Financial Aid Guide 2008-09

Term-based Program

STUDENT FINANCIAL ASSISTANCE

It is the purpose of the financial aid office at William Penn University to assist the student in financial planning for college. In doing this, William Penn University attempts to make it financially possible for fully accepted students in a degree seeking or teacher certification program at William Penn University to experience the advantages of a college education. Generous gifts by alumni, trustees, and friends of the university, in addition to state and federal student assistance programs, make this possible.

The primary criterion for determining the amount of assistance a student is eligible to receive is the financial need of the student. The type or kind of assistance available is related to the financial need, scholastic and athletic ability of the student.

Various scholarships and grants are awarded on the basis of enrollment status at census day (see academic calendar for exact dates) on the evidence of academic excellence and/or qualities of leadership and talent. The university assumes at census day that all students enrolled for second eight week classes will begin attendance in these classes. Failure to begin attendance may result in an adjustment to the student’s financial assistance.

APPLYING FOR FINANCIAL AID ASSISTANCE

Most financial assistance is awarded to students with an established financial need. For this reason, it is necessary for applicants to submit data that will allow the university to determine that need. The data is submitted on the Free Application for Federal Student Aid (FAFSA) or Renewal Application. You may begin applying for the next academic year beginning January 1st. The student should be sure to list William Penn University on the form with the school code of 001900.

Important Notices:

• Iowa residents, as defined by the State Board of Regents, must have their FAFSA to the U.S. Department of Education’s Central Processing Center (CPS) by July 1 in order to be eligible for the State of Iowa funds (see State Student Financial Aid below). It is recommended that the FAFSA, if using the paper application, be mailed no later than mid-June.
• William Penn University reserves the right to modify awards if the student receives additional aid, if there is a substantial change in the parent or student income/assets, if there is incorrect information on the FAFSA, or if there is a change in student status involving either enrollment or housing.
• Award amounts offered from federal and state programs are contingent upon congressional and legislative allocation of funds.
• Financial aid that is awarded will be disbursed to the student’s university bill at the beginning of each term provided all documentation needed is received at the university

There are two types of applications. Students can fill out a paper FAFSA or use the Web. Students are strongly encouraged to file the FAFSA on the Web. The Department of Education has stated that those filing online are not only processed faster but have fewer errors. Students are also encouraged to obtain a Personal Identification Number (PIN) (see below).

Paper FAFSA Applications may be found at your high school guidance office, or you may contact the William Penn University financial aid office. An envelope is enclosed within the application for mailing the completed form. Report documents (see below) will be generated in approximately 2 to 3 weeks and sent to the student and to the school(s) listed on the FAFSA application. It is recommended that the information be reviewed by the student for any possible errors. If you have any errors or questions, please call the university’s financial aid office. If you don’t hear anything within 3 weeks of the date you submitted your application, check your status through FAFSA on the Web (www.fafsa.ed.gov). You can also check your status by contacting the Federal Student Aid Information Center at 1-800-433-3243.

Personal Identification Number (PIN) gives students and parents of dependent students Internet access to their FAFSA and other federal aid information. Your PIN number will not change from year to year. Students and parents can get a PIN by going to the Web site at www.pin.ed.gov. The Federal Student Aid PIN give you access to personal information and should be kept PRIVATE. You should not share your PIN with anyone. Also, if you opted to receive your PIN by e-mail, you should add FederalStudentAidPIN@cpsemail.ed.gov to your e-mail address book or “safe list” to help avoid delivery problems. Applicants can use their PIN to: 1) electronically sign a FAFSA on the Web as well as complete the student aid process completely online; 2) parents of dependent students may request a Federal Student Aid PIN to electronically sign the application; 3) correct their FAFSA online using Corrections on the Web; 4) see their EFC and other student aid report information as soon as the FAFSA is processed; 5) sign electronic master promissory notes; and 6) review their personal financial aid history as maintained in the National Student Loan Data System (NSLDS), which enables a student and parent, if applicable, to track their loans and the amounts borrowed while seeking their degree.

FAFSA on the Web Application may be found at www.fafsa.ed.govwhere you complete the application online and submit it directly to the U.S. Department of Education’s processing center. Report documents (see below) will be generated quickly if you (and your parent if applicable) provide electronic signatures using the PIN and sent to the student and to the school(s) listed on the FAFSA application. A FAFSA on the Web Worksheet is available online at www.fafsa.ed.gov for you to print and write down your information prior to completing the online submissions of the FAFSA. It is recommended that the information be reviewed by the student for any possible errors. Students can correct any of their previously submitted data except for their SSN and date of birth by returning to the Web site or you may call the university’s financial aid office.

Report documents are issued after the processing is completed by the U.S. Department of Education’s processing center (CPS). There are two types of report documents: the Institutional Student Information Record (ISIR), which is electronically sent to the school(s) listed on the FAFSA, and the Student Aid Report (SAR), which is sent to the student.

The SAR will confirm the information reported on your FAFSA and will come as follows: 1) Students who give an e-mail address, whether on the paper application or the FAFSA on the Web will receive an e-mail (3 – 5 days after your FAFSA has been processed) with a secure link to an online SAR. If you have a “junk” folder or “spam” folder in your e-mail files, check it. The e-mail may be delivered there instead of our inbox. You are encouraged to add FederalStudentAidFAFSA@cpsemail.ed.gov to your e-mail address book to help avoid delivery problems. 2) Students who don’t give an e-mail address will receive a paper SAR by mail in 7-10 days after your FAFSA has been processed. The SAR confirms the information reported on your FAFSA and will contain your Expected Family Contribution (EFC). The EFC is a measure of your family’s financial strength and is used to determine your eligibility for federal, state and institutional aid. To receive your aid, you must have a complete and correct SAR. Be sure to review your SAR to verify the information entered is correct. Whether you apply online or by paper, the schools you listed on your FAFSA will automatically receive your data electronically.

