Financial Aid

Frequently Asked Questions

  1. What are the rights and responsibilities of financial aid applicants and recipients?
  2. What is financial aid?
  3. Who is eligible to apply for financial aid?
  4. What academic requirements must I meet?
  5. How much does it cost to attend Schoolcraft College?
  6. What are the rules about attending classes, withdrawing from classes and refunds?
  7. When should I apply for financial aid?
  8. How do I apply for financial aid?
  9. How is financial aid awarded?
  10. What financial aid programs are available?
  11. What happens if I am eligible for aid?
  12. What happens if I am not eligible for aid?
  13. What do transfer students need to know?
  14. May I receive financial aid at two schools at the same time?
  15. May I receive financial aid for study abroad?
  16. Is financial aid taxable?
  17. What scholarships are currently available?
  18. What are Schoolcraft’s priority dates for award notification?
  19. Helpful Hints
  20. Links to other information on the internet

 

  1. What are the Rights and Responsibilities of financial aid applicants and recipients?

    Financial aid applicants & recipients are expected to review and follow the policies and procedures established by the Office of Financial Aid, the College and the financial aid programs.

    These guidelines, rules, requirements and consumer disclosures are located in the following areas: the college website Financial Aid page and the College Catalog; on the Award Letter Information and Conditions Sheet; and on the Important Information Bulletin Sheet. Materials sent to students from the Office of Financial Aid and their service providers may include information regarding requirements.

    All award and eligibility requirements are subject to change without notice.

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  2. What is financial aid?

    A college education is one of the most important investments anyone can make. Schoolcraft College understands that students often need help to finance their education. Financial aid programs can provide students with options that may assist them in meeting educational expenses and achieving their educational goals.

    There are two basic categories of financial assistance: need-based and non-need-based aid. Need-based aid uses a formula to determine a family’s financial strength and eligibility for a program. Non-need-based aid does not use the financial strength of the family but may take into consideration other factors such as grade-point average. All programs, criteria and funding are subject to change without notice.

    Financial Aid TV
    Have Questions? Click here for short video answers.

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  3. Who is eligible to apply for financial aid?

    Students are eligible to apply if they:

    • Have a valid social security number
    • Are admitted as a regular student to Schoolcraft College (Guest and non-degree seeking students are not eligible for aid. Upon graduation, your academic program will be changed to “0900: Non-Degree Seeking”. If you plan to continue further studies at Schoolcraft College, you must complete and submit a Change of Program form to the Admissions & Enrollment Center, indicating your new field of study. Please note that financial aid is not available to students who have a program code of 0900.)
    • Are a U.S. Citizen or eligible non-citizen
    • Enroll in a Schoolcraft College degree or certificate program
    • Are not in default and do not owe a repayment on any federal student aid program
    • Make satisfactory academic progress toward a degree or certificate
    • Possess a high school diploma, GED certificate or pass certain tests required under Ability to Benefit provisions
    • Register with the Selective Service, if required.

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  4. What academic requirements must I meet?
    Schoolcraft College Academic Progress Policy

    In addition to meeting individual financial aid program requirements, students have to make satisfactory academic progress toward completing a degree or certificate program to receive aid.

    The Schoolcraft College Academic Progress Policy applies to all students who receive financial aid from any program we administer. Federal regulations require that the policy includes reviewing enrollment periods for which students did not receive aid, as well as the semesters students did receive aid.

    The following guidelines describe the requirements necessary to maintain financial aid eligibility at Schoolcraft College.

    1. Eligibility Requirements — A student must:
      • Have successfully completed at least 67 percent of all Schoolcraft College credit hours attempted or be a first-time student at Schoolcraft College, and
      • Have a cumulative Schoolcraft College grade-point average of at least 2.0, and
      • Along with transfer credits, not have attempted more than 90 credit hours or 150 percent of the student’s official Schoolcraft College academic program requirements.
    2. Evaluation of Eligibility

      Eligibility is determined when a student applies for financial aid each academic year and/or upon student request. Applicants who have not made satisfactory academic progress are notified by mail.

