AWARD LETTER SUPPLEMENT
1. By signing this award letter, I certify that I have accepted financial aid funding from only one institution.
2. I understand that continued funding under each of the financial funding programs is conditional on my maintaining satisfactory progress in the course of study which I am pursuing and that this will be determined by the regularly prescribed standards and practices for students receiving federal student aid. I further understand that these standards and practices are described in the College Catalog.
3. I understand that I must enroll for at least 6 credits of course work each semester to be eligible for federal financial aid.
4. Federal Perkins Loan Recipients: I understand that the Federal Perkins Loan is a loan that must be repaid either following graduation or upon my withdrawal from college. In addition, if I drop below half-time status, the Federal Perkins Loan grace period begins.
5. Work-study Recipients Only: I agree to report for work regularly as scheduled and to maintain an accurate time card, which I must sign and submit to my supervisor. I understand that should I fail to work the number of hours necessary to earn my entire award, Presentation College is under no obligation to increase my other student aid to compensate. The college does not assign positions. Students who have been awarded work study are responsible for securing their own work study position. I understand in event I am selected as a Resident Assistant (RA), I am not eligible to receive federal or institutional work-study funds in addition.
6. I may cancel all of my student loan funds prior to the loan proceeds being applied toward institutional charges. I may also cancel a portion of my student loan funds after the loan proceeds are applied toward institutional charges, by notifying Financial Aid Office within 30-days of the beginning of the semester.
7. MN State Grant Recipients: I understand the amount of the award will vary based on the number of credits I am enrolled in. This award will be adjusted as the number of credits I am enrolled in is adjusted.
POLICIES GOVERNING FEDERAL STUDENT FINANCIAL ASSISTANCE PROGRAMS
AWARDS ARE SUBJECT TO FINAL FEDERAL AUTHORIZATION AND INSTITUTIONAL BUDGET APPROVAL: Often financial aid awards are made prior to the notice of actual federal allocation and institutional budget approval. For this reason, Institutional/Perkins Loans, SEOG Grants, Federal/Institutional Work-study jobs and institutional scholarships are subject to confirmation. PC reserves the right to adjust or cancel student awards based on final authorization and budget approval.
ADDITIONAL AWARDS: You must report any resources received during the year (scholarships, loans, gifts, etc.). Failure to do this may result in the cancellation of your financial aid award.
PACKAGE ADJUSTMENTS: If you receive additional financial aid after this award has been made, your original financial aid package may be reduced by the amount of the additional award. In such cases, a revised award notice will be sent to you. Your funding may also change if you reduce your course load or change programs, since some funding is restricted to full-time students or to a specific program of study.
REFUND AND REPAYMENT POLICY: Student who voluntarily withdraws from college may be entitled to a partial refund of tuition and other fees. The student must initiate the withdrawal process by contacting the Registrar’s Office. See the College Catalog for the full written policy.
STUDENT'S RIGHTS AND RESPONSIBILITIES
You have the right to:
1. Know what financial assistance is available, including information on all federal and institutional financial aid programs.
2. Know the deadlines for submitting applications for each of the financial aid programs available.
3. Know the cost of attending the institution and the school’s refund policy.
4. Know the criteria used by the institution to select financial aid recipients.
5. Know how we determined your financial need. This process includes how costs for tuition and fees, room and board, travel, books and supplies, personal and miscellaneous expenses are considered in your budget.
6. Know what resources (such as parental contribution, other financial aid and your assets) are considered in the calculation of your need.
7. Know how much of your financial need, as determined by Presentation College, has been met.
8. Request from the Financial Aid Office an explanation of the various programs in your student aid package.
9. Know what portion of the financial aid you received must be repaid and what portion is grant aid. If the aid is a loan, you have the right to know what the interest rate is, the total amount that must be repaid, the pay back procedures, the length of time you have to repay the loan, and when repayment is to begin.
10. Know how the school determines whether you are making satisfactory progress and what happens if you are not.
It is your responsibility to:
1. Review and consider all information about the school’s program before you enroll.
2. Complete all application forms accurately and submit them on time to the right place.
3. Pay special attention to and accurately complete your application for student financial aid. Errors can result in long delays in your receipt of financial aid. Intentional misreporting of information on application form for federal financial aid is a violation of the law and is considered a criminal offense subject to penalties under the U.S. Criminal Code.
4. Return all additional documentation, verification, corrections, and/or new information requested by either the Financial Aid Office or other agency to which you submitted your application.
5. Read and understand all forms that you are asked to sign and keep copies of them.
6. Accept responsibility for all agreements that you sign.
7. If you have a loan, notify the lender of changes in your name, address or school status.
8. Perform the work that is agreed upon when accepting a college work-study award.
9. Know and comply with the deadlines for application or re-application for aid. Priority deadline is March 1.
10. Know and comply with Presentation College’s refund procedures for charges should you withdraw.
11. Provide documentation of enrollment for courses that you are enrolled in at another institution.
Revised 3/06