VERIFICATION

Federal regulations require selected applicants of the FAFSA to complete a process called verification. Students may be selected for this process by the U.S. Department of Education or by William Penn University. If you are selected for the verification process, you are required to provide William Penn University with supporting documents used when completing the FAFSA (i.e., copies of federal tax returns) and a verification worksheet that will be provided by the university. This information will be used to verify that the information provided on the FAFSA is accurate. It is important to provide William Penn University with any requested material as soon as possible. The verification process should be completed 10 days prior to the last day of classes in order to receive financial assistance. Financial aid may not be disbursed to the student’s university bill until the verification process is complete. A revised notification may be sent to the student if any awards change as a result of verification.

2008-2009 ACADEMIC COSTS

Direct Educational Costs (charged directly to your university bill). These costs are listed below and are based on a yearly cost unless otherwise noted.

Tuition

• Full-time, 12-18 credits in a term $ 17,664
• Full-time credit over 18 hours in a term $ 215 per credit
• Less than full time, 8-11 credits in a term $ 450 per credit
• Less than full time, 1-7 credits in a term $ 215 per credit
• Summer 2010 (to be determined)
• Audit $ 100 per credit

Fees for full-time students (part-time will be pro-rated by the credits enrolled)

• General Fee (required of all bachelor degree and certificate seeking students) $ 210
• Infrastructure Fee (required of all bachelor degree and certificate seeking students) $ 160

Room and Board

Eltse, Watson and Lewis Halls

• Marquis (20 meal) Plan/double room $ 5,132
• Marquis (20 meal) Plan/single room $ 5,732

Twin Towers

• Marquis (20 meal) Plan/double room $ 5,596
• Marquis (20 meal) Plan/single room $ 6,196
• 10 meal plan/double room $ 5,226
• 10 meal plan/single room $ 5,826

Rosenberger Apartments

• Room: 1 bedroom/double occupancy $ 2,240
• 1 bedroom/single occupancy $ 2,840
• 1 bedroom/married couple $ 2,840
• 2 bedroom/double occupancy per room $ 2,240
• 2 bedroom/single occupancy per room $ 2,640
• 2 bedroom/married couple $ 3,240
• *meal plan optional for students living in Rosenberger Apartments

Computer

• AA-AESL program only $ 700

Indirect Educational Costs (not charged by the university):

• Books/Supplies: These expenses vary each semester and depend on your individual needs and program of study. An average full-time student will spend in a range of $500 to $1,200/year on books and supplies. A student may request to have their books/supplies, which are purchased at the university, billed to their university bill according to regulations provided by the Business Office.
• Loan/Lab Fees: These expenses vary each semester and depend on your individual needs and program of study. An average full-time student will spend about $81/year on loan fees and the bachelor and certificate students will also average $125/year on lab fees.
• Personal/Transportation: Costs vary according to personal circumstances and spending habits. Typical costs for personal expenses average $1,856 and transportation expenses range from $1,025 to $1,461.
• Off-campus Room/Board: These costs vary depending upon dependency status and type of arrangement. Typical costs range from $1,760 (living with parent) to $4,889 (living off campus).

Total Cost of Attendance

Your total financial assistance needed is based on Cost of Attendance (COA) at William Penn University. The COA is composed of the academic costs as detailed above and sets a limit on the total financial aid you may receive. See below for the totals.

Bachelor Degree:

• Living on campus $ 27,396
• Living off campus $ 27,396
• Living with parent $ 23,894

Associate Degree-AESL or Bachelor Degree-BESL:

• Living off campus $ 27,396
• Living with parent $ 24,081

INSTITUTIONAL STUDENT FINANCIAL AID

Following is a list that includes, but is not limited to, a description of all institutional student financial assistance programs available to students who enroll at William Penn University.

A student may receive institutional based aid on a limited basis. The student must be fully accepted and seeking a degree or taking teacher certification coursework at William Penn University as well as providing all required documents requested by the financial aid office. Associate degree-AESL students may only qualify for AESL scholarship as institutional financial aid. Students seeking a second bachelor degree or taking teacher certification coursework, which does not lead to a degree, may qualify only for the Further Undergraduate Degree Scholarship as institutional aid. Unless indicated, the following types of institutional aid are not based on need but on the criteria stated. Institutional aid in combinations with any federal and/or state need based aid may not exceed the student’s demonstrated need. William Penn University does not award institutional financial aid for the summer term or for less than full-time enrollment. Enrollment status is determined at census day (check academic calendar for exact dates) of each term. The university assumes at census day that all students enrolled for second eight week classes will begin attendance in these classes. Failure to begin attendance may result in an adjustment to the student’s financial assistance.

Any of the institutional student aid awards listed below, but not limited to, may be adjusted on a dollar per dollar basis when more than one type of institutional aid is awarded to a student. William Penn University will credit your university bill at least once a semester.

