Financial Aid

Financial Aid Policies and Procedures

Withdrawals

If you withdraw from Saint Paul College within the first five days of the semester, you will not receive financial aid funds because there will be no class registration. If you withdraw from attendance at Saint Paul College for any reason after the 5th day of the semester, you will be placed on financial aid probation the following academic term.

Withdrawals and Effect on Financial Aid

Students who receive financial aid and withdraw from all classes are subject to a federal Return of Title IV Funds policy. The policy states that if you withdraw up through 60% of the semester, a proportional amount of financial aid either received or that was applied to your student account must be refunded to the federal government.

Example: If a student receiving a Pell Grant of $2000 drops out after 50% of the semester, 50% of the Pell received, $1000 must be returned to the federal government by the student and/or institution, (minus 50% of the student's calculated share for Pell and SEOG).

Any institution refund calculated within the first four weeks of school will be applied to the student's account to reduce the student's share of the Return of Title IV Funds.

Funds returned to the federal government are used to reduce the federal program amount for which funds were disbursed. Funds are returned in the following order:

Unsubsidized Federal Stafford Loan

Subsidized Federal Stafford Loan

Federal PLUS Loan

Federal Pell Grant

Academic Competitivenss Grant

Federal SEOG Grant

Other assistance under Title IV for which a Return of Funds is required

After the institution's share of any required refund to Title IV programs has been refunded, a proportional share of any remaining institutional refund (not to exceed the amount of the State Grant payment the student initially received for the term), must be returned to the State Grant Program.

Consortium Agreements for Financial Aid Processing

If you are taking classes required for your program at Saint Paul College at another college, you must complete a consortium agreement if you would like those courses considered for financial aid eligibility. Consortium Agreement forms may be picked up at the Financial Aid Office, completed with an attached registration form and paid fee statement from the host school and submitted to the Financial Aid Office by the add/drop deadline. If a consortium agreement is not submitted, financial aid calculations cannot consider courses taken at the host school.

Tuition and Fee Deferments

Tuition and fees will be deferred provide the following has been met by the posted tuition deadline for the term.

1. Student has received an Award Letter with financial aid eligibility equal to or greater than the tuition/fee charge. (Loan only eligibility requires a submitted Promissory Note).

 
2. An electronic Institutional Student Information Record, (ISIR) is received resulting from submission of a FAFSA.

Note: Any tuition/fee balance not covered by Financial Aid is the student’s payment responsibility.