FA Disbursement Dates 2008-2009
All students:
Fall - 08/27/08
Spring - 01/02/09
Summer - 04/29/09
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Academy Office of Financial Aid
1601 Clay St.
Oakland, CA. 94612
(510) 763-7787
financialaid@acchs.edu
FAFSA Application School Code: G32883
Veterans Information
Scholarship Information
International Student Financial Aid
How Student Aid Works, Your Financial Aid Application
So what is need? Need is the difference between what it costs to go to college and what the student and family can afford to contribute towards those costs.
The basic financial aid formula:
COA - EFC (what the student and family can pay) = Financial Need
Students are generally eligible to receive assistance through financial aid in the amount up to their financial need.
The Office of Student Financial Aid may award a student a combination of loans in order to meet the student's need. At ACCHS our financial aid funds are provided by the federal government.
Applying for Financial Aid
In order to determine what the student and family can pay towards the student's educational expenses, the student must apply for financial aid. A nationally established formula computes the family's contribution (EFC) using information regarding the family's income, assets, and number of family members in college. For a student who is considered to be dependent, the student and the parents complete the application. For students considered to be independent, the student and spouse (if married) complete the application.
The first step in applying for financial aid is to mail a completed Free Application for Federal Student Aid (FAFSA) to the Federal Student Aid Programs beginning January. The FAFSA is available in high schools and college financial aid offices beginning in December. In order for ACCHS to receive an electronic copy of the FAFSA, the student must write "Academy of Chinese Culture" and the code number "G32883" on the college release section of the FAFSA. Students may apply online at http://www.fafsa.ed.gov.
About four weeks after the student mails the FAFSA (about one week if filed online), the student will receive a document called the Student Aid Report, and ACCHS will receive the electronic copy of the FAFSA. ACCHS will notify the student to submit verification documents if necessary. Verification documents may include the IRS tax forms and documentation of household size.
Types of Financial Aid, Eligibility Requirements
The Academy provides access to several low-interest financial aid programs and Work-Study, a program that allows FA students to work and go to school at the same time. Federal Direct Loans (Stafford Loans) can be utilized by degree-seeking students who qualify. Alternative loans are also available for students who meet credit criteria.
General Eligibility Requirements
Eligibility for ACCHS SFA programs (other than unsubsidized loans) is based on financial need. to have the financial need determined, a student must complete and file the FAFSA. Additionally, to be eligible for SFA program funds, a student must:
- Have a high school diploma or GED or receive a passing score on an independently administered examination provided by the Department
- Enroll as a regular student in an eligible degree or certificate program
- Be a U.S. citizen or eligible non-citizen
- Have a valid Social Security Number (SSN)
- Make satisfactory academic progress
- sign statements on FAFSA regarding educational purpose and overpayments and defaults.
A student must enroll at least half time to be eligible for Direct Loans Program at ACCHS. For more information on eligibility requirements, refer to the Federal Student Financial Aid Handbook or the current Student Guide.
Federal Direct Student Loans
The US Department of Education provides the funding to ACCHS, and the Office of Student Financial Aid (OSFA) makes subsidized and unsubsidized loans directly to you. Your loan checks typically will be disbursed along with your other financial aid.
Description of the FDSL Program. The FDSL program has two components. The Subsidized Loan is available to students who have financial aid eligibility or financial need. The interest is paid by the government until the student graduates or is no longer enrolled at least half-time in an institutional program recognized by the U.S. Secretary of Education.
Subsidized Loan - interest is paid the by government while you're in school.
Unsubsidized Loan - is available to students who have limited or no financial aid eligibility or who need to borrow an additional amount of loan. The interest on an unsubsidized loan, though deferred must be paid by you while you are in school, and during any grace or in-school deferment periods.
Enrollment Requirements: You must enroll in at least half-time units to receive a FDSL loan. Graduate students at ACCHS must enroll in at least 6 units.
Applying for a FDSL
You automatically applied for the FDSL program when you applied for financial aid using the FAFSA. The OSFA will award you the maximum in FDSL program funds based on your financial aid eligibility, other awarded aid, and the type of loan you choose.
FDSL Limits
You may borrow up to the maximum amount for which you are eligible, depending on your year in school, your dependency status, the other aid you have accepted, and the annual loan limits established for the Stafford program. Currently, the maximum amount that can be awarded to you as a combination of subsidized and unsubsidized loans is $18,500.
