Financial Assistance Eligibility

The primary responsibility for financing a college education lies with the student and the family (if the student is a dependant student). All students must file the Free Application for Federal Student Aid (FAFSA) each year after January 1 to determine eligibility for financial aid. Students need to add the school code for Daniel Webster College (004731) for the needs analysis to be sent to the Financial Assistance Office. The purpose of the FAFSA is to determine the financial need of a student and to confirm their eligibility to participate in student aid programs. The information provided on the FAFSA is calculated using a federal needs analysis formula approved by the United States Congress.

The results of the federal needs analysis are released to Daniel Webster College and used by the Financial Assistance Office to determine your financial assistance award. The financial assistance award will vary according to your need and the availability of funds. Financial aid is awarded for one academic year at a time and you must reapply annually to receive consideration in subsequent years.

Financial Need

A student's financial need is the cost of attendance minus the expected family contribution (EFC). Students may not receive financial aid in excess of their cost of attendance. The Financial Aid Office fully acknowledges it may not be able to meet a student's financial need due to limited resources. The Financial Assistance Office is here to offer assistance to students and families that are seeking alternative financing. (See frequently used lender list).

Verification

A student's file may be selected by the U.S. Department of Education for review in a verification process. Students selected for verification will be asked to provide additional documents to the Financial Aid Office. These documents will be used to either confirm or correct information submitted by the student on the FAFSA. Since a student's financial aid eligibility is based on information provided on the FAFSA, any changes in that data may affect a student's financial aid award. For this reason, awards will not be finalized until verification has been completed.

Financial Aid Award Revisions

If the Financial Aid Office receives additional information pertaining to a student's financial aid application, adjustments to a financial award are often necessary. If a student's award is adjusted, he or she will receive a Revised Award Letter. Some typical reasons for award adjustments are:

1. Enrollment change
   If a student modifies their originally planned enrollment pattern by dropping or adding one or more classes, their cost of attendance changes, which often alters financial aid eligibility. In these cases, the Financial Assistance Office is required to reduce a student's financial aid award. Please note: all students must be enrolled at least half time to receive financial aid, which is a minimum of 6 credit hours for both Undergraduate and Graduate students. Students must be enrolled in a minimum of 12 credits to be eligible for institutional aid.
2. Housing change
   If a student decides to be a commuter instead of living on campus, their cost of attendance changes and may reduce financial aid eligibility and the student's award. Please note that first and second year students are required to live on campus unless they are commuting from home. If needed, students in their third year or further are eligible to receive financial assistance to cover campus housing. Proof of living expenses (lease agreement and utility bills) are required to receive aid.
3. New information is available.
   Updated information provided by the student may result in an EFC change. Satisfactory Academic Progress

To be eligible, financial aid recipients are required by both federal and institutional policy to work at a reasonable pace towards a degree or certificate and maintain the minimum grade point average required for graduation. The financial aid policy regarding Satisfactory Academic Progress is all students, full or part-time, are expected to maintain at least a 2.0 CGPA. In addition, students must complete 70 percent of the courses they are attempting for any given semester. Students with a performance-based scholarship must maintain a minimum of a 2.5 CGPA to be eligible.

Students who do not meet the Satisfactory Academic Progress standard are placed on financial aid probation. Failure to improve academic standing by the end of the probationary period will result in the termination of all financial aid.

Renewal of Awards

Financial aid awards are not automatically renewed. The student is responsible for reapplying for financial aid each year. Financial aid eligibility is re-evaluated annually based on the following variables:

1. Financial Circumstances: Changes in a family's financial situation may affect aid eligibility. All need-based awards will be re-evaluated to allow for either increases or decreases in a student's calculated financial aid eligibility.
2. Cost of Attendance: Any annual increases in either tuition or room/board charges will be factored into a student's aid eligibility.
3. Grade level/Self-help funding increases: Annual award limits for the Federal Direct Stafford Loan, set by the federal government, are intended to increase with a student's grade level. Increases to a student's Federal Direct Stafford Loan award may affect eligibility for other need-based aid.

Alternative loans should be used as a LAST resort after exploring all other forms of self-help and federal loan options. Please carefully consider the impact that alternative loan debt will have on your budget after you complete school. Most alternative loans offer deferred repayment until after you complete school. However, interest will accrue during the in-school period and will be the responsibility of the borrower.