The FAO participates in a variety of financial aid programs. Assistance may include scholarships, grants, loans, and work. Scholarships and grants are gift awards which do not have to be repaid. Loans and work opportunities are considered self-help awards since repayment or performance of duties are required. The type of aid awarded depends upon the student's financial need and is generally a combination of gift and self-help assistance.
Institutional and Program Eligibility
Institutional Eligibility
As a private nonprofit institution, Centenary College has been authorized by the United States Secretary of Education to participate in financial aid programs authorized by Title IV of the Higher Education Act of 1965 as amended.
Terms of Agreement
The Program Participation Agreement between Centenary College and the Department of Education entitles the FAO to participate in the following federal programs:
- Federal Pell Grant Program.
- Federal Supplemental Educational Opportunity Grant Program.
- Federal Work-Study Program.
- Federal Perkins Loan Program.
- Federal Direct Loan Programs.
- Federal TEACH Grant
Institutional Application for Federal Funds
The FAO applies for funds through the Fiscal Operation Report and Application to Participate (FISAP). The FAO applies annually for federal funds through the FISAP which is submitted each year by October 1. The director of the FAO collects the necessary statistics to complete the report on-line. The signature page and required certifications are sent certified mail.
General Student Eligibility for Federal Title IV Financial Aid
There are several eligibility requirements that students must meet in order to be considered for federal funds at Centenary College. Students must:
- Demonstrate financial need (for need-based aid) according to Federal Methodology.
- Have a high school diploma or a GED.
- Be enrolled in a degree-seeking or eligible certificate program.
- Be a U.S. Citizen or eligible non-citizen.
- Make satisfactory academic progress as determined by Centenary College. See Section 19 for Centenary’s SAP statement.
- Sign a statement of educational purpose and a certification statement on refunds and default on the FAFSA.
- Sign an Anti-Drug Abuse Act Certification on the FAFSA.
- Be admitted to Centenary College.
Federal Programs
The federal programs in which the FAO participates are listed in Section 12.1.2 above. The Federal Supplemental Educational Opportunity Grant Program and the Federal Work-Study Program are referred to as campus-based programs because although funded primarily with federal dollars, the institution is able to determine how these funds should be awarded to students.
Federal Pell Grant
The Federal Pell Grant is an entitlement program. Students must demonstrate financial need to qualify.
- Purpose of Program
The Federal Pell Grant program is federally funded with the purpose of helping financially needy students meet the cost of postsecondary education. This program is centrally administered by the federal government. - Institutional Policy Statement
Determining Eligibility
Students requesting federal financial assistance during their enrollment are required to establish Federal Pell Grant eligibility before additional determination of funds eligibility is made and/ or awarded.
In order to determine eligibility for any federal financial aid program, students must file a Free Application for Federal Student Aid (FAFSA) and have the results sent to Centenary. The FAO will accept results through electronic transmission with the Central Processing System (CPS). Student eligibility is determined only through the CPS of the Department of Education using the Federal Methodology need analysis formula. The FAO must have an official EFC before eligibility for any fund may be determined.
Students are notified of the amount of their Pell Grant through an award letter. Students who are enrolled on a less-than-half-time basis may receive a prorated Pell Grant.
All reports required by the Department of Education are submitted in a timely fashion. Pell payments are submitted to the Department of Education at least every 30 days or as needed.
The enrollment status of students is not determined until after the end of the add period of the term, which is the seventh day of classes. Disbursement occurs only when the enrollment matches the appropriate Pell award.
Pell awards are recalculated when there is a change in the EFC or when the enrollment status changes between terms within the same award year.
Students who submit FAFSAs to Centenary after the end of an enrollment period for which the student met all the necessary criteria will receive a retroactive (late) award provided the student's file is complete prior to the last day of classes for the academic year.
Students who do not use their entire Pell allocation during the fall and spring semesters may use the balance during the following summer period on a prorated basis. It is the responsibility of students to inform the FAO that they will be enrolled during the summer period and request assistance.
Payment
Pell Grant funds are disbursed to a student’s account on the third day of classes to use as credit for charges. Before disbursement, the FAO ensures that the student remains eligible for the grant and is registered for the appropriate number of classes.
Overawards
In the event of an overaward, the student's account is placed on hold until such time that the overpayment is rectified.
