1. Satisfactory Progress Policy
Satisfactory academic standing is required in order for a student to maintain
eligibility for financial assistance. At the end of each semester, after final
grades have been issued, the Director of Financial Aid will verify the academic
standing of each student.
Once a student has reached the point in time when they have registered for
their 60th credit hour, both qualitative and quantitative standards must be met
and measured each semester. “Registered Semester Hours” include all transfer
hours and all hours for which a student has officially enrolled (excluding audit
classes) at Monmouth College. Official enrollment is defined as the hours for
which a student is registered at the end of the period for adding a course.
Qualitative Standard:
Students must maintain a
minimum cumulative GPA of 2.00. A student will immediately lose eligibility for
all Federal and State financial assistance if the student’s cumulative GPA falls
below 2.00. No advance warning of pending loss of financial assistance can be
given.
In the case of a student who
receives a grade equal to “I” (Incomplete) or “IP” (In-progress), the
eligibility for financial assistance for the next semester will be determined
without regard for the “I” or “IP” grade. Subsequent removal of an “I” or “IP”
grade and replacement of those grades with final grades may have an impact on
future semesters and the eligibility for financial assistance, but it will not
have a retroactive affect on semesters for which assistance has already been
granted.
Quantitative Standard:
Students must also be making
incremental progress (consistently earning credits) towards a degree. According
to Federal requirements a student may take up to 150% of the time needed to
achieve and obtain a degree. For example, a student may take up to six years to
obtain a four year bachelor’s degree and still remain eligible to receive
financial assistance. If however, the student is not making incremental
progress towards the degree, a loss of eligibility for Federal and State
financial assistance will occur. No advance warning of pending loss of
financial assistance can be given.
In any semester where a student has lost eligibility of financial assistance,
the student may appeal to the Director of Financial Aid for the reinstatement of
eligibility. The student must show that their cumulative GPA fell to less 2.00
or they failed to make incremental progress towards a degree during the semester
as the result of 1) the death of an immediate relative of the student, 2) a
severe injury to the student, 3) a severe illness of the student, or 4)other
unusual circumstances that interrupted their ability to perform academically.
If an appeal is granted and the financial aid eligibility is restored, the
student will be placed on financial aid probation and will be eligible to
receive financial assistance for one semester. If, at the end of the semester on
financial aid probation, a student does not 1) establish a minimum cumulative
GPA of 2.00 or 2) make incremental progress towards the degree, no further aid
eligibility can be allowed.
2. Refund Policy
When a student withdraws from all classes during a semester, it is the
College’s responsibility to determine the student’s withdrawal date for
the purposes of the return of Title IV (federal) financial aid and the
refund/cancellation of charges and non-federal financial assistance.
Official Withdrawal
For a student to be considered officially withdrawn, he/she must notify
the college in writing or orally of his/her intent to withdraw by
contacting the Office of Student Affairs. The withdrawal date is the date
that the student notifies the Office of Student Affairs of his/her intent
to withdraw and/or begins the withdrawal process by completing a
withdrawal form.
Unofficial Withdrawal
If a student ceases attendance without providing official notification to
the College, the withdrawal date will be the mid-point of the semester,
except that the College may use as the withdrawal date the student’s last
date of attendance at an academically-related activity, as documented by
the College.
Special Circumstances
If the College determines that a student did not provide official
notification because of illness, accident, grievous personal loss, or
other such circumstances beyond the student’s control, the Dean of
Students may determine a withdrawal date related to that circumstance.
Return of
Title IV (Federal) Financial Aid
When a student withdraws during a semester, the amount of federal
financial aid earned by the student is determined on a pro-rata
basis. Once a student has completed 60 percent of the semester,
he/she is considered to have earned all of his/her federal financial
aid. If the student has completed less than 60 percent of the
semester, he/she is considered to have earned an equal percentage of
the aid originally scheduled to be received. (Federal Work Study
funds are excluded from the return of Title IV funds requirements.)
If a student has received excess funds, the College must return
a portion of the excess equal to the lesser of:
(A) the
student’s institutional charges multiplied by the unearned
percentage of funds, or
(B) the entire amount of the excess
funds.
If the aid to be returned is in the form of a loan that has
been released to the student (or parent) borrower, the student (or
parent) can repay the loan in accordance with the terms of the
promissory note over a period of time.
If the aid to be returned is in the form of grant funds,
the law provides that the student may repay 50 percent of the grant
rather than 100 percent.