Academic Scholarships are available to all U.S. and eligible non-citizen students. Students must be planning to attend full-time (12 or more credits per term which is determined at census day) and seeking their first bachelor’s degree. To be considered for an academic scholarship, the following requirements apply:

• First Time Freshmen must have a minimum cumulative GPA of a 3.50 on a 4.00 scale as well as a minimum of a 20 ACT or 940 SAT.
• Transfer in student with less than 24 credits (credits must have been at a full-time status) need to have a cumulative GPA of a 3.50 on a 4.00 scale, must provide copies of their final high school transcripts and a copy of their ACT or SAT scores. See First Time Freshmen for eligibility requirements.
• Transfer in student with 24 or more credits (credits must have been at a full-time status) need to have a cumulative GPA of a 3.50 on a 4.00 scale.
• Currently enrolled William Penn Student striving to obtain an academic scholarship must complete at least two consecutive full-time (12 or more credits per term) semesters at William Penn University by the end of the fall semester prior to the next academic award year and have a minimum cumulative GPA of a 3.50.

The following academic scholarships are available at William Penn University:

• Presidential Scholarship: The Presidential Scholarship is the most prestigious academic award offered by William Penn University. Candidates must possess extraordinary academic ability and potential, as evidenced by their high school or prior college(s) performance and their success on the American College Test (ACT) and/or the Scholastic Aptitude Test (SAT).

• Dean’s Scholarship: The Dean’s Scholarship is awarded to students possessing exceptional academic ability and potential as evidenced by their high school and/or prior college(s) performance, and their success on the American College Test (ACT) and/or the Scholastic Aptitude Test (SAT).

• Academic Leadership Scholarship: The Academic Leadership Scholarship is awarded to students possessing outstanding academic ability and potential as evidenced by their high school and/or prior college(s) performance, and their success on the American College Test (ACT) and/or the Scholastic Aptitude Test (SAT).

• Academic Achievement Scholarship: The Academic Achievement Scholarship is awarded to students possessing strong academic ability and potential as evidenced by their high school and/or prior college(s) performance, and their success on the American College Test (ACT) and/or the Scholastic Aptitude Test (SAT).

Renewal requirements for an academic scholarship will be based on the student’s cumulative grade point average earned after completing at least two consecutive full-time semesters by the end of the fall term prior to the next academic award year at William Penn University. If a student has one full-time semester by the end of the fall term prior to the next academic award year, they will continue to receive the same scholarship for the next academic award year providing the student remains a full-time student. Following is the minimum cumulative GPA for each scholarship:

• Presidential Scholarship 3.90
• Dean’s Academic Scholarship 3.75
• Academic Leadership Scholarship 3.65
• Academic Achievement Scholarship 3.50

AESL Tuition Scholarship may be awarded to students who are accepted in to the AA-AESL program. Student may not receive other institutional financial assistance when accepted to the program. This program was developed to address the critical teacher shortage, and better prepare paraprofessionals in the skills and ESL strategies needed to deliver quality instruction and support to Iowa’s English Language Learners. Renewal necessitates that the student meet the academic and participation requirements established by the director. Renewal is also dependent on the approval of the Director of Financial Aid.

Alumni Scholarships may be awarded to a full-time student seeking their first bachelor’s degree whose mother and or father graduated from William Penn University.

Athletic Scholarships: William Penn University is a member of National Association of Intercollegiate Athletics (NAIA). Scholarships are awarded to full-time students seeking their first bachelor’s degree. Scholarship amounts are based on athletic ability as determined by the coach and vice president for enrollment management. Renewal necessitates that the student meet academic and/or participation requirements established by the coach and the vice president for enrollment management. Renewal is also dependent on the approval of the director of Financial Aid.

Annual and Endowed Named Scholarshipsare listed below and unless noted are based on need. The scholarships are awarded to full-time students seeking their first bachelor’s degree whose achievements and financial need are recognized through the Annual and Endowed Scholarship program. These scholarship funds are made possible through the generous financial support of alumni, trustees, and friends of William Penn University. When these funds are awarded to a student, an adjustment may be made to the other institutional student financial aid previously awarded to the student. Annual and Endowed Scholarships are not intended to increase the total award package amount.

As a result, many of these scholarships are designated for students with specific academic interests or backgrounds. There is no separate application for the these scholarships. A student has automatically applied for these awards when he/she completes the process of applying for financial assistance. Several of these awards are designated at the upper-class level. A recipient may be requested to write a thank you to the donor of their scholarship. Failure to write the thank you may result in the loss of the award.

Annual Scholarships: Are provided to the university throughout the academic year and therefore are not listed at this time. These scholarships will be individually named on the award notifications provided to students. The annual scholarships are based on need.

Endowed Scholarships

(* not based on need)

Bilingual Educator Scholarships are awarded to first-time full-time freshmen students seeking their first bachelor’s degree who are willing to help meet the growing need for bilingual and English as Second Language teachers in the state and across the nation. Students must complete a Bilingual Educator Scholarship Application and provide other supporting documentation as needed to the Education Division chairperson at the university. Renewal necessitates that the student meet the requirements set forth on the bi-lingual scholarship nomination request. Renewal is also dependent on the approval of the Director of Financial Aid.

Digital Broadcasting Scholarshipmay be awarded to full-time students seeking their first bachelor’s degree. The student must offer outstanding promise in the digital broadcasting area. Renewal necessitates that the student meet the participation requirements established by the department. Renewal is also dependent on the approval of the director of Financial Aid.

