- Apply for Financial Aid
- College Bound Scholarship
- Federal Work Study
- Award Letter
- Return of Title IV Policy
- Satisfactory Academic Progress
Too many students worry, before they have even begun the financial aid application process, that they cannot afford college. The earlier you apply for financial aid, the sooner Calumet College of St. Joseph can send you a financial aid award letter. For many students, their financial aid award letter will help them decide which college to attend.
The financial aid application process:
- Complete the FAFSA (Free Application for Federal Student Aid) at fafsa.ed.gov. Be sure to add the CCSJ School Code: 001834. You can file the FAFSA as early as January 1.
- Once your FAFSA is submitted, the Federal Processor will forward your information to the Office of Financial Aid at CCSJ. You will then receive an email notification to your CCSJ email indicating that your award letter (which shows the types of aid you qualify for) has been created.
- If you have been selected for verification, you will also receive an email notification informing you of what documentation the Office of Financial Aid needs from you. It is important to submit all documents as soon as possible.
Now You Have A Private College Choice!
Calumet College of St. Joseph will now offer the CCSJ College Bound Scholarship to full-time students who enroll as freshmen for the 2012-2013 academic year. This scholarship will defray the balance of the school's tuition cost for Hammond residents who qualify for the Hammond College Bound Scholarship.
Like the City of Hammond's program, all other awards, scholarships and financial aid will be applied first. Once both the City of Hammond and the CCSJ College Bound grant have been applied, the student will incur no additional tuition expense while attending Calumet College of St. Joseph.
Hammond College Bound Basic Qualifications
- Complete an application which will define educational history, college destination and provide for a release of academic records.
- Demonstrate that he/she resides in an owner-occupied home within Hammond City limits.
- Be able to provide proof of legal guardian situations where a natural parent is not the legal guardian.
- Attend any accredited public or private high school.
For more information, please call (219) 473-4215 or visit the City of Hammond’s College Bound Program Page
The Federal Work Study Program is a campus-based program with a limited allocation that provides paid jobs for eligible students. An estimated Federal Work Study award amount will be listed on your CCSJ financial aid award letter if you indicated interest in this program on the current year FAFSA and have demonstrated financial need/eligibility based on your FAFSA. Students who have work study listed on their award letter but who are unable to be placed in a work study position, can cancel it & possibly increase their loans. Currently, all work-study positions available through CCSJ pay $8.00 per hour.
All openings for Federal Work Study positions are available by visiting the Office of Financial Aid. If you would like to be considered for an available position, please fill out the Federal Work Study Application Form. If you are offered a Federal Work Study position, you will need to complete both the forms W-4 and I-9 (Form W-4 & Form I-9 downloads). A work study contract will then be created for you by the Financial Aid Specialist.
For a list of current openings, please go to our open positions page.
National Student Loan Data System (NSLDS)
The National Student Loan Data System (NSLDS) is the Department of Education's data clearinghouse for all government backed student loans and grants. Students and other borrowers who have Title IV loans or Pell Grants can gain access to any of their loan/grant information through this government maintained database. Information available on the NSLDS site that you might need access to:
- Your current loan status
- Disbursement information
- Loan balances
- Grant awards
Indiana Commission for Higher Education (CHE)
CHE’s mission is to make college affordable through need-based grants and to allow choice by granting awards to those attending public, independent & proprietary colleges. Visit CHE to learn about:
- Your eligibility for state financial aid.
- View the history of grants, awards and scholarships you have received from the state of Indiana.
- Change your first-choice college.
- Update your address and phone number.
- Check to see if you have any outstanding issues that might prevent you from getting state aid.
Loan Repayment Calculators
Helpful information about budgeting and calculating your loan repayment is available at: http://www.direct.ed.gov/calc.html
Once you have filed your Free Application for Federal Student Aid (FAFSA), the College will receive a review of your status from the Department of Education. The results may indicate that you have been selected for a process called verification.
If that is the case, we will send you a request to provide our office with signed copies of you (and your spouse's) most recently completed tax documentation, a completed Verification Worksheet, and/or other documents. We will also request a signed copy of your parents' tax documentation and/or other documents if you are a dependent student for financial aid purposes. Please submit all of the requested information to the CCSJ Office of Financial Aid. Once this entire process is complete, we will issue you a revised award letter detailing your eligibility for federal, state and institutional aid.