    3. Probation

      Financial aid applicants who do not meet the eligibility requirements will be granted an academic year of probationary financial aid to move toward acceptable GPA or completion rates. Students who fail to make satisfactory academic progress after the probationary period will have their financial aid withdrawn until they meet the standard or have an acceptable appeal. Loans are not awarded to students on probation.

    4. Appeals

      A student whose financial aid has been terminated may appeal in writing. All appeals should include appropriate documentation. Extenuating circumstances considered for appeals include personal illness or accident, serious illness or death of an immediate family member, or other circumstances beyond the reasonable control of the student. Students in extended credit hour programs and/or second degree programs may submit appeals.

      Acceptable documentation includes letters from a physician, attorney, social service agency, parole officer, or an obituary notice, divorce decree, and/or academic records. The student will be notified of the appeal results in writing. Appeal can result in a) denial of reinstatement, b) reinstatement of the student’s eligibility, or c) a probationary period. If your situation does not fall under this category, you must follow the reinstatement process listed below.

    5. Reinstatement

      A student may be reinstated after meeting one of the following conditions. (Classes taken at institutions other than Schoolcraft College are not considered for reinstatement purposes.)

      • The student has taken without funding from the Office of Financial Aid at least six credit hours and has passed those six credit hours. The student will be given probationary aid for the balance of the academic year, or
      • The student has taken without funding from the Office of Financial Aid enough credit hours to meet the GPA and completion rate requirements. The student will be reinstated without probation, or
      • The student meets the GPA and completion rate requirements after the probationary period. The student will be reinstated without probation, or
      • Students that have exceeded the maximum credit limit requirement (90 credits), must submit a degree worksheet completed by a counselor.
    6. Grades and Successful Completion

      Credit hours attempted include all grades recorded on the transcript of 4.0 through 0.0, NC, W, and I. Repeated courses are identified as NC on the transcript and are considered as credit hours attempted. Successful grades are 1.0 through 4.0. Unsuccessful grades are 0.0, W, NC, and I. Unsuccessful grades are considered attempted and not passed for purposes of determining satisfactory academic progress.

    7. Audits and Credit by Exam

      Classes taken for audit or credits earned by exam are not considered when determining financial aid eligibility.

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  5. How much does it cost to attend Schoolcraft College?

    Using rules established by the U.S. Congress, the College sets cost of attendance allowances. These reflect modest book, travel, room, board and miscellaneous allowances as well as average tuition and fee charges. In certain circumstances, if applicable, it may reflect costs related to dependent care, a disability and loan fees.

    Typical cost of attendance for a full-time student:

    Resident Non-Resident
    Tuition and fees $2,440 $3,042
    Books and supplies $1,268 $1,286
    Transportation $1,787 $1,787
    Miscellaneous $1,301 $1,301
    Room and board $6,108 $6,108
    TOTAL $12,904 $13,524

    Figures are based on 2010-2011 academic year costs and subject to adjustment due to changes in law and College Board of Trustee policy. Actual costs will vary from student to student.

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  6. What are the rules about attending classes, withdrawing from classes and refunds?

    Financial aid assists many students in reaching their educational goals each year. The government requires students to meet several criteria in order to establish current and retain future eligibility for funding. They are described below:

    Academic Progress: Students are required to maintain a cumulative grade point average of 2.0, to successfully complete at least 67 percent of all Schoolcraft College credit hours attempted and to attempt no more than 150 percent of the student’s official Schoolcraft College academic program credit requirement. These requirements are the main components of the Satisfactory Academic Progress Policy. Students who do not meet the criteria may have their financial aid eligibility suspended or terminated.

    Class Attendance: Students need to attend their class(es) to establish and maintain financial aid eligibility. Instructors record the attendance of all students each week. The Office of Financial Aid is notified of the financial aid students who never attended or stopped attending their classes. Not attending a class(es) affects the amount of aid a student is receiving now and in the future. This usually results in the student owing money to the college.

    Institutional Refund Policy: The College’s tuition and fee refund policy is 100% refund through the end of schedule adjustment period for each semester. The registration fee is non-refundable. See the Academic Calendar or the printed Course Schedule each semester for specific refund dates. The student initiates a refund by completing the Refund Request Form available in the Admissions & Enrollment Center. Students who drop classes and receive a 100% refund will have their financial aid adjusted and may owe money to the college.