Further Undergraduate Degree Scholarships are based on need and awarded to full-time students who have already earned a bachelor’s degree. Student may not receive other institutional financial assistance.

Humanities Scholarshipsare awarded to full-time students seeking their first bachelor’s degree with outstanding abilities in the humanities area. These students will work on the Chronicle newspaper, Quaker yearbook, KIGC-FM radio station, or the Penn & Ink literary magazine. Students may apply by submitting examples of their work to the Humanities Division chairperson. Renewal necessitates that the student meet the participation requirements established by the Humanities Division chairperson. Renewal is also dependent on the approval of the director of financial aid.

International Scholarships may be awarded to full-time non-citizens seeking their first bachelor’s degree. The student must offer academic promise in order to receive these funds. The scholarship may not be awarded if other institutional financial assistance is provided. Amounts will vary. Renewal is also dependent on the approval of the director of financial aid.

Mahaska County Scholarships may be awarded to incoming freshmen who reside in Mahaska County at the time of their high school graduation with at least a 3.00 cumulative grade point average and file their FAFSA before July 1. Amounts will vary.

Music Scholarshipsare awarded to full-time students seeking their first bachelor’s degree with outstanding vocal, keyboard or instrumental ability. Auditions are recommended and may be either taped or in person. For further information regarding these scholarships, contact the chairperson of the Department of Music at meinerta@wmpenn.edu. Renewal necessitates that the student meet the participation requirements established by the department chairperson. Renewal is also dependent on the approval of the Director of Financial Aid.

Penn Alumni Scholarshipsare awarded to full-time students seeking their first bachelor’s degree whose mother or father graduated from William Penn. Renewal is dependent on the approval of the director of financial aid.

Penn Community Scholarshipsmay beawarded to incoming freshmen who reside in counties which adjoin Mahaska County at the time of their high school graduation with at least a 3.00 cumulative grade point average and file their FAFSA before July 1. Amounts will vary.

Penn Recognition Scholarshipsmay be awarded to full-time students seeking their first bachelor’s degree who have above average academic records from high school or prior college who do not qualify for other non-academic merit aid. Student must apply by providing a copy of their school transcript, an essay letter stating their achievements, and at least one letter of reference. Amounts will vary. Renewal necessitates that the student maintain a 2.00 cumulative GPA at the end of the fall semester. The award amount may vary from year to year. Renewal is also dependent on the approval of the director of financial aid.

Phi Theta Kappa Scholarshipsmay be awarded to transfer students who have been recognized at their previous two year college as a Phi Theta Kappa member.

Religious Leadership Scholarshipsare awarded to full-time students seeking their first bachelor’s degree who are interested in developing leadership skills in Campus Ministry programs. Students must be approved and will be supervised by the Religious Life coordinator. For further information regarding this scholarship, contact the Religious Life coordinator or you may apply online at www.wmpenn.edu under campus life. Renewal necessitates that the student meet participation requirements established by the department chairperson. Renewal is also dependent on the approval of the director of financial aid.

Theatre Scholarshipsare awarded to full-time students seeking their first bachelor’s degree with outstanding theatre talent either in acting or some aspect of technical theatre. Either an audition or a personal interview is recommended. For further information regarding acting, contact the chairperson of the Department of Theatre Arts at steels@wmpenn.edu. For further information regarding technical theatre, contact wrightr@wmpenn.edu. Renewal necessitates that the student meet the participation requirements established by the department chairperson. Renewal is also dependent on the approval of the director of financial aid.

William Penn University Scholarships may be awarded to full-time students seeking their first bachelor’s degree. The student must offer academic promise in order to receive these funds. The scholarship may not be awarded if additional institutional financial assistance is provided.

William Penn Forgivable Loan is awarded to full-time incoming freshmen seeking their first bachelor’s degree. The student must have a minimum of a 2.50 on a 4.00 scale and be an Iowa resident. William Penn University will credit your university bill once you have completed the necessary loan paperwork with the business office. This is a binding legal document; when you sign it, you are agreeing to repay your loan under the stated terms. The William Penn Forgivable Loan is forgiven if the student completes full-time consecutive academic years until graduation at the university except in mitigating circumstances such as when a student is called to active duty. Military students called to active duty need to contact the Business Office. Circumstances where the student is unable to complete the requirements to have the loan(s) forgiven will be granted a six month grace period before the first payment is due to the university, the lender of the loan. A fixed interest of 5% APR will be assessed with a minimum monthly payment of $40.00.

For more information regarding the William Penn Forgivable Loan, contact the business office. Renewal necessitates that the student maintain a cumulative GPA of a 2.50 at the end of the fall term prior to the next academic award year. Renewal is also dependent on the approval of the director of financial aid.

FEDERAL STUDENT FINANCIAL AID

Following is a list that includes, but is not limited to, a description of all federal student financial assistance programs available to students who enroll at William Penn University.

William Penn University participates in the federal financial aid programs. Applications for these programs are made by completing the Free Application for Federal Student Aid (FAFSA) at www.FAFSA.ed.gov. William Penn University should be listed on the form with the school code of 001900. See “Applying for Financial Assistance” above.

In completing this form, the student is automatically an applicant for the federal Pell Grant, the federal ACG Grant, the federal National SMART Grant, the federal Supplemental Educational Opportunity Grant (SEOG), the federal Perkins Student Loan, the federal Stafford Student Loan, and the federal College Work-Study Program. The university requires all students to complete the FAFSA in order to become eligible for any federal aid, including unsubsidized and parent plus loans.