You will not be able to receive financial aid until the verification process is complete. To receive maximum consideration for all forms of aid, submit requested documents as quickly as possible.
All verification forms can be printied online from the CCSJ Financial Aid Forms page.
Students selected for verification must complete the process by the deadline as published in the Federal Register, which is tentatively set at September 29, 2015, for the 2014/2015 school year; or 120 days after the last day of the student’s enrollment, whichever is earlier.
View Award Letter
Award letters must be accessed from your CCSJ Student Online Services Account:
- Go to MyCCSJ
- Log-in with your account information
- Scroll over the Financials tab on the Welcome Page
- Select Financial Aid Award Letter (you may also select: 1) "Missing Documents" for a detailed list of any items the Office of Financial Aid has requested from you and 2) "Shopping Sheet" for a standardized, informational notice that provides you with additional details about the College as well as more information to help you in understanding the bottom-line of college costs.)
- From the drop down box, select the year from which you would like an award letter
Online award letters are updated every Wednesday and Friday afternoon.
You are also able to view your shopping sheet via your online account under the Financials tab. The shopping sheet is a standardized, informational notice that provides you with additional details about the College as well as more information to help you in understanding the bottom-line of college costs.
If you need assistance with your CCSJ username and/or password, and you are unable to retrieve it using the Forgotten Password option, please contact Computer Services at (219) 473-4366.
Return of Title IV Policy (R2T4) for Complete Withdrawals
Federal financial aid recipients who withdraw from all courses before 60% of the term is completed are subject to Title IV regulations. Calumet College must always return any unearned Title IV funds within 45 days of the date the school determined the student completely withdrew from all attempted courses for the payment period and offer any post-withdrawal disbursement within 30 days of the date the school determined the student withdrew. Title IV funds are federal funds which includes the Federal Pell Grant, SEOG, and all Federal Direct Loans.
The date of official withdrawal is the date the student begins the withdrawal process by completing required paperwork with Academic Advising. If a student officially completely withdraws after the 60% point in any given term, none of the student's federal financial aid will be returned.
An unofficial withdrawal occurs when a student does not complete withdrawal paperwork nor does the student notify the instructor of their intent to withdraw due to an illness, accident, grievous personal loss or other circumstance beyond the student's control. Because this student stops attending, the withdrawal date defaults to the midpoint of the semester and the student will receive the grade of FW. When a student receives Ws or FWs for all courses attempted, that student will then be subject to R2T4 regulations.
If a student completely withdraws, drops, or stops attending before financial aid is disbursed for the semester, the student may be eligible to receive a Post-Withdrawal disbursement. A Post-Withdrawal disbursement is for students who were eligible to receive Title IV Aid, but the aid did not disburse before the student stopped attending. The Financial Aid Office will determine if any aid was earned by using the calculation below in the example based on the student's withdrawal date.
If a student did not receive all of the funds that were earned, that student may be due a post-withdraw disbursement. If the post- withdraw disbursement included loan funds, you may choose to decline the loan funds so that you don’t incur additional debt. Your school may automatically use all or a portion of your post- withdraw disbursement (including loan funds, if you accept them for tuition and fees. For all other school charges, the school needs your permission to use the post-withdraw disbursement. If you do not give you permission (which some schools ask for when you enroll), you will be offered the funds. However, it may be in your best interest to allow the school to keep the funds to reduce your debt at the school.
Order of Return of Title IV funds
A school must return Title IV funds to the programs from which the student received aid during the payment period as applicable, in the following order, up to the net amount disbursed from each source:
- Unsubsidized Direct Loans (other than Direct PLUS Loans)
- Subsidized Direct Loans
- Direct PLUS Loans
- Federal Pell Grants for which a Return is required
- Federal Supplemental Educational Opportunity Grants (FSEOG)
A sophomore withdraws three weeks into the semester. She was charged full-time undergraduate tuition of $8,365. A $2,250 subsidized Direct Loan paid some of charges; she paid the remainder from savings and has a $0 balance on her student account on the day of withdrawal. There are 109 days in the semester; she attended 23.
- Percentage of earned aid = 23/109 = 21.1% earned.
- Unearned aid = 100% - 21.1% (earned) = 78.9% unearned.
- $2,250 (aid received) X 21.1% = $474.75 earned.
- $2,250 - $474.75 = $1,775.25 unearned.
- Amount of Aid to be Returned by School = Institutional charges times unearned percentage; $11,300 X 78.9% = $8,915.70.
