Financial Aid Information
FINANCIAL AID DEPARTMENT:
The financial office is open Tuesday through Friday from 9:30a.m to 5:30p.m. Students and prospective students may obtain forms and information during these hours.
POLICIES AND PROCEDURES ON FEDERAL RECIPIENTS:
A student wishing to apply for federal financial aid may pick up a free application for federal student aid (FAFSA) from Buckner Barber College financial aid office. Students are required to bring their social security card, driver's license, high school diploma or transcript showing completion of 12th grade,or a GED certificate. Signed, completed applications with supporting documentation are forwarded to the financial aid office. The FAO will review all applications submitted and then enter the data into the computer for submission to the Department of Education. The original signed and dated application will be retained in the student financial aid file.
In the process described earlier, student will receive a paper student aid report (SAR) that is mailed to their home address. In the electronic process, the school receives electronic information via computer and print a document known as institutional student information record (ISIR). The two documents are almost the same; except the recipient and the speed of the of completion. Either the SAR or the ISIR is required for all eligible students wishing to receive financial aid. When the ISIR is printed in the financial aid office, the student is notified through telephone, e-mail, or regular mail through the United States post office. The students are asked to review the ISIR or SAR for accuracy of information. Some ISIRS are flagged for verification, selective service registration, and drug conviction for selling or possession of drugs and at some instances some applicants are in default of a federal student loan. After the prospective student have reviewed his/her ISIR and find a fault, the the corrections are made to reflect the correct information.
The US Department of Education requires Buckner Barber College to verify any student and application flagged for verification under the 100% verification policy. Therefore in the event that a student is selected for verification, the Department of Education has provided a verification worksheet, to be completed by the student, spouse, and the student's parents for dependent students. The verification process may take up to one month in some cases or a few days for less complicated cases. Buckner Barber College request that students and spouse or parents bring appropriate paper work, complete verification work sheet with signatures and provide proof for low income students. All financial paper work needed is the responsibility of the student to furnish to the financial aid office and all statement of income to be signed by the student, or spouse or parent. Selective service tag means that you the student need to register for selective services. You can register at any United States post office, through the internet at www.sss.gov or you can pick up a registration packet at Buckner Barber College, Financial Aid Office. You can also call 1-847-688-6888 for inquiries.
If you the student have been convicted for illegal possession or selling of drugs. You must complete a drug worksheet with financial aid office at Buckner Barber College, to ascertain eligibility. If you the student have completed a drug rehabilitation class and has certificate to prove to the financial aid office that a class was completed after conviction, that over rides conviction. However, if while you are in school and happen to get rearrested for drug possession or selling of drugs, your financial aid will be dropped until rehabilitation program is completed by the students with proper documentation as evidence.
For any student who is in default, on a federal student loan, that student is not eligible for financial aid until the loan is paid off and the proof of payment brought to the office of the financial aid. Professional Judgement may be used to alter the data elements used to calculate EFC. Also professional judgement may be used to adjust the students' cost of attendance. The reason for the adjustment must be documented in the students file. Any conflicting information or consistency must be resolved on the output document before making adjustment.
The financial aid officer will calculate the students' award using the expected family contribution (EFC) from ISIR, the financial aid officer will generate award letter stating the amount of the award using the, dates of payment to the student tuition account. The student will sign the award letter that will be filed in the students' financial aid file. Payment of federal Pell grant fund is through electronic payment and the students' account credited. Award disbursement is done in two payment periods the first payment is made after the receipt of a valid ISIR and verification process (if applicable) has been completed. The remaining payment is done after the student has satisfactorily completed 450 clock hours. Federal financial aid does not automatically continue from one award year to the next (July 1 to June 30) of each year. Funds not used in one award year WILL NOT be carried forward into the following award year. if the student has completed and mailed an application without using the electronic process available at Buckner Barber College, the student must present a valid paper SAR to the FAO. The award letter and payment process is the same for students with either paper or electronic ISIR.
RELEASE OF FEDERAL STUDENT AID DATA:
Before any institution can receive student information electronically the student must complete the "College Release Certificate" section of the FAFSA. The FAFSA allows student to enter names and addresses of six post secondary schools that will be allowed to receive information.
A student transferring to Buckner Barber College from another school must complete paperwork to add Buckner Barber College school code number 041779, with DRN number to the ISIR and the student will in turn receive a SAR and will also an ISIR with student's information.
If a student who received and electronic SAR is transferring from Buckner Barber College to another institution, the student will follow the same procedure. The student will be required to give the Pell code to the Department of Education of the new school.
