Financial Aid
The Dominican House of Studies College of the Immaculate Conception (DHS) participates in the Department of Education Federal Student Aid (loan) Program. This provides our students with another method of paying for attendance. We participate in FFEL (Federal Family Education Loan Program - Stafford Loans), Grad Plus loans, and Federal Work Study (FWS).
Our federal school code is G12803.
ELIGIBILITY:
- Applicants must complete the FAFSA.
- Applicants must be U.S. citizens or permanent residents.
- Applicants must be enrolled at least half-time (six credits).
- Applicants must be admitted to an accredited degree program.
- Applicants cannot be in default on a prior educational loan, and must remain in good academic standing (2.0 GPA).
LOAN DETAILS:
Stafford Loans are low interest loans and the most common source of education loan funds. There are two types of Stafford Loans: subsidized and unsubsidized.
Subsidized:
- Students may borrow up to $8,500 in a given academic year.
- The Department of Education pays interest while the borrower is in school, and during grace and deferment periods.
- Interest begins to accrue six months after the borrower ceases to be enrolled or drops below half-time enrollment (six credits).
- Based on financial need.
Unsubsidized:
- Students may borrow up to $18,500 in a given academic year.
- Borrower is responsible for paying all interest.
- Interest begins to accrue at the time of disbursement and continues even while the student is enrolled.
- Borrowers can pay the accumulating interest while in school or allow the interest to capitalize and pay the larger sum later.
- Not based on financial need.
- Applicants must meet the general eligibility requirements for federal student financial aid.
- Applicants must be graduate or professional degree seeking students.
- Applicants must not have an adverse credit history. (Credit checks will be conducted.)
- The maximum Grad Plus loan an applicant can receive is the cost of attendance minus any other financial aid the student receives for a given academic year.
Student loans, unlike grants and work study, are borrowed and must be repaid with interest, just like car loans and mortgages. Please consider the probable amount you will have to repay in the future.
Federal Work Study (FWS):
FWS provides part-time employment for enrolled students.
PROCEDURAL STEPS TO APPLY AND ATTAIN FEDERAL FINANCIAL AID:
- Obtain a PIN (required to process the free online FAFSA) by going to www.pin.ed.gov
- Complete the Free Application for Federal Student Aid (FAFSA) form and submit between January 1 and June 30 for the upcoming academic year. The DHS academic year begins in August and extends through May. (The FAFSA is sent to the government processors.)
- You may check the status of your application after three weeks from the date you submitted it by going online at (www.fafsa.ed.gov), or by calling Federal Student Aid Information Center at 1-800-433-3243.
- After the Department of Education processes your application, you will receive a Student Aid Report (SAR). Review this to make sure all the information is correct. If the information is correct and contains your EFC (expected family contribution score), contact the Director of Federal Financial Aid. The information will be used to determine your eligibility for federal financial aid funds. If approved the awards letter and promissory note(s) will be given to you for your signature.
- Sign and return the awards letter and promissory note(s) to the Director of Federal Financial Aid.
- Notify the Director of Federal Financial Aid of your lender choice. Lender options include but are not limited to: Sallie Mae, Great Lakes, and Citibank.
- You will be notified after registration when your loans are ready for disbursement.
ENTRANCE/EXIT COUNSELING:
This is a requirement for students participating in the Federal Financial Aid program. Students are required to see the Director of Federal Financial Aid for entrance and exit counseling. Entrance counseling must be completed prior to receiving federal loans. Exit counseling must be completed prior to graduating or withdrawing from school.
WITHDRAWALS:
In the case of student withdrawal or leave of absence during a semester of federal financial aid disbursement, the student may have to return federal financial aid (return to Title IV). The amount of federal aid to be returned is based upon a formula provided by the Department of Education and is independent of the school’s tuition and related fees refund policy. The return of unearned funds are allocated in the following order: (1) Unsubsidized Stafford Loans, (2) Subsidized Stafford Loans, and (3) Grad Plus loans.
The school’s Financial Aid Office is required by federal statute to determine how much financial aid was earned by a student who withdraws, drops out, is dismissed, takes a leave of absence, or drops below half-time prior to completing 60 percent of a payment period or term. For a student who withdraws after the 60 percent point-in-time, there are no unearned funds (no return of funds is necessary). All schools complete a return calculation in order to determine whether the student is eligible for a post-withdrawal disbursement.
The calculation is based on the percentage of earned aid using the following Federal Return of Title IV funds formula: Percentage of payment period or term completed = the number of days completed up to the withdrawal date, divided by the total days in the payment period or term. (Any break of five days or more is not counted as part of the days in the term.) This percentage is also the percentage of earned aid.
Funds are returned to the appropriate federal program based on the percentage of unearned aid using the following formula: Aid to be returned = (100% of the aid that could be disbursed minus the percentage of earned aid) multiplied by the total amount of aid that could have been disbursed during the payment period or term.
If a student earned less aid than was disbursed (see above), both the institution and the student are required to return a portion of the student’s funds to the Department of Education. Keep in mind that when Title IV funds are returned, the student borrower may owe a debit balance to the institution.
If a student earned more aid than was disbursed to him or her, the institution owes the student a post-withdrawal disbursement to be paid within 120 days of the student's withdrawal. The institution must return the amount of Title IV funds for which it is responsible no later than 45 days after the date of the determination of the date of the student’s withdrawal.
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