Common Questions & Answers

How is Financial Assistance Awarded? Who Makes the Rules?
Award Notification When Do I Receive my Money?
Financial Assistance Adjustments & Revisions
What if my Situation Changes? Debt Management
Press Release Indirect Expenses of College
Management of Personal Funds
Delinquent Indebtedness Withdrawl from Classes
Refunds & Repayment Policies Repayments
Criteria for Continued Eligibility
Satisfactory Academic Progress for Financial Assistance Recipients
Standards for Satisfactory Academic Progress
Maximum Time to Complete Degree Transfer Students
What Financial Assistance is Available for Summer School?
Transfers Equity in Athletics Disclosure Act
Verification Deadlines Loan Repayment
Rights & Responsibilities

HOW IS FINANCIAL ASSISTANCE AWARDED? (top)

Financial assistance eligibility, except Kansas Wesleyan University scholarships and some designated grants, is based upon financial need. Financial need is the cost of the college less the family contribution. The family contribution is calculated using a national formula, federal methodology, which is performed on the financial data presented in the financial assistance application (the FAFSA). A student’s grade point average and ACT or SAT scores are also used in determining the types and amounts of Kansas Wesleyan University scholarships and grants for which a student qualifies. Financial assistance recipients must reapply for financial assistance each year and must maintain satisfactory academic progress.

Financial assistance is awarded on a first come, first served basis as funds are available.

Financial Assistance is awarded in the following order:

• Federal Pell Grant, Academic Competitiveness Grant, SMART Grant
• Kansas Tuition Grant/State Scholarship
• Scholarships & non-need grants/discounts
• Other need-based grants/awards
• Federal Perkins Loan/Campus Employment/Federal Direct Student Loan
• Contributed Aid
• Federal Direct PLUS Loan

WHO MAKES THE RULES? (top)

Financial Assistance funds come from the appropriations made by the Federal and State governments, Kansas Wesleyan University, corporate sponsors, and nonprofit agencies. Each of these funds must be administered according to different sets of policies and regulations. Your financial assistance application is carefully matched with the fund sources for which you are eligible.

Campus financial assistance policy is determined by the Presidential Cabinet in consultation with advisory committees.

AWARD NOTIFICATION (top)

In order to receive a financial assistance award package, a student must be accepted for admission and complete the FAFSA.  Students selected for verification or filing the FAFSA with estimated income information will also be required to submit a signed copy of the parents’ or student/spouse’s tax return.  The financial assistance awards will be posed on MyKWU and may be accepted or declined on-line.  A paper award notice will also be mailed to the student with one copy to sign and return to accept or deny awards.

A complete financial assistance file is necessary to ensure that funds will be available for registration. A complete financial assistance file consists of:

1. The FAFSA results
2. Signed copies of most recent parent and student tax returns (if required)
3. All awards accepted/declined online or signed paper award notice
4. Completed promissory notes for the loan programs (if required
5. Verification documents as requested
6. Entrance Interview if applying for a student loan

WHEN DO I RECEIVE MY MONEY? (top)

Financial Assistance funds, except campus employment wages, will be credited to the student’s account at the beginning of each semester or as they are received from each source. The Business Office will have been informed of your awards listed on your Financial Assistance Award Notice. Some awards require that you sign a promissory note (for loan programs). Any balance of Financial Assistance remaining after payment of tuition, fees, room and board, or other charges may be withdrawn by the student or left on account for future semesters (when all Financial Assistance has been received). It is the intent of Kansas Wesleyan University to make refunds available in a timely manner if a student has a complete Financial Assistance file. However, please note that students applying for loans for a single semester will not receive the majority of their refund until the mid-point of the semester due to current regulations requiring multiple disbursements on loans. First-year students borrowing for the first time are subject to a thirty day delay in student loan disbursements.

FINANCIAL ASSISTANCE ADJUSTMENTS AND REVISIONS (top)

In addition to assistance available from the college, financial assistance is available from a variety of agencies. Such agencies have their own criteria for eligibility funding and limits.

Students should be aware that the various agencies and the college will determine their awards at different times and independently of each other.

In cases where a student receives more than one award, when the awards are added together, the aid package may need to be adjusted in order to comply with individual program guidelines.

Students and their parents should understand that the acceptance of any award is always subject to adjustment in order to comply with the guidelines of any one program from which funds are received.

