YOUR FINANCIAL AID GUIDE 1
YOUR PATH TO AUGUSTANA BEGAN WHEN YOU FIRST STARTED THINKING ABOUT GOING TO COLLEGE. And now you are in a new place, weighing the cost and worth of an education, the value of experiences, the investment you’ll make, and the investment your college will make in you. As you compare your options before making the best choice, we in Augustana’s Office of Financial Aid are here to help—beginning with this guide. Here you’ll find straightforward information about financial aid, including scholarships and grants, federal loans and private loans, a timeline for payments and even a glossary of terms. If you have any questions, please contact any of us in the Office of Financial Aid. You can find our contact information on the back. We are here to help.
TABLE OF CONTENTS Scholarships & Grants...............................................3 Federal Work Study & Student Employment............3 Loans..........................................................................4 Federal Direct Loans (subsidized & unsubsidized) Federal Direct Parent PLUS Loan Alternative/private loans
Tuition Payment Timeline Options............................7 Two payments per year Monthly through Cashnet Combination plans
Examples of Payment Option Combinations.............8 Financial Aid Terms & Conditions*...........................9 Glossary.................................................................... 11 * For a complete listing of policies, terms and conditions for eligibility, see the financial aid section of Augustana’s website.
2
SCHOLARSHIPS & GRANTS Scholarships are gift awards based on merit rather than financial need. Grants are typically awarded based on financial need, and may change from year to year depending on FAFSA results. Scholarships and grants do not need to be repaid. Amounts for Augustana academic merit scholarships remain the same each year they are renewed. Students who do not meet the required renewal GPA may receive a lower scholarship, depending on their Augustana cumulative year-end GPA. Academic scholarships are automatically considered based on a student’s application to the college. The following additional institutional awards are based on criteria other than academic merit, such as an audition, a campus visit, competition participation, etc. • Talent scholarship (art, music, theatre arts) – Renewable based on departmental criteria • Academic Departmental Competition Scholarship – Renewable based on departmental criteria • Early Filers Award – Renewable if FAFSA filed by November 1 and received first year enrolled • Out-of-State Award – Renewable if you reside outside Illinois and received first year enrolled • Alumni Award – Renewable annually • Campus Visit Grant – Renewable annually Meal Plan Award Beginning in 2020, Augustana offers a $1,250 Meal Plan Award (MPA) to students entering Augustana for the first time. The MPA offsets meal plan costs for full-time students who purchase a full meal plan, regardless of where they live (residence hall, transitional living area, off campus, commute from home). The MPA Award is available each semester ($625/semester) that you purchase a full meal plan, as long as you are enrolled full time (12 credits or more).
FEDERAL WORK STUDY & STUDENT EMPLOYMENT Augustana employs nearly 1,300 students, who gain many valuable and transferable skills for life after college. Through Federal Work-Study (FWS), students are awarded funding for educational expenses, which they earn through working an on-campus job. They may use their wages for tuition or living expenses. FWS is not included in the calculation for each student’s net cost to attend. The Federal Work-Study Program is for students with demonstrated financial need, as determined by the FAFSA. If you are eligible to participate in the FWS program, you will see your FWS award noted on your financial aid award notification. A FWS award does not guarantee employment; if you are interested in working on campus, you will need to apply for a job on campus. Students with no FWS award are still eligible to work on campus. To find out about job opportunities on campus, check the Handshake portal on Augustana’s website. Jobs are posted on Handshake, and you can upload your résumé and apply for positions. If you need help with your résumé or job application, stop by CORE Commons in the Olin Center for assistance. Hiring procedures will vary from department to department—some may require just an application, while others may require an interview in addition to the application. The maximum number of hours a student may work in an on-campus job is 10 hours per week. Beginning in January 2020, students will be paid $9.25 per hour. Earnings are not automatically applied to a student’s billing account. You may arrange with the Business Office to have your earnings applied directly to your bill, but most students choose to be paid directly to help cover living expenses.
