TO KNOW ABOUT
FINANCIAL AID
AT
CLEVELAND
INSTITUTE OF ELECTRONICS
II.
STATEMENT OF
PRINCIPLE
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..2
III.
WHAT TITLE
IV FINANCIAL AID PROGRAMS ARE AVAILABLE?
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.
3
IV.
WHAT IS MY
DEPENDENCY STATUS?
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4
V.
WHAT WILL MY
EDUCATION COST?
...
5
VI.
HOW IS
ELIGIBILITY DETERMINED?
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...6
VII.
HOW ARE
FUNDS DISBURSED?
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7
VIII.
HOW ARE
REFUNDS PROCESSED?
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IX.
WHERE CAN I
GET ADDITIONAL INFORMATION ABOUT THE SCHOOL?
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X.
STUDENTS
RESPONSIBILITIES
...10-11
XI.
SATISFACTORY
ACADEMIC PROGRESS
POLICY
12-13
XII.
GENERAL
VERIFICATION POLICIES AND PROCEDURES
......
14-15
XIII.
FINANCIAL
AID CONFIDENTIALITY POLICY
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...16
XIV.
CRIME
AWARENESS REPORT
.18-19
XV.
FAMILY
EDUCATIONAL RIGHTS & PRIVACY ACT (FERPA)
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...20-21
XVI.
DRUG FREE
SCHOOL PROGRAM
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22
XVII.
FEDERAL
PENALTIES AND SANCTIONS FOR ILLIGAL
23
a.
POSSESSION
OF A CONTROLLED SUBSTANCE
XVIII.
HEALTH RISKS
ASSOCIATED WITH ALCOHOL
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..24
The philosophy of student financial aid at our
institution supports career preparation education of the student. Our objective
is to help the student prepare for a productive career so that he/she is
qualified for a beginning position through job performance or additional
education he/she has acquired while on the job.
The following are the guiding principles of the
student aid programs at our school:
A)
The primary purpose of student financial aid is to provide assistance
to qualified students who would be unable to attend this school without such
aid. Students and their parents and/or
spouse are expected to take primary responsibility for the financing of the
students education. Therefore, any aid
the student may receive from our institution should be regarded as supplemental
to that which can be provided by student and his/her parents and/or spouse.
B)
The school also believes in the principles of student self-investment. Students are expected to save and provide a
portion of their earnings for their educational expenses.
C)
In selecting a financial aid recipient, the school places emphasis upon
need, achievement and promise.
D)
The office of Student Financial Aid provides counseling for students
and their parents and/or spouse who desire assistance in financial planning to
meet educational expenses.
E)
This program admits students of any race, color, age, national and
ethnic origin, to all the rights and privileges, programs and activities
generally accorded or made available to students at the school. It does not discriminate on the basis of
race, creed, religion, color, age, marital status, national and ethnic origin
in the administration of its educational policies, admission policies,
scholarship and loan programs and other school administration programs.
F)
This institution has a DRUG
ABUSE prevention program accessible to any EMPLOYEE or STUDENT.
1
STATEMENT OF PRINCIPLES
1.
The primary purpose of our financial aid programs shall be to provide
financial assistance to our accepted students who, without such aid would be
unable to attend our school.
2.
We recognize our obligation to assist in realizing the national goal of
equality of educational opportunity. We, therefore, work with other educational
institutions in support of this goal.
3.
We shall publish budgets that state total student expenses
realistically; including tuition and fees, books and supplies.
4.
Parents are expected to contribute according to their means, taking
into account their income, assets, number of dependents and other relevant
information. Students themselves are
expected to contribute from their own assets and earnings, including
appropriate borrowing against future earnings.
5.
Financial aid will be offered only after determining that the resources
of the family are insufficient to meet the students educational expenses, the
amount of aid offered will not exceed the amount needed to offset the difference
between the students educational expenses and the familys resources.
6.
The amount of any type of self-help expected from students will be
related to the circumstances of the individual.
In the assignment of funds to those students designated to receive
financial aid, the largest amounts of total grant assistance will be awarded to
students with least ability to pay.
7.
We shall review our financial assistance awards annually and adjust
them, if necessary, to reflect changes in the financial needs of students and
the expenses of attending the school. We
have an obligation to inform the students and parents of the financial aid
renewal policies for enrolled students at the time of the initial offer of
financial assistance.
8.
Because of the amount of financial assistance awarded reflects the
economic circumstances of the student and his/her family, we will refrain from any public announcements
of the amount of aid awarded and encourage the student and others to respect
the confidentiality of this information.
9.
All documents, correspondence and conversations between and among the
aid applicant, his family and financial aid officer are confidential and
entitled to the protection ordinarily arising from a counseling relationship.
10.
This institution certifies that it has a drug abuse prevention program
in operation. It is accessible to any
officer, employee or student.