Record-keeping
Financial aid records are maintained in students' folders as well as on computer. The director of the FAO and the comptroller are responsible for account management and appropriate record security for all Pell account transactions. The amount and date of any overpayment restored to the program account, the cost of attendance, determination of enrollment status and enrollment period, eligibility of enrolled students who submit valid Pell records, name, Social Security number, amount paid, and amount and date of each payment are maintained electronically and/or in the student file.
- Student Eligibility
Students must meet the eligibility requirements described at the beginning of this chapter. In addition, the Pell Grant is awarded only to undergraduates seeking their first degree. Student eligibility is determined only through the Central Processing System of the Department of Education using the Federal Methodology need analysis formula. - Amount of Federal Pell Grant
The amount of Federal Pell Grant for which a student is eligible is determined using the Expected Family Contribution (EFC) and the corresponding cost of education from the Federal Pell Grant Eligibility Chart published by the Department of Education. - Verification Procedures
Verification procedures for the Federal Pell Grant are identical to other Title IV aid. See the Verification Chapter for additional information.
Federal Supplemental Educational Opportunity Grant (SEOG)
The FSEOG is a gift aid program for students who demonstrate financial need.
- Purpose of Program
The FSEOG program is federally funded for the purpose of helping the financially needy students meet the cost of postsecondary education. The institution administers this program; however, FSEOG funds are awarded only to Pell Grant-eligible students with priority consideration given to the students with excessive financial need. - Institutional Policy Statement
Determining Eligibility
In order to determine eligibility for any federal financial aid program, students must file a Free Application for Federal Student Aid (FAFSA) and have the results sent to Centenary. Student eligibility is determined only through the CPS of the Department of Education using the Federal Methodology need analysis formula. FSEOG grants are awarded only to students who qualify for a Pell Grant
Students are notified of the amount of their FSEOG eligibility through an award letter to the student.
Matching Requirement
The federal share of FSEOG funds expended may not exceed 75% of the total amount expended. Centenary College must contribute a non-federal share of 25% from institutional sources.
Payment
FSEOG funds are disbursed to student accounts.
Overawards
In the event of an overaward, the student's account is placed on hold until such time that the overpayment is rectified.
Recordkeeping
Financial aid records are maintained in student folders as well as on the computer. Student records include the demonstration of need and FSEOG eligibility. The director is responsible for account management and appropriate record security for all student aid transactions and documentation of how need was met for all aided students.
- Student Eligibility
Students must meet the eligibility requirements described at the beginning of this chapter. In addition, the FSEOG is awarded only to undergraduates seeking their first degree who are Pell eligible with priority consideration given to the student with extreme need. - Amount of Award
The regulated maximum annual amount of FSEOG is $4,000, and the minimum is $100.
Federal Work-Study Program (FWS)
The FWS program provides employment positions for undergraduate students who demonstrate financial need. These earnings assist students with educational expenses.
- Objectives and Purpose of the Program
The objectives and purpose of the FWS are to provide:
- A source of financial aid to undergraduate students who demonstrate financial need.
- Work experience which enhances the participants' education whenever possible.
- An employment pool to the College.
- Institutional Policy Statement
Selection of students
The policy regarding dissemination of FWS funds is to award monies to as many students as possible. This is accomplished by awarding funds to needy students on a priority basis until funds are exhausted. Reasonable effort is made to place students in positions which complement and/or reinforce their educational and career goals. Students must complete all necessary employment paperwork before being paid.
Determination of award
Students are awarded FWS based on the packaging formula described in Section 14. Records, which document FWS eligibility and how financial need is met, are maintained in the student file and the computer system.
Employment during periods of non-enrollment
Students are allowed to work during periods of non-enrollment (i.e., vacations, break) provided sufficient work-study allocations exist. Summer work awards are included in the following year’s package. Students who work during the summer intend to enroll for the fall.
Off-campus employment
Typically, the only students employed off campus are the student workers employed through our Community Service program to meet the 7% requirement according to the Federal Regulations. The service learning coordinator maintains contracts with off-campus Community Service employers and signs the Community Service timesheets.