- Since $8,915.70 exceeds the amount of unearned aid, the lesser number is used. Therefore, $1,775 of the subsidized Direct Loan disbursement would be reversed from her student account. The loan debt is reduced but the student would have a tuition balance of $1,775 which would need to be paid before she could register for another term.
Satisfactory Academic Progress (SAP) Policy
Effective date July 1, 2011
Federal legislation governing all federal financial aid programs requires that students receiving federal financial aid make satisfactory academic progress (SAP) toward a degree in order to maintain eligibility for this aid. It is the policy of Calumet College of St. Joseph that all recipients of all financial aid programs, including state and institutionally funded programs, are subject to the same satisfactory academic progress standards as those for federal financial aid.
Satisfactory academic progress at CCSJ is monitored at the end of each fall, spring and summer semester. All SAP standards are reviewed based on all classes in all semesters taken at CCSJ. Additionally, all accepted transfer credits from regionally accredited colleges and universities are included in the calculation of the Percentage of Credits Completed Standard. If a student changes majors or seeks to earn additional degrees, the calculations remain the same. However, if a student receives a Bachelor’s degree or Master’s degree, the calculations will start over the semester following degree completion. (Please note: SAP standards are the minimum criteria for maintaining financial aid eligibility. Certain forms of financial aid may carry other requirements for renewal.)
SAP consists of three parts
- Qualitative standard based on GPA
All undergraduate students are required to maintain a cumulative 2.0 GPA and graduate students are required to maintain a 3.0 GPA. Any student falling below that standard for any enrolled term will be placed on academic warning but will still qualify for financial aid. If a student continues below the standard in a subsequent term, that student will be placed on financial aid suspension and will not qualify for any form of financial aid.
- Quantitative standard based on rate of completion
Rate of completion is evaluated after each enrolled term by dividing the cumulative credit hours earned by the cumulative credit hours attempted or enrolled. Students are required to maintain a rate of completion at 67% to meet SAP standards. Repeated courses, withdrawals, and incompletes do not count toward a student’s GPA but do count toward credit hours enrolled. Transfer hours accepted toward completion of a student’s program count as both credit hours enrolled and credit hours completed.
- Maximum Time Frame Standard
Students are expected to complete all academic requirements for a degree within 150% of the published length of the educational program in which the student is enrolled. Accepted transfer credit hours are included in the calculation of the Maximum Time Frame Standard. Below are examples of maximum time frame requirements:
Required Hours to Complete Degree
Maximum Attempted Hours
58 - 60
87 - 90
118 - 120
177 - 180
36 - 67
54 - 101
- SAP is calculated at the end of each fall, spring and summer semester for qualitative and quantitative progress.
- Students meeting the standards listed above when calculated will be in SAP good standing.
- The first semester a student does not meet the standard, the student will be placed on SAP Warning. The student will still qualify for financial aid.
- The second consecutive semester a student does not meet the standard, the student will be placed on SAP Suspension. The student will not qualify for financial aid. The student will have to submit an appeal to be considered for financial aid reinstatement.
- Courses taken at CCSJ are counted as hours attempted regardless of grades assigned. This includes incomplete failures, or withdrawals.
- Only courses earning passing grades for progressing toward degree completion will be counted as earned. ( Example: A, B, B+, B-, C, and P)
- Courses graded with an F, FW, W, or I count as credit hours attempted but not earned. Additional courses with non-passing results are counted similarly.
- All courses designated as repeated for grade improvement are counted as hours attempted and if passed as hours earned.
- Audit and non-credit classes are ineligible for financial aid do not count in SAP calculations.
Additional Earned Credits and Remedial Courses
- Credit hours earned by testing and other non-standard means are counted in the SAP calculation as both attempted and earned. This includes hours earned from Credit by Exam, CLEP, LEAP, AP courses, Dual Credit Courses, ACE credits and Military Experience Credits.
- All credits attempted through consortium agreements with other institutions counts as both attempted and earned if passing grades are received.
- Remedial courses count in both attempted and earned hours calculations even though credits may not apply toward completion requirements. Remedial courses also impact GPA calculations.
SAP Appeal Process
- SAP Suspensions may be appealed if unusual or mitigating circumstances affected academic progress. Such circumstances may include a severe illness or injury to the student or an immediate family member, the death of a student’s relative, student activation into military service, or other circumstance deemed appropriate for consideration by the SAP Appeals Committee.
