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FORT LEWIS COLLEGE
STUDENT FINANCIAL AID HANDBOOK
Fort Lewis College does not discriminate on the basis of race, age, color, religion, national origin, gender, disability, sexual orientation, political beliefs, or veteran status (disabled or Vietnam Era). Accordingly, equal opportunity for employment, admission, and education shall be extended to all persons. The College shall promote equal opportunity, equal treatment, and affirmative action efforts to increase the diversity of students, faculty, and staff. Inquiries may be referred to Haeryon Kim, Coordinator for Equal Opportunity, 970-382-6977; or to the Office for Civil Rights, U.S. Department of Education, 1244 Speer Boulevard, Suite 310, Denver, Colorado 80204, 303-844-5695.
All correspondence must include the student's social security or school identification number. Failure to include this unique number could delay processing.
INTRODUCTION
STUDENT RIGHTS
STUDENT RESPONSIBILITIES
ELIGIBILITY REQUIREMENTS
APPLYING FOR FINANCIAL AID
VERIFICATION
SELECTING RECIPIENTS
COST BUDGETS
DETERMINING AWARD AMOUNTS
FINANCIAL AID DISBURSEMENT
SATISFACTORY PROGRESS POLICY
APPEAL PROCEDURES
REFUND POLICIES FOR RETURN OF FUNDS
SCHOLARSHIPS
ATHLETIC AWARDS
GRANTS
LOANS
WORK-STUDY
NATIVE AMERICAN STUDENTS
INTRODUCTION The Federal Government's general philosophy toward financial aid is:
1) "To the extent that they are able, parents should and will pay for the education of their children;
2) Students also have an obligation to assume responsibility for a reasonable portion of their educational expenses; and
3) The family's financial circumstances should be evaluated in a consistent and equitable manner at the same time recognizing that special circumstances can and do alter a family's ability to contribute to the student's education."
These principles are integrated into our financial aid rules, policies and procedures.
The Office of Financial Aid at Fort Lewis College will determine if you qualify for need-based financial aid. If you do not, we help you find other resources to meet your educational expenses. We offer a combination of grants, loans, scholarships and work-study.
This guide will help you complete the financial aid application process. Early planning and timely communication are imperative.
STUDENT RIGHTS
You have the right to know:
1) About federal, state, and other financial aid programs available from Fort Lewis College.
2) The deadlines for submitting applications for financial aid programs.
3) The cost of attending the College.
4) The College's refund policies for return of funds.
5) What criteria the College uses to select financial aid recipients.
6) How the College figures tuition, room, board, books, supplies, travel, and miscellaneous costs; and how we use these costs to determine your financial need.
7) How resources such as expected family contribution, income, assets, financial aid and scholarships are considered when the College calculates your financial need.
8) How much financial need you have according to the College.
9) How to appeal to have your financial aid award reviewed if you feel that it does not adequately meet your needs.
10) When repayment begins for student loans, the loan interest rates, the total amount to be repaid, the repayment procedures, and the length of time allowed for repayment.
11) How and when you will be paid for work-study and the conditions of your employment.
12) How the college determines if you are making satisfactory progress in your course of study, and what happens to your financial assistance if you do not make satisfactory progress.
STUDENT RESPONSIBILITIES
You have the responsibility to:
1) Complete all applications on time and submit them to the appropriate agency or office.
2) Complete your Free Application for Federal Student Aid (FAFSA) accurately. Errors may cause delays and prevent you from receiving certain limited funds.
3) Promptly provide signatures or documents the Office of Financial Aid requests.
4) Read and understand all papers you are asked to sign, and keep copies for your records. The Financial Aid Office at Fort Lewis College should not be used to hold students' permanent records. Documents turned in to the Financial Aid Office are for office use only. The Financial Aid Office will not make extra copies of documents previously turned in.
5) Accept full responsibility for all agreements you sign.
6) Notify your student loan lender(s) of changes in your name, address, and/or student status.
7) Perform the work you have agreed to when you accept a work-study award.
8) Know and adhere to the Fort Lewis College Refund Policies for Return of Funds.
9) Comply with the satisfactory progress criteria to retain your financial aid awards.
