05-06 Financial Aid Guide
READ THIS SHEET CAREFULLY so that you will more fully understand the terms and conditions of the financial aid available for attendance at Roberts Wesleyan College during the 2005-2006 academic school year.
The Office of Financial Aid will make every effort to ensure that you are provided with the types and amounts of aid specified on the enclosed financial aid package. However, adjustments to these resources may occur based upon updates from State and/or Federal agencies, changes in family income/resource information, or the addition of new resources that increases total aid over financial need. Changes initiated in the Office of Financial Aid, will be communicated in a timely manner, to facilitate planning in meeting cost expectations.
To preserve eligibility for federal aid programs, students must maintain satisfactory academic progress.
In order to meet academic progress standards, students must complete a minimum number of credit hours based on a percentage of credit hours attempted. In addition, students must maintain a cumulative grade point average consistent with the requirements for graduation and the Satisfactory Academic Progress Policy. Additional information can be found in the current catalog, or students may contact the Office of Financial Aid.
Campus-based Aid
The Federal SEOG, Federal Perkins Loan, and Federal CWS are called campus-based programs because they are funded by the U.S. Department of Education, but administered directly by the Office of Financial Aid.
How much aid a student receives from each of these programs depends on financial need and the availability of funds. Unlike the Federal Pell Grant and FFELP Loan programs, which provide funds to every eligible student, Roberts Wesleyan College receives a certain amount of funds for each campus-based program every year. When these funds are depleted, no further awards can be made from that program for that year.
New York State Programs
New York State provides financial assistance to students who qualify for aid through the Tuition Assistance Program (TAP). This grant is awarded to full-time students who are permanent residents of and attending college in New York State.
Once you have completed the FAFSA, you will receive an Express TAP application from NYSHESC. Complete the application and return it to NYSHESC. Your TAP award will be mailed to you by NYSHESC following the processing of your application.
Other States
Students who are residents of Delaware, Rhode Island, and Vermont may qualify for aid from their state while attending a college in New York State. Contact your state agency for details.
Employment Opportunities
Federal College Work-Study (CWS) provides job opportunity for students with financial need which allows them to earn money to help pay college-related expenses. Most Federal CWS jobs pay minimum wage ($5.15 per hour as of 1-1-2000).
Note: Note: Employment on campus and hours worked cannot be guaranteed.
Roberts Wesleyan College Scholarships and Grants
These scholarships and grants are awarded from the college’s own funds only to students enrolled full-time, and are listed by title on each student’s financial aid award letter. The combined total of RWC scholarships, grants, and other tuition related awards (e.g., NYS TAP) might not exceed the cost of tuition. In the event you receive additional outside funding and your total financial assistance exceeds demonstrated financial need, grants and loans will be reduced proportionately.
All RWC funding not identified as “merit” awards (e.g., academic, art, athletic, and music scholarships) will be distributed on a “need” basis only. Academic scholarships are renewed annually based on cumulative grade point average (see catalog) at the end of the fall semester. Annual adjustments in art, athletic, and music scholarships may take “financial need” as well as achievement into account.
Loans
*Roberts Wesleyan is a Federal Family Educational Loan Program School*
One very important way of meeting educational needs is with the Federal Family Educational Loan Program (FFELP). This program consists of the Subsidized and Unsubsidized Federal Stafford Loans and the Federal Parents Loan for Undergraduate Students (PLUS). These loans must be repaid by you the student, and/or your parent(s). They will be made by a participating Lender (bank, savings and loan, credit union). Please indicate on your financial aid award letter which of our Preferred Lenders, listed below, you have selected and will be filling in on your promissory note, when sent to you by New York State Higher Education Services Corporation (NYHESC).
Subsidized Stafford
The federal government will pay the interest on the student’s loan (“subsidize” the loan) while the student remains enrolled at least half-time (six academic credit hours), as well as for the first six-months after the student leaves college, and during deferment periods. Financial need is required.
Unsubsidized Stafford
Once the loan is disbursed, the borrower is responsible for the interest charges on the loan, including periods of deferment. This loan is awarded after financial need has been met.