- The student must complete the following SAP Appeal Form: SAP Appeal Form
- The student will be notified by email of the decision made by the appeals committee.
- All appeal approvals are accompanied with an academic plan that outlines conditions by which a student can regain SAP Good Standing status and it requires a student’s signature.
- All decisions of the SAP Appeals Committee are final and a student is limited to 2 appeals only.
- All students who raise their cumulative standards to equal or exceed the minimum requirements will be reinstated to SAP Good Standing.
- Federal Subsidized & Unsubsidized Loan
- PLUS Loan
- Alternative Loan
- Loan Limits
Federal Subsidized Loan
This is a loan for which you must qualify based on financial need. The amount for which you qualify is based on your dependency status, enrollment status, and on your level of need.
Federal Unsubsidized Loan
This loan is not based on financial need. However, the amount that you may borrow is limited by your dependency status, enrollment status, and cost of attendance.
Your CCSJ estimated award letter will list the maximum federal subsidized and unsubsidized loan amounts for which you qualify based on the information available to the CCSJ Office of Financial Aid at the time the award letter was created. Though federal subsidized and unsubsidized loan money may be listed on your award letter, there is no requirement that you take out these loans. Also, you do not need to apply for the entire loan amount; you may apply only for the portion of the loan that you need.
Interest Rates for Direct Subsidized Loans, Direct Unsubsidized Loans
The current interest rate for the 17/18 school year for Subsidized Loans is 4.45%, as well as 4.45% for Unsubsidized Loans for Undergraduate students. Loans for Graduate students are at 6.00%. Students are also assessed a federal origination fee when accepting a loan, which is deducted directly from the loan once it is disbursed to student accounts (1.066% for all Undergraduate student loans and 1.066% for Graduate/Professional student loans). Parent Plus Loans are at a 7.00% interest rate with an origination fee of 4.264%.
Interest rates will be established each year for Direct Subsidized, Direct Unsubsidized, and Direct PLUS loans for which the first disbursement is on or after July 1 through the following June 30. The rate will be the sum of a uniform “index rate” plus an “add-on” that varies depending on the type of loan (Subsidized/Unsubsidized or PLUS) and the borrower’s grade level (undergraduate or graduate/professional). Thus, interest rates will be the same for Direct Subsidized Loans and Direct Unsubsidized Loans taken out by an undergraduate student, with a different rate for Direct Unsubsidized Loans taken out by a graduate/professional student and for PLUS Loans taken out by parent borrowers or graduate/professional student borrowers.
Student Loan Default Rate
Cohort Default Rate is the percentage of a school's borrowers who enter repayment on student loans during a federal fiscal year (October 1 to September 30) and default prior to the end of the next one to three fiscal years.The following are the rates released by the Department of Education for CCSJ:
3-Year Official Rate
PLUS* (Parental Loan for Undergraduate Students) Loan
PLUS loans are federal loans available to parents of undergraduate students. The loan limit for PLUS loans is based on the student’s cost of attendance minus other forms of financial aid received. The parent PLUS loan is based on credit worthiness meaning a credit check must be submitted. Repayment of PLUS loans can be differred until the participating student ceases to attend college at least half time.
If a parent is declined as a result of the credit check, the parent can appeal the results by going to www.studentloans.gov and documenting extenuating circumstances or by obtaining an endorser. Another option for a declined PLUS loan is for the undergraduate student to request additional unsubsidized loans from the Office of Financial Aid.
Parent eligibility requirements for a Direct PLUS Loan
You must be the student's biological or adoptive parent or the student's stepparent, if the biological or adoptive parent has remarried at the time of application. Your child must be a dependent student who is enrolled at least half-time at a school that participates in the Direct Loan Program. For financial aid purposes, a student is considered "dependent" if he or she is under 24, unmarried, and has no legal dependents at the time the Free Application for Federal Student Aid is submitted. (Exceptions are made for veterans, wards of court, and other special circumstances.) If a student is considered dependent, then the income and the assets of the parent have to be reported on the FAFSA.