    Institutional Withdrawal Policy: After the refund period has ended, the College allows students to withdraw from class(es) through the 10th week of the fall or winter semester, and through the 5th week of the spring or summer sessions. See the Schedule of Classes each semester for specific withdrawal dates. The student initiates a withdrawal by completing the Drop Form available in the Admissions & Enrollment Center. Students who withdraw from class(es) receive a “W” grade. The grade of “W” does not adversely affect the student’s grade point average. However, a “W” is considered attempted and not completed and therefore, does adversely affect the student’s completion rate. See the Satisfactory Academic Progress Policy.

    Complete Withdrawals: When a student completely withdraws or walks away from their classes before completing at least 60% of the semester, federal law requires the College to return a percentage of the Title IV funds received by the student. Title IV program funds include Federal Pell Grants, Federal Stafford Loans and Federal Supplemental Educational Opportunity Grants.

    The number of days the student has attended during the semester determines the amount of the student’s earned Federal Title IV funds. Earned Title IV financial aid may be used to pay for institutional charges of tuition and fees or used towards non-institutional expenses such as room and board, books and supplies, transportation, etc.

    Unearned Title IV funds must be returned to the federal government. The College must return a portion of the student’s unearned aid. The student will owe the College for any resulting unpaid institutional charges (such as tuition and fees). In addition, the student must return to the federal government a portion of unearned funds received in excess of tuition and fees. The student will be ineligible for future financial aid at any college or university if the unearned funds are not repaid to the U.S. Department of Education.

    Return of Title IV Funds and Unearned Financial Aid Example:

    • A student has institutional charges of tuition and fees of $1500 for the semester. The student was awarded and received $2000 in Title IV grants and loans. The student completely withdraws after completing only 30% of the semester. The student has earned 30% of their aid; the student has not earned 70% of their aid.

      Student’s earned aid: $600 ($2000 aid x 30% earned)
      Student’s unearned aid: $1400 ($2000 aid x 70% earned)

    • The College must return an amount equal to the lesser of 1) the student’s total unearned aid ($1400) or 2) the student’s portion of unearned aid applied to institutional charges ($1500 institutional charges x 70% = $1050).

      The College must return $1050 to the Federal Government. The College bills the student for the institutional charges (tuition and fees) that are now unpaid due to returning the $1050. Student owes the College $1050.

    • The student must also return the balance of unearned non-institutional funds, which is limited to 50% if returning grant funds ($1400 unearned aid - $1050 returned by College = $350, then $350 x 50% = $175). Student owes the Federal Government $175.

    If you have questions regarding these provisions, please contact the Office of Financial Aid.

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  7. When should I apply for financial aid?

    Students should apply for financial aid each academic year they wish to be considered for aid.

    Applications are processed year round, but students are advised to file applications as early as possible to receive notification of eligibility before tuition payments are due. This usually means filing in the early spring for the upcoming academic year.

    The Free Application for Federal Student Aid (FAFSA) is available on January 1 for the next academic year. For the 2010-2011 academic year, apply on or after January 1, 2010 for: Summer 2010, Fall 2010, Winter 2011 and Spring 2011.

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  8. How do I apply for financial aid?

    1. Complete and submit the Schoolcraft College Application for Admission.

    2. Complete and submit the FAFSA or Renewal FAFSA online at www.fafsa.ed.gov.

      • To apply online, you, and your parent if their information is required, need a PIN. If you applied for federal student aid last year, the Federal Processor should have sent you a PIN. If you do not have a PIN, you, and your parent, if required, may request a PIN online at www.fafsa.ed.gov. The PIN Help Line is 800-433-3243.
      • If you are unable to access the Internet, you may request a paper application from the Office of Financial Aid.
      • Indicate Schoolcraft College’s code (002315) on your FAFSA. This permits the Office of Financial Aid to access your financial aid results electronically. If you are thinking about transferring mid-year, indicate your transfer institution first, then Schoolcraft College.
      • If you need help completing the FAFSA, attend one of our workshops or contact the Office of Financial Aid.

    3. Approximately one week (Web application) to four weeks (paper application) after you submit your FAFSA, you will receive a Student Aid Report (SAR). The SAR recaps the information you submitted on your FAFSA.