10) Notify the Financial Aid Office if you receive assistance that was not reported on your application for financial aid. Additional sources of assistance may cause your aid package to be reduced or cancelled. This includes but is not limited to:
• Private scholarships/grants
• Awards from tribal scholarship offices
• Bureau of Indian Affairs (BIA) awards
• Veterans' benefits
• Workforce assistance
• Vocational Rehabilitation (Voc Rehab)
11) Report financial aid, except loans, to the Internal Revenue Service (IRS) as income if the aid received is more than the amount paid for tuition, fees, books and supplies. Contact the IRS for specific details. Keep records of what you pay for tuition, fees, books, supplies, etc.
12) Enroll for classes that apply towards your degree. Classes taken by audit or portfolio do not qualify as financial aid hours attempted.
13) Be aware that a drug related conviction, while receiving federal financial aid, will disqualify you for one year of aid or more.
14) Provide true and accurate information on applications for federal financial aid funds.
Any person, who knowingly and willfully makes false statements, furnishes false information and/or conceals material information when applying for or receiving financial aid is subject to severe penalties from the State of Colorado and/or federal government including fines and/or imprisonment. Fort Lewis College will not tolerate this activity, and will refer cases to the appropriate agency of the government for further investigation and possible prosecution.
ELIGIBILITY REQUIREMENTS
You must meet certain requirements to be eligible for financial aid such as:
1) United States citizen or eligible non-citizen
2) Admitted to Fort Lewis College
3) Enrolled in a degree-seeking program or the Teacher Licensing Program
4) Not in default on a student loan or in repayment of a federal grant
You certify the following when you complete and sign the Free Application for Federal Student Aid (FAFSA):
- The information provided on the FAFSA is true and complete.
- All aid funds will be used for direct and indirect educational expenses only.
- You will not receive a Federal Pell Grant at more than one school for the same time period.
- The Secretary of Education has authority to verify information on the FAFSA with the Internal Revenue Service.
APPLYING FOR FINANCIAL AID
Submit the Free Application for Federal Student Aid (FAFSA) to the United States Department of Education once a year to apply for financial aid at Fort Lewis College. Apply for a Personal Identification Number (PIN) at www.pin.ed.gov prior to filling out the FAFSA. Submit the FAFSA as soon as possible after January 1st at www.fafsa.ed.gov. Resident Assistants and/or Resident Directors must report their food and housing allowances as untaxed income on Worksheet B of the FAFSA.
Do list Fort Lewis College on the FAFSA to ensure that we receive your information. The Fort Lewis College federal school code is 001353. If you are a Colorado resident for tuition purposes, go to www.collegeincolorado.org and apply for the College Opportunity Fund (COF) stipend also.
A few weeks after you submit your FAFSA, you will receive a Student Aid Report (SAR). The SAR confirms that the Department of Education processed your FAFSA. If you need to make corrections, follow the instructions on the SAR.
To check the status of your FAFSA application, you may call 1-800-4FEDAID (1-800-433-3243) or check on-line at www.fafsa.ed.gov.
We will award financial aid on a first-come, most-in-need basis; therefore, it is important to meet the suggested deadline. Suggested FAFSA submission deadlines to be considered an early applicant are:
FOR FALL AND WINTER TRIMESTERS: FEBRUARY 15
FOR WINTER ONLY: SEPTEMBER 15
FOR SUMMER ONLY: FEBRUARY 1
The FAFSA requires tax return data. File your federal tax return as early as possible. If you have not yet filed a tax return, use accurate estimates, but be aware that subsequent adjustments may delay completion of your financial aid file.
Late applicants may still be eligible for a Federal Pell Grant and/or a Federal Stafford Loan, but limited need-based funds may not be available for late applicants.
Your financial aid file is complete when all required documents are in our office, all discrepancies have been resolved and you have been accepted to Fort Lewis College as a degree-seeking student.
If you transfer to Fort Lewis College from another post-secondary institution your financial aid does not transfer with you. You must tell the Department of Education to send us your FAFSA results. If you did not originally list Fort Lewis College on your FAFSA, you can call the Department of Education at 1-800-433-3243, give them our school code 001353, and ask them to send us your FAFSA results. You may add Fort Lewis College to your FAFSA online. If you and/or your parents have taken out loans, cancel them at the previous institution and re-apply through Fort Lewis College.
