Academic Calendar 2011-2012 - Chesapeake College

Student Financial AssistanceThe United States Department of Education has the right to sanctionany school with a default rate of 50 percent or higher threeyears consecutively. As a pre-emptive measure, Chesapeake Collegehas instituted the following policies and procedures in aneffort to reduce our current default rate. In addition to meetingthe financial eligibility requirements and complete an EntranceInterview, students will have to meet the additional guidelineslisted below:1. All Federal Perkins Loan recipients must maintain a 2.5semester and cumulative grade point average and meetSatisfactory Academic Program requirements for attemptedcredits for any loan consideration or renewal.2. Students must provide a physical address in addition totheir post office box number on their college admissionsapplication as well as all entrance/exit documents.3. Students must have a declared major and have anacademic plan coordinated with their academic advisor.4. Students must meet the May 1st deadline as it provesthey understand the importance of deadlines.5. Students must meet with the Director of Financial Aidprior to signing their promissory note and at the end ofthe fall term before the pay-by-date for spring. Studentswill be advised to make appointments to fulfill thisrequirement. Failure to meet this requirement will resultin forfeiture of the Federal Perkins Loan.6. No loan funds will be disbursed if there is missinginformation on their Personal Data Sheets.7. Students will be required to utilize their campus e-mailaddress so that important reminders can be easilyaddressed to loan recipients.8. Students will complete a “test” after completing theirEntrance Interview, to review the information learnedand reinforce the importance of loan repayment anddefault prevention.9. Current recipients will be grandfathered if they do notmeet one or more of the above criteria at the discretionof the Director of Financial Aid.The primary reason students default on federally funded studentloans is not completing deferment forms. A deferment form isrequired each semester if a student transfers to another schoolso the loan servicer will know the student is still enrolled andeligible for an in-school deferment status. During a defermentperiod, the interest on the Federal Perkins Loan does not accrueand no payments of principal or interest are required. If the studentwithdraws, fails to enroll, transfers to another school or has achange of address, the student should notify Chesapeake Collegeand University Accounting Services, our Federal Perkins Loanbilling agency. They can be reached at 1-800-999-6227. Failure tonotify the school and billing agency could result in loan defaultand affect credit-worthiness and the ability to obtain financial aidin the future.Chesapeake College takes loan defaults very seriously and wantsto help students avoid defaulting at all costs. If you enter repaymentand are unable to make your payments, please contact theDirector of Financial Aid before you default, for assistance. Duringa deferment period, the interest of your loan does not accrue andrepayment of the principal is not required.Chesapeake College Office ofFinancial Aid Statementof Ethical PrinciplesThe primary goal of the financial aid professional is to help studentsachieve their educational potential by providing appropriatefinancial resources. To this end, this statement provides thefinancial aid professional with a set of principles that serves as acommon foundation for accepted standards of conduct.The financial aid professional shall:1. Be committed to removing financial barriers for those whowish to pursue postsecondary learning.2. Make every effort to assist students with financial need.3. Be aware of the issues affecting students and advocate theirinterests at the institutional, state, and federal levels.4. Support efforts to encourage students, as early as theelementary grades, to aspire to and plan for educationbeyond high school.5. Educate students and families through quality consumerinformation.6. Respect the dignity and protect the privacy of students,and ensure the confidentiality of student records andpersonal circumstances.7. Ensure equity by applying all need analysis formulasconsistently across the institution’s full population ofstudent financial aid applicants.8. Provide services that do not discriminate on the basis ofrace, color, religion, creed, age, sex, national origin,ancestry, sexual orientation, disability, pregnancy,military status or any other class protected by law.9. Recognize the need for professional development andcontinuing education opportunities.10. Promote the free expression of ideas and opinions, andfoster respect for diverse viewpoints within the profession.11. Commit to the highest level of ethical behavior and refrainfrom conflict of interest or the perception thereof.34