Academic Calendar 2011-2012 - Chesapeake College

Student Financial AssistanceFederal VerificationThe Department of Education selects financial aid applicationsat random for a process called verification. Chesapeake Collegeverifies ALL students selected by the Central ProcessingCenter who are eligible to receive aid based on funding levels seteach year. Students/parents who estimate income must correcthis/her FAFSA with accurate income once a tax form has beenfiled. Chesapeake College will not correct estimated income andwill consider the file incomplete until a corrected transaction isreceived. In addition, Chesapeake College has the right to requestdata for any information that appears incorrect or inconsistenteven if the file was not selected for verification.Each student will be required to complete a verification form andattach copies of signed federal tax documents for student, spouseand/or parent if determined a dependent student. Students/parents who utilize the IRS data retrieval may still be required.If a student or parent needs to request a tax transcript from theInternal Revenue Service, please call 1-800-829-1040. Please referto www.ed.gov/prog_info/SFA/StudentGuide for the federalregulation governing dependency. We will notify students bymail of all documents needed to complete the students file. It isnot uncommon to discover additional documents needed after afile has been considered complete during the process of verifying.Students will be notified in writing. The following data elementsmust be verified: adjusted gross income; U.S. income taxes paid;household size; number in college; untaxed income such as,child support, and untaxed portion of pensions, Make Work PayCredit. First-time Homebuyers Credit and the taxable portion ofsocial security.The deadline for receipt of all documents is May 1st for the Fallterm and December 1st for the Spring term. We will accept lateapplications and will notify students as they apply what documentsare outstanding. Incomplete files will not be reviewed orconsidered for any federal aid. Students who are in financial aidsuspension or in default of a federal student loan, will not be sentany request letters until they become eligible. Students meetingthe deadline must also pre-register before their file is consideredcomplete. The Financial Aid Office must know basic tax law suchas; who must file a federal tax form and correct filing status. Oncethe student has submitted all documents for completion, the FinancialAid Office will review the file and notify the student in writingby awarding the student or sending another status letter.On a case-by-case basis, a student’s incomplete file may be awardedpending documentation but only at the Director’s discretion.The award will be entered as ESTIMATED and funds will NOTbe disbursed until the documentation has been received. StudentsMUST provide all documents within 10 days of the request. Lateapplicants must provide all documentation before their LASTDATE OF ATTENDANCE. Any changes in eligibility as a resultof verification will be sent to students as REVISED award letters. Ifthe student fails to provide the necessary documentation, he/shewill be required to pay all charges incurred.On occasion a student’s file will be selected for verification afterfunds have been disbursed. Chesapeake College will notify thestudent of the documents required but will not disburse anyfuture funds until the verification process has been completed. Ifverification proves the student is no longer eligible for the fundsdisbursed, they will be required to repay those funds, except forearnings under the Federal Work-Study Program.What is CONFLICTING INFORMATION? This is the terminologyused when the student’s financial aid file is in conflict. A fewexamples would be dependent students who claim themselves ontheir federal taxes as do their parents, or no tax forms for a studentwho was required to file a 1040 with the IRS, or a student whocertifies they have a high school diploma but indicates on theiradmissions application they are working on their GED. Theseare all examples of conflicting information. All conflicts must beresolved BEFORE any financial aid can be awarded or disbursed.Become familiar with IRS regulations governing who must file atax form, disclose all scholarship awards, and do not put false ormisleading information on any official college documents are afew ways students can avoid conflicting information.Ability to BenefitStudents seeking federal financial aid must have a high schooldiploma, GED or meet the 6 semester credits earned before beingawarded federal aid. Students who do not meet the cut scores forAbility to Benefit based on federal financial aid regulations maybecome eligible by enrolling and completing 6 credits towardsan eligible degree or certificate. Students may not receive federalaid during this time. A student may transfer credits earned atanother institution but they must be credits obtained throughcourse completion not earned by testing out, life experience, AP orIB credits. Individuals with disabilities are eligible for special testingaccommodations who can provide documentation of disabilityPlease contact our Testing Department for more information.Default Management Plan for theFederal Perkins Loan Programat Chesapeake CollegeAs a small community college, our participation in the Federal PerkinsLoan program provides the necessary means to fund highereducation for many of our students. Students who are awardedand choose to accept this loan must be committed to repaying thisloan and abiding by all program requirements, such as; completingthe Entrance Interview. The student will sign a promissory note,promising to repay this federal debt, understand their rights andresponsibilities, complete a personal data sheet and take a quizbefore the funds will be disbursed.This federal student loan is repaid with an interest rate of fivepercent and payments begin after the student ceases attendanceor drops to less than half-time status. Chesapeake College valuesthis low interest federal loan program and wants to do everythingit can to preserve its integrity. The future is at risk if students donot adhere to their repayment schedules, consequently defaultingon their commitment to repay this federal loan. As a proactivemeasure to insure the viability of this loan program, ChesapeakeCollege has instituted a default management plan.33