The interest rate on a FFELP Loan is variable. The maximum interest rate is 8.25 percent. An originating fee of four percent charged to the student is subtracted from the loan before disbursement; however, some lenders waive their one percent insurance fee. Before receiving the loan funds, you will receive a promissory note to complete and return to (NYHESC). The instructions that come with the promissory note will indicate which lenders waive their one percent fee.
A first-year student (0 - 29 earned cumulative credit hours)
may borrow up to $2,625
A second-year student (30 - 59 earned cumulative credit hours)
may borrow up to $3,500.
A third-year student and beyond (60+ earned cumulative credit hours)
may borrow up to $5,500.
Preferred Lenders
Preferred Lenders are the financial institutions with which Roberts Wesleyan College would prefer you borrow your Stafford loans from for this and all future academic periods. These lenders have been selected for their exceptional service to students and their families, not only while in school, but also in repayment. Most offer special interest rate and repayment incentives to students who diligently work to repay their loans.
Choosing a lender other than one listed here may cause significant delays in processing your loan that could result in late fees being added to your account. If you fail to select a lender, Roberts Wesleyan College will select one of the preferred lenders for you. Currently that lender is M & T Bank.
| Lender |
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Phone |
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Lender Code |
|
|
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|
|
 |
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(800) 443-7499 |
|
808047 |
| |
|
|
|
|
 |
|
(800) 456-4757 |
|
808036 |
| |
|
|
|
|
 |
|
(800) 553-6609 |
|
807807 |
| |
|
|
|
|
 |
|
(800) 967-2400 |
|
826878 |
| |
|
|
|
|
 |
|
(866) 759-7737 |
|
834011 |
| |
|
|
|
|
 |
|
(800) 634-9308 |
|
829076 |
| |
|
|
|
|
 |
|
(1-800-252-2500 x2201 |
|
8807745 |
| |
|
|
|
|
 |
|
(800) 338-2243 |
|
830005 |
|
|
|
|
|
FFELP Parent Loans for Undergraduate Students (PLUS)
FFELP Parent Loans for Undergraduate Students (PLUS) are available to parents (or stepparents) or legal guardians of dependent students enrolled at least half time in college. Eligibility is limited to the cost of attendance minus financial aid already awarded. Repayment normally begins within sixty days of disbursement. The variable interest rate will not exceed 9%. A four- percent origination fee charged to the parent is deducted from the approved loan amount before disbursement. Complete the enclosed PLUS Parental Loan Request form, if interested. This needs to be done every year and is the first step to receiving PLUS loan funds.
To be eligible to receive a FFELP PLUS loan, a parent generally will be required to pass a credit check. A parent cannot be turned down for not having credit history, only for having an adverse one. If a parent is denied for a FFELP PLUS loan, a dependent student automatically becomes eligible to borrow a FFELP Unsubsidized Loan. First and second year students (0 - 59 earned cumulative credit hours) may borrow up to $4,000. Third-year students and beyond (60+ earned cumulative credit hours) may borrow up to $5,000.
Preferred Lenders
Preferred Lenders are the financial institutions with which Roberts Wesleyan College would prefer you borrow your PLUS loans for this and all future academic periods. With the new Master Promissory Note (MPN) for PLUS loans, you only need to fill out the (MPN) form one time. Choosing a lender other than one listed here, will cause significant delays in processing your loan that could result in late fees being added to your account.
| Lender |
|
Phone |
|
Lender Code |
|
|
|
|
|
|
|
(800) 443-7499 |
|
808047 |
| |
|
|
|
|
|
|
(800) 456-4757 |
|
808036 |
| |
|
|
|
|
|
|
(800) 553-6609 |
|
807807 |
| |
|
|
|
|
|
|
(800) 967-2400 |
|
826878 |
| |
|
|
|
|
|
|
(866) 759-7737 |
|
833890 |
| |
|
|
|
|
|
|
(800)634-9308 |
|
829076 |
| |
|
|
|
|
|
|
(800) 252-2500
x 2201 |
|
807745 |
| |
|
|
|
|
 |
|
(800) 762-1001 |
|
809921 |
|
|
|
|
|
| |
|
|
|
|
Federal Perkins Loans
Federal Perkins Loans are funded by the U.S. Department of Education, but loaned by the college to students with financial need. The federal government pays the interest while the student remains enrolled at least half time. Repayment of the loan begins nine months after a student drops below half time, withdraws, or graduates. The interest rate is fixed at five percent. You may not choose to receive this loan instead of the FFELP Stafford Loan. Signing a promissory note that the school will provide makes acceptance of the loan.