Unsubsidized FDSL for Dependent Students: If a dependent student's parents are denied a PLUS loan, the student may be eligible for an unsubsidized FDSL. Interested students should speak with a financial aid advisor.
Federal PLUS Loans
Congress grants graduate students access to the Federal PLUS Loan for loans certified after 7/1/2006.
The Federal PLUS Loan offers an affordable, accessible way for graduate students to cover the full cost of education after the borrower has reached the annual or cumulative maximum on Federal Stafford Loans.
The Federal PLUS Loan provides these terms and benefits:
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Fixed interest rate of 8.5%
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3% origination fee
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1% default fee
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Students may apply on line without a co-signer with streamlined credit requirements (e.g. no derogatory credit)
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A qualified co-signer may be provided if applicant is rejected based on credit.
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These credit requirements are less restrictive than for alternative, privately funded students loans
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Ability to finance the entire cost of a graduate or professional education, less any other aid awarded by the school or received from other sources.
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Option to defer payments while in school.
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No prepayment penalty
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Possible tax deductibility of interest (consult a tax advisor or the IRS)
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May be included in Federal Loan Consolidation
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Lenders may offer borrower benefits.
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We strongly suggest you borrow Federal PLUS Loan and Federal Stafford Loan from the same lender
Interest Rates (Current Interest Rate = 6.80% fixed on all Direct Loans)
Interest Rates For all Stafford loans: If the interest rate is variable, even if you have previously borrowed a Federal Stafford Loan at a different interest rate, the interest rate is dependent upon the yearly 91-day Treasury bill, plus 3.1 percent with a cap of 8.25 percent. Your interest rate on the variable rate Direct or Stafford loan may rise or fall depending on the 91-day Treasury Bill. If your interest rate is fixed, the interest rate is dependent on the 91-day Treasury bill, plus 3.1 percent. However, your interst rate will not fluctuate over time. The rate will remain the same as the day that you first originated the loan.
Origination and Insurance Fees: FDSLs and PLUS loans have origination and insurance fees totaling 2.0 percent (2.0%) that will be deducted from the loan amount before disbursement, with a 1.5 rebate that is applied back to the disbursement.
Work-Study Program
The Academy allows students to work on campus and earn compensation through the Federal Campus-Based, Work-Study Program. Students may apply for the Work-Study Program at the time they submit the FAFSA. For detailed information regarding positions and payment, go to the Work-Study page.
Disbursement and Receiving Funds (disbursement dates)
You are under no obligation to accept a loan which you will have to repay in the future. Declining a FDSL or Work-Study will not jeopardize other financial aid offered to you. Additionally, declining a FDSL at this time will not prevent you from borrowing a FDSL in a future trimester or academic year.
There are two steps you must take to accept a FDSL loan:
Step #1: Sign and return your Offer Letter, indicating the amount you are accepting. See the front page of the Offer Letter for more information.
Step #2: Sign and return your promissory note mailed to you by the Direct Loan Servicing Center. You are required to complete and sign a promissory note, which obligates you to repay the loan according to the terms of the note. If you have been awarded a Direct Loan, a printed promissory note with an instruction cover sheet will be mailed to you. Please read the cover sheet carefully before completing the promissory note. Once completed, return one copy of the promissory note to the address on the Promissory Note.
Once we have received both your signed Offer Letter on which you have accepted a Stafford loan and your promissory note acknowledgement, we will authorize the disbursement of your loan.
Receiving Your Loan Funds
If you have never borrowed a Direct Student Loan, you are required to complete Loan Counseling.
Loan Counseling: Loan Counseling (formerly called an Entrance Interview) helps you understand your loan obligation. Loan Counseling is a brief interview with the financial aid administrator. You will receive an Entrance Counseling Guide for Borrowers. Once you successfully complete the entire Loan Counseling session, your Loan Counseling hold will be cleared.
All Stafford funds will be disbursed in two or three disbursements during the year: either one half in the fall trimester and one-half in the spring trimester, or 1/3 in the fall trimester, 1/3 in the spring trimester, and 1/3 in the summer trimester. If you borrow a one-trimester loan (fall only or spring only), you will receive one-half of your loan funds at the beginning of the trimester and the other half midway through the trimester. The second half of a Fall-only loan is disbursed at the end of October; the second half of a Spring-only loan is disbursed at the end of March.
Information about grace periods, loan repayment or consolidation is in the Borrower's Rights and Responsibility in your Offer Letter packet, or contact the Common Origination and Disbursement Center.
