Student Financial Planning

Financial Aid Policy

Return of Title Iv Funds

This policy applies to students with federal aid who withdraw or are dismissed prior to completing 60% of the semester. Federal financial aid refunds may not align with the above refund policy. Institutional aid is refunded at the schedule shown above. Federal regulations require a specific refund calculation for all students receiving Federal Title IV Financial Aid Funds. This calculation, called the Return of Title IV Funds, determines how much federal funding the student “earned” up to the time of withdrawal. Title IV financial aid is earned in a prorated manner until 60% of the semester is completed. Title IV aid is considered 100% earned after the 60% point of the semester. If the student withdraws on or before the 60% point of the semester a portion of the Federal Title IV funds awarded to a student (Federal Pell Grant, Federal SEOG, Federal TEACH Grant, Federal Direct Subsidized/Unsubsidized Loans, or Federal Direct PLUS Loans) will be returned, if required, in accordance with federal regulations and within 45 days of the date of determination of the student’s withdrawal. The return of these funds may result in the student owing a balance to Loras College and/or the federal government.

Loras College is required by these regulations to recalculate federal financial aid eligibility for students who withdraw or are dismissed prior to completing 60% of a semester. When a student receives failing, incomplete or missing grades for a semester, he/she may be considered to have unofficially withdrawn without proper notification. If a 0.00 GPA is earned for the semester, the student’s last date of attendance in a class will be used to determine the official withdrawal date and that date will be used for any federal aid return.

The required order for the return of Federal Title IV funds to the federal government is as follows:

• Unsubsidized Direct Loans
• Subsidized Direct Loans
• Direct PLUS Loans
• Federal Pell Grants
• Iraq and Afghanistan Service Grants
• Federal Supplemental Education Opportunity Grants (FSEOG)
• TEACH Grant

If the student earned less aid than was disbursed, the College would be required to return a portion of the funds. Loras College’s responsibilities regarding Return of Title IV Funds include: providing Return of Title IV Funds information to students, identifying students affected by this requirement, completing the Return of Title IV Funds calculation for those students and returning any Title IV funds that are due to the Title IV programs. Students are encouraged to meet with the Office of Financial Planning and/or the Director of Student Accounts prior to withdrawing from the College to learn of their impending financial responsibility. (policy updated on 07/01/2021 to start thereafter)

The financial planning staff is responsible for the calculation of the amount of Title IV funds a student has earned at the point of withdrawal. Worksheets provided by the Department of Education are used and are available upon request.

Return of Loras College and State Aid

Loras College and state aid will also need to be reduced as the number of credits a student is enrolled in and their enrollment status changes after a semester starts. If a student remains enrolled in 12 credits after the 4th week of class, institutional aid will not be adjusted. For state aid, the financial aid office will monitor enrollment changes and adjust as needed. As a general best practice, please consult the aid office when thinking of reducing credits or withdrawing from a course or from Loras entirely once the semester begins so that you are aware of how your changes will impact your financial aid.

Room and board will be adjusted at the rate of 95% for students who move in but leave on or before the first day of class. After that, room and board will be adjusted on the same percentage basis as tuition.

Student Financial Assistance

Parents and students are expected to be the primary source of financial assistance to meet college expenses. To determine the extent of the expected family contribution, all students should complete a Free Application for Federal Student Aid (FAFSA) each year. FAFSAs may be completed online at www.fafsa.ed.gov. Renewal FAFSA reminders will be emailed to students.

The priority deadline to submit a completed FAFSA is March 1st.

Funding is limited, so awards made after March 1st are subject to availability.

All assistance must be applied for annually, and is limited to four years of full-time study during fall and spring semesters.

Loras Scholarships / Awards / Grants

Loras offers a wide variety of scholarships and awards based on academic achievement, musical talent and other criteria. These awards may be available to full time undergraduate students. Generally, merit awards are renewable by maintaining the minimum grade point average requirement. In any given academic year, the total amount a student may receive from institutional scholarships and awards is limited to the cost of tuition.

Transfer Student Merit Awards: Transfer scholarships and awards may be awarded to students based on cumulative college GPA. Transfer students must have at least 12 transferable credits to be considered for scholarships and grants.

Priesthood Scholarships: Available to students who are registered with the St. Pius X Seminary. Completion of the FAFSA is required.

Loras Grant: Available to full-time undergraduate students based on financial need and the total of all other Loras College scholarships and grants awarded. These grants can be renewed each year, but renewal is based upon annual FAFSA results and a consistent level of demonstrated need. Students must maintain satisfactory academic progress to receive this grant. Amount varies.

Federal Grant Programs

Federal Pell Grants

Eligibility for Federal Pell Grants is determined by the FAFSA. The maximum award amount is $6,345; the award amount is subject to federal funding for this program.

Federal Supplemental Educational Opportunity Grants (SEOG)

Awarded to students demonstrating exceptional financial need, with preference given to Pell Grant recipients. The award level is dependent upon individual need and the level of federal funding. Eligible students at Loras may receive up to $1,000.