The Pell Grant, ACG, National SMART, SEOG, federal Perkins Student Loan, federal Stafford Student Loan, federal Plus Loan and the federal Work-Study Program are awarded by the office of financial aid at William Penn University. The result of the student’s FAFSA and enrollment status on census day (check academic calendar for exact dates for the fall and spring term) will determine the eligibility for these programs.

Summer school students’ enrollment status may be adjusted throughout the term, as it has three modules grouped together and treated as a term. Summer school will be treated as a trailer to the end of the academic year. The student must be fully accepted and seeking a degree at William Penn University as well as providing all required documents requested by the financial aid office.

Federal Pell Grant is based on need and does not have to be repaid. Pell Grants are awarded only to undergraduate students who have not earned a bachelor’s degree. To determine if you are eligible, the U.S. Department of Education uses a standard formula, established by Congress, to evaluate the information you report when you apply. This formula produces an EFC (Expected Family Contribution) number. You will receive your Student Aid Report (SAR) from the Department of Education’s processing center; it contains this number (the EFC) in the upper right portion of page 1. This number will determine if you are eligible for a Pell Grant and for how much. William Penn University will credit your student university bill at least once per semester.

Federal Academic Competitiveness Grant (ACG) is awarded to full-time undergraduate students enrolled in an eligible program who receive the federal Pell Grant and are U.S. citizens. Students also must have completed a rigorous secondary school program of study and be enrolled in at least a two-year academic program acceptable for full credit toward a bachelor’s degree.

Federal National Science and Mathematics Access to Retain Talent Grant (National SMART Grant) is awarded to full-time undergraduate students who are enrolled in the third or fourth academic year, as defined by the Department of Education, of an eligible program who receive federal Pell Grant and are U.S. citizens. An eligible program in the National SMART Grant is one that leads to a bachelor’s degree in an eligible major.

Federal Supplemental Educational Opportunity Grant (FSEOG)is for undergraduate students who have not earned a bachelor’s degree and who show exceptional financial need – that is, students with the lowest EFC’s – and gives priority to students who receive federal Pell Grants. An FSEOG does not have to be repaid. The difference between FSEOG and a federal Pell Grant is that the U.S. Department of Education guarantees that each participating school will receive enough money to pay the federal Pell Grants to its eligible students. There is no guarantee every eligible student will be able to receive an FSEOG; students at each school will be awarded these funds based on the availability at that school. William Penn University will credit your student university bill at least once per semester.

Federal Perkins Loan is a low-interest (5 percent) loan for undergraduate students with financial need. William Penn University is your lender. The loan is made with government funds, and the university contributes a share. William Penn University will credit your student university bill once you have completed the necessary loan paperwork. This is a binding legal document; when you sign it, you are agreeing to repay your loan under the stated terms. If you are attending school at least half-time, you have nine months after you graduate, leave school, or drop below half-time status before you must begin repayment. You monthly repayment amount will depend on the size of your debt and the length of your repayment period.

Federal Stafford Loansare either subsidized or unsubsidized. You can receive a subsidized loan and an unsubsidized loan for the same enrollment period. You apply using the FAFSA or Renewal FAFSA, just the way you would for any other federal student aid. Then you sign a promissory note that you will receive from the university. The promissory note is a binding legal document; when you sign it, you are agreeing to repay your loan under the stated terms. Read the note carefully. First time borrowers at the university must complete an entrance interview that can be found at www.mappingyourfuture.org/OSLC and must have completed the loan application before loans may be credited to your student account. The loan funds will be sent to the university and will be credited to your student university bill in at least two installments. Students who transfer to William Penn University have until the end of the first eight weeks of their first enrolled term to provide official transcripts from prior colleges which are needed to determine the grade level for loans for the year. If you believe you will change from a freshman grade level to a sophomore or from a sophomore grade level to a junior at the end of the fall or spring terms, please contact the financial aid office for possible loan adjustments.

• A subsidized loan is awarded on the basis of financial need. You will not be charged any interest before you begin repayment or during authorized periods of deferment. The federal government “subsidizes” the interest during these periods. The amount you can borrow will be determined by your “need” and grade level.
• An unsubsidized loan is not awarded on the basis of need. You will be charged interest from the time the loan is disbursed until it is paid in full. If you allow the interest to accrue (accumulate) while you are in school or during periods of nonpayment, it will be capitalized – that is, the interest will be added to the principal amount of your loan, and additional interest will be based on the higher amount. You can choose to pay the interest as it accumulates.

Federal Parent PLUS Loanis a loan that parents can take out to pay for their child’s educational expenses if you are a dependent undergraduate student enrolled at least half-time. PLUS Loans are unsubsidized are not awarded on the basis of need. The parent must complete and submit a PLUS Loan application, available at the university. After the university completes its portion of the application, it must be sent to a lender for a credit check. The loan funds will be sent to the university and will be credited to the student’s university bill in at least two installments. If there are extra loan funds, the amount will be sent to the parent unless the university receives authorization from the parent to release the funds to the student. The federal Parent Plus Loans will automatically go into repayment while the student is still in school unless a deferment is requested from the parent and granted by the lender. The federal Parent PLUS Loan does not require an entrance interview. A parent loan that does not pass the credit check may make the student eligible for additional loans. Contact the financial aid office for more information.

