To participate in the Title IV Student Aid Program (Federal Stafford Student Loans, Federal PLUS Loans, Federal PELL Grants, and Federal Supplemental Educational Opportunity Grants), Mount Carmel College of Nursing must take steps to fulfill federal requirements to implement and make public the standards for satisfactory academic progress that students must meet to be eligible to receive Title IV financial assistance. These standards are for financial aid purposes only and do not replace or override the academic policies of Mount Carmel College of Nursing.

Satisfactory Academic Progress (SAP) is based on three components:

1. Completion Rate

  • A student must complete 67% of all hours attempted for financial aid eligibility. This is determined by dividing the total hours earned by the total hours attempted. Attempted hours will include grades of F, W, I. Yet, these grades will NOT count as earned hours.
    • Repeating courses will add to the total number of attempted hours but will only count once as earned hours.
    • If a student chooses to retake a course he/she has already passed at some point in the past, he/she can do this one time and receive financial aid for the course. Three or more attempts to take a course that has previously been passed cannot be funded with financial aid.

2. Timeframe

  • A student can only receive financial aid for a maximum of 1.5 times the total credit hours required for his/her degree program. For any major that requires 124 credit hours for graduation this equals a maximum of 186 hours that can be attempted. For any majors requiring more than 124 hours, the maximum allowed will be calculated accordingly. Any hours attempted, but not completed will count.
    • Transfer credit hours must be included in the maximum of 186.
    • Repeated courses, failed courses and withdrawals will also count towards the maximum.
    • An appeal must be submitted by any student who has exceeded their maximum timeframe allowed due to transfer hours or change of major. Student Financial Services will review the credits attempted that apply towards the student’s program of study in order to determine future financial aid eligibility. An academic plan signed by a Financial Services representative will be required.

3. GPA

  • All Graduate programs require a 3.0 minimum GPA throughout the course of study.
  • An undergraduate student must achieve a minimum cumulative grade point average of a 2.0.
    • Repeated courses and failed courses will also count towards the cumulative GPA.

SAP Review

After each semester/payment period, Financial Services will review completion rate, timeframe and GPA for each student enrolled in that semester/payment period. Depending on the student’s status relative to these factors, the student’s progress for financial aid purposes will be determined as follows:

  1. Satisfactory Academic Progress – applies to any student who passed the appropriate number of earned hours to attempted hours, has not exceeded the maximum total attempted hours allowed for their program and his/her GPA meets the requirements listed above.
  2. Financial Aid Warning – applies to any student who fails to meet the requirements for completion, timeframe and GPA listed above for the semester/payment period. A warning letter will be sent at the end of the semester/payment period to the student to indicate why he/she is receiving a warning and what must be done within the next semester/payment period to be back in accordance with the SAP rules. If the student fails to meet these requirements, his/her federal, state and institutional financial aid will be suspended for future semesters/payment periods. The student must bring his/her hours and/or GPA back into good standing or appeal to regain financial aid eligibility. A student cannot have two consecutive semesters/payment periods on warning.
  3. Unsatisfactory Academic Progress – applies to a student who has not met the requirements for completion rate, GPA and attempted hours after his/her warning period. This student is not eligible for federal, state or institutional financial aid until he/she meets the requirements in each of the three areas listed above or completes and is approved for a SAP Appeal.
  4. Financial Aid Probation – applies only to a student who has failed to meet SAP requirements and has had an appeal approved by Student Financial Services. A student may be on probation for one semester/payment period only. If a student has not met the SAP requirements above, he/she should work with a Financial Services Representative to understand what options exist to regain eligibility.
  5. Academic Plan - This status applies to any student who has submitted an academic plan as part of a SAP appeal and has successfully completed the goals for that semester/payment period as outlined by the plan. The student continues to remain eligible for federal and state financial aid, but does not meet the definition of a SAP eligible student.

