OFFICE OF FINANCIAL AID
Summer Financial Aid Information
The Financial Aid Office will begin accepting applications for summer financial aid on April 1, 2010. Your initial aid eligibility will be calculated based on your projected enrollment as noted on your summer application AND the information on your 2009-2010 Free Application for Federal Student Aid (FAFSA). The summer application will be available in the Financial Aid Office beginning April 1st.
Beginning with the 2009-2010 academic year students are eligible for up to 2 scheduled awards (200%) per year of Pell grants. For the summer of 2010, Northark will pay Pell grants out of the 2009-2010 year (as a “trailer”) during the transition for the new Pell grant awards. If students use their first scheduled award and they enroll in a minimum of 6 credit hours they may receive a 2nd scheduled award, providing they are otherwise eligible. In order to receive any portion of the second scheduled Pell grant award, at least one of the student’s summer 2010 credit hours must be attributable to his/her second academic year.
You must submit a summer request form by April 26, 2010, to guarantee that your request will be processed by the payment deadline of May 13, 2010.
Summer 2010 Financial Aid Request Form
Financial Aid Information
This page will address the most frequently asked questions for the different financial aid and scholarship programs available at North Arkansas College. It will answer many of your questions such as HOW and WHEN to apply, WHAT is available, and WHO is eligible.
1. HOW AND WHEN TO APPLY FOR FINANCIAL AID?
4. WHAT WILL I NEED TO DO IF I AM A MID-TERM TRANSFER STUDENT?
5. WHAT IS SATISFACTORY ACADEMIC PROGRESS?
7. WILL I BE NOTIFIED OF MY AID?
8. WHAT ARE THE COSTS OF ATTENDING NORTHARK?
9. HOW DO I KNOW IF I AM A DEPENDENT OR INDEPENDENT STUDENT?
10. HOW WILL MY AID BE DISBURSED?
11. WHAT IS THE REFUND POLICY FOR TITLE IV FUNDS IF I WITHDRAW?
12. WHAT ARE MY RESPONSIBILITIES AS A STUDENT?
HOW AND WHEN TO APPLY FOR FINANCIAL AID?
To apply for financial aid at North Arkansas College, you should:
- complete a Financial Aid Student Data Form
- submit the Free Application for Federal Student Aid (FAFSA)
- complete Application for Admission
By completing these forms your are applying for all federal and state funds available to you, except for the Federal Direct Stafford Loan.
The FAFSA should be completed as soon after January 1 as possible. All information should be received prior to April 1 for the following academic year. Applications received after this date will be considered on a first-come, first-served basis with priority given to students with the most financial need.
Note: You must reapply for federal and state aid every academic year. Also, if you change schools, your aid does not automatically go with you. Check with your new school to find out what steps you must take to continue receiving financial aid
Several types of financial aid are available to Northark students. You may receive one of a combination of the types depending on your financial need and other eligibility factors. The four major types of aid are as follows:
Grants: Grants are funds which do not have to be repaid.
Federal Pell Grant- Awarded to undergraduate students with aid eligibility. Application is made by completing the Free Application for Federal Student Aid (FAFSA).
Academic Competiveness Grant - Awarded to undergraduate students with aid eligibility. Application is made by completing the Free Application for Fedaral Student Aid (FAFSA).
Federal Supplemental Educational Opportunity Grant (FSEOG)- Intended to assist students with aid eligibility. Priority is given to those students with the largest calculated aid eligibility who are Federal Pell Grant recipients as of April 1. After that date, applicants are prioritized weekly until all FSEOG funds have been awarded. Application is made by completing the FAFSA.
Workforce Improvement Grant - Award up to $2000 annually to students at least 24 years old based on financial need. Students apply using the Free Application for Federal Student Aid and awards are made by the institution the student attends. Students may be enrolled part time.
GO! Opportunities Grant - grant that is awarded based on financial need. Eligibility is based on a family’s adjusted gross income as reported on the Free Application for Federal Student Aid (FAFSA). Click link for more information!
William D. Ford Federal Direct Loan Program
Loans made through this program are referred to as Direct Loans. Eligible students borrow directly from the U.S. Department of Education at participating schools. Direct Loans include subsidized and unsubsidized Direct Stafford Loans.
Direct Subsidized Loan
This loan is based on financial need and you will not owe any interest on them before repayment. The federal government "subsidizes" (or pays) the interest while you're in school at least half-time, for the six months after you leave school (your grace period) and during a deferment (a postponement of loan payments). Award amounts vary based on grade level in school, dependency status and other financial assistance received.