ELIGIBILITY FOR TITLE IV ASSISTANCE AT BUCKNER BARBER COLLEGE:
1. Student must have a high school diploma or General Education Development (GED) Certificate
2. Be enrolled as a regular student in an eligible program
3. Be a U.S. citizen or an eligible non-citizen
4. Have a social security number
5. Make satisfactory progress (SAP)
Federal student aid awards are based on financial need. Need is the difference between your cost of education (expenses such as tuition, fees, room and board, books, supplies, and other related expenses) and the amount you and your family are expected to contribute towards your education (FEC).
Grants are an award of federal student aid, which do not have to be repaid. Buckner Barber College does participate in Title IV program.
A Pell Grant is entitlement, which means it does not have to be repaid. If a student qualifies for an award, they will receive it. The amount of awards is based on the U.S. Department of Education determination of students need.
LOAN: SUB AND UNSUBSIDIZED LOAN (NOT AVAILABLE AT THIS TIME)
Available to all students, maximum $3500 for the 1st year students, beginning in 2007-2010 award year, additional unsubsidized loan available to independent students maximum $6000 for 1st year students. 2nd year students may qualify for additional loans based on C.O.A. (cost of attendance) and prorate of remaining hour. Dependent students $2000 unsubsidized and may also qualify for a grade level 2 loan. A Stafford loan usually must be disbursed in two or more installments, with no disbursement or exceeding half the loan amount. The earliest a school may disburse a Stafford loan directly to an enrolled student or credit his or her account is 30 days before the first day of the period of enrollment. Similarly, the school may make a subsequent disbursements no earlier than10 days before the period of enrollment for which that disbursement is intended.
Whenever a school credits federal student aid funds to a student's account and determines that a portion of those funds exceed the amount the student allowance charges, the school must pay the credit balance directly to the student (or parent, in case of a plus loan) as soon as possible or specified in federal student aid regulations. If the credit balance occured after the first day of class, the school must pay the balance to the student or parent no later than 14 days after the balance occurred. If the credit balance occurred on or before the first day of class, the school must pay the balance within 14 days after the first day of class for the payment period.
RETURN TO TITLE IV FUNDS:
If a student (parent/guardian in case of a student under legal age.) Cancel his/her contract, the cancellation date will be determined by the postmark on written notification or the date said information is delivered to the school's Financial Aid Director/Owner in person. The policy applies regardless of whether or not the student has actually started training.
Good attendance is one of the keys to success as a student in a vocational program. As of 02/04, the Department of Education released its "14 Day Rule". This rule states that the institution's determination that a student withdrew would be no later than a week (calender week) after the student's last date of academic attendance for 14 days. If the student does not notify the school that he/she is withdrawing, formal termination shall be based on monitoring of participation determined by the institution. i.e. academic advising, class, examinations, tutorials, computer-assisted instruction, other academically related activities.
For student who do not return from Leave of Absence last date of attendance will be actual withdrawal date. The date the student was due back will be used as the date school determines student is withdrawn.
If a student withdraws officially and/or unofficially the school or the student may be required to return some of the federal funds awarded to the student. The federal formula requires a return of Title IV aid if the student received federal assistance in form of Pell Grant, and Federal Family Educational Loan Program and withdrew on or before completing 60% of the payment period. The percentage of Title IV aid to be returned is calculated by dividing the students scheduled hours by the total scheduled hours in that payment period in the withdrawal date is on or after July 1, 2006.
Funds that are to be returned to the federal government are used to reduce the outstanding balances in individual federal programs. Financial aid returned must be allocated in the following order:
1. Federal Unsubsidized Stafford Loan
2. Federal Subsidized Loan
3. Federal Plus (Parent) Loan
4. Federal Pell Grant
The school must return any Title IV funds they are responsible for within 45 days after the school determines the student withdrew. Copies of all calculations and checks will be supplied to student upon finalization of the file.
Note: If funds are released to student because of credit balance on a student's account, then the student may be required to repay some of the federal funds after withdrawal.
There are certain instances in which a student is eligible for a post- withdrawal disbursement. The institution's may make any post withdrawal disbursement up to 120 days from the date of the institution's determination that the student withdrew. Post withdrawal disbursements are first made from the Federal Pell Grant. Within 30 days of withdrawal determination a written notice will sent to the student and or parent for approval to credit any outstanding tuition balance.
Credit Balance: Credit balance occurs after a student ledger show a balance of zero ($0.00). All credit are given to students after Mid-Point Review of clock hours in the payment period. Satisfactory Academic Progress (SAP) report must be Yes on Smart Time Management Systems.
1st PAYMENT PERIOD IS 0-450 CLOCK HOURS
2ND PAYMENT PERIOD IS 451-900 CLOCK HOURS
3RD PAYMENT PERIOD IS 900-1200 CLOCK HOURS
4TH PAYMENT PERIOD IS 1200-1500 CLOCK HOURS
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