SAP Appeal Process

  1. A student who wishes to appeal his/her unsatisfactory academic progress determination must submit a SAP Appeal Form to the Student Financial Services office. SAP appeals are reviewed based on the extenuating circumstances such as serious injury or illness involving the student, death of an immediate family member or other circumstances beyond the student’s control that prevented them from achieving satisfactory progress. Each student’s circumstance is reviewed on an individual basis. Students appealing may also be required to submit an academic plan that indicates exactly what the student must take to finish their academic program and details in what time frame this can be accomplished.
  2. A Financial Services Representative will review the appeal and determine whether the financial aid termination is justified. The student will be advised by MCCN e-mail of the decision and may be asked to meet with a Financial Services Representative to plan for future semesters/payment periods.
  3. A student wishing to appeal the SAP decision may do so in writing to the Director of Financial Aid.

Summary

Students are encouraged to review these standards and to be knowledgeable relative to his/her individual progress and financial assistance. The College recognizes that circumstances and conditions regarding these standards may require the discretional judgment of the aid office. Examples of such conditions include changing majors or career objectives as well as various personal reasons. Any questions regarding SAP or these conditions should contact Financial Services.

Revised 4/1/2014

According to federal law, the Financial Aid Office must recalculate Federal Title IV financial aid eligibility for students who withdraw from all classes, drop out, are dismissed, or take a leave of absence prior to completing more than 60% of a semester. Federal Title IV financial aid and all other aid are viewed as 100% earned after that point in time. Withdrawal date is defined as the actual date the student began the institution's withdrawal process, the student's last date of recorded attendance (if taken by an individual instructor), or the midpoint of the semester for a student who leaves without notifying the institution and/or receives failing grades for all classes in a given semester. The Federal Title IV programs covered under this policy include Federal Pell Grant, Federal SEOG, Federal Stafford Loans, and Federal PLUS Loan (Graduate Student or Parent).

The school and the student share the responsibility for returning Title IV aid. The school returns "unearned" Title IV funds that have been paid to the school to cover the student's institutional charges received from Title IV grants and/or loan programs. If the student owes funds back to the Title IV programs, the institution will advise the student. The student has 45 days from the date of notification from the institution to take action on the overpayment. If the student's portion of unearned Title IV funds included a federal grant, the student has to pay no more than 50% of the initial amount that the student is responsible for returning. Immediate repaying of the unearned loan amount is not required because the student repays the loan to the lender according to the terms or conditions in the promissory note. The institution will advise the lender of the student's withdrawal within 30 days of determining the student withdrew.

No additional disbursements may be made to the student for the enrollment period. If the student does not repay the amount owed to the Title IV programs or does not make satisfactory payment arrangements with the U.S. Department of Education, MCCN will report to the National Student Loan Data System (NSLDS) that the student received an overpayment. The student loses eligibility for further Title IV aid until resolved.

Recalculation is based on the percent of earned aid using the following formula:

Percent earned = Number of calendar days completed up to and including the withdrawal date/ total calendar days in the quarter/semester.

Federal Title IV financial aid is returned to the federal government (reducing student loan debt) based on the percent of unearned aid using the following formula:

Aid to be returned = (100% - percent earned) x the amount of aid disbursed toward institutional charges. This calculation is performed using the Financial Aid software called PowerFAIDS.

Return of Funds

Federal Title IV financial aid is returned in the order mandated by the U.S. Department of Education. No program can receive a refund if the student did not receive aid from that program. Funds must be returned within 45 days after the date of withdrawal determination. Return of funds required by the student for unearned aid is returned (repaid) in accordance to the terms of the loan on the promissory note. The order is as follows:

  • Unsubsidized Direct Stafford Loan
  • Subsidized Direct Stafford Loans
  • Direct PLUS (Graduate Student or Parent)
  • Pell Grant
  • FSEOG

Post-Withdrawal Disbursements

If it is determined that a student is eligible for Federal Title IV financial aid funds that have not been disbursed, grant funds that the student is eligible for will be disbursed first. Federal aid that the student is eligible for will be credited to the student's account for outstanding charges. If the student has no outstanding charges or if there is a balance due the student after disbursement, MCCN will notify the student of his/her eligibility for the loans. The student must respond within 14 days of the date of the letter as to whether they want all, part, or none of the loan(s). If the student fails to respond within 14 days, no loan disbursement will be made.

