reconfigure its institutional award offers if the outside funding is such that

Reconfigure its institutional award offers if the

This preview shows page 614 - 616 out of 682 pages.

reconfigure its institutional award offer(s) if the outside funding is such that would result in an overage of the College’s intended funding level of institutional aid. If a student receives no need-based financial assistance, then the combination of all merit aid and outside resources may not exceed the allowable cost of attendance. Adjustment of Federal Aid Return of Title IV Federal Aid When a student withdraws during a term, the amount of federal financial aid earned by the student is determined on a pro-rata basis up to the end of 60% of the term. The amount of federal Title IV aid earned is based upon the period of enrollment completed. A percentage is computed by dividing the number of days completed (as of the date the student officially withdraws) by the total number of days in the term as determined by the Office of Student Accounts and Bursar Services. Scheduled breaks of more than four consecutive days are excluded. The percentage is then applied to the aid received to determine earned and unearned aid. If and when any aid is determined to be unearned, it must be returned to the appropriate financial aid program(s). Returns to aid programs must be made in the following order: Unsubsidized Federal Stafford Loan, Subsidized Federal Stafford Loan, Federal PLUS Loan, Federal Pell Grant, Federal SEOG, and NY State Grant. Once a student has completed more than 60% of the term, the student is considered to have earned 100% of aid and no adjustment to aid is made. Refunds of Credit Balances Refunds are subject to the review of the Office of Student Accounts and Bursar Services. Institutional awards can never be refunded to the student. Credit balances resulting from private scholarships, federal financial aid, and alternative loan programs are subject to specific guideline review and approval by a financial aid counselor and a student account representative. Refunds will be routed through the approval process when the credit amount actually exists on the student’s account, after the census date for each term (first week of each term, or the add/drop period). In the event of an overpayment of personal funds paid to the College by check, refunds will be subject to a ten day holding period while original funding is cleared by the bank. Credit balances resulting from excess payments will be refunded to the student’s name unless PLUS loans indicate otherwise. . Processing of Refunds Checks will be mailed to the current home address of the student, if the student does not elect to receive an eRefund, or the Parents name and address on the PLUS loan system.
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614 Financial Assistance Financial Assistance Manhattan College provides the maximum financial aid available to qualified students to make their attendance at Manhattan financially possible.
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