Financial Aid Policies and Information
Financial Aid Policies and Information
Your Rights and Responsibilities
As a financial aid recipient, you have certain rights and responsibilities, including the following:
- You have a right to privacy. All records and data submitted with your application for financial aid will be treated as confidential information.
- You have a right to a complete explanation of the award process. If you do not understand your financial aid award or feel your application has not been evaluated fairly, please contact us.
- You have the right to be notified of cancellation or withdrawal of aid. As part of this notification you have the right to be told why this action is being taken.
- You have the responsibility to immediately report any change in your student status. If you move, change your name, drop below full-time status, withdraw from school, or do anything else that affects your status, you must report it to the Financial Aid Office, and to any student loan lender.
- You have the responsibility to report any additional funds or benefits to the Financial Aid Office. These funds may include private scholarships, tuition waivers, Vocational Rehabilitation, and Veterans Benefits. The Financial Aid Office is required by law to make adjustments to a student’s award if additional funds or benefits create an overaward after the original offer of aid has been made.
- You have the responsibility to use financial aid for education expenses. These expenses may include tuition, fees, room, board, books, supplies, and living expenses.
- You have the responsibility to respond to any inquiries from federal, state, or college auditors.
- You have the responsibility to repay student loans on time. Acceptance of any loan carries a serious obligation to repay. Students who do not meet this repayment obligation may affect the availability of loans for future students. Before you accept student loans, you should consider the repayment obligation.
- You have the responsibility to keep copies of all correspondence regarding your financial aid, whether it is with Financial Aid Office, governmental agencies or outside lenders.
Verification
In order to check the accuracy of information reported on the FAFSA, the U.S. Department of Education selects aid applicants to undergo the verification process. Applicants can be selected for verification when they initially submit a FAFSA, or when corrections are submitted. Students who are selected for verification will have a message printed on their SAR.
Financial Aid Adjustments
We are required by federal law to collect information from applicants who are selected for verification, and to resolve any discrepancies that may exist between information reported on a FAFSA and information submitted to complete the verification process.
There are cases in which verification increases a student’s eligibility for aid, and other cases in which eligibility is reduced. The Financial Aid Office will provide an updated Estimated Financial Aid Assistance Plan for students whose awards are adjusted upon receipt of the updated SAR. Financial aid cannot be paid to a student’s account until the verification process is completed.
Required Documents
The Department of Education has developed a customized approach to verification. Items required to verify may vary for each student selected for verification. Students will receive notification from the Financial Aid Office regarding what documents are required when they have been selected for verification.
Submission Deadline
If selected for verification, all required documents must be received by the Financial Aid Office within 30 days of notification or your last date of attendance, whichever is earlier. Failure to do so may forfeit your eligibility to receive financial aid.
Federal Income Tax Return
Federal income tax filers may be required to submit a signed copy of their income tax return that was submitted to the Internal Revenue Service (IRS). Those who do not have a copy of their federal income tax return can obtain an IRS Tax Return Transcript directly from the IRS using one of the methods listed below.
• Online Request
• Transcript by Mail
• Telephone Request
Financial Aid Frequently Asked Questions
How many credits do I need to take to keep my full-time status?
Mildred Elley works on a semester basis to determine full time study. You must carry a minimum of 12 credits per semester to retain this status. Remember, we schedule you for 2 mods in that semester so you should be scheduled for an average of 6-7 credits a mod, to total 12-13 for the Semester.
What is the difference between a Grant and a Loan?
Grants and loans both provide students with money to continue their educations. Grants are free money and do not need to be paid back. Any and all loans must be paid back to the lender.
How often to do I need to renew my financial aid?
For every award year you are in school you will need to reapply for your FAFSA as well as your NY State TAP grant if you qualify.
If I have questions about my loans, who do I contact?
Mildred Elley has a Default Management Office, to help you with your loans. This office may be reached at 518-429-2624. The U.S. Department of Education Direct Loans Servicing Center can also assist you. You can visit the website: www.myedaccount.com. The U.S. Department of Education is the lender for Direct Loans, Mildred Elley is NOT your loan provider.
What if I need more money for living expenses?
Students who qualify for more money than the amount due to the school (for tuition, fees, book and supplies) can receive stipend checks after there is a credit balance on their accounts. These additional funds would come from increasing the amount you borrow from the federal loan programs which MUST be paid back. In order to be considered for increased funds, you must fill out an additional funds request form. Keep in mind that all students have a different Financial Aid package and your eligibility for certain loans and grant money may be different than your classmates’ and friends’. We strongly recommend you only borrow additional funds if you have to, and be smart about borrowing more money than is absolutely necessary. Remeber, this adds to the overall amount of your loan and you will be responsible for paying this back after you graduate or if you leave the school before graduating.
I need to have additional income while going to school. Are there any resources to help me pay my bills while I am in school?
Yes, you have a number of options to support you financially while attending school.
- Federal Work Study (FWS): Federal Work Study is a need-based program offered through the Federal Government which, if eligible, allows students with financial need to work a certain number of hours per week while you are at school. Mildred Elley supervises the program and one can either work on campus or work in a non-profit that supports their training. Students are paid an hourly wage, but no federal taxes are taken out. And, these funds do not have to be re-paid. You must fill out a work study application located on the 3rd floor to determine your need and eligibility.
- Need a job? The Office of Career Services and Placement offer job search assistance, even while you are in school. We provide job leads for all types of work: retail, overnights, weekends, day/evening, temp work, etc. Stop by the office to see what is out there!
Can I use Financial Aid to pay for extra items in my program; for example: flash drives, additional pairs of scrubs, materials used in MT like oils, tools, and other equipment?
Yes, there are certain educational supplies that can be purchased with your financial aid funds. Keep in mind any additional expenses add to the overall total of your loan. Students can purchase: uniforms such as Scrubs, ECE polo shirts, as well as academic resources such as: textbooks, flash drives, Microsoft software for computers and calculators. You will have to see a financial aid representative to determine if you have enough funds to purchase any additional or replacement items.
Does my FA cover my exam fees?
While we do attempt to cover the costs of your exams not everyone will be eligible.
What happens after I graduate and when do I start paying back my loans?
Direct Subsidized Loans and Direct unsubsidized Loans have a six-month grace period before payments are due. The grace period is a set period of time after you graduate, drop below half-time enrollment or leave school for any reason.
What if I cannot afford my loan payments?
Contact our Default Management Office immediately. There are a number of options we can help you apply for to temporarily postpone or lower your loan payments. Please do not ignore your loan payment. Going into default on a student loan will affect your financial future for years. The loan servicer will usually work with you, but you have to directly communicate with them and be proactive if you are struggling to pay the bill.
What do I need to know about a loan servicer?
A loan servicer is a company that handles the billing and other services on your federal student loan. Visit the National Student Loan Data System (NSLDS) at www.nslds.ed.gov to view information about all of the federal student loans you have received and to find contact information. You should contact your loan servicer when you: need help making your loan payment, change your name, address or phone number, have a question about your bill, have a question about features of your student loan, graduate, drop below half-time enrollment, stop going to school, or transfer to another school.