Before calculating the amount of financial aid that must be cancelled, the following is taken into consideration:

  • If a promissory note for a Stafford Loan has not been signed and submitted by the student prior to the withdrawal date, the loan(s) is automatically cancelled.
  • If an entrance loan interview has not been completed by the student prior to the withdrawal date, the Stafford Loan is automatically cancelled.
  • If the student is a first-time attendee of MCCN and withdraws during the first 14 days of the semester, the Stafford Loan is automatically cancelled.

Students who have not completed verification are not eligible for financial aid and are not included under this policy.

The most important thing to remember about the cost of attendance is that it is not the same as your bill. The cost of attendance is an estimate of all the possible costs a student may incur as related to your attendance at Mount Carmel College of Nursing. MCCN creates this estimate each year based upon your program and your status (full-time or part-time). The cost of attendance is used to determine your financial need and the maximum amount of financial aid you may receive. Additionally, it is meant to help you budget appropriately for your enrollment at MCCN.

The cost of attendance is made up of both direct and in-direct costs. Direct costs are those that will appear on your bill and are required to be paid by you to the college. These costs include tuition, fees and housing (if living on-campus).

The in-direct costs are made up of expenses that the college does not bill you for, but that you may incur as the result of being a student. These indirect costs include off-campus room and board, books and supplies, transportation and miscellaneous and personal costs.

Sample Cost of Attendance for a Full-time Undergraduate Student
Cost Amount Type of Cost
Estimated Tuition / Fees Undergraduate / Graduate $15,000.00 / $9,280 Direct*
Housing $4,780.00 Direct* / In-direct
Meals $1,600.00 In-direct
Books & Supplies $1,500.00 In-direct
Transportation $1,980.00 In-direct
Misc. & Personal $3,240.00 In-direct
Total Estimated COA Undergraduate/Graduate $28,100.00 / $22,380.00

* For actual direct, billable costs see Tuition and Fees.

* Billed by MCCN if utilizing MCCN approved apartments

MCCN estimates all costs based upon averages for your program and enrollment. It is important to remember that the cost of attendance only includes expenses related to your attendance at Mount Carmel. The Department of Education and Mount Carmel College of Nursing expect all students to be responsible with their financial choices and recognize that not all personal costs can be included as part of the cost of attendance. Additionally, it is understood that all funds will be used only for costs associated with attendance.

If you are a new student, your Cost of Attendance will be included on your financial aid award letter. If you are a continuing student, cost of attendance for all programs may also be viewed on CARMELink under the Financial Aid tab.

Determining Financial Need

Financial Need varies from institution to institution. It is determined using the EFC (Expected Family Contribution) as determined by the FAFSA and the estimated COA (Cost of Attendance). As illustrated below, the difference between these two amounts is your financial need.

EFC – COA = Financial Need

MCCN uses your calculated financial need to determine how much need-based financial aid you may be eligible to receive.

Parent Direct PLUS

Loan Eligibility Requirements

  • U.S. Citizen or permanent resident
  • Be the parent of a dependent undergraduate student
  • Satisfactory credit history

Annual Limit

Cost of Attendance minus other financial aid you are receiving.

Interest Rate/Fees

Studentaid.gov (http://studentaid.ed.gov/types/loans/interest-rates)

Source: U.S. Department of Education

Please note that in order to be considered for a Parent PLUS Loan, your parent must apply on-line at www.studentloans.gov.

The Free Application for Federal Student Aid (FAFSA) is the most important financial aid form you will need to complete. It is important to use the most accurate information as possible when completing your FAFSA since the information you report is used by the Department of Education and Mount Carmel College of Nursing to determine your Expected Family Contribution (EFC) and eligibility for federal, state and institutional need-based awards.

How Do I File the FAFSA?

There are three ways to the file the FAFSA:

  1. Complete online. The fastest most efficient way to file your FAFSA is online at the federal government’s secure FAFSA website, www.fafsa.ed.gov.
  2. Complete the FAFSA over the phone with a Department of Education counselor at 1-800-433- 3243 (TTY Line for Hearing impaired is 1-800-730-8913).
  3. Complete and mail in a paper application. This option is not recommended and may take several weeks to process, thus delaying the awarding process.

