Federal Aid Programs
Eligibility for federally-funded financial aid is established by the United States Department of Education regulations. All of Calvary’s undergraduate and graduate programs are eligible for Federal Aid. The Free Application for Federal Student Aid (FAFSA) is primarily, but not exclusively, used to determine whether a student qualifies for federal financial aid and how much aid will be received.
Step-by-step instructions for completing the FAFSA online may be obtained from StudentAid.gov. Calvary’s U.S. Department of Education Title IV Institutional Code is 002450. Before completing the FAFSA for the first time, you and your parent(s) will need to create seperate FSA User IDs. The FSA User ID is a legal signature used to sign legally binding documents electroncially and has the same legal status as a written signature. Only the owner of an FSA User ID should create and use the FSA ID. Parents should not create or use the student’s FSA User ID and the student should not create or use the parent’s FSA User ID.
The Department of Education has specific rules that determine if a student is considered a dependent or independent student for financial aid purposes. A student’s dependency status has nothing to do with the student’s or parents’ tax filing status, if the student lives or doesn’t live with their parent(s), or whether the parents financially support or are unwilling to financially support the student.
- For information on dependency status, please visit studentaid.ed.gov.
- For information about federal student loans, please visit studentaid.gov.
- Plan Ahead and Graduate with Less Debt
- To remain eligible to receive financial aid students must meet Calvary’s Financial Aid Satisfactory Academic Progress Policy (SAP).
Federal Pell Grant
Calvary participates in the Pell Grant program, a need-based program funded by the U.S. Department of Education. In order for a student to be eligible, a FAFSA must be completed, and the resulting Expected Family Contribution (EFC), on the student’s SAR must be low enough to qualify. A grant is “free” money in that a student does not pay it back to the school or the government. Pell Grants are available only to undergraduate students who have not earned a bachelors degree. For the 2017-2018 Academic year, a full-time student with a 0 EFC may be eligible to receive up to $2,960.00 each semester.
Disbursement of Aid and Textbook Purchasing
Students receiving a Pell Grant for the semester and who have a projected Federal Student Aid (FSA) credit balance for the payment period, will receive by check the lesser of their FSA credit balance, or cost of books and supplies allowance, used for determining the student’s Cost of Attendance. This check will be made available by the seventh day of the payment period of each semester. To be eligible the student must be receiving a Pell Grant and have completed the process for applying for Federal Financial Aid. This includes submitting all required verification documents and accepting their Award Offer Notice. And if using student loans the student must have completed Entrance Counseling and a Master Promissory note no later than 10 days before the start of the payment period. Any remaining credit balance will be refunded to the student within 14 days of the federal funds being disbursed and credited to their student account. If for any reason the student fails to begin attendance or earn the aid that Calvary has advanced, the student is responsible for all charges on their student account, including the money disbursed to the student for purchasing books and supplies under this policy. Students may opt out of this process for purchasing books and supplies by contacting Calvary’s Financial Aid Office in writing. If a student opts out, Calvary will not provide any alternative means to the student for purchasing books and supplies.
Federal Supplemental Educational Opportunity Grant (SEOG)
A SEOG is an award for undergraduate students who have the greatest need. It is to help pay educational expenses and does not have to be paid back. The award is based on demonstrated need according to the student’s FAFSA, availability of SEOG funds, and other financial aid received. The Financial Aid Office determines the award amounts. There is no separate application for the SEOG.
Calvary participates in the Stafford loan program (commonly referred to as “federal student loans) offered through the U.S. Department of Education. Stafford Loans are not free money and must be paid back along with Interest. Interest rates and repayment terms are typically more favorable than private loans. Repayment of Student Loans begins six months after graduation, withdrawing from school, or dropping below half time status (six credit hours). A student should carefully consider the financial impact that borrowing student loans may have on them, and borrow no more than is absolutely necessary to meet their educational expenses. Student Loan debt can have far reaching implications on the student’s life after graduation, including hindering or keeping them from the ministry that God has called them into.
The amount that may be borrowed and the loan type(s) depend on financial need, college classification, and the student’s dependency status. The Department of Education determines if a student is a dependent or independent student. Unmarried students under the age of 24 are typically considered dependent students regardless of their tax filing status, who they live with, or whether or not the student is financially supported by their parents.
The first step in seeking a loan is completing the FAFSA. The student will also need to complete a Master Promissory Note (MPN), and Entrance Counseling before the loans can be disbursed. If the student’s FAFSA is selected for verification, additional paperwork will be required before the student’s aid can be packaged, awarded, or disbursed. Calvary will contact the student if additional documentation is required.
The PLUS loan is a form of financial assistance for parents of dependent students. Repayment on the loans begins immediately and parents are responsible for repayment. A parent may apply for a Parent Plus loan by visiting studentaid.gov and signing in with the same FSA User ID they used to sign the student’s FAFSA.
2017-2018 LOAN AMOUNTS
These amounts are provided as an approximation and estimate only
Determined by # Credit Hours Completed
Maximum Per Semester Amount
Maximum Per Semester Amount
Cohort Default Rate (CDR) statistics:
- FY 2016 Official of 7.7 % vs. National Average FY 2016 of 10.1%.
- FY 2017 Draft of 4.8 % vs. No National Average has been published.
- The percentage of our students who borrow (AY 2019-20) is 23.78%.
Satisfactory Academic Progress
For students to continue to be eligible to receive financial aid, students must meet SAP standards. Calvary’s SAP policy is the same for Federal Student Aid (FSA) recipients and non-FSA recipients, and it applies to all educational programs and to all students within all categories (e.g., full-time, part-time, undergraduate, and graduate students). If a student fails a SAP check, eligibility for financial
aid is lost, although an appeal may be made.
Calvary conducts an annual review of all students at the end of each academic year, in the spring, to ensure students are making satisfactory academic progress (SAP). To achieve SAP, a student must meet both qualitative and quantitative standards. The qualitative standard requires a student to have a Calvary Cumulative Grade Point Average (CGPA) of at least a 2.0, while the quantitative standard
requires a student to have successfully completed at least 67% of the hours attempted. For more information regarding SAP, including information on filing an appeal, please see the College Catalog (pgs. 47-49), or contact the Financial Aid Office at 816-425-6143.
The Financial Aid Satisfactory Academic Progress policy is separate and distinct from the Academic Satisfactory Academic Progress policy found beginning on page 47 of the College Catalog. The Financial Aid policy is written in regards to and refers to a student’s eligibility to receive financial aid, while the Academic policy is written in regards to and refers to a student’s academic standing with the College. Students should read and understand both policies. If you have any questions, please contact the Financial Aid Office at 816-425-6143.