Direct Unsubsidized Loan
This loan is not based on financial need and interest is charged on the loan from the time it is disbursed until is it repaid in full. Students have the option of paying the interest during deferment periods and during the grace period, or they may capitalize the interest. Capitalizing interest means that it will be added to the principal amount of the loan and it will increase the amount to be repaid. Award amounts vary based on grade level in school and dependency status.
Loan limits and eligibility requirements can be found in the Northark loan policy.
Scholarships: Scholarships are funds awarded based on academics, talent, skill, financial need or major area of study. Scholarships do not have to be repaid.
- Institutional Scholarships
- Private Scholarships
- Arkansas Academic Challenge Scholarships
For a list of private and institutional scholarships contact the Financial Aid Office and for an application for the Arkansas Academic Challenge Scholarship, contact your high school counselor's office or the Arkansas Department of Higher Education. When the Financial Aid Office receives notification of other scholarships, they are advertised through the Daily Announcements which are published by the Student Services Office.
Federal Work-Study: Funds are available to employ students part-time on campus or at some off-campus, non-profit organizations, providing an hour's pay for an hour's work. Students interested in the work-study program should contact the Financial Aid Office after receipt of the financial aid award notification letter. The available jobs are posted on the Financial Aid Website. Jobs will be posted August 1 for the fall semester, January 1 for the spring semester, and at the beginning of the summer semester (if funds are available).
Other Financial Aid Sources:
- Veteran Benefits - Contact the representative at the north campus.
- Vocational Rehabilitation Benefits - Contact the local Vocational Rehabilitation Office.
- WIA Benefits - Contact the local WIA Office.
To receive financial aid from a major student aid program you must...
- show financial need, except for some loan programs.
- have a high school diploma or General Education Development (GED), or show Ability-to-Benefit through a test approved by the U.S. Department of Education. Students completing a secondary education in a home school setting are eligible for Title IV aid as long as the home school setting is treated as a home school or private school under State law.
- be enrolled as a degree or certificate seeking student in an eligible program.
- be a U.S. citizen or eligible non-citizen.
- have a valid social security number
- make satisfactory academic progress
- not be in default on a Perkins Loan or a Federal Family Education Loan.
- not owe a repayment of a Pell Grant, Supplemental Educational Grant, or a State Grant.
Note: A student who received Pell Grants for preceding fall and spring semesters as a full-time student will not be eligible for summer benefits. If the student has eligibility for the summer terms, the student should contact the Financial Aid Office to complete a Form
WHAT SHOULD I DO IF I AM A MID-YEAR TRANSFER STUDENT?
Any midyear transfer student must have an academic transcript sent from the transferring school(s), and have a student aid report sent to North Arkansas College (Title IV school code 012261).
WHAT IS SATISFACTORY ACADEMIC PROGRESS?
Satisfactory Academic Progress
To receive Title IV student aid, the following definition of satisfactory academic progress must be met. Federal guidelines require that the Financial Aid Office measure progress with qualitative measurement (grade point average) and quantitative (length of time for completion).
Only student enrolled in credit courses, seeking degrees/certificates, and in good standing can receive financial aid. Satisfactory academic progress must be checked in increments no longer than half the program or one academic year whichever is less. Satisfactory academic progress is also checked the first time the Tile IV aid is packaged each academic year.
Grade Point Average (GPA) / Minimum Completion
The previous semester of attendance (fall/spring/summer) students must complete a minimum of all course work based on the following scale:
12 or more hours = must complete 8 hours
6 thru 11 hours = must complete 6 hours
Less than 6 hours = must complete all hours
The previous semester of attendance (fall/spring/summer) must show a minimum GPA of 1.50. Once a student has attempted two semesters, a minimum GPA of 2.0 must be met each semester (fall/spring/summer).
Length of time
Students can receive financial aid for no longer than 150% of the total hours required for the degree or certificate. (This includes Q’s, I’s, CR’s, Audits, and Repeated Courses). Once a degree or certificate has been earned, a student must commit to another degree or certificate program before financial aid can be awarded.
Transfer Student
Transfer students are subject to the same policy regarding length of time and grade point average in regard to hours that are transferred to North Arkansas College. Note: All transfer transcripts must be received in the Registrar’s Office and must be evaluated before academic progress can be determined.
Suspension
Any student failing to meet the academic progress policy will be placed on financial aid suspension and will lose eligibility for financial aid. If suspended because of g.p.a./minimum completion, a student must complete a semester with his/her own finances and meet the progress policy as stated above to regain eligibility. Note: If suspended because of length of time, a student must obtain a degree or certificate.
Students wishing to appeal financial aid suspension must complete a “financial aid suspension appeal form” and submit to the Financial Aid Office within 15 days after receiving notification of suspension. A student’s financial aid file must be complete (all requested documents received) before an appeal will be reviewed.