Overawards
Students are only awarded FWS funds if, in combination with other resources, the award does not exceed a student's need. If additional resources are received after FWS wages are paid, the overaward is the amount which exceeds the student's need by more than $300. To rectify an overaward, an aid administrator should determine if there is additional (previously unforeseen) need. If an overaward remains, unpaid loan or grant (excluding Pell) monies should be canceled.
Students are not to earn more than their FWS award. There is a $300 threshold that cannot be exceeded. A student’s award may be increased if need has not been exceeded and funds are still available.
FWS fund transfers
At the discretion of the director, 10% of FWSP funds may be transferred to the FSEOG account. In addition, 10% of FWSP funds may be carried forward or back to the next or last academic year's work-study account.
Federal share
The federal share of FWS funds expended may not exceed 75% of the total amount expended. Centenary College must contribute a non-federal share of 25% from institutional sources.
Student Eligibility
Students must meet general eligibility for Federal Title IV funds as described at the beginning of this chapter.
Job Descriptions
At the end of the academic year, the FAO sends a letter to departments instructing them to complete the Job Description/ Personnel Request. The descriptions are stored by the FAO.
Salary Centenary College strives to equalize the hourly wages that are paid to students. Wages will vary based on the responsibility and skills required. Individual departments determine which payment level their position should be:
- Basic Student Employment
Requires such duties are front desk coverage, light clerical duties with limited responsibilities
Salary $7.25 per hour
- Technical Student Employment
Requires a student employee to work closely with campus constituents, faculty, staff, or public responsibilities; accurate data entry or computer skills needed
Salary $8.25 per hour
- Advanced Student Employment
Requires certification or working with confidential or time sensitive information
Salary $9.25 per hour
Collection of available positions
This request identifies available positions for the following academic year.
The student receives a Work Assignment Form and an employment packet which consists of Guidelines for Working on Campus and a letter indicating when timesheets are due. The student is referred to the department where the student will be employed. After all information is completed and returned to the Financial Aid Assistant of the FAO, a copy of the contract is sent to the Payroll Office, and the student is instructed to complete all payroll documents.
Notification of award and employment placement procedures
The student receives an award letter that notifies the student of their FWS award. At SOAR, each work/study student is given a packet of detailed instructions on how to select and submit their desired position. It also contains payroll forms that the student needs to complete and informs them to pick up their work/study contract after the first day of class.
The Work Contract and an employment packet consists of Guidelines for Working on Campus and a letter indicating when timesheets are due. The student is referred to the department where the student will be employed. After all information is completed and returned to the Financial Aid Assistant of the FAO, a copy of the contract is sent to the Payroll Office and the student may begin work.
Supervision
Employers are instructed to maintain adequate supervision of students with regard to attendance and quality of job performance. A work schedule (which is not in conflict with the student's class schedule) must be agreed upon each semester by the student and the employer.
Timesheets
Students receive time sheets from the department in which they are employed. After completion of the time sheet, the student's work hours are checked and signed by the department supervisor. The supervisor returns the timesheet to the FAO for processing. The FAO rechecks each timesheet, completes the payroll cumulative timesheet report, and forwards all to the Payroll Office.
Record-keeping
Records concerning compensation for student employment are maintained in the FAO and the Payroll Office. The student earnings are transferred to the financial aid module monthly and monitored.
Payment Procedures/Frequency
Students are paid monthly for hours worked. Method of payment is determined by the student and the payroll office.
Federal Perkins Loan Program
The Federal Perkins Loan Program provides low interest, deferred payment loans to undergraduate and graduate students who demonstrate financial need. These funds assist students with educational expenses. This federal program is winding down and can only be awarded to current borrowers.
- Purpose of the Program
The Federal Perkins Loan program helps needy students meet the cost of post-secondary education. - Institutional Policy Statement
Determining Eligibility
In order to determine eligibility for any federal financial aid program, students must file a Free Application for Federal Student Aid (FAFSA) and have the results sent to Centenary. Student eligibility is determined only through the CPS of the Department of Education using the Federal Methodology need analysis formula.
Students are notified of the amount of their Perkins Loan eligibility through an award letter to the student.
Payment
Perkins Loan funds are disbursed to a student's account.
Overawards
In the event of an overaward, the student's account is placed on hold until such time that the overpayment is rectified.