      • Read the Information Summary, review your SAR for accuracy and submit any changes to the Office of Financial Aid. If Schoolcraft College is not listed, you may add it online or submit the SAR to the Office of Financial Aid.
      • If you provide an email address, the Federal Processor will communicate with you via email. Otherwise, correspondence will be by mail.

    4. Schoolcraft College will request additional documents, if necessary.

      • If selected for verification, you will be required to submit income documentation and a verification worksheet. Your SAR will alert you if you have been selected for verification.
      • Other information may be requested as determined by the Office of Financial Aid.
      • Respond immediately to all requested information.
    5. Once the requested information is submitted, your file is complete, and it is reviewed, your eligibility will be determined. You will be notified in writing of your eligibility. Files are reviewed in the order completed. See Schoolcraft’s Priority Dates.
    6. Inform the Office of Financial Aid of changes in financial or family circumstances, such as loss of employment, death or disability of a family wage earner, divorce or separation. You may qualify for a re-evaluation of your financial aid information.

    Keep your demographic information current with the Registrar and the Federal Processor.

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  9. How do I apply for financial aid?

    Eligibility: Eligibility requirements vary from program to program. Financial aid program awards are determined and disbursed in compliance with established federal, state and institutional requirements and guidelines. In addition to meeting program eligibility requirements, students must adhere to College policies and procedures.

    Financial Need: Financial aid programs were developed on the premise that the student and spouse, if married, or the student’s family, have the primary responsibility for financing a college education. Financial aid is available to supplement the student’s and family’s resources.

    Most aid dollars are awarded on the basis of a federal need analysis formula established by the U.S. Congress. The formula measures each family’s ability to pay for college expenses and is calculated using all the questions and answers on the Free Application for Federal Student Aid (FAFSA). The result is the student’s Expected Family Contribution (EFC).

    The following formula is used to determine an individual student’s need for financial aid: Cost of Attendance - Expected Family Contribution = Financial Need. Students may be awarded up to their total need from various financial aid programs. Depending on eligibility, an award package can be any combination of grants, scholarships, work-study and loans. The student can accept or reject all or any part of the award package.

    Selection of Recipients: In addition to program eligibility requirements and financial need, students are selected to receive financial aid based on deadlines and maintaining satisfactory academic progress. Schoolcraft College awards financial aid in the following order, depending on the student qualifications: 1) grants 2) scholarships 3) work-study 4) student loans.

    The Office of Financial Aid determines the type and amount of each award. The type and amount of award are based on a variety of factors including financial need, outside resources, class attendance, enrollment status, dependency status, program limitations and the availability of funds. When funds are limited, awards may be granted to applicants who meet all requirements and have a complete financial aid file.

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  10. What financial aid programs are available?

    The following sections provide brief descriptions of the financial aid programs available at Schoolcraft College. Enrollment requirements vary by program, and can range from less than half-time to full-time enrollment each semester. Awards are made based on meeting eligibility criteria, satisfactory academic progress and the availability of funds.

    • Grants do not have to be repaid and are primarily based on financial need. The first step is to apply for financial aid.
    • Scholarships do not have to be repaid and are primarily based on academic achievement.
    • Work-study employment requires the student to work to earn the award. Work-study students are placed in jobs on campus, and their wages are paid in part by the work-study program. Student employment under these programs is limited to 20 hours a week. To be eligible, students must demonstrate financial need and register for at least six credit hours for fall and winter, three credit hours for spring and summer.
    • Student loans are borrowed money and require repayment. Also, see All About Student Loans.

