Date of Original Implementation: July 2010
Date of Last Revision: February 2011
Cambridge College has developed a policy on federal financial aid eligibility to ensure that minimum eligibility requirements as set forth by the Federal Department of Education are published, and applied to all applicants of federal financial aid.
Eligibility for federal financial aid is determined by the following criteria:
- According to federal regulations, to be eligible for federal financial aid a student must be enrolled in an approved program leading to a degree or certificate at Cambridge College and the student may only receive federal financial aid for classes that are required for degree completion at Cambridge College. Classes outside of a student’s approved program cannot be used in cost of attendance calculations and determination of half time enrollment. Students enrolled in non-degree programs or certificate programs not Title IV approved are not eligible for federal financial aid.
- Students may not receive federal financial aid from two schools at the same time. Students can only receive federal aid from the school from which they are matriculated.
- The maximum time frame allowable to complete a program will be no more than 150% of the published length of the program (measured in total credits attempted, including transfer credits) for undergraduate students and no more than 200% of the published length for graduate students. If a student does not complete a program in less than 150% of the published length of the program they will no longer be eligible for federal aid. (See policy on Satisfactory Academic Progress.)
- Students must be enrolled at least half time to receive a federal direct loan. (undergraduate: at least 6 credits; graduate: at least 4 credits).
- Students must be enrolled full time to receive the maximum Pell Grant. If a student is enrolled less than full time the Pell grant will be prorated based on enrollment status.
- Federal financial aid will be adjusted if a student withdraws from all classes before 60% of the semester is completed. Students may have a balance owed to the College after these adjustments to financial aid are posted to the student’s account. (See policy on Withdrawals and Leave of Absence.)
- Students must have financial need except for the unsubsidized loan program and some merit based aid or private grant aid. Need is defined as the cost of attendance minus the expected family contribution derived from filing the Free Application for Federal Student Aid (FAFSA).
- Students must have a high school diploma or equivalent (General Education Diploma(GED) certificate, a certificate from a state-authorized examination that the state recognizes as the equivalent of a high school diploma, a two year degree acceptable for full credit towards a bachelor degree), or have passed a Federal Department of Education approved ability –to –benefit test, or complete a high school education in a home setting that is treated as a home school or private school under applicable state law.
Individual Responsible for Revision and Implementation: Vice President for Finance and Administration and Director for Financial Aid