Record-keeping
Financial aid records are maintained in student folders as well as on computer. Student records include the demonstration of need and Perkins eligibility. The director is responsible for account management and appropriate record security for all student aid transactions and documentation of how need was met for all aided students.
- Student Eligibility
Students must meet the eligibility requirements described at the beginning of this chapter. - Amount of Award
The regulated undergraduate maximum amount is $5,500 per year with an aggregate limit of $27,000. The regulated graduate maximum amount is $8,000 per year with an aggregate undergraduate and graduate limit of $60,000. - Loan Entrance Counseling
All first-time and transfer students receiving a federal loan are required to receive entrance interview information. - Loan Exit Counseling
Students who are graduating or cease attendance are provided with exit loan counseling information either through an exit meeting or by mail.
Federal Direct Subsidized Loan Program
The Federal Direct Subsidized Loan Program provides low interest, deferred payment loans to undergraduate and graduate students who demonstrate financial need. These funds assist students with educational expenses.
- Purpose of the Program
The Federal Direct Loan program helps needy students meet the cost of post-secondary education. - Institutional Policy Statement
Determining Eligibility
In order to determine eligibility for any federal financial aid program, students must file a Free Application for Federal Student Aid (FAFSA) and have the results sent to Centenary. Student eligibility is determined only through the CPS of the Department of Education using the Federal Methodology need analysis formula. A student must be enrolled at least half-time to be eligible for this program.
Students are notified of the amount of their loan eligibility through award letters.
Certification of Loan Applications
The loan is certified electronically directly to the Department of Education. Loan certification will not be completed until:
- Documentation of dependency status is on file.
- Verification is complete.
- All other financial assistance is reported.
- A Master Promissory Note is signed.
- Student Loan Entrance Counseling is completed.
Exceptions should be carefully documented and monitored by the certifying aid administrator to ensure that proper disbursement of loan funds occurs.
Payment
Subsidized loan funds are disbursed to the student account. Before disbursement, a compliance computer match is run to ensure that students remain eligible for the loans and are registered for the appropriate number of classes.
Overawards
If a student becomes ineligible between certification and receipt of the loan funds, the loan can be changed. If eligibility changes after receipt of the funds, the ineligible subsidized amount can be reallocated to unsubsidized, or the subsidized amount can be returned.
Record-keeping
Financial aid records are maintained in student folders as well as on computer. Student records include the demonstration of need and Federal Subsidized Loan eligibility.
The Registrar’s Office is responsible for the submission of all Student Status Confirmation Reports (SSCR) to the National Student Loan Clearinghouse which notifies lenders of enrollment changes, ensuring office compliance with all guaranty agencies.
- Student Eligibility
Students must meet general eligibility for Federal Title IV funds as described at the beginning of this chapter. - Minimum and Maximum Awards
The minimum amount regulated for the Federal Subsidized Loan is $200. Listed below are the maximum annual awards:
|
Loan Limits Status |
Amount Per Year |
|
Freshman |
$3,500 |
- Loan Entrance Counseling
All first-time and transfer students receiving a federal loan, are required to perform an entrance interview. - Loan Exit Counseling
Students who are graduating or cease attendance are provided instructions on exit loan counseling information by email.
Federal Direct Unsubsidized Loan Program
The Federal Direct Unsubsidized Loan Program provides low interest deferred payment loans to undergraduate and graduate students regardless of financial need. These funds assist students with educational expenses.
- Purpose of the Program
The Federal Direct Unsubsidized Loan program helps the student meet the cost of post-secondary education. - Institutional Policy Statement
The total combination of Federal Direct Unsubsidized and Subsidized Loans may not exceed loan maximums listed below. - Student Eligibility
Students must meet general eligibility for Federal Title IV funds as described at the beginning of this chapter. - Minimum and Maximum Awards
The minimum amount regulated for the Federal Unsubsidized Loan is $200. Listed below are the maximum annual awards:
|
Loan Limits Status |
Dependent |
Independent |
|
Freshman |
$5,500 |
$9,500 |
Undergraduate dependent students may borrow up to these maximums as long as a Parent Loan denial is on file annually.
- Loan Entrance Counseling
All first-time and transfer students receiving a federal loan on or after July 1, 1990, are required to perform an on-line entrance interview. - Loan Exit Counseling
Students who are graduating or cease attendance are provided with exit loan counseling information by email.