You will not qualify for the MPA for any semester you: • purchase an off-campus meal plan • study abroad or study off campus • receive the Tuition Remission benefit or the Tuition Exchange Award
3
LOANS The following information is about loans, which are funds that must be paid back after a student is no longer enrolled in college at least half-time. Most loans include interest. Students and families may choose to pursue loans to help pay for any remaining net cost.
FEDERAL DIRECT LOANS SUBSIDIZED AND UNSUBSIDIZED Students who file the FAFSA may borrow through the Federal Direct Loan Program (the U.S. Department of Education’s federal student loan program). If you are eligible, the Federal Direct Loan has been included in your financial aid award notification and you may either accept or reject all or a portion of the Federal Direct Loan. If awarded, the Federal Direct Loan is used in calculating your net cost to attend on the net cost worksheet. Eligibility for the Federal Direct Subsidized Loan is based on financial need as determined by the FAFSA. The interest on these loans is paid by the government while you are in school and enrolled at least half-time. Any student is eligible for a Federal Direct Unsubsidized Loan, regardless of financial need. The student is responsible for the interest on this loan, and has the option to pay the interest while in school, or to capitalize the interest and begin repayment with the principal after the six-month grace period or after dropping below half-time enrollment. Loan limits are as follows (a minimum of $2,000 will be unsubsidized) • First-year
$5,500
• Sophomore
$6,500
• Junior/senior
$7,500
The interest rate (currently 4.53%) for Federal Direct Loans is fixed and is determined yearly. A federal origination fee (currently 1.059%) is determined yearly and is deducted from the proceeds of the loan. Federal Direct Loan timeline If you borrow a Federal Direct Loan, the funds will be disbursed directly to your billing account each semester. Before receiving the funds, students must complete Entrance Counseling and a Loan Agreement (referred to as the MPN, or Master Promissory Note) at studentloans.gov. Your loan payments will begin six months after you graduate (or leave school or drop below half-time enrollment). Standard repayment is 10 years. Students who qualify for other repayment options could have up to 25 years to repay the loans.
If you go on to graduate school and are enrolled at least half-time, you may qualify for a deferment. During this period, you can postpone making loan payments until you complete your degree program.
FEDERAL DIRECT PARENT PLUS LOAN PARENT LOAN FOR UNDERGRADUATE STUDENTS A parent can apply for a PLUS loan to cover any remaining net cost after financial aid. The student must file the FAFSA before a parent can apply for a PLUS loan, and a parent must be approved to borrow. As a parent, you are eligible to apply if: • your student has filed the FAFSA for the 2020-21 academic year; • you are a U.S. citizen or an eligible non-citizen; • you are the legal, adoptive or stepparent of the student. To apply, parents will complete the online application at studentloans.gov. The application procedure will be provided to you later in the spring. If you are approved for a PLUS Loan, you must complete a Master Promissory Note (MPN) prior to the first disbursement. Funds are disbursed directly to your student’s account. If you receive notification from the Direct Loan Servicer that your credit is denied, you may choose from the following options: • A ttempt a credit status override completed by the servicer. • Provide documentation to the Student Loan Support Center if you have extenuating circumstances. Your request for a PLUS loan will be reviewed again by the servicer. • Have a third-party endorser co-sign the PLUS application with you. • Choose not to appeal the denial and your student may borrow an additional Federal Direct Unsubsidized Loan. Maximum additional funds that can be borrowed by your dependent student: First-year and sophomore students, $4,000 per academic year; junior and senior students, $5,000 per academic year. Here are some popular questions and answers about the Federal Direct Parent PLUS Loan: How much can I borrow (each year)? Each year of a student’s enrollment, a parent may apply for a PLUS loan up to the cost of attendance minus all other financial aid, including Augie Choice, Board of Trustees Fellowship funds, and outside scholarships.