Kansas Wesleyan University reserves the right to revise or cancel Financial Assistance awards if necessary. If you drop below the full-time status during a semester, drop out of school, or change housing status, your assistance may be affected. The offer of financial assistance is made in good faith. However, it is contingent upon the continued availability of funds, government regulations, award conditions (enrollment status of full-time or part-time, housing, etc.), your prompt response to requests for information, and your maintaining satisfactory academic progress. Financial assistance can be revoked due to failure to remain in good standing at KWU for disciplinary reasons. To be eligible to continue to receive financial assistance you must apply for assistance each year.

WHAT IF MY SITUATION CHANGES? (top)

You should notify Enrollment and Financial Services immediately of any changes in your financial situation, enrollment status (full-time, part-time), living arrangements, or any other factors that may have a bearing on your financial assistance.

If your family resources decrease due to loss of employment, illness, death, divorce, separation, etc., you may request that your financial award be reevaluated. Every effort will be made to increase your award if funds are available.

DEBT MANAGEMENT (top)

While student loans are vitally important in financing an education, it is prudent to borrow wisely. By borrowing wisely, a student is investing in the future. However, overborrowing can create a serious future financial strain.

After leaving Kansas Wesleyan University, the borrower has a grace period (if he or she has not already used it by “sitting out” a semester). The servicer of the loan establishes a repayment schedule based on the amount borrowed and the terms of the loan. It is critical that borrowers notify the servicer of address changes and inability to make the monthly payment.

As a general rule of thumb, the student loan payment should not exceed 5-10% of the gross monthly salary after graduation. It is important to consider this ratio while monitoring the total amount borrowed.

Students may need to borrow from more than one loan program (Federal Perkins Loan, Federal Direct Student Loans) at the same time. Minimum repayments are established for each loan program. Students may want to consider consolidating all loans into one payment after graduation.

Default can be a serious consequence of overborrowing. Default will affect your credit rating; may result in lawsuits, garnishment of wages, or other collection efforts; and can cause loss of federal and/or state tax refunds and future eligibility for federal student aid. Default can be avoided by prudently planning debt.

PRESS RELEASE (top)

Kansas Wesleyan University wants to promote its students! If you have been awarded KWU scholarships or awards, we would like to have the information sent to your hometown newspaper. Complete a Press Release Information form and return it with a photo to Enrollment and Financial Services. Thanks!

INDIRECT EXPENSES OF COLLEGE (top)

In addition to your direct expenses (tuition, fees, room, board, and books), you will also have numerous personal indirect expenses that you must include in your budget. These items include such things as laundry, clothing, dates, movies, dining out, medical, shampoo, toothpaste, transportation home for holidays, etc.

CLOTHES
— Buy clothes that do not require dry-cleaning.
— Accessories can update an outdated wardrobe for less money than buying a new wardrobe.
— Take advantage of sales, especially “after Christmas”. Many things are half priced then.
— Plan your wardrobe. Buy only what will compliment or extend it. Don’t get caught up in the latest fads. When the fad is gone, you will have brand-new outdated clothing.
— Buy quality shoes that feel good on your feet.
— Shop around. Compare prices. Discount and department stores are less expensive than small specialty shops. Shop at a discount store and look for quality - it’s there.
— Check the label and find out how to take care of it.

FOOD
— Keep away from the vending machines. Fruit from the store will save you a lot of money.
— If your food is already paid for at the dorm, eat meals there and avoid eating out several times a week. When you eat at a
restaurant, you are really paying for two meals, the one back at the dorm plus the restaurant meal.

If you live in an apartment. . .

— Avoid every night donut and hamburger snacks. These are fun, but so are popcorn parties and less expensive, too!
— Plan your meals every week. This saves unnecessary trips to the store. You can save by planning rather than throwing something together.
— Shop around to find the least expensive store. They vary quite a bit.
— Take advantage of sales. Buy what is on sale in large quantities and freeze for later use.
— When making casseroles, etc. make a large amount and freeze portions for later.
— Private store brands are less expensive than much advertised brands.
— Food in restaurants is much more costly than home-cooked meals.
— Buy nutritious food, not junk - you are wasting money on items that have no food value such as candy, chips, snack food, etc.
— Convenience foods are expensive. You can make your own freeze ahead meals to save you time later.
— Make a weekly grocery list and stick to it. Never grocery shop when you are hungry.

