Student Handbook 2010-2011 - Holyoke Community College

a financial aid overpayment. Federal overpayments preventa student from receiving federal or state aid at any school.State overpayments disqualify the student for state aid at anyschool. In addition, the return of aid by the college can leavean unpaid balance on the student’s college account.When calculating the unearned aid, the regulations requireschools to use the date the student begins the withdrawalprocess as the “date of withdrawal.” Holyoke CommunityCollege defines the date the student begins the withdrawalprocess as the date the student obtains withdrawal formswith the intention to completely withdraw from school.If a student stops attending, and fails to officially withdrawfrom classes, the school normally uses the 50% point of theterm as the “withdrawal date,” although a different date maybe used if the school has received a last date of attendancefrom an instructor.Federal Student Financial Aid Penalties for DrugLaw ViolationsStudents convicted under any federal or state law for the possessionor sale of illegal drugs for any offense that occurredwhile receiving federal student aid are ineligible for aid for aperiod of time based on the type and number of convictions.Financial Aid Contact InformationA student can obtain more information on the college’sfinancial aid programs at the following sources: Financial Aid Office (Frost Building, Room 201) cialservices@hcc.edu. ouin@hcc.eduOffice Hours: Monday – Tuesday 8:30 am – 6:00 pmWednesday – Friday 8:30 am – 4:30 pmStudent Loan InformationHolyoke Community College processes student loansthrough the William D. Ford Federal Direct Stafford LoanProgram (Federal Direct Loan Program) administered bythe Federal Department of Education. There are two typesof Federal Direct Stafford Loans, subsidized and unsubsidized.A subsidized Stafford Loan is awarded on the basis offinancial need. If a student is eligible for a subsidized loan,the government will pay (subsidize) the interest on the loanwhile the student is enrolled at least half-time (6 credits).Unsubsidized Stafford Loans, on the other hand, are notbased on financial need. Interest accrues on an unsubsidizedStafford Loan from the time the loan is disbursed until it ispaid-in-full. Eligibility for a subsidized loan vs. an unsubsidizedloan is determined by the Financial Aid Office basedon the student’s cost of attendance, eligibility for other typesof financial aid and expected family contribution (EFC).Both types of Stafford Loans must be repaid six (6) monthsafter the student leaves school or drops below half-time (6credits).Applicants are notified of a loan offer on a financial aidaward letter. Students have the option of accepting theentire amount offered, reducing the amount offered ordeclining the offer.All first-time student loan borrowers at HCC are requiredto complete a student loan entrance interview. To completethis requirement, the college uses the on-line entrancecounseling tutorial provided by the U.S. Department ofEducation at www.studentloans.gov. First-time student loanborrowers are also required to complete an electronic MasterPromissory Note (MPN) at the www.studentloans.gov website.Prior to ceasing enrollment at HCC (or dropping below halftime)all student loan borrowers must also complete a loanexit interview. The exit interview requirement can also becompleted on the www.studentloans.gov website.The disbursement of Direct Loan funds is in two equal paymentsover the period of the loan. Minimal loan fees arededucted from the loan at the time of the loan disbursement.To remain eligible for the funds, students must maintainat least half-time enrollment (6 credits). In some cases, astudent may be eligible for a late disbursement of loan fundsafter he/she has dropped below half-time, however, a studentis never eligible for payment of the second half of his/herloan after dropping below half-time.After the loan has been disbursed the college notifies thestudent of the loan disbursement to his/her student accountand provides an opportunity for the student to cancel all or apart of the loan.As required by law, each borrower’s specific loan informationis reported by the college to the National Student Loan DataSystem (NSLDS) and is accessible by guaranty agencies,lenders and institutions determined to be authorized usersof the data system. Students themselves can track their ownstudent loan indebtedness through the NSLDS website www.nslds.ed.gov.Additional information on the Federal Direct Loan Programcan be obtained at the Direct Loan website www.ed.gov/DirectLoan. At this site information can be downloadedpertaining to such things as repayment plans, deferments,forbearance, cancellation provisions and consolidationopportunities.Information about a borrower’s right to contact the FederalStudent Aid Ombudsman to help resolve a problem or disputerelated to his/her loan can be found at www.ombudsman.ed.gov.Federal Work-StudyFederal Work-Study provides jobs to students, allowing themto earn money to help pay school expenses. To be able towork through the work-study program, a student needs toreceive a work-study award by the Financial Aid Office.Applicants are notified of a work-study award offer on a23