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  11. What happens if I am eligible for aid?
    1. You receive an Award Letter from Schoolcraft College indicating which financial aid programs you are awarded, the dollar amount of the award and the enrollment status required.
    2. You must notify the Office of Financial Aid of any award program that you will not accept.
    3. During registration, you may charge tuition and fees to your financial aid account up to the amount of your grant, scholarship and loan aid. If your aid is less than your tuition and fees, you will be required to pay the balance when you register for classes.
    4. If you have any remaining aid after you have charged your tuition and fees, you may also charge books and supplies at the Schoolcraft College Bookstore. To purchase books, you will need your registration statement and picture ID. Dates to begin charging against financial aid at the Bookstore vary; refer to your current Award Letter. The last date to charge books is always the last day of registration each semester.
    5. The balance of your aid not used for tuition, fees, books, and supplies will be mailed to your home before the midpoint of each semester if you have been attending your classes.
    6. If you have a work-study award, you must complete an application for employment in the Career and Transfer Center, located in the McDowell Center. Note: Anticipated work-study earnings cannot be used toward the payment of classes. Once you have started working, you will be paid on a biweekly basis.
    7. Financial aid awards are allocated by semester and based on your registered credit hours. Your initial award will indicate eligibility for the fall and/or winter semesters. If your enrollment plans change, notify the Office of Financial Aid before you register, and your award will be revised based on your updated enrollment plans.

    The total number of credit hours you are enrolled in at the end of each semester determines your enrollment status.

    Enrollment status Credit hours
    full-time 12+
    three-quarter-time 9-11
    half-time 6-8
    less-than-half-time 1-5

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  12. What happens if I am not eligible for aid?
    1. You will receive a letter informing you of the reason(s) you were not eligible for need-based aid and available non-need based aid options.
    2. Inform the Office of Financial Aid of changes in financial or family circumstances, such as loss of employment, death or disability of a family wage earner, divorce or separation. You may qualify for a re-evaluation of your financial aid information.
    3. Reapply for financial aid each academic year, because requirements for financial aid may change.

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  13. What do transfer students need to know?

    Transferring to another college: Students planning to transfer to a four-year institution should contact that institution’s Financial Aid Office for financial aid requirements, deadline dates and application procedures. Students usually begin the application process in January or February for the following September. Students who transfer from one institution to another within the same academic year will have their aid prorated based on use at the first institution attended. Financial aid is generally not transferable from one institution to another.

    Transfer Scholarships: Senior colleges and universities award many scholarships to graduates of Schoolcraft College who plan to transfer to their institutions. Scholarships are awarded on the basis of academic achievement, financial need or other specified criteria. Contact the college to which you plan to transfer or the Schoolcraft College Counseling Center for information on transfer scholarships.

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  14. May I receive financial aid at two schools at the same time?

    Students may not receive financial aid at another institution and Schoolcraft College concurrently. Students will be responsible for any over awards and will not be eligible for further aid until the funds are repaid.

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  15. May I receive financial aid for study abroad?

    Students may be eligible for federal assistance for attending a study abroad program that is approved for credit by Schoolcraft College. Contact the Office of Financial Aid to determine individual eligibility.

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  16. Is financial aid taxable?

    Generally, grants and scholarships are tax free if they are used for qualifying tuition and course-related expenses. Course-related expenses, such as fees, books, supplies and equipment, must be required of all students in a course of instruction to be used as a qualifying expense. Questions regarding tax issues should be directed to the IRS or your tax preparer.

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  17. What scholarships are currently available?

    Scholarship listing

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  18. What are Schoolcraft’s priority dates for award notification?
    Aid beginning: Submit FAFSA by: Financial Aid file complete by:
    Summer 2010 March 1, 2010 May 1, 2010
    Fall 2010 May 1, 2010 July 1, 2010
    Winter 2011 September 1, 2010 November 1, 2010
    Spring 2011 December 20, 2010 March 1, 2011

    Applying for financial aid early gives students the best chance of having an award determination in time for the start of classes. Those applying after the priority dates may not have their eligibility determined in time for the start of classes.

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  19. Helpful Hints
    • Read all directions carefully before completing any financial aid forms or applications.
    • Always keep signed copies of tax returns or other income documentation used to complete the FAFSA.
    • Make a personal file for financial aid. Keep copies of all application materials and related documents that you submit during the financial aid process.
    • Read and respond to all mail sent to you regarding financial aid.
    • Write your name and student number on all forms and documents you submit to the Office of Financial Aid to ensure they are placed in your file.

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  20. Links to other information on the internet

    Financial Aid links:

    Consumer Information Requirements not found on this website:

    • Terms of any loan received, sample loan repayment schedules, exit counseling information, deferments on loans disbursed from 7/1/87 through 6/30/93 and after can be found on the following website: StudentLoans.gov

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