Students who have a bachelor's degree must be seeking a second degree, or be accepted into the Teacher Licensing Program, to be considered for financial aid. Funds are limited; so financial aid at Fort Lewis College is normally restricted to students who do not have a bachelor's degree. Colorado SLEAP Grants, Federal Stafford Loans and/or Federal PLUS Loans are exceptions.
Summer session enrollment is more discretionary than academic year attendance. Therefore, we offer most of our aid for those attending Fall and/or Winter terms. Due to fund limitations, financial aid for those attending summer session(s) is generally limited to Federal Stafford Loans and Federal PLUS Loans.
Enrollment in a program of study abroad approved for credit by Fort Lewis College may be considered enrollment at the College for the purpose of applying for financial aid programs. Students interested in participating in an International Study Abroad program should contact the International Programs Coordinator at 282 Noble Hall or call 970-247-7650.
Part-time students will be considered for financial aid if funds are available. Part-time students may qualify for a reduced Federal Pell Grant. A student enrolled in at least six credit hours per term may also be eligible for the Federal Stafford Loan. Part-time students must be degree seeking, or enrolled in the Teacher Licensing Program, to be eligible for financial aid.
VERIFICATION
The Department of Education selects approximately 35% of financial aid applicants for verification. If you are selected for verification, we must receive and review documents to verify the data on your FAFSA before we can determine your eligibility for need-based aid. The following are examples of documents we may request:
- Signed copies of the students’ and/or parents’ federal income tax returns (Form 1040, 1040A or 1040 EZ) with all schedules (not worksheets) for one or more prior years
- Parents’ and/or students’ W-2(s)
- Verification Worksheets
- Copies of social security cards
- Birth certificates
- Marriage licenses
- Income and expense statements
- Asset statements
DO NOT SUBMIT DOCUMENTS UNLESS WE REQUEST THEM.
SELECTING RECIPIENTS
The Department of Education determines how much you and your parents are expected to contribute to your education, according to your FAFSA information. They consider income, family size, number of family members in college, whether both parents work, assets, etc. to determine the amount of your Expected Family Contribution (EFC). The Office of Financial Aid uses the EFC to rank applications from highest to lowest need. This ensures a consistent and fair assessment of all applicants.
We subtract actual and anticipated resources from your cost budget to determine your financial need. Inform the Office of Financial aid if you have scholarships, Veterans Benefits or other resources. If your resources are less than your budget, you have financial need as defined by the Department of Education.
COST BUDGETS
We have different cost budgets because of differences in housing costs, tuition, and transportation expenses. The following are the estimated student cost budgets for the 2008-2009 school year that begins in September and ends in April (8 months):
| |
IN-STATE |
OUT-OF-STATE |
|
Living at Home |
On Campus |
Off Campus |
On Campus |
Off Campus |
|
Tuition |
$2,780 * |
$2,780 * |
$2,780 * |
$14,540 |
$14,540 |
|
Fees |
$1,260 |
$1,260 |
$1,260 |
$1,260 |
$1,260 |
|
Books/Supplies |
$1,698 |
$1,698 |
$1,698 |
$1,698 |
$1,698 |
|
Room |
$1,648 |
$4,432 |
$4,858 |
$4,432 |
$4,858 |
|
Board |
$2,000 |
$3,218 |
$2,340 |
$3,218 |
$2,340 |
|
Personal/Misc. |
$2,396 |
$2,508 |
$2,508 |
$2,508 |
$2,508 |
|
Transportation |
$1,152 |
$1,590 |
$2,118 |
$1,620 |
$2,148 |
|
TOTAL |
$12,934 |
$17,486 |
$17,562 |
$29,276 |
$29,352 |
* Tuition reported here includes "students' share" of tuition only and does not include the College Opportunity Fund (COF) component which entails the "total cost of tuition". For purposes of calculating certain tuition waivers, please use the total tuition figure. Please visit http://www.fortlewis.edu/administrative_services/accounting_office/default.asp for a more detailed schedule.
Note: Awards may be revised (higher or lower) at any time due to changes in resources and /or budget information.