Student Loan Counseling
The Department of Education requires that every student receiving Federal Stafford Loans be counseled as to the responsibilities of taking a federal loan to pay for their education. Roberts Wesleyan College requests that you go to this site (www.mapping-your-future.org) to fulfill your obligation. This site is sponsored by a group of guaranty agencies who participate in the Federal Family Education Loan Problem (FFELP).
Electronic Master Promissory Note (eMPN)
Robert Wesleyan College requires each student that is receiving a Stafford loan for the first time to file an eMPN. The eMPN is a legally binding agreement between the student and the lender of his/her choice in exchange for a loan the student agrees to pay back the loan with interest. The student will go to New York State Higher Educations Services website or www.hesc.com and complete the Federal Student loan application eMPN online. Follow the instructions and if you have any further questions, please call The Office of Financial Aid at 585-594-6150.
Electronic PLUS loan Master Promissory Note (PLUS eMPN)
Robert Wesleyan College requires each parent that is receiving a Stafford PLUS loan for the first time to file a PLUS eMPN. The PLUS eMPN is a legally binding agreement between the parent and the lender of his/her choice in exchange for a loan to pay the student’s expenses the parent agrees to pay back the loan with interest. The parent will go to New York State Higher Educations Services website www.hesc.com and complete the Federal Student loan application eMPN online. Follow the instructions and if you have any further questions, please call The Office of Financial Aid at 585-594-6150.
Special Circumstances/Professional Judgment
If a student (or student’s family) has unusual circumstances, the Financial Aid Administrator should be notified. Examples include:
- Elementary or secondary school tuition expenses
- Unusual medical or dental expenses not covered by insurance
- Family member who recently became unemployed
- Changes in income that affect a student’s eligibility for financial aid
- Parent(s) enrolled in college at least halftime
Please note: The Office of Financial Aid is not required by federal law or regulation to make adjustments based on this information.
Verification of Information Provided
Roberts Wesleyan College is REQUIRED by the U.S. Department of Education to check the accuracy of the financial information provided for applications that the Department has selected. This must take place before Title IV funds (Federal Pell Grants, Federal SEOG Grants, Subsidized and Unsubsidized FFELP Stafford Loans, Federal Perkins Loans, Federal College Work/Study) can be disbursed to accounts. This process is called Verification. If you are selected for Verification, all documentation requested MUST be provided to confirm eligibility for the federal funds that are included in your financial aid package.
The Office of Financial Aid may request the following documents:
Verification Worksheet
The document is made available from the Office of Financial Aid. You must complete this document if you are selected for verification.
FFELP Loan Entrance Interview
This document is required if you borrow under the Federal Education loan Program. It is required that each institution, the student has attended, have an interview on file.
2004 Federal Student Tax Return (1040, 1040A, 1040EZ)
A signed copy of this document, with attached W-2 forms, is required when any student is selected for verification.
2004 Federal Parent Tax Return (1040, 1040A, 1040EZ)
A signed copy of this document, with attached W-2 forms, is required when a dependent student is selected for verification.
Loan Master Promissory Note
This document is required if you borrow under the Federal Education Loan Program, or your parent (legal guardian) borrows under the Federal PLUS program.
Generally, students must be enrolled full-time (12 credit hours per semester) to receive financial aid. Students must meet the eligibility requirements of the specific programs from which they receive assistance, which include demonstrated financial need and other specific conditions of federal, state, or college policies.
In order for financial aid awarded to be disbursed on your account, you must submit all required documents and comply with all requests made by the Office of Financial Aid on or before the first day of classes. If you do not adhere to these requirements, you may forfeit the privilege of receiving any financial assistance.
Roberts Wesleyan College
Office of Financial Aid
2301 Westside Drive
Rochester NY 14624-1997
Tel: (585) 594-6150; 1-800-777-4792
Fax: (585) 594-6036
Email: Finaid@Roberts.edu
