Award Offer
The College updates information in the students' portal as the method of notifying financial aid applicants of the financial aid assistance offered. These updates are considered an electronic offer. The paper or electronic award offer provides information on the types and amounts of financial aid offered, as well as specific program information, student responsibilities, and the conditions which govern the award. Students are considered to have accepted all aid amounts that they do not decline. Students should decline those forms of aid that they do not wish to receive.
Cost of Attendance (COA)
The COA (or student's budget) is the total estimated amount it will cost the student to attend Presentation College for one academic year consisting of the fall and spring semesters. The COA for those students who enroll for three semesters (fall, spring and summer) during the academic year is increased so that it also includes the estimated costs for the summer term. The COA includes tuition and fees; room and board (or a housing and food allowance); and allowances for books, supplies, transportation, loan fees, and dependent care. It also includes miscellaneous and personal expenses; may include an allowance for the rental or purchase of a personal computer; costs related to a disability; and reasonable costs for eligible study-abroad programs. Contact the FAO at PC if you have any unusual education-related expenses that might affect your COA.
The College's COAs for full-time and half-time students are detailed on the website in the financial aid pages. Full-time is defined as enrollment for twelve or more credits per semester. Half-time is defined as enrollment for six to eight credits per semester. The College also calculates a prorated COA for students who enroll three-quarter-time (nine to eleven credits) and less-than half-time (five credits or less) per semester. For students attending less than half-time, the COA includes tuition and fees, an allowance for books, supplies and transportation; room and board expenses are not included. Students who enroll on a less-than half-time basis are not eligible for federal Direct loans, thus loan fees are not included in the COA for this enrollment status. If a less-than-half-time student applies for and is eligible to receive an alternative loan the COA can be adjusted.
Expected Family Contribution (EFC)
This is the number that is used to determine the student's eligibility for federal student financial aid. This number results from the analysis of the financial information the student provides on the
FAFSA. The EFC is reported to the student on the Student Aid Report (SAR).
Free Application for Federal Student Aid (FAFSA)
The application that is used to apply for federal student aid, such as federal grants, loans, and work-study. The FAFSA must be filed for each year of enrollment. The College's FAFSA priority deadline is March 1.
Master Promissory Note (MPN)
The MPN is a binding legal document that the student (or parent) borrower must sign in order to apply for a federal student (or parent) loan. The MPN can be used to make one or more loans for one or more academic years (usually up to 10 years). It lists the terms and conditions under which the student (or parent) agrees to repay the loan and explains the rights and responsibilities of the borrower. It is important to read and save the MPN to refer to it later when loan repayment begins or at other times to access information about provisions of the loan, such as deferments or forbearances.
Need
Financial need is the number that results when the student's Expected Family Contribution (EFC) is subtracted from the Cost of Attendance (COA). In the following example the student's estimated cost for tuition, fees, books, housing, meals and personal expenses totals $30,000 for one academic year.
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$ 30,000
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COA
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–
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$ 5,820
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EFC
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=
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$24,180
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Need
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In this example the student is eligible for a maximum of $24,180 in financial aid that is based upon need.
Return to Title IV (R2T4)
When students stop attending all of their classes and are no longer participating in any academically related activities the College is required to determine if the student is eligible to retain or to receive any Title IV financial aid. Federal regulations require the College to use a calculation called R2T4 to determine the percentage of financial aid the student has earned as well as the amount that is unearned. The calculation is based upon the number of days that the student attended as a percentage of the days in the term.
Once students have begun to attend approved classes they begin to incrementally earn their Title IV financial aid (if they are otherwise eligible). Prior to the 60% point of the semester students earn a percentage of aid that increases with each day of attendance. After the 60% point of the semester students are considered to have earned 100% of their Title IV financial aid.
When students fail to attend their classes, they could leave the College owing money because their charges for tuition, fees, the suites, and meal plan are higher than the amount of financial aid that they have earned. Students are advised to meet with a staff member in the business or FAO to discuss the financial consequences of dropping out or withdrawing from the College before doing so.
Title IV
Title IV financial aid is also called federal financial aid. The Title IV programs were created with the passage of the Higher Education Act in 1965. All Presentation College campuses participate in these Title IV programs: Pell Grant, Iraq and Afghanistan Service Grant, and Supplemental Educational Opportunity Grant (SEOG) programs; Direct Loans (for students and parents); and Federal Work-Study (FWS). The College also offers state and institutional scholarships and grants. To apply for Title IV aid, students must file the FAFSA for each year of college.
Presentation College reserves the right to update and change these and all other financial aid policies as may be required by federal, state and institutional regulations at any time and without prior notice.