Additional requirements to receive a PLUS loan
Parent PLUS loan borrowers cannot have an adverse credit history.If upon completion of the credit check, the parent is denied, the parent can appeal teh denial by going to www.studentloans.gov and documenting extenuating circumstances or by obtaining an endorser. If then approved, the parent must complete PLUS Loan Counseling before the loan is disbursed. In addition, parents and their dependent child must be U.S. citizens or eligible noncitizens, must not be in default on any federal education loans or owe an overpayment on a federal education grant, and must meet other general eligibility requirements for the Federal Student Aid programs. You can find more information about these requirements in Funding Education Beyond High School: The Guide to Federal Student Aid.
Loan limits, interest rate, and loan charges
There are no set limits for Direct PLUS Loans, but you may not borrow more than the cost of your child's education minus any other financial aid received, such as a Direct Subsidized or Unsubsidized Loan. The school will determine the actual amount you may borrow.
The current interest rate as of the last update of this page (July 1, 2015) for Direct PLUS Loans is a fixed rate of 6.84%. Interest is charged on Direct PLUS Loans during all periods, beginning on the date of your loan's first disbursement. To find out more information on interest rates for Direct PLUS Loans, contact your loan servicer.
In addition to interest, you pay a loan origination fee that is a percentage of the principal amount of each Direct PLUS Loan that you receive. This fee helps reduce the cost of making these low-interest loans. We deduct the fee before you receive any loan money, so the loan amount you actually receive will be less than the amount you have to repay. The current origination fee as of the last update of this page (July 1, 2015) for Direct PLUS Loans is 4.60%.
Dependent students whose parents have applied for but were unable to get a PLUS Loan are eligible to receive additional Direct Unsubsidized Loan funds.
There is no grace period for a Direct PLUS Loan—the repayment period begins 60 days after your school makes the last disbursement of the loan. However, if you're a parent PLUS borrower who is also a student, you can defer repayment while you're enrolled in school at least half time and (for Direct PLUS Loans first disbursed on or after July 1, 2008) for an additional 6 months after you graduate or drop below half-time enrollment.
If you're a parent PLUS borrower, you can defer repayment of Direct PLUS Loans first disbursed on or after July 1, 2008, while the student for whom you obtained the loan is enrolled at least half time, and for an additional 6 months after the student graduates or drops below half-time enrollment (half-time enrollment status is determined by your child's school). You must separately request each deferment period.
Applying for a Parent PLUS Loan
In order for a PLUS loan to be processed, the consent of the parent borrower is required. The Consent to Obtain Credit Report, which can be downloaded from the link below is to be completed by the parent of the student who wishes to apply for a PLUS loan. A CCSJ Financial Aid staff member will then process the credit check through the Federal Direct Loan website. Credit check approval is requirement of the Federal Direct PLUS Loan process.
The Federal Direct PLUS loan application form is to be completed by both the student and the parent. The purpose of this form is for the parent to indicate the amount of the loanrequested and the academic period for which the loan will be used. If you are unsure of the amount of the loan that you will need, contact the CCSJ Office of Financial Aid at 219-473-4296.
Mail both completed forms to:
Calumet College of St. Joseph
Office of Financial Aid
2400 New York Ave.
Whiting, IN 46394
Or fax to: 219- 473-4340
If your PLUS loan has been approved, the parent requesting the loan must complete the PLUS Master Promissory Note (MPN). If your PLUS loan was approved after documenting extenuating circumstances or by obtaining an endorser, you must complete both the MPN and the PLUS loan counseling.
Denied for a Parent PLUS Loan
If the parent PLUS loan is denied, the undergraduate student can then qualify for additional unsubsidized federal student loans by requesting the additional funds from the Office of Financial Aid.
Another loan option that may be available to assist in the financing of a student's education in addition to the Federal loans is an alternative loan. Alternative loans, also known as private loans, are those defined as loans that come from a bank, credit union, or other nongovernmental source. These loans are not regulated by the federal government and have adjustable interest rates. The terms of the loans will vary from lender to lender, and the interest rate may be significantly higher than that of a Federal loan. Calumet College of St. Joseph does not promote specific lenders. In fact, we want to ensure that all students have exhausted all other Federal loan options before suggesting an alternative loan. We implore you to thoroughly research all options before making your decision.