DETERMINING AWARD AMOUNTS
The Office of Financial Aid determines a student's financial aid award after reviewing the results of their FAFSA. We begin awarding in late March each year. We review applications as they are completed and award on a first-come, first-served basis to students with the greatest need until all financial aid has been offered.
Financial aid awards may include a combination of scholarships, grants, loans and/or work-study. Scholarships and grants are limited, so applicants with high need may be offered a disproportionate amount of loans.
The following sample is for an early applicant classified as in-state for tuition purposes, living on-campus enrolled full-time for both fall and winter:
|
SAMPLE FINANCIAL AID AWARD PACKAGE
FOR THE SCHOOL YEAR 2008-2009 |
| Cost of Attendance |
$17,486 |
| RESOURCES (Subtracted from Cost of Attendance) |
|
| Expected Parental Contribution |
-$1,100 |
| Expected Student Contribution |
-$500 |
| Private Scholarship |
-$1,000 |
| Demonstrated Need for Financial Aid |
=$14,886 |
| FINANCIAL AID OFFERED |
|
| Pell Grant |
$3,081 |
| Colorado Work Study |
+$2,500 |
| Perkins Loan |
+$2,000 |
| Institutional Need-Based Grant |
+400 |
| Colorado's College Responsibility Program Grant |
+$2,000 |
| Stafford Loan (subsidized) |
+$3,500 |
| Total Financial Aid Offered |
=$13,481 |
|
|
| Unmet Need (Demonstrated Need minus Total Financial Aid Offered) |
$1,405 |
FINANCIAL AID DISBURSEMENT
Financial aid is automatically credited to your bill each term when we confirm your full-time enrollment. The College refunds excess money, after payment of your direct charges, to you at the beginning of the term. Students may pick up refund checks at the Cashier's Office, 140 Berndt Hall. Work-study is not automatically credited; you must earn this award each month.
SATISFACTORY PROGRESS POLICY
Students receiving financial aid must maintain a cumulative grade point average of 2.00 ("C") or better and complete a minimum of 12 credit hours per term. Completion of a course requires a grade of D- or better. Grades of W, WP, WF, F, Incomplete, Audit, NG, or NC do not constitute completion of a course and consequently may result in probation or suspension. This policy is not to be confused with the academic progress standards of the College or academic departments within the College.
A full-time financial aid recipient who fails to pass at least six credit hours in any term and/or fails to attain a grade point average of at least 1.00 in their first term will be automatically suspended from financial aid. We place students who otherwise do not meet Satisfactory Progress on financial aid probation status initially. A subsequent violation after this initial warning results in immediate financial aid suspension.
We also suspend financial aid after the student attains a bachelor's degree or attempts 180 credit hours (including transfer hours), whichever comes first. Transfer students should be especially sensitive to this 180 credit hour limit because we consider all credit hours attempted anywhere, ever, whether or not the credits apply to the current degree program. Students in the Teacher Licensing Program are allowed up to 225 attempted credit hours. The Colorado Opportunity Fund, for students who are eligible for in-state tuition, has a 145 credit lifetime limit. We inform students who do not make satisfactory progress of their status and options, including the appeal procedures.
APPEAL PROCEDURES
Students must write to the Office of Financial Aid when they are submitting an appeal for any reason. Appeal letters should include the student's identification number, mailing address and signature.
If you write an appeal, you will be notified of our decision in writing, sometimes in the form of a new Award Letter. If you disagree with our decision, you may request a personal hearing within 10 days of the date of our decision to present new information.
Satisfactory Progress Probation or Suspension Appeal
You must inform the Office of Financial Aid in writing about grade changes that bring about reinstatement of financial aid privileges.
You may write a letter explaining unanticipated mitigating circumstances and request reinstatement of your financial aid privileges. Supporting documentation, such as a physician's statement confirming medical reasons, should accompany the written appeal.
You are eligible for reinstatement after you complete one term with passing grades in 12 or more credit hours and attain a Fort Lewis College cumulative grade point average of 2.00 ("C") or better without financial aid. You must, however, still write an appeal letter requesting reinstatement of financial aid.
If you are reinstated from financial aid suspension, you will only retain your eligibility for entitlement programs such as Pell grants and Stafford loans. You will lose limited need-based funds for that academic year.