The FAFSA application is specific to an academic year, so you will need to make sure you are completing the correct version of the application. New FAFSA applications become available online at the beginning of January. For questions on which year/version to complete contact MCCN Financial Services.

What do I Report on the FAFSA?

You will need to provide some basic personal information on your FAFSA that includes:

  • Full legal name
  • Date of Birth
  • Social Security Number
  • Citizenship Status - (only U.S. Citizens, permanent residents and certain visa holders are eligible to complete a FAFSA)
  • Mailing Address
  • E-mail Address
  • Driver's License (optional)

In order for MCCN to match your FAFSA information to your university record, the spelling of your name, your date of birth and social security on your FAFSA must match what is listed in Mount Carmel’s system. If there is a discrepancy, you will need to resolve any conflicting information to ensure that your FAFSA data can be processed appropriately.

What is Dependency Status?

The information you need to include on your FAFSA depends upon whether you are considered a dependent or independent student. Dependent students are required to submit information about one or both parents on the FAFSA. Independent students are not required to submit parental information. However, independent students who are married are required to submit information about their spouse.

Your dependency status is determined by your answers to the dependency questions on the FAFSA. It is extremely important that you answer the dependency questions correctly as it has a significant impact on the financial aid you can receive.

You will be considered an independent student if you must meet one of the following criteria as determined by the Department of Education:

  • As of the start of the calendar year, you be at least 24 years old
  • You are currently married
  • You are or will be a graduate or professional (medical or law) student for the upcoming year
  • You are a veteran
  • You are active duty military personnel
  • You have children that receive more than 50% of their financial support from you
  • You have dependents that receive more than 50% of their financial support from you
  • You are an orphan
  • You are a ward-of-the-court
  • You are in a legal guardianship with someone who is not your biological or adoptive parent(s)
  • You are an emancipated minor as determined by the courts
  • Before you turned 18, you were deemed to be at risk of homelessness

If you answer yes to any of these questions, you are considered an independent student.

If your answers to all of the dependency questions are no, then you are considered a dependent student and must provide information about your parents on the FAFSA. If you answered no to all of the dependency questions but have special circumstances that prevent you from providing information about your parents, you will need to contact the financial aid office to discuss your situation.

What Parental Information Should I Provide?

If you are a dependent student, you must provide information about your parents on your FAFSA. Some scenarios are listed below:

  • Parents are married; provide information on both parents.
  • Parents are divorced or separated and still living in the same home; provide information on both parents.
  • Parents are divorced or separated; provide information on your custodial parent. Your custodial parent is the parent you will live with for more than 50% of the academic year. If you will live with both parents for an equal amount of time, provide information on the parent that provided more than 50% of your financial support in the past year.
  • Parents are divorced and re-married; provide information on your custodial parent AND your step-parent
  • Parent is widow or single; provide information on your custodial parent only.

What Financial and Tax Information Do I Need to Provide?

The FAFSA requires that you provide tax and other financial information for yourself and your parents (if you are a dependent student) or your spouse (if you are married).

The online FAFSA application provides a helpful tool that allows you to ensure the accuracy of the tax information you are providing in a faster, more efficient way. The IRS Data Retrieval Tool provides you and your parents or spouse the ability to have your prior year's tax information transferred directly to the FAFSA, without you having to manually enter in the information yourself. Mount Carmel strongly recommends that you use the IRS Data Retrieval Tool to ensure the accuracy of the information you are reporting.

If you do not or are unable to use the IRS Data Retrieval Tool, you will need to collect the following documentation for all individuals you are reporting information for:

  • Prior year's tax returns
  • Prior year's W2s (End of Year Wage Statements from your employer)

Additionally, you may be required to report information that is not reported on tax returns such as:

  • Value of investment and bank accounts as of the month you are filing your FAFSA
  • Housing and Living Allowance received from military or clergy
  • Non-education VA Benefits
  • Child Support Received or Paid
  • Payments to Tax-deferred Pensions
  • Untaxed Income
  • Cash Received or Bills paid on your behalf

The online FAFSA application provides helpful hints and information for how to retrieve all information requested. You can also contact a FAFSA representative if you have any difficulty completing your application at 1-800-4-FED-AID (1-800-433-3243).