Alternative Loan Code of Conduct
Calumet College of St. Joseph does not participate in any revenue -sharing arrangements with any lenders, does not steer borrowers to particular lenders or delay alternative loan certifications, and does not participate in offering of funds for private loans to students in exchange for providing concessions or promises to the lender for a specific number of federal student aid loans, a specified loan volume, or a preferred lender arrangement. This code of conduct is applicable to all officers, employees, and agents of the College and employees of the Office of Financial Aid are prohibited from receiving gifts from a lender, guaranty agency, or loan servicer; as well as accepting compensation for any consulting arrangement or contract to provide services to or on behalf of a lender relating to education loans and service on an advisory board, commission, or group established by lenders or guarantors, except for reimbursement for reasonable expenses. (This information is in accordance with the U.S. Department of Education’s regulations on lender relationships)
The following web sites may provide you with useful information in researching lenders offering private educational loans.
The federal government limits the loan amount you can borrow based on your enrollment status, dependency status, and year in school. Below are the current annual loan limits. All students requesting a student loan for the first time are required to complete entrance counseling and a master promissory note. Before leaving CCSJ, students who have borrowed Stafford loans are required to complete Exit Counseling. These counseling sessions will provide you with detailed information about the student loan process.
***New Federal Time Limitation on Direct Subsidized Loans for First-Time Borrowers effective July 1, 2013! There is a limit on the maximum period of time (measured in academic years) that you can receive Direct Subsidized Loans. In general, you may not receive Direct Subsidized Loans for more than 150% of the published length of your program. This is called your "maximum eligibility period". For example, if you are enrolled in a 4-year bachelor's degree program, the maximum period for which you can receive Direct Subsidized Loans is 6 years (150% of 4 years = 6 years). If you are enrolled in a 2-year associate degree program, the maximum period for which you can receive Direct Subsidized Loans is 3 years (150% of 2 years = 3 years). After you have received Direct Subsidized Loans for your maximum eligibility period, you are no longer eligible to receive additional Direct Subsidized Loans. However, you may continue to receive Direct Unsubsidized Loans.
In addition, if you continue to be enrolled in any undergraduate program after you have received Direct Subsidized Loans for your maximum eligibility period, the government will no longer (with certain exceptions) pay the interest that accrues on your Direct Subsidized Loans for periods when they would normally have done so.
Review information on the new limit on the maximum period of time a student can receive Direct Subsidized Loans HERE
Third Year & Beyond
Third Year & Beyond
Graduate & Professional Students
All Years of Study
Find out about loan repayment amounts and budgeting tips by going to: www.studentaid.ed.gov
Glossary of Financial Aid Terms
A counselor or faculty member who has been trained to assist students with academic information that will enable them to enroll in the classes related to their academic goals.
The school year for which a student is enrolled and/or financial aid is awarded.
Your gross income, less certain allowed business related deductions.
An official document sent by the CCSJ Financial Aid Office that lists all grants, scholarships, and loans that are offered to a student for an academic year.
The person in the Business Office that is responsible for the administration of the student’s charges, payments, and refund checks.
CHE's mission is to make college affordable through need-based grants and to allow choice by granting awards to those attending public, independent & proprietary colleges. Visit CHE to check on your eligibility or to view your grant history.
College Goal Sunday
College Goal Sunday is a national event that provides free information and assistance to families who are filling out the FAFSA. For more information or to find out where to attend one, visit www.collegegoalsundayusa.org.
Cost of Attendance (COA)
The projected cost of the student's education including tuition, room and board, transportation and books.
The units which are used to measure the value of course work.
Failure to repay a loan.
Department of Education
Division of the federal government that is charged with the administration of all federally funded sources of financial aid and the determination of regulatory compliance by all schools which offer those funds.
The act of releasing financial aid funds to a student’s account.
In the Direct Lending program, loan funds are processed directly through the federal government, not through a bank or other private lender. Any Federal Stafford or PLUS loan you request as a CCSJ student will be administered through the Federal Direct Lending Program.
Before receiving a student loan, borrowers must complete an entrance counseling session. This quick and easy interactive counseling session provides useful tips and tools to help you develop a budget for managing your educational expenses and helps you to understand your loan responsibilities.
Prior to graduating or leaving college, borrowers are required to complete an exit counseling session. This online exit counseling session has been created to make sure that you understand your rights and responsibilities as a Direct Loan borrower.
Expected Family Contribution (EFC)
A measure of how much the student and his or her family can be expected to contribute towards the cost of the student’s education. It is determined based on the information provided in the FAFSA and calculated from a specified formula in accordance with federal guidelines. If you have any questions on determining you EFC, use the online CCSJ Cost Calculator.