Registration Fee Payment
Financial aid funds, including FDSLs, are disbursed each trimester and are credited directly to cover registration fees. If your financial aid is not sufficient to cover your registration fees and/or other financial obligations, you will have to pay the balance owed at the Business Office by the fee payment deadline (see the Class Schedule). Payments received after the deadline will be assessed a late payment fee.
Account Statement and Balance Check to Students
You will be mailed an "Account Statement" with descriptions of financial aid credits, outstanding ACCHS charges, and/or remittance advice (the amount you owe). If you have remaining financial aid funds for the semester, you also will be mailed a Balance Check. If you pay all of your college obligations, including registration fees, in advance by personal check or cash, your financial aid award in full will be mailed to you. All financial aid checks are mailed to the address on file with the Financial Aid Office; checks can be picked up on-campus. It is important for you to keep your mailing address current.
Refund and Repayment Policies
WARNING: Withdrawing from or dropping all of your classes for the semester will cause you to be placed in immediate repayment for all or some of the financial aid you received!
Financial Aid recipients are obligated to remain enrolled and pass a certain number of units. ACCHS is mandated by the Federal government to calculate a refund and a repayment when a student does one of the following:
- withdraws from all courses for the trimester;
- drops out from all courses for the trimester;
- takes an unapproved leave of absence;
- fails to return from an approved leave of absence is expelled;
- otherwise fails to complete the period of enrollment for which he/she received financial aid.
A refund is the portion of financial aid funds used to pay the student's registration fees and/or on housing that must be returned by ACCHS to the Student Financial Aid Programs. The refund amount is calculated by the Business office based on the student's withdrawal date. If the student received a FDSL, the refund amount will be refunded to the student . The refund can be applied to the loan to reduce the student's loan indebtedness at the student's request.
To ensure proper calculation of a refund, a student who intends to withdraw from all classes must file a "Notice of Cancellation" form with the Administration Office and complete a "Withdrawal SFA" with OSFA. See the current Class Schedule under Academic Calendar or Refunds for deadlines. Withdrawal from ACCHS after the third week of the trimester will result in "W" grades. Please see the Business office for further explanation of the Refund Policy.
Borrower Responsibilities and Rights
Responsibilities
When you take out a student loan, you have certain responsibilities. Here are a few of them:
When you sign a promissory note, you're agreeing to repay the loan according to the terms of the note. The note is a binding legal document and states that, except in cases of discharge, you must repay the loan--even if you don't complete your education (unless you were unable to complete your program of study because the school closed); aren't able to get a job after you complete the program; or are dissatisfied with, or don't receive, the education you paid for. Think about what this obligation means before you take out a loan. If you don't repay your loan on time or according to the terms in your promissory note, you may go into default, which has very serious consequences.
You must make payments on your loan even if you don't receive a bill or repayment notice. Billing statements (or coupon books) are sent to you as a convenience, but you're obligated to make payments even if you don't receive any notice.
If you apply for a deferment or forbearance, you must continue to make payments until you are notified that the request has been granted. If you don't, you may end up in default. You should keep a copy of any request form you submit, and you should document all contacts with the organization that holds your loan. You must notify the appropriate representative (school, agency, lender, or the Direct Loan Servicing Center) that manages your loan when you graduate, withdraw from school, or drop below half-time status; change your name, address, or Social Security Number; or transfer to another school. If you borrow a Direct Loan, it will be managed by the Direct Loan Servicing Center. If you borrow a FFEL Program Loan, it will be managed by your lender or its servicing agent. During your loan counseling session, you'll be given the name of the representative that manages your loan.
Regardless of the type of loan you borrow, you must receive entrance counseling before you're given your first loan disbursement, and you must receive exit counseling before you leave school. These counseling sessions will provide you with important information about your loan. Your lender or the Direct Loan Servicing Center will provide you with additional information about your loan.
If you default on your loan, your school, the lender or agency that holds your loan, the state, and the federal government may all take action to recover the money, including notifying national credit bureaus of your default. This may affect your credit rating for a long time. For example, you may find it very difficult to borrow from a bank to buy a car or a house.
In addition, the lender or agency holding your loan may ask your employer to deduct payments from your paycheck. Also, you may be liable for expenses incurred in collecting the loan. If you decide to return to school, you're not entitled to receive any more federal student aid. The US Department of Education may ask the US Internal Revenue Service to withhold your income tax refund, and the amount of your refund will be applied toward the amount you owe.
Rights
You have certain rights as a borrower. Listed below are some of them.