How Do I Finalize and Submit my FAFSA?

  1. You will need to provide the Mount Carmel College of Nursing Federal School Code in order for your FAFSA to be received and processed by the College. MCCN’s school code is 030719. If you attended another university or already completed a FAFSA, but did not originally list Mount Carmel’s school code, you will need to update your application with Mount Carmel’s school code.
  2. You will also need to sign your FAFSA in order for the Department of Education to process it and send the information to MCCN. If you are a dependent student, then one of the parents listed on your FAFSA will also need to sign the application. If you are completing the form online, you and your parent can sign the FAFSA electronically using your PIN.

What is a Student Aid Report?

The Department of Education typically takes 3-5 business days to fully process your FAFSA once you have submitted a complete application. Once your FAFSA is fully processed, you will receive a Student Aid Report (SAR) that will indicate any issues with your application and your potential next steps. If there are any errors or issues that you need to resolve you will need to follow the instructions listed on the SAR to correct them. The information that is reported on your SAR is also sent to the schools you listed on your FAFSA. Mount Carmel College of Nursing should receive your FAFSA data at the same time you receive your SAR. Your Student Aid Report will also include your Expected Family Contribution as calculated by the Department of Education.

What Does Expected Family Contribution (EFC) mean?

The Department of Education uses the information you provide on your FAFSA to calculate your Expected Family Contribution (EFC). Your EFC is the amount of your educational costs the government has determined you and your family can afford to pay either out-of-pocket or through various financing options.

Your EFC is listed as a numerical value on your Student Aid Report and is transmitted to all of the schools listed on your application along with the rest of your FAFSA data. Mount Carmel uses your EFC to determine the amount of your financial need and eligibility for need-based funding.

It is important to remember that your EFC is not necessarily the amount you will owe to the College or the overall amount your education will cost. An EFC is only an estimate of the amount of your family's contribution and can be different from your final bill or amount of in-direct costs, depending on how much of your financial need is covered by financial aid offered to you.

Do I Need to File a FAFSA Next Year?

Each year you plan to continue at MCCN you will need to complete a FAFSA. This process is known as a renewal FAFSA. The online FAFSA application automatically saves your demographic information from prior years and allows you pull this information into your new FAFSA application, reducing the amount of questions you need to answer. The option to use this feature will be presented to you when you log in to the FAFSA web site.

Are there any FAFSA Filing Deadlines?

You should try to complete your FAFSA as soon as possible after October 1st of each academic year, Mount Carmel College of Nursing’s FAFSA filing priority deadline is March 15th. You may still complete your FAFSA after that date, but it is important to note that Ohio has a filing deadline of October 1st.

The US Department of Education offers three different types of Federal Direct Loans depending upon your student type: Subsidized, Unsubsidized and PLUS (Graduate and Parent).

Undergraduate Direct Loans

Eligibility Requirements

  • U.S. Citizen or permanent resident
  • Enrolled at least half-time in degree program
  • Not in default on prior education loan
Annual Loan Limits
Grade Level Annual Maximums for Dependent Students Annual Maximums for Independent Students Maximum Amount that can be subsidized
Freshmen $5,500.00 $9,500.00 $3,500.00
Sophomore $6,500.00 $10,500.00 $4,500.00
Junior $7,500.00 $12,500.00 $5,500.00
Senior $7,500.00 $12,500.00 $5,500.00
Aggregate Life-time Amount $31,000.00 $57,500.00 $23,000.00
Post Baccalaureate $5,500.00 $12,500.00 $5,500.00

Note: The total annual limit may not exceed MCCN’s cost of attendance less other financial assistance you receive.