Federal Work-Studyis based on financial need and is designed to provide the student assistance in the financing of his or her education as well as the opportunity for broader educational experiences. Students will need to schedule interviews for positions available; openings are posted outside of the office of financial aid. The business office pays employed students once a month, providing all necessary paperwork is turned in. The student is allowed to earn up to the amount specified on his/her award letter, but the final responsibility for whether the amount is earned belongs to the student. Employment earnings are paid directly to the student once a month for hours worked and does not show as a credit on the university bill unless the student chooses to apply it. You may request a copy of “The Work-Study Guide” provided by the financial aid office at the university.

More information regarding the federal programs is located in “The Guide to Federal Student Aid” provided by the U.S. Department of Education. This booklet explains these programs in further detail and is located in the financial aid office at William Penn University or can be accessed through the U.S. Department of Education’s “Financial Aid for Students Home Page” at www.studentaid.ed.gov; click on Funding Education Beyond High School: The Guide to Federal Student Aid.

Students studying abroad may be eligible for federal aid if the program is approved for academic credit toward their degree by William Penn University. William Penn University must have a contractual agreement with the foreign school (or with another U.S. school that contracts with a foreign school) or a single written arrangement with a study-abroad organization to represent an agreement between the home school and the foreign school.

STATE STUDENT FINANCIAL AID

Following is a list that includes, but is not limited to, a description of State student financial assistance programs available to students who enroll at William Penn University for the fall and spring terms.

William Penn University participates in the state student financial aid programs. Applications for Iowa Tuition Grant and Iowa Grant are made by completing the Free Application for Federal Student Aid (FAFSA). William Penn University should be listed on the form with the school code of 001900. See “Applying for Financial Assistance” above.

The Iowa Tuition Grant and Iowa Grant are awarded by the Office of Financial Aid at William Penn University. The State of Iowa Scholarship and Iowa National Guard are determined by the State. The result of the students FAFSA, if applicable, and/or enrollment status on census day (check academic calendar for exact dates) will determine the eligibility for these programs. The student must be fully accepted and seeking a degree at William Penn University as well as providing all required documents requested by the financial aid office.

In the event that available state funds are insufficient to pay the full amount of each approved grant, the Iowa College Student Aid Commission has the authority to administratively reduce the award. The university may not assume responsibility for replacing funds caused by insufficient state funds. You may wish to visit the Iowa College Student Aid Commission Web site at www.iowacollegeaid.org/commissioncentral/schgrants for further information.

Iowa Tuition Grant is based on financial need. The maximum grant is currently given for each year of full-time undergraduate study. The Iowa Tuition Grant is pro-rated to students less than full-time. To be eligible for the Iowa Tuition Grant the student must:

1. be a resident of Iowa as defined by the State Board of Regents;
2. be a United States citizen or residing in the United States on a permanent visa;
3. be currently enrolled or planning to enroll in an undergraduate program at an Iowa private university;
4. file a FAFSA, and this application must be received at the processing center by July 1 of each year, and William Penn University should be listed on the FAFSA application with a school code of 001900. William Penn University will not assume responsibility for replacing funds if the student misses the deadline.

Iowa Grant is based on financial need, with priority given to high-need Iowa residents. Awards are pro-rated for students enrolling for less than full-time. There is no guarantee every eligible student will be able to receive an Iowa Grant, students will be awarded these funds based on the availability at the university. To be eligible for the Iowa Grant, the student must:

1. be a resident of Iowa as defined by the State Board of Regents;
2. be a United States citizen or residing in the United States on a permanent visa;
3. be currently enrolled or planning to enroll in an undergraduate program at an Iowa private university;
4. file a FAFSA, and this application must be received at the processing center by July 1 of each year, and William Penn University should be listed on the FAFSA application with a school code of 001900. William Penn University will not assume responsibility for replacing funds if the student misses the deadline.

Iowa National Guard Educational Assistance provides funds to members of the Iowa National Guard Units for covering the costs of attending designated Iowa college and universities. Recipients must:

1. Be residents of Iowa, as defined by the Adjutant General of Iowa, and member of an Iowa Army or Air National Guard unit throughout each term for which the members receive benefits;
2. Have satisfactorily completed required Guard training;
3. Have maintained satisfactory performance of Guard duty;
4. Have applied to the Adjutant General of Iowa for program eligibility;
5. Be pursuing certificates or undergraduate degrees at eligible Iowa colleges or universities and maintaining satisfactory academic progress (students with BA degrees are not eligible to participate even if pursuing a second BA degree) and;
6. Be member of the Iowa National Guard units with Pay Entry Basic Dates (PEBD) of July 1, 1991, or later.

Guard members seeking tuition assistance must apply to the Adjutant General of Iowa by the dates they specify. Applicants are not required to complete the FAFSA.

State of Iowa Scholarship:The selection of State of Iowa Scholars is based on academic ability as measured by the American College Testing Program (ACT) scores and rank in class. A student who ranks in the upper 15 percent of his/her class and has taken the ACT prior to November 1 of his/her senior year may compete for a State of Iowa Scholarship. The student must complete a State of Iowa Scholarship Application form, which is available through high school guidance offices. This authorizes the release of your ACT scores and class rank to the Iowa College Student Aid Commission.

OUTSIDE SOURCES OF AID

Outside sources of aid are usually awarded by corporations, civic groups and/or educational groups. You may contact businesses and organizations within your community for possible scholarship funds. In addition you may conduct a free scholarship search over the Internet at www.fastweb.com.

