Financial Aid at Paier College of Art, Incorporated, is intended to be a supplement to and not a substitute for tuition and costs incurred for education. Rarely will assistance exceed tuition and on average, meets 55% of the need determined by a Federal Needs Analysis. All documentation required by the Financial Aid office must be provided before any aid determination is made or disbursed.
The Title IV programs in which the college participates:
1. Federal Direct Stafford Loan Program, subsidized and unsubsidized (formerly the Guaranteed Student Loan or GSL);
2. Federal Perkins Loan Program formerly the (National Direct Student Loan Program, or FNDSL);
3. Federal Direct PLUS Loan Program;
4. Federal PELL Grant Program;
5. Federal Supplemental Educational Opportunity Grant (FSEOG)
Students are required to complete a Free Application for Federal Student Aid (FAFSA). The FAFSA can be filled out one of two ways. You can complete a FAFSA on-line: www.fafsa.gov. or do a hard copy paper application and submit it to the federal processor. Students and/or parents can request a paper FAFSA by contacting the Federal Student Aid Information Center at 1.800.433.3243. The document that this produces, an Institutional Student Information Record (ISIR) is sent electronically to the Financial Aid Department at Paier College.
If the ISIR is selected for verification, students must submit the verification worksheet, a signed copy of their tax return and W-2s plus a signed copy of their parents’ tax return and W-2s, if they are dependents. Tax returns may also be requested at the discretion of the College. Students must be matriculated into a program as half-time, three-quarter-time, or full-time students to be eligible. Federal Pell Grants are available to students attending less than half-time.
All documentation must be received before any disbursements are made.
Although there are no real deadline dates other than those dictated by the Title IV programs, it is in the student’s best interest to be as early as possible. Priority is given to earliest applicants.
Determination and Distribution
The calculation of financial aid need is the difference between the costs of attending the College, and the financial resources available to the student. The determination of financial assistance is made after reviewing information submitted by the student on a Free Application for Federal Student Aid (FAFSA). Awards are based on financial need and money available to the College.
Cost of Education
The following budgetary items are used to determine the student’s actual costs: tuition and fees, books and supplies, personal expenses, transportation, meals, and housing costs. Any other special expenses should be brought to the attention of the College’s Financial Aid Department. An addition allowance is added to the cost of books and supplies for first-time freshmen for a computer purchase.
Satisfactory Academic Performance
Students who are provided with financial assistance must maintain a 2.0 grade-point average per semester. If the grade-point average falls below 2.0 after one semester, students will be placed on academic probation. This will not have any effect on financial assistance; however, if the grade-point average falls below 2.0 a second consecutive semester, students will lose financial-aid eligibility. Students should consult with the Financial Aid Officer concerning reinstatement procedures.
1. The aid recipient must advise the Financial Aid Office of any change in name, address, financial circumstances, marital status, curriculum, or enrollment.
2. Application forms must be completed fully and promptly.
3. Any additional information, verification, or corrections requested by the College must be submitted.
4. Students must accept responsibility for all personally signed agreements and should keep copies of the forms.
5. Students who question the accuracy or completeness of their application should consult with the Financial Aid Office.
Financial Aid Application Procedures
To be considered for financial aid, students must submit:
1. Free Application for Federal Student Aid (FAFSA). The FAFSA serves as an application for all sources of Financial Aid processed through the College. This form may be obtained from a high school guidance office or the College Financial Aid office;
2. A signed copy of the student’s IRS form 1040 (or 1040A, 1040EZ) may be required if the individual is selected for verification. The parents’ IRS form may be required also, if the student is a dependent and is selected for verification;
3. Applicants may be required to provide information about sources and amounts of non-taxable income, i.e., Social Security, public assistance, or child support Application Deadlines (FAFSA)
- Freshman students: FAFSA posted within two weeks of acceptance
- Returning students: FAFSA filled out and posted by April 15; 1040s submitted by May 15
- Fall transfer students: FAFSA posted within two weeks of acceptance.
All financial aid applicants should contact the Financial Aid Office to discuss eligibility and financing options. Applications for federal guaranteed student loans should be filed at least eight weeks before the entering semester of each year. If a federal guaranteed student loan is intended as a major source of payment of tuition, candidates should apply in sufficient time to receive the loan prior to the start of classes.
Failure to pay tuition in full will restrict a student’s entry to classes. Students must reapply for financial assistance each academic year. They may not receive funds under any federal aid program if they are in default on a Federal Stafford, or Federal Perkins loan received at any College, or owe a refund on a federal grant. Programs of financial aid described in this section are subject to change because of federal, state, and local regulation or funding fluctuations.