Student Handbook 2010-2011 - Holyoke Community College

the FAFSA reported on the FAFSA half-time or less-than-half-time)The following packaging policies are also followed at HCC: Grants (SEOG) are normally restricted to studentswith Expected Family Contributions (EFC) = $0 to Federal Pell Grants for private scholarships unless required by regulationAwards to students with bachelor’s degrees are limited toloans and jobs. Also, students who are simultaneouslyenrolled in high school and HCC are not eligible for anyfinancial aid.Students enrolled in a study abroad program that has beenapproved by the college should contact the Financial AidOffice for information about financial aid eligibility for theprogram.Aid PackagingHolyoke Community College uses a form of “EQUITYPACKAGING” to award financial aid grants. Under equitypackaging, an attempt is made to cover a pre-determinedtarget amount through grant aid and the student’s expectedfamily contribution (EFC). The EFC is determined accordingto a federal formula based on the FAFSA applicationdata and is reported to the family via the resulting “StudentAid Report.” The target amount is determined by the financialaid office based on the amount of funds that are availableand the number of students who are expected to applyfor these funds.Listed below is an example of a financial aid grant packagethat would be awarded to fully eligible full-time studentswith a pre-determined target amount of $6,400 and anexpected family contribution equal to $0:22$5,550 Federal Pell Grant$200 Federal Supplemental EducationalOpportunity Grant$432 Financial Aid Tuition Waiver$218 Mass Furcolo Access GrantThe students in this example are receiving a total of $6,400in grant aid which is the target amount minus their expectedfamily contribution of $0. Since these grants exceed theamount needed for tuition, fees and books, the excess wouldbe available to help with out-of-pocket expenses such asroom and board, lunches, transportation, and daycare.Three-quarter-time and half-time students are packaged withgrants that are three-quarters and one-half of the amountspackaged for full-time students with the same EFC’s. Theirdirect costs (tuition, fees and books) are also proportional toenrollment status.If a student does not qualify for enough grant aid to coverdirect costs, educational loans are offered to cover the shortfall.A student who needs help with out-of-pocket expenses canrequest additional loan funds for these other costs. Loans ofmore than $3,000 toward out-of-pocket expenses may requireextensive loan counseling, involving the preparation of adetailed budget for the present and consideration of futureborrowing needs and employment prospects.Work-study funds are awarded to students who met thefinancial aid priority deadline, have relatively high financialneed and who indicated an interest in jobs on their FreeApplication for Federal Student Aid (FAFSA).A student’s initial financial aid eligibility for each semesteris based on the enrollment status at the end of the add/dropperiod (for summer this normally means the first add/dropperiod).The college does reserve the right to adjust awards due tochanges in students’ eligibility or the availability of funds.Financial Aid Limitations of developmental coursework (not counting ESLcourses). the student never attended. are limited to 18 full-time semesters of Pell Grant. ancewithout the student’s written permission. coursework.Timing of Financial Aid PaymentsThe first aid payment for a term normally occurs on the student’saccount around 30 days after classes start. A studentwith a credit balance resulting from aid in excess of the balancedue receives a check within 14 days of disbursement.Unearned Financial AidIf a student stops attending classes before completing 60% ofthe semester, the student is considered to have earned onlya percentage of his/her aid equal to the percentage of theterm completed. In such cases the school must apply federaland state rules to determine how much unearned aid must berepaid respectively by the student and the school. Until thestudent repays the unearned aid, he/she is considered to have