2010 Catalog - Delaware County Community College

18 FINANCIAL AID
PHEAA State Grant
The State Grant Program provides grants to eligible Pennsylvania residents
who are in need of financial aid to attend a PHEAA-approved post-secondary
school as undergraduate students. Those who apply in 2007-2008 may
receive up to $3,300 as a full-time student at the College. Students enrolled on
a half-time basis (at least six credits or its equivalent) receive up to $1,650.
Students enrolled in summer study may also be eligible for a summer State
Grant, provided they are registered in both Summer I and II sessions. Major
eligibility requirements are:
• Meet financial need criteria.
• Be enrolled at least half-time in a PHEAA-approved undergraduate two-year
program of study leading to an Associate Degree.
• Be a high school graduate or the recipient of a GED.
• Demonstrate academic progress for continued aid.
• Be a Pennsylvania resident.
Application procedure & deadlines:
To be eligible a student must file a Free Application for Federal Student Aid
(FAFSA) by the appropriate date:
• May 1st immediately preceding the academic year for all renewal
applicants and new applicants who plan to enroll in an undergraduate
Associate Degree, college transfer program.
• August 1st immediately preceding the academic year if you are a first-time
applicant who plans to enroll in an Associate in Applied Science, terminal
non-transferable, program.
All students are urged to apply even if the deadlines have passed, since late
applications are considered if funds permit.
For more information about the Pennsylvania State Grant go to the Internet
site http://www.pheaa.org/index.html
Pennsylvania New
Economy Technology Scholarship Program
Technology Scholarships provide up to $1,000 per year, based on total
educational costs, to Pennsylvania high school graduates who don’t seek a
four-year education but do want to succeed in a technology-based economy.
Students enrolled part-time are eligible to be considered for a scholarship that
covers up to 20 percent of their tuition and mandatory fees. To qualify, a
student must:
1. Be a resident of the Commonwealth of Pennsylvania;
2. Be a high school graduate;
3. Be enrolled in an approved science or technology program at an approved
Pennsylvania community college;
4. Maintain at least a 3.0 cumulative grade point average;
5. Begin employment in the state within one year after completion of
studies, one year for each year that the scholarship was awarded;
6. Apply for a Federal Pell Grant and a Pennsylvania State Grant.
For more information about the Pennsylvania New Economy Technology
Scholarship go to the Internet site http://www.pheaa.org/students/s2.shtml
Federal Stafford Loan Program
Federal Stafford Loans are long-term, low-interest loans made to a student by
a private lending institution such as a bank. To be eligible for a Stafford Loan a
student must:
•Complete a Free Application for Federal Student Aid for the appropriate
academic year.
•Be a US citizen or eligible non-citizen.
•Be accepted for admissions to DCCC in a federally approved program and, if
enrolled, be making satisfactory academic progress.
•Be enrolled or planning to enroll as at least a half-time student (six credits
or more) in each term for which loan funds are to be awarded.
•Not be in “Default” on an education loan or owe any education grant refund.
Stafford Loan Application Procedure
The student must complete the FAFSA and a Stafford Loan Instruction Sheet,
available at the College Financial Aid website. Our Financial Aid Office will then
electronically certify the loan with the Pennsylvania Higher Education Assistance
Agency (PHEAA). They will send a form called the Master Promissory Note
(MPN) that must be signed and returned to PHEAA. When PHEAA receives the
MPN they will instruct the student’s bank to send a check to DCCC made
jointly payable to the College and to the student.
Definition of an Academic Year for Federal Student
Financial Aid
For federal Financial Aid purposes, the College defines its Academic Year as
at least 24 credit hours and 30 weeks of instruction time. If you are enrolled
in a Certificate Program of less than 24 credits, Federal Regulations require
that the College's Financial Aid Office pro-rate the freshman annual loan limit
based on the number of credits in the program of study. Note: regardless of
the length of time it takes you to complete your program of study, you can
never exceed this pro-rated annual loan limit.
Stafford Loan Disbursement
All Federal Stafford Loans are disbursed in two nearly equal disbursements
during a loan period. For the traditional academic year, the Fall Semester and
Spring Semester, the most common borrowing period, the first disbursement
will occur during the Fall semester and the second disbursement will occur
during the Spring semester. For a single semester or term, Summer II, Fall,
Spring or Summer I, the first disbursement will occur at the beginning of the
semester and the second disbursement will occur at the half-way point of the
semester.
Our Cashier’s Office will be notified that the loan is in process and they will
wait for payment for tuition and fees (up to the amount of the loan) until your
loan is disbursed.
These disbursements are sent to our Cashier’s Office by the Pennsylvania
Higher Education Assistance Agency by Electronic Fund Transfer (EFT). When
your funds arrive we will send you a ‘Notice of Disbursement’ postcard or e-
mail. This notice directs you to the Student Records Access on our website,
where you can see what type of loan was credited to your account and what
amount is being disbursed. YOU MAY CANCEL THE LOAN WITHIN TEN DAYS
OF THE DATE OF THIS DISBURSEMENT. To cancel you must submit written
notification to the FAO on the Main Campus in Media that you want to cancel
your loan.
If the disbursement exceeds the charges on your account the Cashier will
make a check payable to you and available in the Cashier’s Office fourteen
days after your account is credited, or fourteen days after the beginning of the
semester, whichever is greater.
These processes apply whether the loan is subsidized or unsubsidized.
Disbursement dates may be affected by the time that the application process is
completed.
Subsidized Stafford Loan vs. Unsubsidized Stafford Loan
Eligibility for a Subsidized Stafford Loan is calculated as:
Cost of Education minus EFC minus other aid = eligibility.
If the student has eligibility the federal government will pay the interest on
their Stafford Loan while they are in school as at least a half-time student. For
the Unsubsidized Stafford Loan the calculation is:
Cost of Education minus other aid = eligibility
The EFC is not part of the calculation (although the student must still submit
the FAFSA form). With the unsubsidized Stafford Loan the student is expected
to pay the interest while the student is enrolled.
With the Master Promissory Note the student will receive a form entitled
DELAWARE COUNTY COMMUNITY COLLEGE