If the PLUS is for one semester only, the amount a parent may borrow is based on the cost of attendance minus the financial aid for that semester. If the amount requested exceeds the eligibility, Augustana will reduce the loan amount to abide by federal regulation. What is a PLUS Loan Agreement/Master Promissory Note (MPN)? A promissory note is a binding legal document that lists the conditions of your loan and the terms of repayment. The MPN is a multi-year loan agreement that only has to be completed once while a student is attending Augustana. What is the interest rate? Are there fees? The loan has a fixed interest rate (currently 7.08%) and is determined yearly. Parent borrowers are charged a federal origination fee (currently 4.236%) that is deducted from the gross loan amount prior to disbursement to Augustana. The net loan proceeds are electronically credited to the student’s account approximately 7-10 days prior to the beginning of each semester in equal disbursements. When does repayment begin? PLUS loan borrowers may delay repayment on the PLUS loan either 60 days after the loan is fully disbursed for the academic year, or six months after the dependent student is not enrolled at least half-time. If you choose to defer principal payments on the loan, you must contact the Higher Education Loan Servicing Center at 800-848-0979 to make arrangements. During this time, interest may be paid by the parent or capitalized. The repayment period for the PLUS loan ranges from 10 to 25 years. What if my loan proceeds exceed what is actually due to Augustana? If your student’s financial aid, including the PLUS funds, results in a credit on the account, a refund will be sent to the parent borrower’s address to be used for educational expenses, unless otherwise authorized on the Account Billing and Refund Disclosure. What if additional financial aid is received and I want to reduce or cancel my PLUS? If you wish to reduce or cancel the amount of Federal Direct PLUS you borrowed, please notify Augustana’s Office of Financial Aid in writing as soon as possible.
You may cancel all or a portion of your loan before or up to 14 days after funds have been credited to your student’s account by notifying us in writing. Canceling your Federal Direct PLUS loan will not make your student eligible for additional unsubsidized loan amounts. If the additional financial aid received by your student results in aid that is in excess of the cost to attend Augustana, our office will automatically reduce the appropriate loan funds. These loan funds will be returned to the U.S. Department of Education, and the amount returned will appear as a charge on your student’s bill. Whom should I contact to reduce or cancel my PLUS loan? Contact Augustana’s Office of Financial Aid to cancel or make revisions to your loan. Call 309-794-7449 or email financialaid@augustana.edu. Can I consolidate my loans when my student graduates if I’ve had previous PLUS loans with a lender/bank? Yes, you may consolidate your PLUS loans. Consolidation allows you to combine all of your loans, thereby making one new loan requiring only one monthly payment. Consolidation loans are offered through the Direct Loan Consolidation Center and some lenders. For more information on loan consolidation, contact the Student Loan Support Center at 800-557-7394 or www.studentaid.gov. Where can I get more information on the Federal Direct PLUS Loan? General Information: www.studentaid.gov Additional Information: www.studentloans.gov Phone: Student Loan Support Center 800-557-7394 A sample PLUS Loan Repayment Plan (10-year standard repayment term) Amount Borrowed
Est. Monthy Payment (7.08% interest) $5,000 $58 $8,000 $93 $10,000 $117 $13,000 $151 $15,000 $175 $17,000 $198 $20,000 $233
5
ALTERNATIVE/PRIVATE LOANS In some cases, students need to borrow more than what is available through federal loans. A few lenders offer supplemental private loans to students who meet credit criteria and have a credit-worthy co-signer. A student may apply for a private loan up to the cost of attendance minus all other financial aid. Interest rates vary, though some have fixed-rate options. Interest accrues while the student is enrolled, and repayment typically begins six months after graduation or if the student falls below half-time enrollment. Some choose to pay interest while enrolled. Repayment periods vary from 12-20 years.
Once the lender has approved the loan, they will notify our office by requesting certification. The lender will disburse loan funds directly to Augustana each semester. Because of the additional debt, consider private supplemental loans only after pursuing all Federal Direct Loan options. If you do pursue a private/alternative loan, submit the application during the summer prior to the academic year, planning for the entire academic year instead of each semester. Below is a list of all lenders who have made private/ alternative loans to Augustana students over the past three years. Applications are available on each lender’s website.