Any financial assistance that you may receive from sources not listed on your aid award, such as a scholarship from a local or private organization, military benefits and/or vocational rehabilitation benefits, must be reported to the financial aid office. When notifying the financial aid office of an outside award, please list the name of the award or donor and the amount of the award. Financial assistance awarded with William Penn University funds, in response to your financial need, is subject to change if upon receipt of other aid your total aid exceeds your demonstrated financial need or cost of attendance. The university will attempt to adjust your award in a manner that is most beneficial while maintaining compliance with federal, state and institutional regulations. Outside scholarships may be credited to your university bill when the funds are received.

Veteran’s Benefits: A student planning to receive Veteran’s Educational benefits (benefit depends upon student attending a school for higher education) need to contact the registrar’s office in advance of your enrollment to request certification. Student’s receiving Veteran’s Educational Benefit’s are required to enter this information on their FAFSA. The benefit received is subject to the same criteria as Outside Sources of Aid.

PART-TIME STUDENTS

1. All part-time students must be fully admitted to a degree seeking program at the university to receive funds. William Penn University’s institutional funds policy gives priority to full-time students only. Part-time students, those enrolled under 12 credits per semester at census day (check academic calendar for exact dates) may be eligible for federal and state funds.

SATISFACTORY ACADEMIC PROGRESS STANDARDS FOR FINANCIAL AID

The federal government requires students to maintain satisfactory progress toward their degree in order to receive financial aid. Satisfactory academic progress is achieved when a student maintains both the required grade point average and the required completion rate. These are minimum standards that must be maintained. Specific aid programs or departmental standards may require more than these minimum standards. At William Penn University, the minimum standards are established for students who are receiving or applying for financial aid from one or more various federal, state or institutional scholarships, grants, work and/or loan programs. Students who already have a degree or request a second degree will need to meet these standards. Failure to meet the minimum required standards will result in a suspension of financial assistance. This suspension is the loss of financial aid eligibility. Suspension of aid is not the same as academic suspension that is handled by the office of the academic dean. If, however, the academic dean academically dismisses a student, the student will automatically lose eligibility for financial assistance.

The academic progress of financial aid recipients is monitored a minimum of once each academic year, defined as fall and spring terms with summer as a trailer to the year. Students should contact the financial aid office with questions regarding these standards. Typically the qualitative and quantitative standards shown below are used to judge academic progress which includes all periods of the student’s enrollment, even periods where the student did not receive financial assistance.

Grade Point Average Requirements (Qualitative):

Students must maintain a minimum cumulative GPA. The minimum GPA requirements are as follows:

• Up through the first 27 credit hours earned (Freshmen) 1.70
• For credit hours 28-57 earned (Sophomore) 1.90
• For credit hours 58-87 earned (Junior) 2.00
• For credit hours 88 and above earned (Senior) 2.00

Students who do not have the minimum cumulative GPA will be granted a probationary period in which to raise their cumulative GPA to the minimum. Failure to achieve this standard following the probationary period will result in the loss of financial aid eligibility until the cumulative GPA meets the minimum standards. Transfer credits from other college and universities ARE NOT used to calculate your cumulative grade point average.

Required Completion Rate (Quantitative):

Maximum Time Frame to Complete the Program: Students enrolled at William Penn University may have a maximum of 186 attempted hours at the time of the award package when obtaining a bachelor’s degree at either a part-time or full-time pace to be considered making progress. If obtaining a two year (AESL) degree, a maximum of 99. The number of credits accepted by William Penn University from other college or universities will count towards the maximum.

Progress Throughout the Course of Study: All full and part-time students must receive credit for a minimum of 67% (rounded to the nearest whole %) of the total number of William Penn University credits attempted.

If a student attending William Penn University enrolls at another institution and transfers those credits back, those credits ARE NOT used in the 67% calculation of the satisfactory percentage.

Students who have not completed the minimum cumulative credit hours will be granted a probationary period in which to raise their completed cumulative hours to the minimum level. Failure to achieve this standard following the probationary period will result in the loss of financial aid eligibility until the completed cumulative credit hours meets the minimum standards.

Incomplete Grades: An incomplete or “I” grade will count as credits attempted but will not count as hours completed for the purpose of determining academic progress. If the credits are later given for the course(s), it is the student’s responsibility to notify the office of financial aid so that academic progress may be reassessed.

Withdrawals: Credit hours, from which the student has withdrawn or received a grade of “W”, will be counted as attempted but will not count as hours completed for the purpose of determining academic progress.

Repeated Coursework: When a student repeats a course, the higher grade received will be used in the calculation of the cumulative grade point average. When a course is repeated, the hours for the course may count as attempted hours for the current semester but will not add into the cumulative earned hours unless the prior grade received was not a passing grade. Exceptions are stated in the university catalog.

Remedial Coursework: Credit hours for remedial coursework will count as attempted and earned for the purpose of determining academic progress.

Transfer Students: Transfer credits that are accepted at William Penn University will be counted toward the total earned credits in determining grade point average requirements, will be counted when calculating the maximum attempted hours but are not counted for the 67% required completion rate for satisfactory academic progress.

Re-establishing Eligibility: A student who has lost financial assistance eligibility can regain eligibility by making up deficiencies by achieving the minimums stated above. It is the student’s responsibility to notify the financial aid office at the end of the term so that academic progress may be reassessed. Students who have lost financial assistance and do not submit an appeal or their appeal is not granted may choose to discontinue their registration of classes. If the student chooses to return after the time frame of lost financial assistance, they should reapply through the admissions office and meet the minimums stated above.

