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The maximum annual award for the Federal Pell Grant program is determined annually by
Congress and is $5,775 for the 2015-2016 award year. Eligible applicants with an EFC of zero (0) on their ISIR may be eligible for this award amount. Award amounts decrease as the EFC value increases, and EFC values in excess of 5198 are not eligible for Federal Pell Grants. You are also ineligible for a Pell Grant if you already possess a bachelor’s degree.
After you file your Free Application for Federal Student Aid (FAFSA) through the USDE’s website at www.fafsa.ed.gov, the institution will receive an Institutional Student Information Record (ISIR). This report contains the results of your application and will also determine your Expected Family Contribution (EFC). Your EFC is the amount of money you, and your spouse or parent(s), are expected to pay towards your educational expenses.
The EFC will be used to determine your eligibility for federal aid. Your financial aid is determined annually, for each school year. The institution determines that a full school year (also referred to as an academic year) is a period that includes 900 clock hours and 26 weeks of instruction. You may be eligible to receive a full annual award for each school year/academic year. If your program is more than one year but less than 2 years, you may be eligible for a full year’s financial aid for the first 900 hours and potentially a prorated amount of aid for the partial second academic year. For enrollment in a program that is less than a full school year (less than 900 hours), you may be eligible only for a prorated annual award.
Students may also be eligible to obtain loans through the U.S. Department of Education. Loan eligibility is based in part on dependency status. Students who are considered by law to be “independent” can qualify for up to $9,500 for their first full academic year of training. Dependent students may be eligible to obtain student loans up to $5,500 for their first academic year. Low income students who qualify may have up to $3,500 of the maximum amounts shown above subsidized by the USDE. Subsidized loans are those for which the interest is paid by the USDE while a student is completing their training. Your loan counseling material will more fully explain the details of subsidized and unsubsidized loans. The amount of subsidized and/or unsubsidized loans for which you may qualify is based on the Cost of Attendance (COA) for the academic year less your EFC value and any other financial aid you may be receiving. Your award letter will provide you with the COA and the total amount of your federal aid eligibility for the school year. You should contact a financial aid officer at the institution for more details about your financial aid package and about the additional rules governing disbursement of federal aid.
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Beginning January 1, 2015 students will be able to submit their 2015-2016 FAFSA applications, but it is important that you not apply too early. The 2015-2016 financial aid award year does not begin until July 1, 2015 and will continue through June 30, 2016. Students who expect to be enrolled in school beyond July 1, 2015 to complete their program of study must complete a 2015-2016 FAFSA application to receive federal aid during that award year. Submitting your application too early is not advised as explained below.
Your 2014 income (and that of your spouse, if married or parents, if dependent) is used to determine your federal aid eligibility for the 2015-2016 award year. Although you may submit your FAFSA application as early as January 1st, it is extremely important that all necessary 2014 tax information is first filed with the IRS before applying for federal student aid. Approximately 2-3 weeks after 2014 U.S. Income Tax Returns are filed, you will be able to retrieve that information during the FAFSA application process by using the IRS Data Retrieval Tool (IRS/DRT). Using this data retrieval process ensures that your financial aid file is processed accurately and efficiently with minimal additional information necessary. If your tax return is not filed electronically, retrieval of your 2014 tax information may take longer. We encourage all students and their families to complete their 2014 income tax filing as soon as possible, and then complete their FAFSA applications several weeks thereafter.
Students who paid tuition and fees during 2014 through cash payments or student loans will be receiving an IRS Form 1098T from the institution by January 31, 2015. This report will be necessary for you to obtain any education tax credits on your 2014 income tax return. Whether you file your 2014 income tax return earlier or later, you are encouraged to not submit your FAFSA application until several weeks after your taxes are filed.
Applying for federal financial aid is an easy, web-based process. You can filll out the Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov or go to www.studentloans.gov, which is the USDE website that can act as the student’s home page for his/her federal aid application process. There are only two documents that you need to complete, the FAFSA and an Electronic Master Promissory Note (E-MPN). Both applications may be completed at the studentloan.gov website.
The U.S. Department of Education has replaced its PIN (Personal Identification Number) system with an updated and more secure PAS (Personal Authentication Service) system. The PAS system will require that you register online for a Federal Student Aid ID (FSA ID) in order to gain access to federal student aid related web sites. Accessing your federal student aid information including FAFSAs, master promissory notes, loan information, loan counseling materials, etc., will require a user name and password combination rather than using your old PIN to login and to electronically sign documents.
This new system is expected to be implemented for the 2015-2016 financial aid award year. When the system is available, you can expect to be re-directed to a website to create your individual FSA ID. This new FSA ID will become your permanent credential necessary to access federal student aid related web sites in the future.
Median Debt is the amount owed by student after completion of the program.
Our calculation includes the 47 students that were enrolled, started or graduated in the academic year 7-1-2015 to 6-30-2016.
32 Students had NO debt scheduled to be paid after completion of their program.
23 Students had debt ranging from $2,772.00 to $19,788.00.
The Median Debt for the school was $0.00 which was the 28th student.
The Calculation was done 9-22-2016 and documentation is available in the administrative office.
You must file a FAFSA if attending school after July 1st.
You will need your (and possibly your parents) Federal Tax Return.
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