Federal Direct Parent Loan
The Federal Direct Parent Loan provides non-subsidized low interest loans to parents of undergraduate students regardless of financial need. These funds assist students with educational expenses.
- Purpose of the Program
The purpose of the parent loan program is to provide non-subsidized low interest rate loans to parents of dependent students. - Institutional Policy Statement
The parent loan may be used to replace family contribution to the extent that it does not exceed the difference between the student's cost of attendance and other financial aid. Parent loans are processed for parents or guardians of dependent undergraduate students.
The parent borrower must meet the citizenship criteria and not be in default or owe a repayment on a Title IV loan or grant.
- Student Eligibility
Students must meet general eligibility for Federal Title IV funds as described at the beginning of this chapter. - Minimum and Maximum Awards
The maximum award for the parent loan is the cost of education minus other financial assistance. There is no minimum regulated. There is not an aggregate borrowing limit.
Federal TEACH Grant
The Teacher Education Assistance for College and Higher Education (TEACH) Grant Program is a non-need-based program that provides up to $4,000 per year.
- Purpose of Program
To aid students who agree to teach in a high-need field, at a low-income elementary or secondary school as a highly qualified teacher, for at least four years within eight years of completing the program. If the student subsequently fails to meet the requirements of the service agreement, the TEACH Grant will be treated as a Direct Unsubsidized loan, and the student must repay the TEACH Grant funds, with interest accrued from the date of disbursement, through the Department’s TEACH Grant Servicer. - Institutional Policy Statement
Determining Eligibility
TEACH grant recipients must be enrolled in the MAT Program.
Payment
TEACH funds are disbursed to student accounts.
- Student Eligibility
Students must meet the eligibility requirements described at the beginning of this chapter. Students also must complete the FAFSA, the TEACH Entrance Counseling and the "Ability-to-Serve" Certification. - Amount of Award
The TEACH Grant award amounts are similar to Pell awards in that there is a Scheduled Award, which is the maximum that a full-time student would earn for a year, and an Annual Award, which is the amount a student would receive by enrolling for a year in an enrollment status (e.g., full-time,
three-quarter-time, half-time, or less-than-half-time). The Scheduled Award for TEACH is $4,000, and the annual awards are:
Full-time.............................................. $4,000
3/4-time............................................... $3,000
1/2-time............................................... $2,000
less-than-1/2-time...............................$1,000
A student may receive up to $16,000 in TEACH Grants for undergraduate and post-baccalaureate study, and up to $8,000 for a TEACH-eligible master’s degree program.
State Financial Aid Programs
Louisiana’s TOPS Program
- Purpose of the Program
The TOPS program is state funded for the purpose of helping Louisiana resident students meet the cost of post-secondary education. This program is administered by OSFA and the institution. - Institutional Policy Statement
Determining Eligibility
Eligibility is determined by the state.
Payment
TOPS funds are disbursed to the student account.
- Student Eligibility
Eligibility is determined by the state. - Amount of Award
The amount of the TOPS Scholarship is determined by the state annually. The amount for the TOPS award at Centenary is recalculated each year by the state.
Louisiana GO Grant
- Purpose of the Program
The Louisiana GO Grant is a need-based financial aid program aimed at making college more affordable for students from moderate- and low-income families. - Institutional Policy Statement
Determining Eligibility
Eligible students who have less than 60% need met by scholarships and grants may receive up to $3,000 per academic year as a full-time student or $1,500 per year as a half-time student.
Payment
LA Go Grant funds are disbursed to the student account.
- Student Eligibility
Students must be a US Citizen, a Louisiana resident and eligible for a Federal Pell Grant. - Amount of Award
The maximum amount is $3,000 per year.
Institutional Financial Aid Programs
Institutional Scholarship Programs
Centenary College also offers a large scholarship program. See Institutional Scholarship Chapter for additional information.
Institutional Loans
The College offers a temporary loan to assist students who have a need for financial assistance on a short-term basis or for an emergency. This loan program has a repayment date within 30 days after borrowing and is not intended to be used as a long-term financial option.
Institutional Employment
Student’s may obtain institutional employment. Students should check with the FAO for assistance.