PERSONAL
— Use simple things like baby oil, instead of expensive creams.
— Buy shampoo, soap, etc., on sale in large quantities and store for later use. Use up what is on the shelf now before buying more. Avoid throwing out half-used bottles.
— Write a quick letter instead of calling.
— Buy store-brand aspirin. Aspirin is all the same.
— If you must call, use evening and weekend discount rates. In Kansas, the rates go down 35 percent after 5 p.m. on weekdays and 60 percent after 11 p.m. and on weekends. The exception is Sundays from 5 to 11 p.m. Then the discount is 35 per cent instead of 60 per cent.

RECREATION/ENTERTAINMENT
— Certain sports and hobbies may be too expensive for you to indulge in now. Save them for when you can afford it.
— Jogging costs nothing.
— Read magazines at the library or share a subscription with a roommate. Bars and clubs are an expensive form of entertainment. Be creative in choosing alternatives. See a movie, have a popcorn party and watch a movie on TV, have a card party. You can have fun without spending money.
— Girls, pay for the guy’s movie once in a while.

TRANSPORTATION
— Walk if you can. Leave the car parked at home, get some exercise, and save yourself money.
— If your main transportation need is to get around town and you can usually find other rides home on weekends, invest in a good bicycle instead of a car. Save up for when you will have to have a car.
— Make minor home repairs on your car.
— Use self-serve gas pumps.
— Car pool to work, class, meetings, shopping trips, etc.

BOOKS
— Softback books are less expensive than hardback.
— Notebook paper has two sides.
— Don’t forget to sell your old books for $s.
— Buy used books when you can.

GENERAL
— Buy furniture and other big items at auctions, garage sales, etc.
— Never buy anything on credit unless you know if and how you can pay for it.
— Keep a budget for at least a month to find out exactly where your money is going. You would be surprised how fast it can
be nickled and dimed away. If writing everything down for a month seems too hard, do it at least for two weeks and
multiply by two.

Before you buy something, ask yourself:
— Do I need it?
— Can I go without it until a sale comes along?
— Can I borrow or rent?

These are some ideas we have to help you save money while here at Kansas Wesleyan University. If you have any ideas of your own, stop by and let us know what helps you to save money.

The intent of the preceding information has been to provide you with some cost-saving ideas. At this point you should have a pretty good idea of how much money you will have to spend during the school year and what you can afford. The charts on the next page can help you plan your individual budget. Be ready for the unexpected. Be prepared to adjust as you go. Budgeting will help you do more with less.

If you find you are having trouble making your budget work, make an appointment to see the Assistant Director of Financial Services. A little help in planning your budget when you first have a problem can prevent a financial crisis later on!

MANAGEMENT OF PERSONAL FUNDS (top)

The Enrollment and Financial Services office is available to assist you in personal budget counseling. There are several banks located in Salina and we strongly advise that each student open an account at one, as out-of-town and two party checks are sometimes hard to cash off campus. Several banks offer free checking accounts for students.

Student checks may be cashed (up to $20) in the Business Office for a 15¢ fee. An ATM machine is available at the south end of McAdams Student Center, Pioneer Hall.

DELINQUENT INDEBTEDNESS (top)

Students must clear all delinquent indebtedness to the college before diplomas, grades or transcripts can be issued.

Students who owe refunds on grants or are in default on a Federal Loan will have a hold placed on their records at the college. No student will be allowed to receive financial assistance until the default has been resolved.

WITHDRAWAL FROM CLASSES (top)

Students who withdraw from classes or stop attending classes must officially withdraw from the classes in the Enrollment and Financial Services Office. Students withdrawing from all classes must complete an exit interview in the Student Life Office. Failure to officially withdraw from the classes may jeopardize a student’s future eligibility for student financial assistance, and may establish a poor academic record at the college. Loan recipients are required to complete an exit interview.

The portion of unearned federal financial assistance will be calculated based upon a daily proration until 60% of the term has lapsed. Federal funds will be returned by the school, students, or both to programs in the following order: Federal Direct Unsubsidized Stafford Loan, Federal Direct Stafford Loan, Federal Perkins Loan, Federal Direct PLUS (Parent) Loan, Pell Grant, and Supplemental Educational Opportunity Grants. Funds will be returned to each institutional and state program based upon a daily proration. A $100 administrative fee (or 5% of original charges, if less) is charged to all students withdrawing from
all classes.