Reconsideration of Need Appeal
Your financial aid eligibility is based on the information you provided on the FAFSA. Reconsideration of Need is appropriate when the amount of income that you, your spouse or your parents reported on your FAFSA changes considerably due to special circumstances. To request Reconsideration of Need you must submit a signed letter, a completed Reconsideration of Need Worksheet, and supporting documentation to the Office of Financial Aid.
Dependency Override Appeal
Parents’ unwillingness to provide financial support is not a sufficient basis, in and of itself, to appeal for independent status. Living independently of your parents does not constitute independence according to Department of Education guidelines.
Students claiming circumstances resulting in severe physical and/or emotional hardship must provide a signed letter attesting to these circumstances. Documentation from a knowledgeable third party, preferably a professional, must accompany the appeal letter.
REFUND POLICIES FOR RETURN OF FUNDS
Assessment of Tuition and Fees upon Withdrawal
Students who are registered for classes and decide not to attend have the responsibility to cancel classes before the first day of the relevant term. Non-attendance does not constitute cancellation or withdrawal. A No-Show Fee of $150 for Fall and Winter terms or $50 for each Summer session will be charged in lieu of tuition and student fees for students who never attended classes, yet failed to cancel classes before the first day of the relevant term.
Tuition and fees for official withdrawals are adjusted according to the schedules below:
|
FALL AND WINTER TERMS* |
|
Date of Withdrawal |
Tuition and Fees Assessed |
|
1st day of term
through Census |
10% |
|
Day after Census through the end of week 4 of the term |
60% |
|
Weeks 5-9 |
75% |
|
Week 10 forward |
100%
(full tuition & fees) |
|
SUMMER SESSIONS* |
|
Date of Withdrawal |
Tuition and Fees Assessed |
|
1st day of term
through Census Date |
10% |
|
Day after Census Date through the end of Week 2 of the term |
60% |
|
Week 3 |
75% |
|
Week 4 forward |
100%
(full tuition & fees) |
* The Board of Trustees for Fort Lewis College reserves the right to change any fee at any time without formal notice whenever conditions warrant such a change.
To be eligible to receive the reduction in tuition and fees according to this schedule, the official withdrawal must be completed using WEBOPUS prior to midnight on the Sunday of the week indicated, with the exception of Census Date deadlines.
Students receiving federal need-based (Title IV) financial aid who withdraw before the 60% point in the term will be subject to the Return of Title IV Funds Policy. This is independent of the pro-rata assessment schedules above.
Return of Title IV Funds Policy
The Financial Aid Office recalculates Title IV funds eligibility for students who:
prior to completing 60% of a trimester or summer session.
Title IV funds include: Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (FSEOG), Leveraging Educational Assistance Program Grant (LEAP), Federal Perkins Loan, Federal Subsidized Stafford Loan, Federal Unsubsidized Stafford Loan and Federal Parent (PLUS) Loan.
Recalculation is based on the percent of earned aid using the following formula: Percent earned = number of days completed up to the withdrawal date divided by total days in the trimester/session. Withdrawal date is defined as the actual date the student began the institution's withdrawal process or the student's last date of recorded attendance. For the student who withdrew without notifying the institution, it is the midpoint of the trimester/session.
When a student receives Title IV funds and their enrollment is terminated prior to the end of the semester, the Title IV funds they received are subject to repayment. If the student withdraws after 60% of the enrollment period, the student will have earned all of his/her Title IV funds and no repayment will be required. We calculate repayment based on the number of days of attendance versus the number of days in the term.
Example: The student received Pell Grant for $1,875 for full time enrollment (12 credit hours). The student withdrew 38 calendar days into the 106-day term. Therefore the formula used would be 38 ÷ 106% = 35.8. The student earned 35.8% of their Title IV aid. See the chart below which shows the rest of the applicable return of Title IV funds calculations.
| Original Pell award |
$1875.00 |
|
Amount of Title IV aid student has earned is 1875 x 35.8% |
$671.25 |
Pell award - amount of Title IV aid unearned by the student
or Title IV aid to be returned is 1875 - 671.25 |
$1203.75
|
| Percentage of Title IV aid unearned is 100 - 35.8 = 64.2 |
64.2% |
| Institutional charges incurred by student |
$792.45 |
| Institutional charges unearned are 792.45 x 64.2% |
$508.75 |
Title IV aid to be returned by student
(Original award - institutional charges = student amount x percentage unearned ÷ 2 = total amount student must repay) (1875 - 792.45 x 64.2% = 695 ÷ 2 = 347.50) |
$347.50
|
| Pell funds institution must return to the Dept. of Education |
$508.75 |
When aid is returned, the student will owe the College. The student will be billed accordingly and should contact Accounts Receivable to make arrangements to pay the balance due.
