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Student Handbook - Butler University

Student Handbook - Butler University

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olled full-time for the fall semester by May 15. We will accept your FAFSA after the stated dates, but there<br />

is no guarantee of gift assistance from <strong>Butler</strong> <strong>University</strong>. Graduate students and students who already have a<br />

bachelor’s degree are eligible for student loans only.<br />

Financial Aid Programs<br />

Financial aid at <strong>Butler</strong> <strong>University</strong> includes merit and talent awards and need-based aid. These awards<br />

may be in the form of scholarships and grants — gift aid that does not have to be paid back; or self help,<br />

such as the federal student loans or student employment — aid that must be repaid or earned. In addition<br />

to the traditional sources of financial aid, financing options are available to help all families pay the bill by<br />

maximizing their resources.<br />

• Merit and talent awards consist of scholarships or awards based on academic achievement or performance<br />

ability. These tuition specific awards are normally awarded to incoming freshmen only and<br />

available for four years of full-time undergraduate enrollment and often carry specific requirements<br />

such as GPA, academic performance, etc.<br />

• Need-based aid, such as federal, state and <strong>Butler</strong> grants, is based on the family’s financial aid eligibility.<br />

The information reported on the FAFSA determines a family’s ability to contribute (financial<br />

strength). The formula for determining financial aid eligibility is: cost of attendance (tuition, room<br />

and board, books, transportation and personal allowance) minus the family’s ability to contribute<br />

(EFC) as determined by the information provided on the FAFSA.<br />

Financial aid guidelines<br />

• The combination of all financial aid may not exceed the total cost of attendance for any given year.<br />

Tuition-specific awards cannot exceed the tuition charges and certain combinations of aid programs<br />

cannot exceed the student's financial aid eligibility.<br />

• Your eligibility for financial aid and the programs for which you qualify may vary each year as your<br />

family’s financial circumstances fluctuate, college costs increase, funding levels change and your academic<br />

standing changes. Therefore all families are encouraged to file each year.<br />

• Verification is a federal requirement which requires <strong>Butler</strong> <strong>University</strong> to obtain documentation that<br />

supports the information provided on the FAFSA. Financial aid will be offered after the Office of<br />

Financial Aid receives all requested documents.<br />

• Satisfactory Academic Progress (SAP) requires financial aid recipients maintain a 2.0 GPA. In addition<br />

to the GPA, progress is measured by credits earned in relation to those attempted and the<br />

length of the academic program.<br />

Financial aid notification and disbursement<br />

• Financial Aid Notification – Once the financial aid you qualify for has been determined you will be<br />

notified through your <strong>Butler</strong> email account. You may review your financial aid anytime at<br />

http://my.butler.edu - self service - student center – finances – review/accept/decline financial aid.<br />

• The last day you may submit a complete application for an education loan (federal and private) is<br />

one week prior to the end of the semester. Applications received after this date can not be processed.<br />

• You will be notified if revisions to your aid are made due to new information such as outside scholarships<br />

not previously reported.<br />

• When you review the Financial Aid Notification, you must accept or decline each award offered, select<br />

a lender, sign the master promissory note (MPN) if you are accepting a student loan and report<br />

any outside scholarships you may be receiving for the academic year.<br />

• If an outside scholarship is not on your notification, assume that the Office of Financial Aid has no<br />

knowledge of this award or the amount. Contact the Office of Financial Aid with all available information<br />

(e.g., award letters from the donors for all awards).<br />

• Receiving a Financial Aid Notification does not mean your bill is paid in full. It is your responsibility<br />

to compare your financial aid with your bill from the Office of <strong>Student</strong> Accounts to determine<br />

the amount you owe and make payment arrangements with the Office of <strong>Student</strong> Accounts.<br />

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