Before your school makes your first loan disbursement, you'll receive the following information about your loan from your school, lender, and/or the Direct Loan Servicing Center:
- the full amount of the loan.
- the interest rate.
- when you must start repaying the loan.
- a complete list of any charges you must pay (loan fees) and information on how those charges are collected.
- the yearly and total amounts you can borrow.
- the maximum repayment periods and the minimum repayment amount.
- an explanation of default and its consequences.
- an explanation of available options for consolidating or refinancing your loan.
- a statement that you can prepay your loan at any time without penalty.
ACCHS will notify you (or your parents for a Grad PLUS Loan) in writing whenever it credits your account with Direct Loan or Grad PLUS loans. This notification must be sent no earlier than 30 days before, and no later than 30 days after the school credits your account. You (or your parents for a Grad PLUS Loan) may cancel all or a portion of the loan by informing ACCHS within 14 days after the date that ACCHS sends this notice, or by the first day of the payment period, whichever is later. ACCHS can tell you the first day of your payment period. If you or your parents receive loan funds directly by check, the funds may be refused by not endorsing the check.
Before you leave ACCHS, you'll receive the following information about your loan from the school, lender, and/or the Direct Loan Servicing Center:
- the amount of your total debt (principal and estimated interest), what our interest rate is, and the total interest charges on your loan.
- if you have Direct Loans, the address and telephone number of your Direct Loan Servicing Center.
- the fees you might be charged during the repayment period, such as late charges and collection or litigation costs if you're delinquent or in default.
- an explanation of available options for consolidating or refinancing your loan.
- a statement that you can prepay your loan without penalty at any time.
If you borrow a Direct Loan or a FFEL Program Loan, this information will be provided to you by the Direct Loan Servicing Center or your lender, as appropriate.
If you have Direct or FFEL Stafford loans, your school will also provide you with the following information during your exit counseling session:
- a current description of your loans, including average monthly anticipated payments.
- a description of applicable deferment, forbearance, and discharge provisions.
- repayment options.
- advice about debt management that will help you in making your payments.
- notification that you must provide your expected permanent address, the name and address of your expected employer, and any corrections to your school's records concerning your name, Social Security Number, references, and driver's license number (if you have one).
You have the right to a grace period before your repayment period begins. Your grace period begins when you leave school or drop below half-time status. The exact length of your grace period is shown on your promissory note.
During exit counseling, ACCHS, lender, and/or the Direct Loan Servicing Center as appropriate must give you a loan repayment schedule that states when your first payment is due, the number and frequency of payments, and the amount of each payment.
You must be given a summary of deferment and discharge (cancellation) provisions, including the conditions under which the U.S. Department of Defense may repay your loan.
Satisfactory Academic Progress
To continue to receive financial aid at ACCHS, students must complete in a semester the number of units required for the aid that they claimed. They must remain in good academic standing with the Academy.
Passing Grades: The quality of the student's academic performance will also be monitored. In order for units to be recognized as successfully completed, the grade must be one of the following:
A, B, C, P, or CR.
Grades not accepted as units successfully completed are:
F, NC, U, W, AUD, or I,.
If a grade is changed after the official posting for a semester, it is the student's responsibility to bring verification of the grade change to the OSFA. You cannot receive financial aid for repeat courses for which you initially received a passing grade.
ACCEPTABLE GRADES
A, B, C, CR
UNACCEPTABLE GRADES
F, NC, U, W, AUD, I,
Satisfactory Academic Progress Appeals
Students who fail one or more of the SAP requirements must appeal to the ACCHS Academic Standards Committee. The required paperwork is available in the Office of Student Financial Aid or in the administration offices .
All financial aid recipients should speak to a financial aid counselor to discuss the impact of any proposed changes in enrollment such as dropping a course, repeating a course, or withdrawing from the University. Any of these changes may affect his/her satisfactory academic progress and future eligibility for financial aid.
Financial Aid Links and Phone Numbers
Links
U.S. Department of Education Website. http://www.ed.gov
FAFSA on the Web. http://www.fafsa.ed.gov
Entrance Counseling and Exit Counseling
Online Direct Loan Master Promissory Note
Frequently Requested Telephone Numbers
ACCHS Financial Aid Office
1601 Clay St.
Oakland, CA. 94612
(510) 763-7787
General Information about the federal Student Financial Assistance Programs, assistance in completing the FAFSA, to obtain federal aid publications.
1-800-4FED-AID
(1-800-433-3243)
TDD number for hearing impaired individuals
To call with any federal student aid questions.
1-800-730-8913