Please note: A student must repay these funds if the amount owed by the student is at least $25. Failure to repay requires the college to report the student to the U. S. Department of Education causing ineligibility of future Title IV funds at any educational institution.
No-Show Policy
Students who do not attend classes are ineligible for financial aid. Any financial aid they received must be repaid. Students who do not attend but fail to officially withdraw from classes prior to the published drop or census date will be held responsible for tuition, fees or book charges and repayment of all financial aid for the term.
Examples:
If a student enrolls in 12 credit hours but only attends 10 credit hours, the student's award will be pro-rated to 10 credit hours and the student must repay any financial aid received for the higher number of hours.
If a student enrolls in 12 credit hours and does not attend at all, the student must repay all of the financial aid received.
SCHOLARSHIPS
Outside scholarships are an often-neglected source of potential assistance. Businesses, social service agencies, foundations, unions, associations, religious groups, fraternal organizations, trusts and municipal institutions determine recipients of scholarships, fellowships, loans, awards, grants, internships, and prizes. Early planning is essential; each program has pertinent deadlines, qualifications and requirements. Students and parents should begin as soon as October in advance of the upcoming school year to investigate scholarship possibilities. For more information about scholarships see the Institutional Scholarship Guide.
ATHLETIC AWARDS
Student athletes at Fort Lewis College may receive a maximum award of tuition, fees, room, board and an allowance for books. Most athletic scholarships are for a lesser amount. Sources of funding include the Athletic Department, the Colorado Commission on Higher Education (CCHE), and monies held by the Fort Lewis College Foundation. The student-athlete must be a Colorado resident for tuition purposes and maintain a minimum 3.00 cumulative grade point average to receive CCHE funds. Contact the head coach of the sport you wish to participate in about athletic awards.
GRANTS
Federal Pell Grant
The federal Pell Grant is for undergraduate students who demonstrate high financial need on their FAFSA. Students who have completed the FAFSA process are automatically considered for the Pell Grant. Pell Grants range from $400 to $4,050. Students attending less than full-time may receive a proportionately reduced Federal Pell Grant.
Academic Competitiveness Grant (ACG)
This federal grant is awarded based on financial need and rigorous secondary school curriculum to students who are Pell Grant eligible. A rigorous secondary school curriculum is defined by the U. S. Department of Education. We automatically screen financial aid applicants and award ACG funds to those who meet the eligibility criteria. Award amounts range from $750 to $1,300 per academic year.
Science and Mathematics Access to Retain Talent Grant (SMART)
This federal grant is awarded based on financial need, eligible major and eligible grade point average to students who are Pell Grant eligible. We screen all of our financial aid applicants and automatically award SMART grants to eligible students. Award amount is $4,000 per academic year.
Federal Supplemental Educational Opportunity Grant (FSEOG)
This federal grant is awarded to undergraduate students with exceptional financial need. Federal Pell Grant recipients have first priority for this award. Early applicants who have completed the FAFSA process are automatically considered for the FSEOG grant. Awards range from $200 to $1,500 per academic year.
Colorado's College Responsibility Program Grant (CCRP)
The State of Colorado provides this grant to Colorado residents based on financial need. We automatically consider early applicants who have completed the FAFSA process for this grant. Awards are approximately $700.
Colorado Pre-Collegiate Academic Competitiveness Grant (PACG)
This program is designed to provide grant funds to Colorado high school graduates who receive a Federal Academic Competitiveness Grant (ACG), with priority going to students who have participated in eligible pre-collegiate programs. Amount varies.