Lenders used by Augustana students over the past three years LENDER
LOAN
PHONE NUMBER
WEBSITE
Affinity Plus Federal Credit Union Baxter Credit Union CEFCU Citizens Bank College Avenue Commerce Bank cuStudentLoans Denver Community Credit Union Discover PNC Bank Mass. Educational Financing Authority Minnesota Office of Higher Education Rock Valley Credit Union Sallie Mae Suntrust Thrivent Credit Union Wells Fargo
Affinity Plus FCU Private Education Loan Baxter Credit Union Student Loan CEFCU Private Student Loan Citizens Bank TruFit Student Loan College Avenue Student Loan Your Future Education Loan EdAccess Private Student Loan Student Choice Private Loan Discover Student Loan PNC Solution Loan MEFA Student Loan Student Educational Loan Fund (SELF) Loan Credit Union Student Choice Loan Smart Option Student Loan Custom Choice Student Loan Thrivent Credit Union Student Loan Wells Fargo Collegiate Loan
800-322-7228 866-614-781 800-858-3400 800-708-6684 844-422-7502 800-666-3910 888-549-9050 877-639-7871 877-728-3030 800-762-1001 800-449-6332 888-295-0713 877-639-7607 888-2-SALLIE (888- 272-5543) 866-763-6350 866-226-5225 877-437-3029/800-378-5526
affinityplus.org bcu.org/StudentLoans.aspx cefcu.com citizensstudentloans.com collegeavestudentloans.com commercebank.com custudentloans.org denvercommunity.studentchoice.org discoverstudentloans.com pnconcampus.com mefa.com selfloan.state.mn.us rvfcu.studentchoice.org salliemae.com/augustana suntrust.com thriventcu.com wellsfargo.com/student
Augustana College does not promote, recommend or endorse any lender noted above. The college does not have a preferred lender list and has not entered into a preferred lender arrangement with any lender. The chart above consists of a list of all lenders who have made private/alternative loans to Augustana students over the past three years. Augustana College will process private/alternative loans through any lender of your choice; you are not limited to the lenders listed above. Please note: Lenders who made private/alternative loans, but no longer provide a private loan option, have been removed from this list. Augustana College strongly encourages students to take advantage of all Federal Direct Loan options before pursuing a private/alternative loan due to the fixed interest rates and borrower benefits associated with Federal Direct Loans. Students deciding to obtain a private/alternative loan are encouraged to spend time researching the various options avail-
able. Interest rates, terms, fees, benefits to borrowers and repayment schedules can vary greatly among private loans and often are determined by a student’s credit rating and whether or not he or she has a co-signer. Augustana will be notified of loan certification once the loan application is complete with the lender. Here are a few items to consider when choosing a private/alternative loan: 1) What is the current interest rate of the loan, the highest potential interest rate and how often is the rate adjusted? 2) What fees are associated with the loan? 3) What is the repayment schedule for the loan and are there penalties for early repayment? Although the interest rate is an important factor, we advise you to consider the entire list of borrower benefits when choosing a lender.
TUITION PAYMENT TIMELINE OPTIONS Based on your financial aid offer, one-half of your accepted grants, scholarships and loans will be subtracted from each semester’s charges. Your balance for the semester will be reflected on your online billing statement.
TWICE PER YEAR/ONCE PER SEMESTER Unless you arrange to participate in the monthly payment plan (see next section) or apply for a PLUS loan or private loan that covers the full year, your balance is due before the start of each semester. For the 2020-21 academic year, semesters will begin on:
Fall semester Spring semester
Monday, August 31, 2020 Wednesday, February 3, 2021
You may pay using one of the following:
1. Cash (in person) or check (in person or by mail), to the Business Office in Sorensen Hall, or 2. ePayment/CASHNet® – a Higher One Company. This system allows you (and any authorized users) to view account activity and pay bills when it is most convenient. This real-time system gives you the option of paying either by electronic check
(ACH) with no convenience fee, or by credit/debit card, which includes a 2.75% convenience fee. We accept MasterCard, American Express, VISA and Discover.