Most financial aid is awarded on the basis of financial need. When you apply for federal student aid, the information you report is used in a formula established by the U.S. Congress, that calculates your expected Family Contribution (EFC), an amount you and your family are expected to contribute toward your educational cost.
The Financial Aid Office uses the Free Application for Federal Student Aid to determine the EFC. All information provided is held in the strictest confidence and is used for this purpose only.
Family Size, income, assets, and other factors are used in determining the EFC. Financial need represents the difference between the cost of attending Northark and the EFC.
Once a student's need has been determined, the Financial Aid Office will prepare a financial aid "package" to assist in meeting the student's need. This package could consist of funds from federal, state, institutional, and other recourses.
The student will be notified of the information by way of an "award notification letter." The major sections of the award letter are described as follows:
- Your name, address, and social security number. If any of this data is incorrect, it is the student's responsibility to notify the Financial Aid Office immediately.
- The award(s) will be listed by the type and amount of aid per semester. You may accept or decline each award separately. The amount of each award is based on enrollment status as a full-time student. If you do not enroll in number of hours for which your award was calculated, award(s) may be reduced or canceled.
When your receive the award letter, read it carefully, accept/decline the award, sign, date, and return to the Financial Aid Office.
WHAT ARE THE COSTS OF ATTENDING NORTHARK?
The costs, illustrated in the table below, are used to determine financial need. (Figures are based on in-county tuition for two semesters at 12 hrs. each semester.)
Disability related expenses - if not covered by another agency, receipts are required.
Loan fees - Loan fees = 4% of the average loan for the preceding year.
Cost of Attendance 2010-2011 Based on in-county tuition and full time enrollment |
||
Students without dependents who live with their parents |
All other students |
|
| Tuition & Fees | 1,536.00 |
1,536.00 |
| Books & Supplies | 1,050.00 |
1,050.00 |
| Room & Board | 2,756.00 |
9,319.00 |
| Transportation | 2,969.00 |
3,262.00 |
| Miscellaneous/Personal | 2,294.00 |
2,951.00 |
| Total | 10,605.00 |
18,118.00 |
HOW WILL I KNOW IF I AM A DEPENDENT OR AN INDEPENDENT STUDENT?
Dependency Status is determined according to federal guidelines and responses to questions regarding dependency status on the Free Application for Federal Student Aid.
Financial Aid and scholarships are disbursed to the student one time each semester based on a disbursement schedule which is printed in the class schedule.
The disbursement of a Stafford loan does not occur until the student has been enrolled for a minimum of 30 days. Every loan must be delivered in two equal disbursements. The second disbursement must be delivered after the mid-point of the loan period.
Work-study checks are disbursed in the Student Accounts Office one time per-month.
The amount of financial aid for which the student is eligible will be credited to the student's account first. If the amount of aid awarded exceeds the total charges, the student will receive the difference. If the aid is less than the charges, the student will be expected to pay the difference.
All financial aid checks are disbursed in the Student Accounts Office. Photo identification is required at the time a student obtains the check(s).
WHAT IS THE REFUND POLICY FOR TITLE IV FUNDS IF I WITHDRAW?
If a student completely terminates enrollment or stops attending classes before completing more than 60% of the enrollment period, a repayment may be required. The amount of the Title IV aid the student must return is determined by the Federal Formula for Return of Title IV Funds as specified in Section 484B of the Higher Education Act. This law also specifies the order of return of the Title IV funds to the programs from which they were awarded.
A repayment may required when cash has been disbursed to a student from financial aid funds in excess of the amount of aid the student earned during the term. The amount of Title IV aid earned is determined by multiplying the total Title IV aid (other than Federal College Workstudy) for which the student qualified by percentage of time during the term that the student was enrolled.
If less aid was disbursed than was earned, the student may receive a late disbursement for the difference. If more aid was disbursed than was earned, the amount of Title IV aid that must be returned (i.e. that was unearned) is determined by subtracting the earned amount from the amount actually disbursed.
The responsibility for returning unearned aid is allocated between the college and the student according to the portion of disbursed aid that could have been used to cover college charges and the portion of disbursed aid that could have been disbursed directly to the student once college charges were covered. North Arkansas College will distribute the unearned aid back to the Tile IV program as specified by law. The student will be billed for the amount the student owed to the Title IV programs and any amount due to college resulting from the return of Title IV funds used to cover college charges.
WHAT IS MY RESPONSIBILITY AS A STUDENT?
Students receiving financial aid must inform the Financial Aid Office when:
- withdrawing from school
- there is a change in name
- there is a change in mailing address
- receiving any additional financial aid from any source
Last Updated: June 16, 2010
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