cata espa revision 06252010 [todo] - Instituto de Banca y Comercio

Federal Direct LoanThe Federal Direct Loan program is not a grant. Any amounts received through this program areconsidered a loan which students must re-pay.Interest rates for this type of Federal Loan are adjusted according to market fluctuations and the value ofFederal Reserve bonds. Applications are available in our institutions and via the Web atwww.direct.ed.gov/.Loan applications are given to students who comply with the requirements specified by the DelinquencyReduction Plan currently in effect.The Financial Aid Office will evaluate each case based on its merits and will decide for which students itwill process the loan.Federal Work and Study ProgramThis financial aid program provides work to undergraduate and graduate students.Student eligibility to this program is determined by a needs analysis. Each campus’ or auxiliary centers’Financial Aid Office facilitates applications for participation in this program.The Educational Opportunities Act (Law 138 of 1999)Supplementary Financial Aid Programs (FSEOG) and grants for post-secondary students are composed oftwo (2) types of financial aid for students who are enrolled in post-secondary academic institutions andqualify for said aids. Both are based on the financial needs of qualified students.The grant program is available for new students in post-secondary institutions who graduated from highschool with a grade point average of 3.00 or more.AVAILABILITY OF FUNDSThe amount assigned to each student will be determined by the institution based on the cost analysis ofthe student and his/her financial needs. The amount of the aid will never be higher than the financial need.The financial aid assigned under these programs will be used with priority to pay the tuition costs of theinstitution where the student is enrolled.CONSEQUENCES OF DEFAULTING ON THESE OBLIGATIONSIf a student who receives funds from these programs does not comply with any of the obligationsestablished by regulation, the Office of Post-secondary Development of the Higher Education Councilmay suspend his/her participation in the programs and require repayment of the pertinent funds.STUDENT RIGHTSEvery student enrolled in the institution has the right to know the Satisfactory Academic ProgressPolicy and its implications on the financial aid received. Likewise, he or she may examine the documentsrelated to accreditations, permits, licenses and operational authorizations. These are available in theCampus Director’s Office.- 35 -