MONTHLY THROUGH CASHNET Cashnet allows families to pay all or part of their net annual costs through regularly scheduled monthly payments. Beginning with the first payment on July 1, the plan is set up for 10 monthly payments, with an annual enrollment fee estimated at $75. Monthly Cashnet payments can be made online, by phone, automatic withdrawal from a bank account, or by mail. Augustana’s Business Office will provide additional information about the plan in May.
COMBINATION PLAN You many choose to combine any of these options to pay your net cost. Some families might choose a combination of parent loan and monthly payment plan. Others might decide on a combination of a student alternative loan and cash payments from parents. If you feel a combination of options is best, we will gladly work with your arrangement. (Please note: Monthly payment plans must be arranged through Cashnet.)
7
EXAMPLES OF PAYMENT OPTION COMBINATIONS Families are billed one-half of their year’s net cost each semester. Here are two examples of how families could pay college costs: THE JOHNSON FAMILY will pay a total of $26,000 for tuition, housing and meals for the 2020-21 academic year. The balance of $26,000 is after all grants, scholarships and federal student loans have been applied to the student’s charges. They will pay $13,000 for each of the two semesters. The student plans to work on campus and use those earnings to help cover book and general miscellaneous expenses. Examples of how the Johnsons could pay the $26,000 include: Example One Two payments to the college (September/February):
$11,500 per semster (from parent income/savings)
$23,000
$1,500 per semester (from student savings)
$3,000
Total payments $26,000
Example Two 10 monthly payments using Cashnet, Parent PLUS loan and student income/savings:
$1,000 monthly payment for 10 months
$10,000
$14,500 parent PLUS loan (net)
$14,500
$750 per semester (from student savings)
$1,500
Total payments $26,000
THE SMITH FAMILY will pay the college a total of $12,000 for tuition, housing and meals for the 2020-21 academic year. The balance of $12,000 is after all grants, scholarships, and federal student loans have been applied to the student’s charges. They will pay $6,000 for each of the two semesters. The student plans to work on campus and use those earnings to help cover book and general miscellaneous expenses. Examples of how the Smiths could pay the $12,000 include: Example One 10 monthly payments using Cashnet, private student loan and student savings:
$500 monthly payment for 10 months
$5,000
$5,500 private student loan $5,500
$750 per semester (from student savings)
Total payments $12,000
$1,500
Example Two Combination of all payment options:
8
$1,500 per semester direct payment (from parent savings)
$3,000
$250 monthly payment for 10 months
$2,500
$4,000 Parent PLUS loan (net)
$4,000
$2,500 private student loan $2,500
Total payments $12,000
FINANCIAL AID TERMS & CONDITIONS This section provides information regarding your aid package and individual awards you may have received. If you have received an award requiring additional applications or documents before your account can be credited, those instructions will be provided at a later time. By accepting the aid offer, you understand and agree to the terms and conditions here and on Augustana’s website. For a complete listing of policies, terms and conditions, see the financial aid section of Augustana’s website. After reviewing your Financial Aid Award Notification, accept or reject the award, sign and return one copy.
GENERAL INFORMATION
You must reapply each year by completing the FAFSA for
all institutional, state and federal need-based grants, work-study, and loans.
ll aid is subject to change based on institutional, state A and federal funding. ugustana’s institutional policy does not allow for the total A of state, federal and institutional funds to exceed full tuition. inancial aid recipients must maintain satisfactory F academic progress toward a degree to receive aid. For the complete satisfactory academic progress policy, see the financial aid section of Augustana’s website.
ENROLLMENT REQUIREMENTS
Institutional and federal aid is based on full-time enrollment (minimum of 12 hours per semester) unless otherwise noted on your financial aid cover letter. I nstitutional funds are available to full-time (minimum of 12 hours per semester) students without a degree for up to 8 semesters of enrollment. ederal Pell Grant and Federal Supplemental Education F Opportunity Grant (SEOG) may be reduced/cancelled based on enrollment in less than 12 credit hours. I llinois MAP Grant recipients should review the information under Award Terms and Conditions. Note: The IL MAP Grant (Est.) award is based on enrollment in 15 or more credit hours each semester. Enrollment in fewer than 15 credit hours per semester will decrease the estimated award amount.