2
Cleveland
Institute of Electronics has been authorized to administer need based Federal
Student Financial Aid Programs. The
student must complete and submit to the Financial Aid Office the Free
Application for Federal Student Aid (FAFSA) to be considered for either a grant
and/or loan.
Pell
Grants are awards that do not have to be repaid by the student. A completed financial aid file is required for
the award(s).
The
Federal Pell Grant is based on financial need.
These grants are awarded to exceptional need students as defined by
federal regulations.
Federal Loan Programs
This
school participates in the Federal Stafford Loan Program. A student is eligible to receive funds under
the Federal Stafford Loan Program. The
Loan is awarded by the school and serviced by the Federal Government. The
student must complete the Federal Direct Master Promissory Note on line at www.nslds.ed.gov to apply for the loan. The
Master Promissory Note spells out the provisions of the loan including interest
rate, loan term, loan fee, loan cancellation, etc. The student must complete the References
section and e-sign the Promise to Pay at the bottom of the form.
Interest and Principal you start paying back the
loan within 60 days of full disbursement.
The total amount that the student pays over the life of the loan is
lowest with this option. This option is
available with a variable or fixed rate loan.
Interest Only Payments while in school, the student
will pay only the interest on his/her loan.
After the in-school and grace periods, interest and principal payments
begin. With small monthly payments the
student can avoid capitalization that occurs with the deferral of interest
and principal (Option 3). The total
amount to be paid over the life of the loan is lower than the deferral of
interest and principal option, but higher than if the student makes principal
and interests payments immediately (Option 1).
This option is available with a variable or fixed rate.
Deferral of Interest and
Principal you
make no payments while you are in school (maximum of 5 years) and during the
6-month grace period. After the in
school and grace periods, interest and principal payments begin. While a student is in school, interest
capitalizes. This means the interest
that accrues on the loan is added to the principal (twice a year). When payments begin, they are based on the
original amount borrowed plus the interest that accrued while the student is in
school. The total amount paid over the
life of the loan is highest with this option.
This option is only available with a fixed rate loan.
An Award Notification letter
will be sent to the student indicating the type and the amount of aid awarded.
3
Some
students have supported themselves for several years and their parents are not
expected to contribute toward their school expenses. Such students are called independent
students and for them the financial aid process works differently because
parental income is not considered.
However, if an independent student is married his or her spouses income
is considered, whether or not they were married when they filed taxes.
When
we speak of your parents below, we mean natural or adoptive mother or father or
a legal guardian required by the court to use his/her funds for your support.
You
are considered a self-supporting student if you meet any one of the following
criteria:
¨ You were born before
¨ You will be working on a
bachelors degree in school year 2006-2007.
¨ You are married as of the
date of application.
¨ You have children that
receive more than half of their support from you.
¨ You have dependents (other
than children or spouse) that receive more than half their support from you.
¨ You are an orphan or ward of
the court until age 18.
¨ You are a veteran of the U.
S. Armed Forces.
You
may still apply to have yours or your parents income and expenses waived
because of unusual circumstances. The
student will be asked for items such as rent receipts, cancelled checks, copies
of utility bills, third party letters, a letter from the parent(s), or any
other forms of documentation that the financial aid officer feels are
appropriate. Only the Financial Aid
Office can determine if particular circumstances warrant an adjustment to your
income or dependency status.
A
special circumstance form is available through the Financial Aid Office for
students who have a drastic change in personal resources from the previous or
current year.
To
be considered for special circumstance, you must be able to support any
claim(s) with documentation and one or more of the following must be present:
1. Loss of a job or change in
employment status from the previous year (parental, independent student
or spouse).
2. Unusual medical or dental
expenses.
3. Divorce, separation, or
death of a parent or spouse.
4
Before
applying for financial aid, students and parents should assess all of the costs
of attending this institution. The Financial Aid Office establishes standard
budgets, which reflect average costs for students during a typical term of
enrollment. Actual expenses vary among
students depending on life styles, priorities and obligations. To assist
applicants in determining their need to meet all costs of education, direct and
indirect, a schedule of tuition and fee costs has been provided with estimates
of living expenses.
The
budget shown below is the cost for CIEs Associate Degree:
(12-Month
Program)
Tuition ($1,770.00 per term) $3,540.00
Books $ 856.00
Supplies $1,000.00
Loan Fees $ 39.00
Total $5,435.00
5
HOW IS
ELIGIBILITY DETERMINED?
As
stated before, financial assistance is awarded to bridge the gap or to
supplement the amount you and your family are reasonably able to contribute
towards your educational expenses. A
Federally approved system of need analysis is used to calculate your Pell
Grant award. In order to perform this
evaluation, it is necessary for you to complete the Free Application for
Federal Student Aid with information concerning your familys financial
strength such as income and assets, size of family, number in college, and any
unusual circumstances or expenses which you face.
