Academic Catalog 2014.2015 - page 15

Financial Aid
FINANCIAL AID POLICIES &
PROCEDURES
Eligibility
To be eligible to receive financial aid, a student must:
1. Be a U.S. citizen or permanent resident (except
for international scholarships).
2. Be enrolled as a full-time student.
3. Have a high school diploma or equivalent.
4. Maintain satisfactory academic progress towards
graduation and maintain a minimum cumulative
GPA as required.
5. Be registered for the draft with the Selective
Service if the student is male, at least 18 years
old, was born after December 31, 1960 and
is not a current member of the active armed
service.
6. Not be in default on any Title IV loans or
owe repayment on any Title IV grant.
Priority in awarding is based upon the timely filing
of all required applications, supporting documents
and notification of admission to the college.
Most awards (scholarships, grants, loans) are
disbursed in two equal installments, which are
credited directly to the student’s account. Most
financial awards are eligible for renewal based
on program guidelines and an annual application
(modified for continuing students) must be
submitted.
Determination of Need
Financial need is calculated by information the
student provides on the Free Application for Federal
Student Aid (FAFSA)
.
International students will need to
complete the International Student Financial Aid Application,
which is available upon request from the International Student
Office.
This standard form, used nationwide in higher
education, gathers information on the family’s
financial situation— their income and assets. Other
requested information includes the number of family
members and the number of family members in
college. The results of this calculated assessment
is what is commonly referred to as the Expected
Family Contribution or (EFC).
The EFC is subtracted from the cost of attendance
and the result is a calculation of the student’s
“financial need”. Aid eligibility at The Master’s
College is a function of both our cost of attendance
and your expected family contribution.
Application Process
For Federal, State and Institutional aid you will
need to:
1. Complete and submit the Free Application for
Federal Student Aid (FAFSA).
2. Complete The Master’s College Financial Aid
Application (FAA) and return it to the Office
of Financial Aid.
3. Submit the appropriate Federal Verification
Worksheet
4. If required for verification, complete IRS Data
Retrieval or IRS transcript
Applicants for all Cal Grant programs must also:
5. File a verified grade point average (GPA) with
the California Student Aid Commission no later
thanMarch 2nd and have the FAFSA completed
by March 2nd.
OPTION 1
:
Obtain a GPA Verification Form, have
it certified by a school official at the current
school attended and send it to the California
Student Aid Commission. Photocopy the form
prior to mailing and obtain a proof of mailing
for verification purposes. Home schooled
students will need to send SAT or ACT scores to
the California Student Aid Commission before
March 2nd.
OPTION 2
:
Many high schools and colleges will
file (with a signed release) a student’s verified
GPA with the Commission in roster form. This
option should be verified with each institution.
FINANCIAL AID AWARDS
Once all applications and supporting documents are
received (which includes the results of the FAFSA),
a financial aid award will be offered to the student.
Financial Aid
15
THE COLLEGE
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