Students who never attend a class, causing their enrollment to drop to part-time, will no longer qualify for institutional funds for that semester. All financial aid will be recalculated based on part-time enrollment. It is the student’s obligation to notify the Office of Financial Aid of enrollment changes at any point in the semester.
AWARD TERMS & CONDITIONS
If you have met eligibility criteria for the following
awards, you will be notified on your Financial Aid Award Notification. Academic Merit Scholarships To renew an academic merit scholarship, you must maintain the required Augustana cumulative yearend GPA: 3.0 for Presidential Scholars, 2.75 for Dean’s Scholars, 2.50 for Founders Scholars. o renew a transfer merit scholarship, you must maintain T the required Augustana cumulative year-end GPA: 3.0 for Bell Tower Scholars, 3.0 for Blue & Gold Scholars, 2.75 for Denkmann Scholars, and 2.50 for Carlsson Scholars. Endowed Scholarship funds If you have been awarded an endowed scholarship, the Augustana Office of Advancement will notify you during the school year with instructions for writing a note of thanks to the scholarship donor or trustee. I f an endowed scholarship is not listed on your Award Notification, you did not meet the scholarship criteria or all funds have been awarded for the current academic year. Federal Pell Grant Where Pell Grants are involved, the sources of funding for your institutional scholarships are subject to change. Augustana Loan The Augustana Loan may be available to undergraduate students who have filed a FAFSA and have significant financial need. Augustana College is your lender for this loan. The Augustana Loan is subsidized (no interest accrual) while you are enrolled at least half-time. Loan repayment begins six months after graduation or when you leave the college and are not enrolled at another school half-time or more. The interest rate in repayment is fixed at 6.5%; this means your actual rate remains the same for the entire term of the loan. The standard repayment period is eight years, with minimum monthly payments of $50. Funds are disbursed to student accounts each semester.
9
All borrowers must complete a Master Promissory Note (MPN), Entrance Counseling and a Disclosure Statement prior to the first disbursement of each year awarded. The Augustana Business Office and Augustana’s loan servicer, Heartland ECSI, will contact eligible students about completing these items. All borrowers must complete a new MPN, Entrance Counseling and a Disclosure Statement prior to disbursement of any increased loan amount within the same academic year. Federal Direct Loan The Federal Direct Loan is available to undergraduate students who have filed a FAFSA. First-time borrowers must complete a Federal Direct Loan Agreement for Subsidized/Unsubsidized Loan (MPN) and Entrance Counseling in order for the loan to be disbursed. I f you wish to reduce or reject the loan amount, you must indicate on the Award Notification and return to the Office of Financial Aid immediately. ederal Direct Loans for continuing students who have F completed a MPN and Entrance Counseling will be processed at the amount listed on the Award Notification. If you wish to reduce or reject the loan amount, you must indicate on the Award Notification and return to the Office of Financial Aid immediately. Federal Work-Study Federal Work-Study positions are not assigned. Students are responsible for finding work with the assistance of the Career Office in CORE, located on the first floor of the Olin Center. Go to augustana.edu/studentemployment to learn more about the employment process. Augustana student wages are $9.25/hour beginning January 2020. Full-time students are exempt from paying Social Security (FICA) and Medicare taxes. ayroll checks are processed every two weeks and P sent to the Mailing Center in Sorensen Hall for students to pick up, unless the student has made arrangements with Student Payroll in the Business Office for direct deposit to a personal account. arnings are not credited against the student bill unless E arrangements are made with the Business Office. Most students use their wages to pay for personal expenses and/or books. Augie Choice and Board of Trustees Fellowship Augie Choice and Board of Trustees Fellowship funds are considered a resource when calculating eligibility for loans and Federal Work-Study. Use of Augie Choice and Board of Trustees Fellowship funds may result in an adjustment to student and parent loans and/or Federal Work-Study. Private/Outside Scholarships or Loans Federal guidelines require you to notify the Office of Financial Aid immediately of any additional grants/ scholarships/loans you have received that are not listed on your award notification.