For
all Federal Aid Programs, students must have need in
order to qualify. But, in addition to
the requirements of need, there are several other eligibility factors you
must meet:
--You
must be a
--Be
enrolled in a course that is at least 600 clock hours, 24 quarter credit hours,
or 16 semester credit hours in length.
--Be
attending at least half-time for Pell Grant and Student Loans.
--Not
be in default on a Federal Loan received at any school, and not owe a refund on
a Federal, or State Grant at any institution.
--You
will be required to obtain a record of your past financial aid funds if you
have attended another college or post-secondary school, as well as, sign a
statement that you are not in default nor owe a refund.
--Be
making satisfactory progress.
--Be
registered for the draft with Selective Service if you are a male who is age 18
25 years of age.
--Not
currently enrolled in high school.
--For
the Federal Pell Grant Programs you may not have previously received a
Bachelors Degree.
--Not
incarcerated in a Federal or State penal institution.
--Have
a high school diploma or GED.
--Have
a valid Social Security Number.
--Not
have property subject to a judgment lien for any debt owed to the United States
Government.
--File
a Statement of Educational Purpose on the Free Application for Federal Student
Aid.
6
Financial aid awards accepted by the student are disbursed by the Business
Office and will appear as a payment on the billing invoice as a direct credit
reducing the balance due.
All
students receiving Federal Loans must access the Federal website at www.ed.gov/directloan and complete the
entrance counseling tutorial prior to the loan being certified by the school.
Regulations
require that checks for Federal Loans must be disbursed within thirty (30) days
of receipt from the lender. The loan
disbursement date is reported to the student on the Notice of Loan Guarantee
and Disclosure Statement from the Guarantor and the Award Notification letter
from the Financial Aid Office.
Once
your aid has been determined and your paperwork has been signed and submitted,
you have two (2) major responsibilities.
The first is to apply yourself and learn as much as you can. This will not only help you in your career
later, but it is also a condition of your continuing to receive Financial Aid
funds. Also, in order to continue to
receive Financial Aid funds, you must be making satisfactory academic
progress in accordance with the schools Grading and Attendance Policy.
WITHDRAWAL
POLICY
Official
Withdrawal: Students planning to
withdraw will be encouraged to complete the current term before withdrawing.
Students must contact the Student Services Office via e-mail or written notice
to complete and sign a change in status form. Non-submittal of lessons does not
constitute an official withdrawal.
Unofficial
Withdrawal: For students who withdraw
before completing a term without notifying the school and who have not
communicated with the school during a 105-day period, the school will consider
that the student has unofficially withdrawn. The end of the term will be used as
the date to determine that the student has unofficially withdrawn from
training. The midpoint of the term that the student ceased attending will then
be used as the withdrawal date for calculating any return of Federal funds to
the U.S. Department of Education. Additionally, students who fall below the
minimum number of credit hours and GPA required for determining satisfactory
academic progress (see pages 12-13) will also be administratively withdrawn
from their training program at the end of the term.
If a student has borrowed under the Federal Direct
Loan Program, it is his/her responsibility to inform the
7
Whenever a student withdraws or is terminated, the
amount of any funds due to the Federal financial aid programs will be
calculated according to Federal regulations.
Generally, students who qualify for Federal financial aid will receive a
pro-rata refund based upon the amount of time they have been in school. Please refer to the School Catalog for the
refund policy. Sample refund
calculations are available upon request.
The refund priority is as follows:
1. The refund is first applied
to the Federal Loan program.
The refund is next applied to the Federal Pell Grant
Program.
2. Any refund still remaining
will be given to the student or other Agency as required
3. If a student withdraws or is
terminated prior to graduation and has received a cash disbursement for other
educational expenses, the students monthly living costs (room, board,
personal, etc.) will be compared with the Financial Aid funds disbursed in
order to determine if more funds have been provided than costs incurred. In making this calculation, any portion of a
month will be considered a month.
4. If it is found that the
student received excess financial aid funds, the student will be billed for
this amount. Student payments will be
restored to the aid programs following the same policy as is used for
institutional refunds.
All
refunds owed to the Federal Financial Aid account will be issued within thirty
(30) days.
Return of Title IV Funds
Federal regulations require a refund calculation for all
students receiving Title IV funds who withdraw from the term. The length of time during which a refund must
be calculated is up to 60% of the payment period (term). If a student withdraws on or before the 60%
point in time, a portion of the Title IV funds awarded to a student (Pell
Grant, and Federal Subsidized loans) must be returned, according to the
provisions of the Higher Education Act Amendments of 2000. The calculation of the return of these funds
may result in the student and college owing a balance to the U. S. Department
of Education.