2003-2005 Catalog - University of Arkansas at Monticello

FINANCIALassistanceThe Office of Financial Aid is located on the thirdfloor of Harris Hall. To contact Financial Aid, write toUAM Box 3470, Monticello, AR 71656 or call (870)460-1050. Our toll-free number is 1-800-226-2643.A variety of financial assistance packages is available to University students. The fourcategories of aid are: grants, loans, part-time employment, and scholarships.The Financial Aid Office, located in Harris Hall, administers Federal grants, loans, andpart-time employment, which are described below.Grants are the first type of aid awarded to eligible students. If eligibility for assistancestill exists, students may be awarded part-time employment or loans to meet theirindividual needs.Students may apply for all Federal aid programs and the Arkansas Student AssistanceGrant by completing one application. The application packet can be obtained from theUAM Financial Aid Office, P.O. Box 3470, Monticello, AR, 71656 or by calling (870) 460-1050. Students are encouraged to apply early, as some types of aid are limited in funding.Verification of applicant data may be required. The Financial Aid Office will requestany required verification documentation. This documentation must be submitted withintwo weeks of the request. No financial assistance will be awarded until the documentationis received and the applicant data is determined to be correct.Federal financial assistance will be awarded and the student notified when theapplication for assistance is complete. Disbursements will be made by crediting thestudent’s account for the Federal Pell Grant, Federal Supplemental Educational OpportunityGrant (FSEOG), Arkansas Student Assistance Grant, and Federal Perkins Loan awardseach term the student is eligible. Earnings from federal and institutional work-study arepaid to students once each month by check. Students may have financial awards whichexceed their institutional expenses. Students should refer to the “Schedule of Classes” foreach term to determine when refunds will be issued. Federal Stafford Student Loan andFederal PLUS Loan funds must be applied, in full, to the student’s account.GrantsThe FEDERAL PELL GRANT is designed to provide financial assistance to studentsseeking postsecondary education. Federal Pell Grants are intended to be the “ground floor”of the financial aid package and may be combined with other forms of aid in order to meetthe needs of students. Student eligibility is primarily based on a “financial need formula”developed by the U.S. Department of Education. Since the Federal Pell Grant is a grantaward, it is not to be repaid.The FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT (FSEOG)Financial Assistance25