Federal Financial Aid

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 2023-2024 Academic year, a full-time student with a 0 EFC may be eligible to receive up to $3,698.00 each semester.

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.

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.

• 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%.

Repaying your student loan(s) is an important responsibility with serious consequences for those who default. A person who becomes delinquent on their student loan payments or defaults on their student loan(s) will see their credit history and score negatively impacted. In addition, you may be unable to get a mortgage, car loan, and credit card, or you may have to pay higher interest rates on these. In addition, many insurance companies base premiums on a person’s credit history and score. Fortunately, there are many resources and options available to those who are having difficulty in making their student loan payments. In addition to several repayment plans, a deferment or forbearance may be an option to help keep you from becoming delinquent or defaulting on your student loan(s). It is important that you contact, communicate, and work with the servicer for your student loan(s) if you are having difficulty making your payments, or if you have become delinquent or defaulted on your student loan(s). Contact your Student Loan Servicer to be sure your current mailing address, phone numbers and email address are on file.

For more information on repaying your student loan(s), including the various repayment plans available, contact your Student Loan Servicer, or visit the Department of Education’s Federal Student Aid Web page.

Students who have questions regarding the balance of their Direct Federal Student Loan(s), seek information regarding making payments or have any other questions regarding their Direct Federal Student Loan(s), should click on the link below and log into the National Student Loan Data System (NSLDS), using the same PIN# they used to complete their FAFSA. The NSLDS provides current information on a student’s federal loan(s) including the balance, and the contact information for the Loan Servicer. The student should contact the Loan Servicer with any questions they have about their student loan(s), including repayment.

Plan ahead and graduate with less debt

Access the National Student Loan Data System

Student borrowers of Direct Loans who are graduating, leaving school, or are taking less than six hours in any semester, are required by law to complete exit counseling. Exit counseling provides important information a student needs to prepare for repaying their student loan(s). During exit counseling, the student will review their rights and responsibilities as a borrower.

Calvary requires students to fulfill their legal requirement of completing exit counseling online. Before completing exit counseling, the student will need to know the outstanding balance of their federal student loan(s), which can be found by accessing the National Student Loan Data System. During exit counseling, the student will also need to provide the names, addresses, email addresses and phone numbers for their next of kin, two references who live in the United States, and their current or future employer.

Click here to complete the required exit counseling.

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.