ther aid may be changed in accordance with state, O federal and institutional policies. rivate/outside scholarships are not credited to your P account until the check is received by Augustana College. 529 College Pre-paid Tuition Plan (i.e. College Illinois, etc.) Notify the Office of Financial Aid if you are a beneficiary of a 529 pre-paid tuition plan. If you have College Illinois, these funds will be estimated in your aid package as follows: • If 8 semesters have been purchased, your award is estimated at 30 hours per academic year. • If 4 semesters have been purchased, your award is estimated at 15 hours per academic year. Illinois MAP Grant By applying for financial aid and agreeing to share that information with the Illinois Student Assistance Commission (ISAC) you have been considered for the State of Illinois (IL) Monetary Award Program (MAP) Grant. All MAPapproved institutions are required by the State of Illinois to announce MAP Grant awards to students who are enrolled or intending to enroll at their institution. An award amount is included in your financial aid package if you have met the eligibility criteria. The MAP Grant award amount is an estimate made by the financial aid office and is identified as a “IL MAP Grant (Est)”. Please be aware that the number of available MAP Grants is limited by funding levels approved by the Illinois General Assembly and the Governor, and reductions to estimated or actual MAP Grants are possible. There are also limitations to how long you can continue to receive a MAP Grant. Usage is tracked by the number of credit hours for which you’ve received MAP benefits and is referred to as MAP Paid Credit Hours (MPCHs). The maximum number of MPCHs that can be received is 135, which is equivalent to approximately four and a half years of full-time enrollment. For your reference, and to learn more about MPCH limitations, you may access a record of your MPCHs through the ISAC Student Portal at https://studentportal.isac.org/MPCH.
DISBURSEMENT OF FUNDS
I nstitutional, state and federal funds are disbursed each semester and are credited to your account in the Business Office. utside scholarships are credited to your account when O the funds are received in the Office of Financial Aid. he Federal Direct Loan is credited to your account when T the MPN and Entrance Counseling are complete. The Augustana Loan is credited to your account when the MPN, Entrance Counseling and Disclosure Statement are complete. ederal Work-Study funds are not credited to your F account. Students receive a paycheck or direct deposit on a biweekly basis for the hours they have worked.
GLOSSARY OF TERMS
Cost of Attendance (COA): The estimated total cost of attending an institution for one academic year. This amount may include the following: •T uition – Charges assessed for classes and/or other coursework
• Fees
– Charges assessed for other college services
•H ousing
•M eals
•E stimated
– Includes residence hall charges for on-campus students or an estimate of rent and utilities for an offcampus student – Includes the cost of a meal plan and/or an estimate of the costs of food prepared at home costs for transportation, books and supplies and miscellaneous personal expenses
Educational Loan: A form of financial aid that must be repaid. Educational loans have varying fees, interest rates, repayment terms, and/or borrower protections.
•F ederal Direct Student Loan: Federal
funds made available to the student that must be paid back. To be eligible, the student must have filed a FAFSA and be enrolled at least half-time in an eligible program of study. Repayment begins six months after the student ceases to be enrolled at least half-time, with options to delay payment available.
• F ederal Direct Subsidized Loan: Loan funds provided to the student by the U.S. Department of Education, through the school. Undergraduate students with financial need can qualify. The government pays the interest on the loan while the student remains enrolled at least half-time and during certain periods when the government allows deferment. There are annual limits on the amounts that may be borrowed, which vary by the student’s year in school and status as dependent or independent. • F ederal Direct Unsubsidized Loan: Loan funds provided to the student by the U.S. Department of Education, through the school. Undergraduate students qualify, provided they have filed the Free Application for Federal Student Aid (FAFSA). Interest accrual begins immediately, and the student can choose to pay the interest while enrolled or upon entering repayment. There are annual limits on the amounts that may be borrowed, which vary by the student’s year in school and status as dependent or independent.
• Federal Direct Parent PLUS Loan (PLUS): Loan
funds provided to the parents of dependent undergraduate students by the U.S. Department of Education, through the school. This federal loan program allows parents with no adverse credit history to apply for a loan amount up to the Cost of Attendance each year, less any financial aid received by the dependent student. Repayment of principal and interest begins immediately once the loan is fully disbursed, with some options to delay payment available.