Free Application for Federal Student Aid (FAFSA)
Used to apply for federal and state financial aid. A new FAFSA is released each year and can be completed beginning January 2nd before the Fall semester you plan to start college.
Federal Work Study (FWS)
A campus-based program with a limited allocation that provides paid jobs for eligible students. An estimated Federal Work Study award amount will be listed on your CCSJ financial aid award letter if you indicated interest in this program on the current year FAFSA and have demonstrated financial need.
Family Education Rights and Privacy Act (FERPA)
A law which protects a student’s right to privacy in all aspects of their education and governs the manner in which schools disseminate information to students and their families.
Registration for a minimum of 12 credits per semester.
Aid that does not require repayment.
After you graduate, leave school, or drop below half-time enrollment, you will have a six-month "grace period" before you begin repayment for Federal Direct Loans. During this period, you'll receive repayment information, and you'll be notified of your first payment due date. You're responsible for beginning repayment on time, even if you don't receive this information. Payments are usually due monthly.
During the grace period on a subsidized loan, you don’t have to pay any principal, and you won’t be charged interest. During the grace period on an unsubsidized loan, you don’t have to pay any principal, but you will be charged interest. You can either pay the interest or it will be capitalized (added to your principal loan balance, thus increasing the amount you’ll repay).
Gift aid offered by the government, schools, and other groups.
The academic year or portion thereof for which the applicant is enrolled and is seeking one or more loans.
Master Promissory Note (MPN)
A legally binding contract between the borrower and the lender of a Federal Stafford Loan. By signing the MPN, the borrower agrees to all terms and conditions, including the responsibility to repay all borrowed funds along with any interest and fees that are charged. Unlike other promissory notes where only one loan can be borrowed per signed note, the MPN may be used by the school to make multiple Federal Stafford Loans to a borrower using a single note (up to 10 years).
Financial aid given to students who have outstanding abilities, talents, and/or achievements. Financial situation is not considered.
Financial aid awarded to students whose families do not have sufficient financial resources to pay for college. Academic performance, talent, and abilities are not considered. Your total expected family contribution (EFC) is deducted from your student budget. The remaining amount is your “need” for financial aid.
The income you have after you’ve paid taxes and any and all other liabilities, expenses, or charges against it.
An upfront charge deducted from the loan to pay part of the loan’s administrative costs.
The process by which a CCSJ Financial Aid staff member determines a student’s financial aid awards and amounts for which a student is eligible each year.
Parent PLUS Loan
PLUS are federal loans available to parents of undergraduate students. The loan limit for PLUS is based on the student’s cost of attendance minus other forms of financial aid received. The parent must pass a credit check to qualify for a PLUS loan. Repayment of PLUS loans can be deferred until the participating student ceases to attend college at least half time.
Federal grant based on EFC.
The department that will: maintain the academic records of all students and alumni, fill transcript requests, oversee course registration, record transfer of credit, determine grade point average and class rank, issue transcripts, offer veterans' assistance, and issue student grade reports.
Satisfactory Academic Progress (SAP)
Federal legislation governing all federal financial aid programs requires that students receiving federal financial aid make satisfactory academic progress (SAP) toward a degree in order to maintain eligibility for this aid. The student’s grade point average and percentage of courses completed are important in maintaining SAP status.
Gift aid offered by schools and other groups. They are usually based on academic performance, talent, athletics, school, or community involvement.
Company specializing in handling billing, collections, deferments, etc., for student loans. Many lenders and secondary markets hire servicers.
Student Aid Report (SAR)
Summary of information submitted on the FAFSA which is sent to the student for their review. It should be checked each year for accuracy and completeness.
Subsidized Stafford Loan
Federally based loan program with eligibility determined based on cost of attendance and need. Maximum eligibility is set by the federal government based on grade level. Interest is paid by the federal government while the student is in attendance taking at least 6 credits. Repayment begins 6 months after the student stops attending school.
Supplemental Educational Opportunity Grant (SEOG)
Federally based grant. Eligibility is tied to the Pell Grant. Funds are awarded at the discretion of the school within federally guideline.
Unsubsidized Stafford Loan
Federally based loan program with eligibility NOT tied to need. Maximum eligibility is set by the federal government based on grade level. Interest payments are the responsibility of the student as soon as the funds are disbursed, but may be deferred until repayment begins. Repayment begins six months after the student stops attending school.
Verification is a process used by the federal government to document and verify the information provided on the FAFSA.