AID (1-800-433-3243)

(TTY 1-800-730-8913)

*****IMPORTANT Various Web sites do offer help filing the FAFSA for a fee. These sites are not affiliated with, or endorsed by, the U.S. Department of

Education. We urge you not to pay these sites for the assistance that we and the U.S.D.E. will provide for free.

TYPES OF FINANCIAL AID

More than 90 percent of the students enrolled at the College receive financial assistance in the form of scholarships, grants, work-study and loans. Scholarships are offered by the College and outside sources. The scholarships are competitive and are based on academic performance. Some scholarships are one time only and others are renewed annually. Here are some of the ways you can finance your education:

GRANTS – Federal

Federal Pell Grant Program - http://www2.ed.gov/programs/fpg/index.html orhttp://studentaid.ed.gov/PORTALSWebApp/students/english/PellGrants.jsp

Federal Supplemental Educational Opportunity Grant (FSEOG) -http://studentaid.ed.gov/PORTALSWebApp/students/english/FSEOG.jsp

The National Science & Mathematics Access to Retain Talent Grant (National SMART Grant) -http://studentaid.ed.gov/PORTALSWebApp/students/english/SmartGrants.jsp

Teacher Education Assistance for College and Higher Education (TEACH) Grant Program-http://studentaid.ed.gov/PORTALSWebApp/students/english/TEACH.jsp

Virginia Tuition Assistance Grant Program (VTAG) - http://www.schev.edu/students/factsheetVTAG.asp

College Scholarship Assistance Program (CSAP) - http://www.schev.edu/Students/factsheetCSAP.asp

Two-Year College Transfer Grant Program - http://www.schev.edu/Students/factsheetTransferGrant.pdfor https://www.vawizard.org/vccs/TransferGrant.action

Other State Grants

GRANTS - for Virginia Residents

Virginia Tuition Assistance Grant Program (VTAG) - http://www.schev.edu/students/factsheetVTAG.asp

VIRGINIA TUITION ASSISTANCE GRANT PROGRAM APPLICATION

College Scholarship Assistance Program (CSAP) - http://www.schev.edu/Students/factsheetCSAP.asp

Two-Year College Transfer Grant Program - http://www.schev.edu/Students/factsheetTransferGrant.pdfor https://www.vawizard.org/vccs/TransferGrant.action

Other State Grants

GRANTS - for Washington, D.C. Residents

DISTRICT OF COLUMBIA COLLEGE SUCCESS FOUNDATION

DC TUITION ASSISTANCE GRANT PROGRAM APPLICATION

http://osse.dc.gov/service/dctag-get-funding-college

FEDERAL LOANS

FEDERAL DIRECT LOAN APPLICATION

Federal Perkins Loan Program (formerly NDSL) - http://www.perkinsloan.net/perkins-loan-application.html

Federal Direct Stafford Loans from the William D. Ford Direct Loan Programhttp://studentaid.ed.gov/PORTALSWebApp/students/english/studentloans.jsp

Federal Parent PLUS Loans for Undergraduates - http://www.direct.ed.gov/parent.html

Federal Direct PLUS Loans for Parents -http://studentaid.ed.gov/PORTALSWebApp/students/english/parentloans.jsp and application atwww.studentloans.gov.

PRIVATE EDUCATIONAL LOANS

*Private Lenders:

Sallie Mae Smart Option Student Loan

Chase Select Private Student Loan

Simple Tuition – A smart way to choose a student loan

*Private Educational Loans are designed to assist students and parents who need additional educational financing to cover other costs not included in the financial aid package. A student should apply for a private educational loan only after the FAFSA has been completed and the financial aid package has been received. Each lender has different eligibility and repayment requirements. The interest rate for a private loan is higher and loan forgiveness may not be available. Parents and students should do their research and contact the school if necessary. We do have some lenders on the website but you may select other private lenders and we will certify the application. Don’t forget to complete the FAFSA. SAINT PAUL’S COLLEGE DOES NOT ACCEPT FINANCIAL INCENTIVES FROM ANY STUDENT LOAN PROVIDER AND HAS NO VESTED INTEREST IN ANY LENDER. WE ATTEMPT TO PROVIDE THE BEST FOR OUR STUDENTS AND PARENTS.

WORK-STUDY PROGRAM

Institutional Work-Study Program (IWSP)

Federal College Work-Study Program (CWSP)

The Work-Study Program provides jobs for students who must earn a part of their educational expenses. Priority is given to students enrolled on at least a half-time basis. Students will be expected to perform the work that is agreed upon when accepting the award. Students may not earn more than the amount in their award letter, and cannot exceed 20 hours per week. The Work-Study Office will notify work-study recipients of their place of employment by the start of the academic year or semester. It is the student’s responsibility to ensure that a properly completed work-study time record sheet is submitted to the Work-Study Office on the last working day of each month unless otherwise directed. Work-Study is awarded on a first-come, first-serve basis, upon the availability of funds and to students who demonstrate a financial need. Students who are awarded work-study should:

1. Complete Work-Study application; W-2 forms and any other forms required.

Receive a work-study contract and have it signed by both the student and supervisor.

SUMMARY OF INSTITUTIONAL AID @ SAINT PAUL’S COLLEGE

Both Need and Merit Scholarships

Institutional Work-Study Program (IWSP)

Remission of Tuition (For children and spouses of employees and Ordained Clergy of the Episcopal Church)

One-Time Scholarships and Awards:

a. Episcopal Church Scholarships

b. The David Strouse Blount Education Scholarships

c. United Negro College Fund Scholarships

d. Lettie Pate Whitehead Foundation Scholarships