Colorado Leveraging Education Assistance Partnership (CLEAP) Grant
The funding for this grant program is provided by both the federal government and the State of Colorado. Recipients must be Colorado residents and demonstrate substantial financial need. Early applicants who have completed the FAFSA process are automatically considered. CLEAP awards range from $200 to $1,000 per academic year.
Supplemental Leveraging Education Assistance Partnership (SLEAP) Grant
The funding for this program comes from the federal government and the State of Colorado. The recipient must be officially accepted into the Fort Lewis College Teacher Licensing Program, be a Colorado resident for tuition purposes and demonstrate substantial financial need. Awards are generally from $500 to $2,500 per academic year.
Governor’s Opportunity Scholarship (GOS)
The State of Colorado provides funding for this need-based grant. It is aimed at students from low-income families who can benefit from participating in the Program for Academic Advancement. The recipient must be:
-
A Colorado resident for tuition purposes
-
Accepted as a full-time, degree-seeking freshman
-
Willing to participate in the Program for Academic Advancement
-
Eligible for a federal Pell Grant
-
Willing to refrain from taking out any type of student loan
We screen our aid applicant database for prospective candidates and receive referrals from various sources including high school counselors. We invite prospective candidates to apply if they meet eligibility criteria. The GOS grant averages approximately $7,500 per year. It is based on continued funding from the State of Colorado.
LOANS
Federal Perkins Loan
Federal Perkins Loans have a fixed interest rate of 5%. They are offered to students with exceptional need, with priority given to early applicants who receive the Federal Pell Grant. Applicants who completed the FAFSA process and indicated an interest in loans are automatically considered for the Federal Perkins Loan. Students may obtain a Federal Perkins Loan without security or endorsements. We offer from $200 to $2,000 per academic year depending on the student's financial need and resources.
After graduation, or after ceasing to attend college at least half-time, there is a nine month grace period before repayment begins. You may be allowed up to 10 years to repay your Perkins loan. You may, at any time, repay the loan balance and any interest due without penalty.
If you fall behind on your payments, Fort Lewis College may demand immediate payback of the entire loan plus interest. If you default on the Federal Perkins Loan and we are unable to collect, the federal government will take action to recover the loan. Borrowers should contact Educational Computer Systems, Inc. (ECSI), 181 Montour Run Road, Coraopolis, PA 15108, www.ecsi.net, 1-888-549-3274, for information on deferment, cancellation, or forbearance.
Federal Stafford Loan
Federal Stafford Loans, as of July 1, 2006, have an interest rate of 6.8%. These loans are disbursed through the College. Participating lenders loan you the money. Students who specified they were interested in loans on the FAFSA are automatically considered for Stafford loans.
The Stafford Loan has two separate programs. The subsidized program is based on financial need and the borrower does not pay interest while enrolled at least half-time. The unsubsidized program does not have this in-school subsidy and is not need-based; therefore all eligible students may apply for and receive these funds. Under the unsubsidized program, interest may accumulate or capitalize until the borrower is out of school. Capitalizing increases the amount of the principal. The borrower may make interest-only payments to avoid capitalization.
|
STAFFORD LOAN PROGRAM LIMITS STARTING 2007-2008 ACADEMIC YEAR |
|
Dependent Student |
Independent Student |
|
Credits Earned |
Subsidized Loan |
Subsidized Loan |
+ Unsubsidized Loan |
|
0-29 |
$3,500 |
$3,500 |
+ $4,000 |
|
30-59 |
$4,500 |
$4,500 |
+ $4,000 |
|
60 or more |
$5,500 |
$5,500 |
+ $5,000 |
Note: Dependent students may be eligible to borrow up to the maximum unsubsidized amount, according to credits earned, if their parents’ application for a Parent Loan for Undergraduate Students (PLUS) loan is denied.
A dependent undergraduate borrower may accumulate a maximum of $23,000 outstanding federal student loan debt. The undergraduate independent borrower may have an outstanding federal student loan debt of up to $46,000.
The Office of Financial Aid sends you an Award Letter when we confirm your financial aid eligibility. We include a Loan Application with the Award Letter if we offer you a Stafford Loan. You must complete, sign and return the Loan Application if you wish to borrow. After you submit the Loan Application, processing may take up to four weeks during peak volume periods to transmit data to the Guarantee Agency. Submit the Loan Application to us two to three months before you need the loan to avoid delays.