REPAYMENTS (top)

Students who receive financial assistance and later terminate their enrollment and who received cash disbursements of Title IV financial assistance (other than Federal Work Study, Federal Direct Stafford Loan or Federal Direct PLUS) for payment of their non-institutional expenses require institutional review to determine if there is a repayment due. Funds must be repaid that cannot be reasonably attributed to non-institutional educational expense for the enrollment period.

CRITERIA FOR CONTINUED ELIGIBILITY (top)

Financial assistance programs require at least half-time enrollment (6-8 credit hours per term). Three-quarter enrollment includes 9-11 credit hours per term. Full-time enrollment includes 12 credit hours per term or more. Enrollment status for financial assistance purposes is determined for the regular term excluding any hours taken during summer sessions. Part-time students (fewer than 12 hours) can be considered for two financial assistance programs available at Kansas Wesleyan University--Pell Grants and/or Direct Loans. All other federal, state or institutional programs require full-time enrollment. Exception: The Pell Grant Program does not require half-time enrollment.

Students must reapply for financial assistance each year, continue to meet the eligibility requirements and maintain satisfactory academic progress as described in the following section.

SATISFACTORY ACADEMIC PROGRESS FOR
FINANCIAL ASSISTANCE RECIPIENTS (top)

Federal regulations require that students receiving financial assistance be making “satisfactory academic progress” toward an educational goal (degree) in order to be eligible for federal financial assistance programs. These programs include Federal Pell Grant, Federal Supplemental Educational Opportunity Grant, Federal Perkins Loan, Federal Work Study, and Federal Direct
Stafford and Unsubsidized Federal Direct Stafford Loans.

Kansas Wesleyan University has established a framework for evaluating a student’s progress to achieve an educational goal (degree) within a given period of time. This includes a quantitative measure (number of hours earned each semester) and a qualitative measure (cumulative grade point average).

All recipients of student financial assistance (federal, state, and/or institutional funds) will be required to meet at least the standards for satisfactory academic progress as outlined below.

STANDARDS FOR SATISFACTORY ACADEMIC PROGRESS (top)

To maintain satisfactory academic progress the following two criteria must be met:

1. A full-time student (12 hours and above) must complete a minimum of 12 semester hours (9 semester hours effective FA05); a three-quarter time (9-11 hours) student must complete a minimum of 9 semester hours (6 semester hours effective FA05); and a half-time (6-8 hours) student must complete a minimum of 6 semester hours during the semester just completed. Less than half time students must complete all hours attempted.

2. The cumulative grade point average must be as follows:
a. up to and including 27.99 semester hours attempted, must have a cumulative GPA of at least 1.7.
b. 28 through 43.99 semester hours attempted, must have a cumulative GPA of at least 1.8.
c. 44 through 59.99 semester hours attempted, must have a cumulative GPA of at least 1.9.
d. 60 semester hours and over attempted, must have a cumulative GPA of at least 2.0.

MAXIMUM TIME TO COMPLETE DEGREE (top)

Students are allowed up to 180 attempted hours to complete a degree and, therefore, to apply for financial assistance. This includes all college-level hours attempted at any institution.

TRANSFER STUDENTS (top)

A transfer student shall receive financial assistance for the first term at Kansas Wesleyan University and then follow the same standard for satisfactory progress as all other students. Time spent at other post secondary educational institutions will be included in time allowed to complete a degree, regardless of whether or not financial assistance was received.

WHAT FINANCIAL ASSISTANCE
IS AVAILABLE FOR SUMMER SCHOOL? (top)

Each new academic year begins in the fall, therefore, at Kansas Wesleyan University summer school is considered to follow the spring. Summer assistance for 2008 is based on eligibility determined from the 2007-2008 FAFSA, summer assistance for 2009 is based on the 2008-09 FAFSA, etc.

For students enrolled in three hours or more, two types of need-based programs may be available; a Federal Direct Stafford Loan (if you have not borrowed the maximum annual amount for the academic year) and /or a Federal Pell Grant (if you have not received awards for two full-time terms in the academic year.) Contact the Enrollment and Financial Services Office for more information.

