Terms and Conditions of Financial Aid Awards
A. SELECTION OF AWARD RECIPIENTS AND DETERMINATION OF FINANCIAL AID PACKAGE
1. Selection: Need Based Aid: Applicants for financial aid are evaluated on the basis of demonstrated financial need, satisfactory academic progress, and packaging guidelines. Need is the difference between the cost of attendance and the family’s ability to meet that cost. The family’s ability to contribute is determined by a federally mandated formula used to evaluate the need analysis application. Total need-based aid must not exceed total need. Non-need Based Aid: Several factors which may include the student’s academic record, scholarship applications, results of standardized tests, and participation in community and school activities are reviewed in selecting a student to receive merit scholarships and/or grants.
2. Financial Aid Package: Aid is granted for one academic year only. At the time the financial aid package was evaluated, the student was automatically considered for institutional grants, and Title IV assistance (Federal Supplemental Educational Opportunity Grant, Federal Pell Grants) available through the Financial Aid Office. Federal Work-Study Employment and Federal Stafford Loans require a separate application. The specific components of the aid package are dependent upon availability of funds, demonstrated need, compliance with federal and state regulations and College policy.
3. Additional Assistance: The aid package has been constructed using all resources known at the time of the award. All aid recipients are expected to apply for their state grant if it may be used at RCBC, and any other aid for which they may be eligible. RCBCwill not replace non-College financial aid with College funds when students fail to apply for an aid source for which they are eligible. Students are required to notify the Financial Aid Office of any additional aid they receive from sources outside the College. Outside sources of assistance will appear on the Financial Aid Award Letter and may result in an adjustment to the amount of aid offered. Failure to notify the Financial Aid Office of supplemental sources of aid will jeopardize future assistance offered by RCBC.
B. ACKNOWLEDGMENT OF FINANCIAL AID PACKAGE
The receipt of this Award Letter represents acknowledgement of the aid listed on the Award Letter and acknowledgement of its terms. The student must report any changes or corrections in Enrollment, or Program that affect the cost of attendance. The student must retain the Award Letter. Questions concerning the financial aid offer should be directed to the Financial Aid Office.
This is a conditional award. Rowan College at Burlington County reserves the right to modify your Financial Aid award(s) at any time due to changes in your financial aid eligibility, federal or state verification, or in the availability of federal, state or outside organization funding. The College shall not be held responsible in the event that funding of financial aid awards is based on fraudulent, inaccurate or misleading information.
C. DISBURSEMENT PROCEDURES
1. Financial Aid Awarded: The student will receive a listing of charges from the Accounting Office each semester. The bill will list charges minus the financial aid credited for each semester. Except for earnings from employment, the award amounts listed on the Award Letter will be credited to the student’s account once the student has completed verification and all required processing steps.
a. Federal Pell Grant: Actual eligibility is determined by the federal government. The grant will be credited to the student’s account by semester when the Financial Aid Office has received the student’s valid, eligible Family Contribution from the federal processor.
b. TAG and EOF Grants: The New Jersey Higher Education Student Assistance Authority determines actual eligibility. The grant will be credited upon confirmation of the student’s eligibility by the state.
c. Federal Stafford Loan: The amount that appears on the Agreement, prior to loan processing, is the Financial Aid Office’s estimate of the student’s maximum eligibility. This amount does not reflect origination and guarantee fees deducted by the lender. The amount of the Stafford Loan cannot be finalized until a loan application is processed. To apply for the Stafford Loan, the student must complete an application from a lender. Specific instructions for completing and processing are on the loan application. Once the College receives the funds from the lender, the funds will be credited to the student’s account.
d. Federal Work-Study: The amount of Federal Work-Study is an eligibility limit. Employment is not guaranteed. Actual earnings will depend on the number of hours worked and the wage rate. FWS is not credited to the student’s account. Students will be paid biweekly by check.
e. NJ STARS and Outside Scholarships: The amount of an outside scholarship will be credited to the student’s account ONLY WHEN the check and or funds are received by the College.
2. Refunds: If a credit balance exists after all funds have been credited to the student’s account, the Accounting Office will refund the credit balance to the student unless it receives the student’s written authorization to retain the funds on his/her student account to cover educational expenses.
3. Withdrawals: If the student withdraws before the end of the refund period, the federal, state and institutional financial aid will be adjusted based on the College’s refund policy and/or the distribution formula mandated by the Department of Education and/or the State Grant agency.
D. MINIMUM STANDARDS
In order to continue to receive financial assistance, the student must meet the College’s Satisfactory Academic Progress Policy for Financial Aid for continuation of financial aid.
If you do not meet the Satisfactory Academic Progress Policy for Financial Aid, this and other future awards could be in jeopardy.
E. FINANCIAL AID PENALTIES FOR DRUG LAW VIOLATIONS
Is it true that drug convictions might affect my ability to get federal student aid?
Yes; your eligibility might be suspended if the offense occurred while you were receiving federal student aid (grants, loans, or work-study). When you complete the FAFSA, you will be asked whether you had a drug conviction for an offense that occurred while you were receiving federal student aid. If the answer is yes, you will be provided a worksheet to help you determine whether your conviction affects your eligibility for federal student aid. To preview the drug eligibility worksheet, click here.
If your eligibility for federal student aid has been suspended due to a drug conviction, you can regain eligibility early by successfully completing an approved drug rehabilitation program or by passing two unannounced drug tests administered by an approved drug rehabilitation program. If you regain eligibility during the award year, you must notify the financial aid office to restore any possible eligibility.
If you are convicted of a drug-related offense after you submit the FAFSA, you might lose eligibility for federal student aid, and you might be liable for returning any financial aid you received during a period of ineligibility.