• Private Loan: A student or parent loan from a commercial, state-affiliated or institutional lender used to pay for up to the annual Cost of Attendance, less any financial aid received. Private loans have varying interest rates, fees and repayment options and usually require the applicant to be creditworthy, or have a creditworthy cosigner. Repayment generally begins 6 months after graduation or the student falls below half-time enrollment.
Enrollment Status: Academic workload (or course load), as defined by the institution in which a student is enrolled for a defined academic period. This normally relates to the student’s number of credit hours or clock hours during a given academic period (e.g., full-time, three-quarter-time, half-time, etc.). Expected Direct Costs: Charges included in the Cost of Attendance that the student/family pays directly to the college. Expected Family Contribution (EFC): An eligibility index that college financial aid staff use to determine how much financial aid a student would receive. The EFC is calculated according to a formula specified in law and is based upon the information provided by the student and their family on the FAFSA. Federal Pell Grant: A federal grant provided by the federal government to undergraduate students who demonstrate exceptional financial need and have an Expected Family Contribution below a certain threshold established by the federal government. The Pell Grant award amount is prorated based on Enrollment Status. Federal Supplemental Educational Opportunity Grant (FSEOG): A federal grant awarded by the institution to qualified undergraduate students who demonstrate exceptional financial need. Priority is given to Federal Pell Grant recipients. Federal Work-Study (FWS): A federal program offered and administered by the institution that provides opportunity for part-time employment to students with financial need to help pay their educational expenses. Students are responsible for finding qualified employment. Funds are paid out through a paycheck, as earned. Gift Aid: Funds awarded to the student that do not have to be repaid, as long as the student meets the conditions for the gift. Can include grants, scholarships, remissions, awards, waivers, etc. Gift aid can be awarded based upon many factors, including (but not limited to) financial need; academic excellence; musical and/or theatrical talent; affiliation with various groups; and/or career aspirations. Grant: Gift Aid awarded to the student that does not need to be repaid. Grants are typically based on financial need as determined by FAFSA results. Grant amounts may change from one year to another if the EFC changes. The most common factors impacting a change in EFC are number of family members enrolled in college, change in household size, and/or a change in family income. Indirect Costs: Estimated expenses in the Cost of Attendance that are not paid directly to the institution. Net Cost/Out-of-pocket Cost: Amount of direct costs remaining after all gift aid (scholarships and grants) and federal student loans and/or Augustana loans are subtracted. Scholarship: Gift Aid that is typically based on merit such as academic excellence, talent, affiliation with various groups, career aspirations, or a combination of merit and need. Scholarships are often renewable as long as students meet renewal criteria such as minimum G.P.A., etc. Self-help: Financial aid in the form of loans or student employment. Student employment earnings (including Federal Work-Study awards) are generally not deducted from billed costs but can be used to help cover indirect costs and are paid in the form of wages to the student. Verification: A federally mandated process to confirm the accuracy of data provided by selected applicants on the FAFSA. To complete the verification process, the student, their parent(s), or spouse, if applicable, are required to provide certain documents to the school for review. If the documentation the student provides the institution doesn’t match what was reported on the FAFSA, verification can result in changes to the student’s financial aid eligibility, and/or financial aid offered. 11
Phone: 309.794.7207 or 309.794.7449 Fax: 309.794.7174 Email: financialaid@augustana.edu Web: augustana.edu/financialaid
Office of Financial Aid Augustana College 639 38th Street Rock Island, Illinois 61201
Julie Bacon, Senior Assistant Director of Financial Aid Roberta Ferguson, Financial Aid Assistant Lisa Gray, Executive Secretary for Enrollment and Financial Aid Kristin Reinhardt, Assistant Director of Financial Aid Allison Staley, Financial Aid Counselor Sue Standley, Associate Vice President of Enrollment and Director of Financial Aid Julianne Tongue, Assistant Director of Financial Aid Matt Walsh, Associate Director of Fnancial Aid