TRANSFERS (top)

If you transfer from one school to another, your financial assistance does not automatically go with you. You must take the action necessary to continue receiving it at the new school. As soon as possible, check with the financial assistance officer at the new school to make sure that assistance will be available.

• If you have already completed the FAFSA, you need to request a copy of the results to be sent to the new school. Call 1-800-4FEDAID and provide your name, social security number, date of birth, address, DRN number (from your copy of the Student Aid Report) and the name/code number of the new school. If you haven’t completed the FAFSA, complete it as soon
as possible and send a copy to the Financial and Enrollment Services office. KWU’s code number is 001929.

• If you have a student loan for the current academic year, you should check with the lender to cancel the remaining disbursements. Reapply at the new school.

• Send a copy of your and your parents’ most recent U.S. income tax return to your new school.

• Notify the school from which you are transferring and request an exit interview for your student loans.

EQUITY IN ATHLETICS DISCLOSURE ACT (top)

All coeducational institutions of higher education that participate in federal student aid programs and have intercollegiate athletic programs are under the Equity in Athletic Disclosure Act of 1994, Section 360B of Public Law 103-382. Information required in this act is available for inspection by students, prospective students, or the public in the Enrollment and Financial Services office.

VERIFICATION DEADLINES (top)

Any student who has been selected for verification by the government will be notified of such and must submit the requested documentation within two weeks of the request. The student will receive no federal financial assistance (Federal Pell Grant, Federal Supplemental Educational Opportunity Grants, Federal Perkins Loan, Federal Work Study or Federal Direct Student Loans) until verification has been completed. The student is not cleared to begin work and will not receive a work contract until verification has been completed.

If the student fails to comply within two weeks, funds will not be set aside. In such a case, if funds are available at the time verification documentation is received, the student will be considered for Title IV student aid funds.

LOAN REPAYMENT (top)

By accepting a loan, you agree to repay that money at a future date. Loan default affects your future credit. Any problem in repayment should be discussed with your lender promptly. You can receive no future federal financial assistance if you are in default. Deferments are available for enrollment in an eligible school, unemployment, military services, disability, etc. We highly recommend loan consolidation after leaving the University.

RIGHTS & RESPONSIBILITIES

RESPONSIBILITIES (top)

1. You must complete all application forms accurately and submit them on time to the right place.

2. You must provide correct information. In most instances, misreporting information on financial assistance application forms is a violation of law and may be considered a criminal offense, possibly resulting in indictment under the U.S. criminal code.

3. You must return all additional documentation, verification, corrections, and /or new information requested by either the Enrollment and Financial Services office or the agency to which you submitted your application.

4. You are responsible for reading and understanding all forms that you are asked to sign and for keeping copies of them.

5. You must accept responsibility for all agreements that you sign.

6. You must perform the work that is agreed upon in accepting a Federal Work Study Award.

7. You must be aware of and comply with the deadlines for application or reapplication for assistance.

8. You should be aware of your school’s refund procedures.

9. All schools must provide the information to a prospective student about the school’s past student retention and the completion rates of various programs. You should consider this information carefully before deciding to attend a school.

RIGHTS (top)

1. You have the right to know what financial assistance programs are available at your school.

2. You have the right to know the deadlines for submitting applications for each of the financial assistance programs available.

3. You have the right to know how your financial need was determined. This includes how costs for tuition and fees, room and board, travel, books and supplies, personal and miscellaneous expenses, are considered in your budget.

4. You have the right to know what resources, such as parental contribution, other financial assistance, your assets, etc., were considered in the calculation of your need.

5. You have the right to know how much of your financial need, as determined by the institution, has been met.

6. You have the right to request an explanation of the various programs in your student assistance package.

7. You have a right to know your school’s refund policy.

8. You have the right to know what portion of the financial assistance you receive must be repaid and what portion is grant assistance. If the assistance is a loan, you have the right to know what the interest rate is, the total amount that must be repaid, the repayment procedures, the length of time you have to repay the loan,

9. You have the right to know how the school determines whether you are making satisfactory progress and what happens if you are not.

10. You have the right to obtain other consumer information concerning student retention and completion rate which is available
upon request.

11. You have the right to information concerning academic programs, facilities and faculty, which is located in the Kansas Wesleyan University catalog.