Appeals: If a student does not meet the Required Completion Rate and the Grade Point Average requirements to be considered as maintaining satisfactory academic progress, the student may appeal, in writing, any extenuating circumstances to the director of financial aid. Extenuating circumstances consists of illness or injury of the student or dependent of the student; death of a family member; family difficulties, such as divorce or illness; interpersonal problems with friends, roommates, significant others; difficulty balancing work, athletics, family responsibilities, etc., and school; and financial difficulties. The letter should be received within 10 days from the date of the official notice of ineligibility and should state the reason he/she did not meet the minimum requirements and what they plan to do to correct the situation. An appeal committee will review the student’s request and notify the student, in writing, of its decision.

DROPPING CLASSES/WITHDRAWING

The federal government regulations provide formulas used in determining the amount of federal aid that is required to be returned to the appropriate program(s) when a student withdraws from the university.

Following is a summary of William Penn University’s Refund and Repayment Policy. Students who drop below half-time (6 credits) and who have a loan such as but not limited to a Perkins Loan(s), Stafford Loan(s) and/or Alternative Loan(s) will begin their grace period or post deferment grace period on the day following the less than half-time enrollment status. Also, a student missing two consecutive weeks of class without proper notification to the instructor or the registrar may be administratively dropped from that class.

Room and Board Refunds When Moving Off Campus: A student has through census day to move off campus and receive credit on their room and board charges. Financial aid may be adjusted and the funds returned to the appropriate program. Any student moving off campus after the designated day will not receive credit on their room and board charges and their financial aid will not be adjusted. Students completely withdrawing from all classes at the university need to refer to the Officially Withdrawing From All Classes section below. A student asked to leave the resident halls may have their room and board credited by the percentage of the semester that has not been completed.

Tuition Refunds When Dropping A Class: A student has through the add/drop date of each term to add and/or drop a class. The business office and financial aid office will establish a student’s tuition charges and financial aid based on the student’s enrollment at census day of the semester. The university assumes at census day that all students enrolled for second eight week classes will begin attendance in these classes. Failure to begin attendance may result in an adjustment to the student's financial assistance. The summer term has a different schedule and the student is advised to contact the financial aid office prior to dropping/withdrawing from a class. After census day, there will not by any adjustments in tuition charges or any adjustments in financial aid for dropping classes unless you completely withdraw from all classes at the university.

Officially Withdrawing From All Classes: A student interested in withdrawing from all classes at William Penn University should contact the director of financial aid to begin the withdraw process. Enrollment status on census day (check academic calendar for exact dates for the fall and spring terms) will determine the student's enrollment status used for the return calculation. The university assumes at census day that all students enrolled for second eight week classes will begin attendance in these classes. Failure to begin attendance may result in an adjustment to the student's financial aid prior to calculating the return calculation. A student who officially withdraws before the 60% point in time of the semester will receive a refund of tuition, room/board (if applicable). All fees such as, but not limited to, general, infrastructure and lab, charged to the student’s university bill are not refundable. The amount of the refund is based on the percentage of the semester that has not been completed. The percentage is computed by calculating the number of calendar days remaining in the semester divided by the number of calendar days in the semester. Financial aid will be refunded to the appropriate federal, state, and institutional sources using the same percentage. Room and board, if applicable, may be charged at a different rate for those students needing additional time after withdrawing from all classes to officially move out of the dorms. This date must be agreed upon at the time of the cancellation of your housing contract with Student Services. Basically, a student that withdraws after completing 25% of the semester will be charged 25% of the tuition and, if applicable, the appropriate percentage used for room and board and the student would retain 25% of the financial aid. If funds have been released to a student because of a credit balance on the student’s university bill at William Penn University, then the student may be required to repay some of the monies released to the student.

Officially Withdrawing From All Classes Due To Active Duty: A student called to active duty and needing to withdraw from all classes at William Penn University must contact the registrar’s office as well as the director of financial aid to begin the withdraw process. The student will receive 100% refund of the following charges: tuition, fees, room/board (if applicable). Financial aid will be refunded as follows: A student who officially withdraws before the 60% point in time of the semester will have 100% of all state and institutional financial assistance returned to the appropriate sources. Students with federal financial assistance will have the amount of the refund based on the percentage of the semester that has not been completed. The percentage is computed by calculating the number of calendar days remaining in the semester divided by the number of calendar days in the semester. Enrollment status on census day (check academic calendar for exact dates for the fall and spring terms) will determine the student's enrollment status used for the return calculation. The university assumes at census day that all students enrolled for second eight week classes will begin attendance in these classes. Failure to begin attendance may result in an adjustment to the student's financial aid prior to calculating the return calculation. The student and/or parent, for federal Parent Plus Loan, may request, in writing, to have 100% of federal loans received to be returned. In short, you may choose not to have loan debt for the payment period which you are withdrawing since all tuition, fees, room/board (if applicable) are being removed from your university bill.

Unofficial Withdraw From All Classes: Students who do not go through the official withdraw process will be deemed to have attended through the last date of attendance that can be documented by the university and will have financial aid pro-rated according to the university policy as stated in the Officially Withdrawing From All Classes above. Students who do not earn a passing grade in all courses in a term will be treated as an unofficial withdraw. All charges are not refundable for students who do not go through the official withdraw process.