The Title IV funds must be credited
to outstanding loan balances or to any amount awarded for the
semester in which a return of funds is required in the following
order:
1. Unsubsidized Federal Stafford Loans
2.
Unsubsidized Direct Stafford Loans
3. Subsidized Federal Stafford
Loans
4. Subsidized Direct Stafford Loans
5. Federal Perkins
Loans
6. Federal PLUS Loans received on behalf of the student
7. Federal Pell Grants
8.
Federal Academic Competitiveness Grants
9. National SMART Grants
10. Federal SEOG Grants
11. Other Title IV assistance
Refund of Charges
A student who withdraws prior
to completing 60% of the semester is entitled to a pro-rata
cancellation of that semester’s direct costs for tuition, room and
board. Indirect costs such as parking permits, insurance, books,
class fees, etc., will not be pro-rated. After completion of 60% of
the semester, there is no refund of charges.
A student who
withdraws before the first day of classes of any semester, is not
considered to have been enrolled for that semester and is therefore
entitled to a 100% cancellation of charges. If a student remains on
campus beyond his/her withdrawal date, he/she will be assessed room
and meal costs based on actual period of residency on campus.
Program fees, housing fees and all other fees assessed to a
student’s account to cover additional charges by a host institution
for an off-campus program will be refunded in accordance with
refunds made by the host institution. Any special travel
arrangements or incidental costs due to a program cancellation will
be at the student’s own expense. Monmouth College may require
students to return from an off-campus program at any time,
regardless of whether its sponsor or host institution has officially
cancelled a program.
Refund of Funds from the Illinois
Student Assistance Commission Monetary Award Program (MAP)
Per the rules of the Illinois Student Assistance Commission, if a
MAP recipient withdraws after the end of the second week of the
semester, the student may receive MAP grant payment for costs
incurred up to the semester award provided the college’s tuition
refund policy indicates that the student has incurred charges in the
amount of the claim.
Refund of Institutional Financial Aid
Institutional financial aid may consist of Monmouth Grant, Monmouth
Scholarships and Monmouth Loans. The refund/cancellation of
institutional financial aid follows the pro-rata policy for the
cancellation of institutional charges. When a student withdraws
prior to completing 60% of a semester, a pro-rated portion of
his/her institutional financial aid will be returned to the
program(s) from which the student received funds. After completing
60% of the semester, there is no cancellation of financial aid.
A student who withdraws before the first day of classes of any
semester is not considered to have been enrolled for that semester
and therefore 100% of the student’s institutional aid will be
cancelled.
Refund of Private Scholarships, Grants and
Loans
Unless otherwise requested by the donor or a private
scholarship or grant award, the funds will be retained to cover the
costs incurred by the student. Excess funds will be returned to the
donor. Private/alternative loans will be the last item retained to
cover the costs incurred by the student. Excess loans proceeds will
be returned to the lender.
Summary
In summary, the
financial assistance a student is entitled to retain from each
source (federal, state, institutional & private) will be calculated
and kept in the order described below up to the total costs incurred
by the student. When the total assistance a student is entitled to
retain is less than the costs incurred, the student will be billed
for the difference.
1.
Private grants/scholarships
2.
Other Title IV grants
3.
Federal SEOG grant
4.
National SMART Grants
5.
Federal Academic Competitiveness Grants
6. Federal Pell Grants
7. Illinois IIA Grants
8. Illinois MAP Grants
9. Illinois MRS Scholarships
10. Illinois Byrd Scholarships
11. Monmouth College
Grants/Scholarships
12. Illinois DTSS Scholarship
13. Illinois
MTI Scholarship
14. Federal PLUS Loan
15. Federal Perkins Loan
16. Federal Direct Subsidized Stafford Loan
17. Federal
Subsidized Stafford Loan
18. Federal Direct Unsubsidized Stafford
Loan
19. Federal Unsubsidized Stafford Loan
20.
Private/Alternative Loan
Loan Exit Interview Required
Perkins Loan and Stafford Loan borrowers are required to have an
exit interview with the Financial Aid Office before leaving campus
to ensure that they fully understand their commitments and
obligations under this federally-funded program.
Appeal
Process
An appeal process exists for students or parents who
believe that individual circumstances warrant exception from
published College charges and refund policies. Persons wishing to
appeal for special consideration should address such an appeal in
writing to the Vice President for Finance and Business at Monmouth
College.
Effective Date
The charges above are
effective August 1, 2009.
Right to Change Charges
Charges are established on an annual basis, and the College makes
every effort not to change them during the year. However, the
College reserves the right to change any and all of the above
charges.