Federal Teach Grants

Provides up to $4,000 per year in grants for graduate and undergraduate students who intend to teach full-time in high-need subject areas for at least four years at schools that serve students from low-income families.

State Scholarship/Grant Programs

Iowa Tuition Grants

Grants of up to $6,000 are available to help Iowa students attend an Iowa private college. These grants are need-based and completion of the FAFSA by July 1 is required. Grants are available on a prorated basis to students who enroll less than full-time. An Iowa Tuition Grant can be received for a maximum of eight semesters of full-time study.

Employment Opportunities

Each year Loras College offers work opportunities to students who need financial assistance. Employment opportunities are posted on the Inside Loras portal.

The Office of Financial Planning awards work study from the Federal Work Study Program. To work under this program, a student must be enrolled at least half-time, be in good academic standing and complete the FAFSA. All hiring on campus is done through individual campus departments in conjunction with Human Resources and Center for Experiential Learning. Federal Work Study Community Service positions allow students to utilize their work study award through employment at community organizations.

Before beginning a work study position, students are required to submit a completed Work Authorization form along with W-4 and I-9 forms to Human Resources. These forms must be on file before a student may receive a paycheck. The amount of hours worked depends on the student’s work study award and class schedule, with the maximum hours allowed being 15 hours per week for all positions worked.

Loan Program

William D. Ford Federal Direct Loan Program

The Direct Stafford Loan Program allows students to borrow low-interest loans from the federal government.

The Direct Stafford Loan is administered by the federal government. You may be eligible to borrow up to $5,500 per year as a first-year student; $6,500 as a sophomore; and $7,500 as a junior or senior. Graduate students may borrow $20,500 per year. These loans have an aggregate limit.

The Direct Stafford Loan Program includes both subsidized (need-based) and unsubsidized (not based on financial need) loans. You may have either loan type or a combination of both in your award letter.

The Direct Parent Loan for Undergraduate Students (PLUS) is available to parents (without an adverse credit history) of dependent undergraduate students. Parents may borrow the difference between the student’s cost of education and awarded financial assistance.

Additionally, many companies provide student and parent loan programs to help families as well. Information about these loans can be found on the Loras Website under the financial aid/loan section of our website.

Renewal of Assistance

Financial assistance may be renewed for three successive years, provided the student continues to demonstrate financial need, satisfactory progress and personal responsibility. Annual completion of the FAFSA by March 1st is required.

Satisfactory Academic Progress (SAP) Policy

The Higher Education Act of 1965, as amended, requires that each student maintain satisfactory progress in the course of study the student is pursuing in order to receive Federal Title IV financial aid (Pell, SEOG,TEACH, Direct Loan, Perkins Loan, PLUS loan and FWS). SAP measures both a qualitative and quantitative component. These standards are established to encourage students to complete the courses for which aid is received and to progress satisfactorily toward graduation.

In order to be eligible for financial assistance, students must meet at least the minimum standards for satisfactory pace toward a degree (see Table A) as well as the minimum requirements needed to maintain financial aid based on cumulative grade point average (see Table B). At the end of each academic year, the student’s cumulative grade point average will be monitored. If the student has a grade point average below what is required to be considered making SAP, the student will lose eligibility for financial assistance.

In addition to maintaining the grades specified in Table B, the student must be progressing in pace towards degree completion (Table A). In order to meet the minimum standards, students must complete two-thirds of all cumulative attempted credits. If a student falls below the minimum standard, the student will lose eligibility for financial assistance. (See Appeals, Probation, and Academic Plans below). Loss of financial assistance includes Loras College assistance, and no aid package will be offered. Suspension of aid is not the same as academic suspension which is handled by the Academic Dean’s office.

TABLE A: Minimum Standards for Satisfactory Pace of Progression Towards a Degree

TABLE B: Minimum Requirements Needed to Maintain Financial Aid

The maximum timeframe in which students are expected to complete their degree is 150% of the program requirement. Students enrolled in the BA or BS program at Loras College may receive financial assistance for a maximum of 180 attempted credits.

The following will not be considered as credits successfully completed: grades of F (Failure) or I (Incomplete), unless work is completed within specified time.

Transfer credits that are accepted at Loras College will be counted toward the total attempted credits in determining whether the student is maintaining SAP and also count towards the maximum 180 credits.

Appeals, Financial Aid Probation, and Academic Plans

When a student loses eligibility for financial assistance because of failure to make SAP, the student may appeal in writing to the Director of Financial Planning on the basis of: an injury or illness, the death of a relative, or other special circumstances. An appeal must be in writing and explain why one failed to make SAP and what has changed that will allow the student to make SAP at the next evaluation. If the appeal is granted, eligibility for aid will be reinstated for one payment period under financial aid probation. If it is determined that the student needs more than one semester or payment period to make progress, the student will be asked to consult with his/her advisor to develop an academic plan. Upon successful review of the academic plan, a student may be granted probation for longer duration.

Re-establishing Aid Eligibility

A student who loses financial aid eligibility can reestablish eligibility by successfully completing sufficient credit hours and/or attaining the cumulative GPA required while not receiving aid.