Interest Rate/Fees

Studentaid.gov (http://studentaid.ed.gov/types/loans/interest-rates)

Source: U.S. Department of Education

Graduate Direct Unsubsidized Direct Loan

Eligibility Requirements

  • U.S. Citizen or permanent resident
  • Enrolled at least half-time in degree program
  • Not in default on prior education loan
Annual Loan Limits for Unsubsidized Loan
Grade Level Limit for Unsubsidized Loans Total
Graduate $20,500.00 $20,500.00
Aggregate Life-time Loan Limits $138,500.00 $138,500.00

Note: The total annual limit may not exceed MCCNs cost of attendance less other financial assistance you receive.

Interest Rate/Fees

Studentaid.gov (http://studentaid.ed.gov/types/loans/interest-rates)

Source: U.S. Department of Education

Graduate Direct PLUS Loan

Eligibility Requirements

  • U.S. Citizen or permanent resident
  • Be a graduate or professional student
  • Satisfactory credit history

Annual Limit

Cost of Attendance minus other financial aid you are receiving.

Interest Rate/Fees

Studentaid.gov (http://studentaid.ed.gov/types/loans/interest-rates)

Source: U.S. Department of Education

Please note that in order to be considered for a graduate PLUS Loan, you must apply on-line at www.studentloans.gov.

Freeze Date

Mount Carmel College of Nursing uses a "freeze" date each semester to determine a student's enrollment status for awarding financial aid. The courses for which the student is registered on the freeze date will determine financial aid eligibility as long as the completed results from the student’s Free Application for Federal Student Aid (FAFSA) are on file by that date.

For students whose completed FAFSA results are received after the freeze date, financial aid will be based on the student's enrollment on the date that the completed FAFSA results are received. "Completed FAFSA results" means that an Expected Family Contribution (EFC) has been calculated by the U.S. Department of Education. This EFC may change once all documentation is submitted and processed.

2016-2017 Freeze Dates

  • Fall 2016 - August 26
  • Spring 2017 - January 13
  • Summer 2017 - May 19

Class changes made before the freeze date

If a student adds or drops classes before the freeze date, the amount of financial aid the student is eligible for may be affected.

Class changes made after the freeze date

Financial aid will not be adjusted if classes are added or dropped after the freeze date.

However, the attendance requirements below must be met. If students do not complete or withdraws from their classes, they may be required to return a portion of their funds according to the Return of Title IV Funds policy (see below).

Attendance Verification

Students must be registered and attending in their classes in order to meet the eligibility requirements for the federal student aid programs.

  • For Federal Pell Grant and Iraq and Afghanistan Service Grant recipients, the student’s award amount will be based on the courses for which he/she is registered on the freeze date. These grants are disbursed based on the number of credits for which a student is registered and attending. The student will not be eligible for these grants for courses which he/she does not attend.
  • For Federal SEOG, the student must be enrolled full time and in attendance. The student will not be eligible for this grant for courses which he/she does not attend.
  • For Federal Direct Stafford Loan recipients, the student must be enrolled in at least six credit hours on the freeze date and on the day the student’s loan is disbursed. The student also must be registered attending.

Registration for eligibility for all financial aid awards, including federal funds, will be verified prior to disbursement and on each semester’s Freeze Date through review with Records and Registration.

Students who withdraw or do not complete classes

Students who withdraw from all classes, stop attending all of their classes, and/or do not complete all courses for which they have registered must abide by the Return of Title IV Funds policy. As a result, a student could owe an overpayment to a grant program, owe funds to the College, and/or may jeopardize eligibility for future financial aid.

Students receiving Ohio College Opportunity Grant funds will have their grant prorated based on any changes to tuition charges. Other state grant programs may also require adjustments to the award if a student drops a class.

Before withdrawing or dropping any classes that would reduce registered credit hours, students should consult with a Financial Services representative to help determine the impact this may have on financial aid eligibility.

Part-time Enrollment

Students who are enrolled less than full-time (12 credit hours) may be eligible to receive financial aid. Students should refer to the enrollment requirements for each financial aid program in which they may be eligible. Award amounts may vary if the student is not enrolled full-time.