FINANCIAL
AID PAYMENT POLICIES
Financial Aid Eligible Students
You must have financial aid awarded on your file OR have paid your tuition and fees by the January 15, 2010 payment deadline or you will be charged a 4% service charge. An additional 1.5% fee will be assessed on the 7th working day of each month thereafter until your bill is paid.If you are on financial aid suspension, you must have an appeal approved by the Office of Financial Aid by Wednesday, February 3, 2010 or you will be responsible for the total cost of your semester. We strongly encourage you to appeal. If your appeal is not approved, you may keep your registration on a self-pay status or have the Office of Student Accounts drop your entire (not partial) registration without financial penalty by submitting the required form to their office (CN 110) by Wednesday, February 17, 2010. You will still be responsible for any charges on your account that are unrelated to the semester registration dropped for you. If you withdraw from all, or any portion, of your courses on your own, you will be charged a percentage of the original tuition and fees according to the withdrawal/refund policy.
If you are registered for the spring semester but do not attend courses, you are responsible for officially withdrawing and will be charged the percentage of tuition and fees in effect at the time of withdrawal.
If you do not officially withdraw from courses, you are responsible for any academic grades received as well as any charges resulting from the Return of Funds Calculation.
If you wish to withdraw from courses you must follow the Metro State withdrawal procedures. You should withdraw by Monday, January 25, 2010, to avoid paying any fees for full semester courses.
Wait-listed courses do not count toward your total number of credits for disbursement of financial aid. Questions should be directed to the Office of Financial Aid.
Important Notice to Financial Aid Recipients
Please note that correspondence, distance learning and some study abroad courses may not record grades at the end of the semester for which you have registered. Without an assigned grade, the course will not be counted toward the minimum requirement for financial aid eligibility. Please determine when grades will be assigned and only consider these courses to help satisfy minimum course completion requirements for financial aid in the semester the grade is assigned.You are ultimately responsible for payment of your tuition and fees. If you do not receive financial aid before the end of the fall semester, you will be required to make your tuition payment.
If you are concurrently enrolled at Metro State and another school, you may not receive financial aid from both schools.
This section applies only to students who have been awarded financial aid: (All other students should refer to Metro State’s refund policy.
A refund is the amount of tuition and fees paid back into a student’s account after the school has performed the withdrawal calculation. In general, students will not receive funds directly as a result of refund calculations. Refunds will first be applied to the Title IV programs from which a student was awarded and then to the student (see Distribution of Refunds following). In fact, a student may owe the school money if funds were disbursed.
RETURN OF FINANCIAL AID POLICY
Federal regulation requires that all or a portion of a student’s Title IV financial aid be returned to the appropriate aid program following the student’s complete withdrawal from classes. Following withdrawal, any credit balance in the student’s tuition and fees account will first be refunded to the aid programs from which funds were awarded. Any remaining credit balance will be refunded to the student. (See Distribution of Refunds section.) The student may owe the school money if funds were disbursed directly to the student.If all of your final grades post as "F", "F#", "U", "UE", "U#", "NX", "CC", "DW", and/or "NC", by Federal regulation we are required to assume you unofficially withdrew. Your earned aid will be calculated based upon 50% attendance of the term, thus, you have earned only 50% of your total aid, and you will be required to repay all or a portion of your unearned federal aid.
Following a student’s complete withdrawal from Metro State, the Office of Financial Aid must return Title IV funds back to the appropriate financial aid program according to the following policy:
RETURN OF TITLE IV FUNDS POLICY
If you receive financial aid and completely withdraw before the first day of classes, 100% of your financial aid will be refunded to the appropriate financial aid programs.If you receive federal financial aid and withdraw on the day of-or-after the semester begins, refunds to the aid programs will be calculated according to the following calculation:
Return of Funds Calculation
(If % Completed > 60%, no refund to aid program is required)
100% - % Earned Aid = % Unearned Total Title IV Aid disbursable
(excluding Federal Work study) x % Unearned = Unearned Aid AmountThe Unearned Aid Amount must be returned to the appropriate financial aid program. The portion of Unearned Aid that was applied to institutional charges will be returned by the school. The student must return any remaining unearned aid that was disbursed. Unearned aid that comes from Federal Stafford Loans or Federal Perkins Loans may be repaid according to the terms of the loan.
Students who have not received their Title IV Aid disbursements prior to the date of withdrawal may qualify for post-withdrawal disbursements. If you qualify you will be notified by mail within 30 days of withdrawal date. You must respond to the notification letter within 14 days of the date of notice.
DISTRIBUTION OF REFUNDS
The Unearned Aid Amount must be returned to aid programs in the following order:1. Unsubsidized Federal Stafford Loan Program
2. Subsidized Federal Stafford Loan Program
3. Federal Perkins Loan Program
4. Federal PLUS Loan Program
5. Federal Pell Grant Program
6. Federal Supplemental Educational Opportunity Grant Program
7. Other Federal Title IV Programs
8. Other federal, state, private, or institutional assistance programs
9. The student. If you owe a balance to the school, any refund will be applied to that balance before being released to the student.If you would like more information on these policies or would like to see examples of their application, please contact the Office of Financial Aid.
SPONSORSHIP BY A THIRD PARTY
Your sponsor authorization voucher or letter of credit must be submitted to the Office of Student Accounts (CN 110) before the close of business Friday, January 15, 2010. If no sponsorship document is on file by Friday, January 15, 2010, you must pay in full, or you will be assessed a 4% service charge on the outstanding balance. You are responsible for all charges not covered by your sponsorship as well as any payments refused, or deemed non-collectable by your sponsor.
Sponsorship documents must be submitted each semester.