First-time Fort Lewis College borrowers must complete entrance counseling before we can disburse their loan funds. Computers are available on campus for this purpose.
The Loan Guarantee Agency notifies you when and how to complete your Master Promissory Note (MPN) online. After the initial MPN, a promissory note will not be required for subsequent loans with the same lender. The Guarantee Agency will transmit the loan proceeds to the school after you sign your MPN.
Loans are disbursed in two equal installments. Disbursement will occur by the first day of classes each term, when enrollment is confirmed. The College automatically credits the money to your bill and refunds the balance, if any, to you. There may be a 1% default prevention fee charged by the Guarantee Agency.
Federal Parent Loan for Undergraduate Students (PLUS) Loan
Federal PLUS loans are for parents who wish to borrow to help pay for their student's education. You must complete the FAFSA before applying for a PLUS loan. PLUS loan applicants are subject to credit checks. Parents may borrow up to the Cost of Attendance, minus any other financial aid, each year. Repayment begins 60 days after the loan has been completely disbursed. PLUS loans as of July 1, 2006 have an interest rate of 8.5%.
Participating lenders fund PLUS loans. Parents may use the Office of Financial Aid Loan Application form to start the PLUS loan process. If a parent is denied a Federal PLUS loan, a dependent student may be considered for the unsubsidized portion of the Stafford Loan.
Alternative Loans
The Office of Financial Aid maintains information about private loan sources with no government subsidy. These loans require a more stringent qualification of credit worthiness and have a higher interest rate than federal student loans. The Office of Financial Aid advises all students to utilize the Stafford Loan Program first and completion of the FAFSA is strongly encouraged.
Fort Lewis College Emergency Loan Fund
Fort Lewis College has an emergency loan fund to help students meet unanticipated emergency expenses. The loan cannot exceed $500 and must be repaid within 30 days, or before the end of the term, whichever comes first. Students should apply in person at the Office of Financial Aid.
WORK-STUDY
Students who complete the FAFSA, specify an interest in work-study and are early applicants are automatically considered for a work-study award. You must attend college on at least a half-time basis to maintain work-study eligibility. The maximum award is $2,500 per academic year.
There are three types of work-study funds at Fort Lewis College:
1) Federal College Work-Study provides funding from the federal government to fund employment opportunities for students with financial need.
2) Colorado Work-Study provides funds from the State of Colorado for Colorado residents for tuition purposes who have financial need.
3) Colorado No-Need Work-Study recipients must be Colorado residents for tuition purposes. We use up to 30% of our Colorado Work-Study allocation to fund this program for students who do not qualify for need-based financial aid.
If you receive a work-study award you must come to the Office of Financial Aid the first week of school to pick up your contract. Students not previously employed at Fort Lewis College must present a driver's license and Social Security card, or other suitable identification, when they pick up their contract. We will provide a statement of Student Employee Rights and Responsibilities with your contract. Students who do not submit this contract in a timely fashion will lose their work-study award.
Pay rates range from minimum wage to $9.00 per hour. Wages are based on types of employment, years of service and job performance. For more information about student employment you may click here.
NATIVE AMERICAN STUDENTS
Qualified Native American students are not required to pay tuition costs at Fort Lewis College. For purposes of the tuition waiver, Native American is defined as follows:
"The term Native American shall include all persons of Native American descent who are members of any recognized Native American tribe now under federal jurisdiction, and all persons who are descendants of such members who were, on June 1, 1934, residing within the present boundaries of any Native American reservation, and shall further include all persons of one-half or more Native American blood. Eskimos and other aboriginal people of Alaska shall be considered Native Americans."
The Office of Admission notifies students if they qualify for the Native American Tuition Waiver. Any reference to this waiver from any other office, including the Office of Financial Aid, is unofficial.
Native American students may apply for additional financial assistance from their tribal scholarship office. Students who want the Office of Financial Aid to complete a Financial Needs Analysis (FNA) for their tribal scholarship office must submit a FAFSA. We cannot fill out the FNA until the student has a complete financial aid file. We can provide a budget forecast to tribal scholarship offices if the student does not submit the FAFSA.
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